RNS Number:3745H
Perpetual Trustee Co Ld
08 August 2006
PERPETUAL TRUSTEE COMPANY LTD
as Trustee for the KINGFISHER TRUST 2004-1G
CLASS A NOTES
ISIN: US49572QAB32
Pursuant to Rule 17.3.4 of the UKLA Listing Rules (Release 056 - July 2006) we
attach a copy of the audited Financial Report for the above issuer of Specialist
Securities for the year ended 30 September 2005.
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
FINANCIAL REPORT
30 SEPTEMBER 2005
KINGFISHER TRUST 2004-1G
MANAGER'S REPORT
AS AT 30 SEPTEMBER 2005
ANZ Capel Court Limited (ABN 30 004 768 807), the Manager of Kingfisher Trust
2004-1G, presents its report together with the financial statements of
Kingfisher Trust 2004-1G (the "Trust") for the period ended 30 September 2005
and the auditor's report thereon.
Principal Activity
The principal activity of the Trust for the period was the securitisation of
residential mortgages from Australian and New Zealand Banking Group Limited (ABN
11 005 357 522) (the "ANZ").
Review of Operations
The Trust was established under the Kingfisher Master Trusts Master Trust Deed
dated 1 August 2000 (the "Master Trust Deed") and the Notice of Creation of
Trust dated 1 April 2004 for the purpose of securitising residential mortgages.
The securitisation of residential mortgages by the Trust was funded by the
issuance of Floating Rate Notes ("Notes") by Perpetual Trustee Company Limited
(ABN 42 000 001 007) (the "Trustee") on behalf of the Trust, and funds provided
by the Residual Income and Residual Capital Unitholders.
Results
The net profit from ordinary activities of the Trust for the period ended 30
September 2005 was 5,230,017 (2004: $1,466,168).
Distributions
Distributions were made to the Residual Income class Unitholder of $5,230,017.
Significant Changes in the State of Affairs
There were no significant changes in the state of affairs of the Trust that
occurred during the period, other than those that are disclosed in this report.
Significant Events after Balance Date
The Manager is not aware of any other matter or circumstances not otherwise
dealt with in this report or the financial statements that has significantly
affected or may significantly affect the operations of the Trust, the results of
those operations or the state of affairs of the Trust in subsequent financial
years.
- 2 -
Environmental Issues
The Trust's operations are not regulated by any significant environmental
regulation under a law of the Commonwealth or of a State or Territory.
Leave of Court
No person has applied for leave of Court to bring proceedings on behalf of the
Trust or intervene in any proceedings to which the Trust is a party for the
purpose of taking responsibility on behalf of the Trust for all or any part of
those proceedings
This statement is made for and on behalf of ANZ Capel Court Limited, as Manager
of the Kingfisher Trust 2004-1G.
Nick Chew
Manager, Transaction Management
ANZ Capel Court Limited
Date: 14 MAR 2006
KINGFISHER TRUST 2004-1G
STATEMENT BY MANAGER
AS AT 30 SEPTEMBER 2005
In the opinion of the Manager
(a) the financial statements are drawn up to give a true and fair view of the
results and cash flows for the period ended 30 September 2005 and the state of
affairs as at 30 September 2005 of the Trust.
(b) to the best of our knowledge, in all material respects the Trust has
operated throughout the period ended 30 September 2005 in accordance with the
provisions of the Master Trust Deed and the Kingfisher Trust 2004-1G
Supplemental Deed (the "Supplemental Deed") dated 2 July 2004;
(c) at the date of this statement, there are reasonable grounds to believe the
Trust will be able to pay its debts as and when they fall due; and
(d) the register of Unitholders has, during the period ended 30 September 2005
been properly drawn up and maintained so as to give a true account of the
Unitholders of the Trust.
The financial statements have been made out in accordance with the provisions of
the Master Trust Deed and the Supplemental Deed, applicable Australian
Accounting Standards and Urgent Issues Group Consensus Views.
This statement is made for and on behalf of ANZ Capel Court Limited, as Manager
of Kingfisher Trust 2004-1G.
Nick Chew
Manager, Transaction Management
ANZ Capel Court Limited
Dated: 14 MAR 2006
KINGFISHER TRUST 2004-1G
STATEMENT BY TRUSTEE
AS AT 30 SEPTEMBER 2005
The financial statements for the period ended 30 September 2005 have been
prepared by the Manager, ANZ Capel Court Limited, as required by the Master
Trust Deed.
The auditor's of the Trust, BDO Chartered Accountants, who have been appointed
by us in accordance with the Master Trust Deed has conducted an audit of these
financial statements.
Based on our ongoing program of monitoring of the Trust, the Manager and our
review of the financial statements, we believe that:
(a) the Trust has been conducted in accordance with the Master Trust Deed and
the Supplemental Deed; and
(b) the financial statements have been appropriately prepared and contain all
relevant and required disclosures.
We are not aware of any material matters or significant change in the state of
affairs of the Trust occurring up to the date of this report that requires
disclosures in the financial statements and the notes thereto that has not
already been disclosed.
John Gallagher
Senior Manager
For and on behalf of Perpetual Trustee Company Limited
Dated: 28/3/06
INDEPENDENT AUDIT REPORT
TO THE UNITHOLDERS OF
KINGFISHER TRUST 2004-1G
Scope
The financial report and directors' responsibility
The financial report comprises the statement of financial position, statement of
financial performance, statement of cash flows, accompanying notes to the
financial statements, and the directors' of the Trustee Company's (the Trustees)
declaration for the Kingfisher Trust 2004-1G (the "Trust"), for the period ended
30 September 2005.
The Manager of the Trust is responsible for the preparation and true and fair
presentation of the financial report in accordance with the trust deed. This
includes responsibility for the maintenance of adequate accounting records and
internal controls that are designed to prevent and detect fraud and error, and
for the accounting policies and accounting estimates inherent in the financial
report.
Audit approach
We conducted an independent audit in order to express an opinion to the
Trustees. Our audit was conducted in accordance with Australian Auditing
Standards, in order to provide reasonable assurance as to whether the financial
report is free of material misstatement. The nature of an audit is influenced by
factors such as the use of professional judgement, selective testing, the
inherent limitations of internal control, and the availability of persuasive
rather than conclusive evidence. Therefore, an audit cannot guarantee that all
material misstatements have been detected.
We performed procedures to assess whether in all material respects the financial
report presents fairly, in accordance with the trust deed, including compliance
with Accounting Standards and other mandatory financial reporting requirements
in Australia, a view which is consistent with our understanding of the trust's
financial position, and of its performance as represented by the results of its
operations and cash flows.
We formed our audit opinion on the basis of these procedures, which included:
i. examining, on a test basis, information to provide evidence supporting the
amounts and disclosures in the financial report, and
ii. assessing the appropriateness of the accounting policies and disclosures
used and the reasonableness of significant accounting estimates made by the
directors.
While we considered the effectiveness of management's internal controls over
financial reporting when determining the nature and extent of our procedures,
our audit was not designed to provide assurance on internal controls.
-2-
Independence
In conducting our audit, we followed applicable independence requirements of
Australian professional ethical pronouncements.
Audit Opinion
In our opinion, the financial report of the Trust is in accordance with:
(a) the Trust Deed, including:
(i) giving a true and fair view of the Trust's financial
position as at 30 September 2005 and of its performance for the financial period
ended on that date; and
(ii) complying with Accounting Standards and the Trust Deed; and
(b) other mandatory professional reporting requirements.
BDO
Chartered Accountants
R D D Collie
Partner
Melbourne: 24 July 2006
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE PERIOD ENDED 30 SEPTEMBER 2005
2005 2004
Note $ $
Revenue from Ordinary Activities 2 81,375,120 22,496,019
Borrowing cost expenses 3 (71,512,011) (19,701,054)
Administration expenses (4,633,092) (1,328,797)
Profit from ordinary activities before income tax
expense
5,230,017 1,466,168
Income tax expense relating to
ordinary activities - -
Net profit from ordinary activities after
income tax expense attributable to
beneficiaries of the trust 5,230,017 1,466,168
Distributions to unitholders (5,230,017) (1,466,168)
Total changes in equity - -
The accompanying notes 1 to 16 form part of these financial statements.
Figures are in AUD unless otherwise indicated
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2005
2005 2004
Note $ $
CURRENT ASSETS
Cash assets 4 37,141 58,213
Receivables 5 2,086,803 2,564,447
Other financial assets 6 974,929,526 1,383,168,746
TOTAL CURRENT ASSETS 977,053,470 1,385,791,406
TOTAL ASSETS 977,053,470 1,385,791,406
CURRENT LIABILITIES
Payables 7 2,124,034 2,622,749
Interest bearing liabilities 8 974,929,426 1,383,168,647
TOTAL CURRENT LIABILITIES 977,053,460 1,385,791,396
TOTAL LIABILITIES 977,053,460 1,385,791,396
NET ASSETS 10 10
EQUITY
Settlement capital 9 10 10
Retained profits - -
TOTAL EQUITY 10 10
The accompanying notes 1 to 16 form part of these financial statements.
Figures are in AUD unless otherwise indicated
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2005
2005 2004
Note $ $
Cash flows from operating activities
Interest income received 79,637,136 21,169,167
Swap receipts 1,737,742 1,326,753
Swap payments (1,111,486) -
Payments to suppliers (4,644,139) (1,193,235)
Borrowing costs (70,823,074) (17,523,346)
Net cash provided by operating activities 12(b) 4,796,179 3,779,339
Cash flows from financing activities
Payments of redraws 420,806,225 (1,484,432,780)
Proceeds from/Repayment of borrowings (408,239,220) 1,383,168,647
Receipts from/Repayments of mortgages (12,097,101) 98,776,875
Proceeds from the issue of unit capital -
10
Distributions paid (5,287,155) (1,233,878)
Net cash provided by financing activities (4,817,251) (3,721,126)
Net increase/(decrease) in cash held (21,072) 58,213
Cash at the beginning of the financial period 58,213 0
Cash at the end of the financial period 12(a) 37,141 58,213
The accompanying notes 1 to 16 form part of these financial statements.
Figures are in AUD unless otherwise indicated
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2005
1. STATEMENT OF ACCOUNTING POLICIES
This financial report is a general purpose financial report prepared
in order to satisfy the financial report preparation requirements of the Master
Trust Deed. The accounts have been prepared in accordance with applicable
Australian Accounting Standards, other mandatory professional reporting
requirements (Urgent Issue Group Consensus Views) and the Master Trust Deed (as
amended) and the Supplemental Deed.
The report is prepared on an accruals basis and is based on historic
costs and does not take into account changing money values or, except where
specifically stated, current valuations of non-current assets.
The following is a summary of the material accounting policies adopted by the
Trust in the preparation of the financial report. The accounting policies have
been consistently applied, unless otherwise stated:
(a) Investments
Investments are carried at cost. They primarily consist of residential
mortgages purchased from the ANZ.
(b) Income Tax
Under current Australian taxation legislation the Trust is
not subject to income tax as the taxable income is distributed in full to the
Unitholders.
(c) Revenue
Revenue from investments is accounted for as income at each quarterly payment
date. Interest income is accrued on a daily basis.
(d) Swap Income
Swap income is recognised on a net basis.
(e) Currency
Figures reported are in AUD unless otherwise indicated.
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2005
1. STATEMENT OF ACCOUNTING POLICIES (cont'd)
(f) Impacts of adopting Australian equivalents to IFRS
For reporting periods beginning on or after 1 January 2005, the Trust must
comply with Australian Equivalents to International Financial Reporting
Standards (AIFRS) as issued by the Australian Accounting Standards Board (AASB).
The adoption of AIFRS will be first reflected in the Trust's financial
statements for the year ending 30 September 2006.
Entities complying with AIFRS for the first time will be required to restate
their comparative financial statements to amounts reflecting the application of
AIFRS to that comparative period. Most adjustments required on transition to
AIFRS will be made, retrospectively, against opening retained earnings as at 1
October 2004.
Kingfisher Trust 2004-1G has established an IFRS committee to determine the
impact of IFRS on the Trust's financial statements. The committee has analysed
all of the AIFRS and has identified the accounting policy changes that will be
required. In some cases, choices of accounting policies are available, including
elective exemptions under Accounting Standard AASB 1 First-time Adoption of
Australian Equivalents to International Financial Reporting Standards. These
choices have been analysed to determine the most appropriate accounting policy
for the Trust.
The Trustees are of the opinion that the key differences in the Trust's
accounting policies which will arise from the adoption of AIFRS is:
1. Financial instruments
Kingfisher Trust 2004-1G will be taking advantage of the exemption available
under AASB 1 to apply AASB 132 Financial Instruments: Disclosure and
Presentation and AASB 139: Financial Instruments: Recognition and Measurement
only from 1 October 2005. This allows the Trust to apply previous Australian
generally accepted accounting principles (Australian GAAP) to the comparative
information of financial instruments within the scope of AASB 132 and AASB 139
for the 30 September 2006 financial report.
AASB 139 is likely to have the following impacts:
Classification and measurement of financial assets and liabilities
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2004
1. STATEMENT OF ACCOUNTING POLICIES (cont'd)
(f) Impacts of adopting Australian equivalents to IFRS (cont'd)
Under AASB 139, financial assets will be classified as either at fair value
through profit or loss, held-to-maturity, available for sale or loans and
receivables and, depending upon classification, measured at fair value or
amortised cost.
Under AASB 139, investments in
- Non traded equity securities and debentures will be classified as
available for sale and measured at fair value, with changes in fair value
recognised directly in equity until the underlying asset is derecognised,
- Zero coupon bonds will be classified as held-to-maturity and
recognised initially at fair value with subsequent measurement at amortised
cost, using the effective interest rate method,
- Traded equity securities will be classified as held for trading and
measured at fair value, with changes in fair value recognised in profit or loss,
- Loans and receivables and financial liabilities classifications will
remain unchanged. Measurement of these instruments will initially be at fair
value with subsequent measurement at amortised cost, using the effective
interest rate method.
This will result in a change to the current accounting policy, under which
financial assets are carried at the lower of cost and recoverable amount, with
changes recognised in profit or loss.
As a result of the application of the exemption referred to above, there would
have been no adjustment to classification or measurement of financial assets or
liabilities from the application of AIFRS during the year ended 30 September
2005. Changes in classification and measurement will be recognised from 1
October 2005.
Contributed unit capital will be classified as a liability rather than equity.
The expected impact on the Trust for the year ended 30 September 2005 is a
reduction in contributed equity of $10 and an increase in financial liabilities
of $10.
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2005
2005 2004
$ $
2. REVENUE
Interest income collections on mortgages 79,617,485 21,169,167
Swap interest 1,737,742 1,326,752
Interest income - bank 19,657 100
Government Credit Interest 236 -
81,375,120 22,496,019
3. PROFIT FROM ORDINARY ACTIVITIES
Profit from ordinary activities before income tax has
been determined after:
Expenses
Borrowing costs
- Other persons 71,512,011 19,701,054
Auditors' remuneration
- Auditing the company 5,500 5,500
- Other services 15,376 3,289
20,876 8,789
4. CASH ASSETS
Cash at bank 37,141 58,213
5. RECEIVABLES
CURRENT
Amounts receivable from ANZ 2,086,803 2,564,447
6. OTHER FINANCIAL ASSETS
CURRENT
Mortgages 974,929,526 1,383,168,746
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2005
2005 2004
Note $ $
7. PAYABLES
CURRENT
Distributions payable 175,151 232,290
Sundry creditors and accruals 1,948,883 2,390,459
2,124,034 2,622,749
8. INTEREST BEARING LIABILITIES
CURRENT
Class 'A' Notes 951,429,426 1,359,668,647
Class ' B ' Notes 23,500,000 23,500,000
Total net Notes 974,929,426 1,383,168,647
The Class 'A' Notes are denominated in US dollars. The exchange rate has been
fixed with a swap agreement at a rate of $1 USD = $0.686 AUD. The currency swap
agreement expires on the Termination date, which is the earlier of the "Final
Maturity Date" or 18 September 2035 as defined in the Supplemental Deed or the
date Class A Notes have been redeemed in full.
9. UNITHOLDERS FUNDS
Movement in Unitholders' Funds during the period were as follows:
Residual Income Unit Residual Capital Unit
fully paid fully paid
2005 2005
Total
No of No of
Units Units
$ $ $
Opening Balance 1 5 1 5 10
Units Issued - - - - -
TOTAL UNITHOLDERS'
FUNDS 1 5 1 5 10
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2005
9. UNITHOLDERS FUNDS (cont'd)
The Residual Capital unit has the right to receive any excess assets
of the Trust, subject to the conditions of the Supplementary Deed.
The Residual Income unit has the right to receive any excess income of
the Trust as described in the Supplementary Deed.
10. FINANCIAL INSTRUMENTS
(a) Derivative Financial Instruments
(i) Derivative financial instruments are used by the Trust to
hedge exposure to interest rate risk associated with movements in interest rates
which impact on the borrowings of the Trust and to hedge movements in currency.
The derivative financial instruments used by the entity are not recognised in
the financial statements. Transactions for hedging purposes are undertaken
without the use of collateral as only reputable institutions with sound
financial positions are dealt with.
(ii) Unrecognised Financial Instruments
Interest Rate Swaps
Interest rate swap transactions are entered into by the Trust to hedge interest
rate payment obligations and to protect long term borrowings from the risk of
movements in interest rates.
The notional principal amounts of the swap contracts approximates the Trust's
Outstanding Floating Rate Note liabilities (the "borrowing facilities"). The
settlement dates of the swap contracts corresponds with interest payment dates
of the borrowings. The swap contracts require settlement of the net interest
receivable or payable and are brought to account as income or expense.
At balance date, the notional balance of the interest rate swap contracts
outstanding is $974,929,426. This balance is to be settled over the life of the
Notes as each interest payment becomes due.
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2005
10. FINANCIAL INSTRUMENTS (cont'd)
Currency Swaps
Currency swap transactions are entered into by the Trust to exchange floating
rate Australian Dollars to a fixed rate United States Dollars in order to hedge
foreign currency payments. The notional principal amounts of the cross currency
swaps equals the borrowings facilities of the Trust. The settlement dates of the
swap contracts corresponds with the interest payment dates of the borrowings.
At balance date, the notional balance of the cross currency swap contracts
outstanding is $974,929,426. This balance is to be settled over the life of the
Notes as each interest payment becomes due.
(b) Market Risk
The Trust is exposed to market risk, being defined as the risk of adverse
movement in markets and includes the risk of adverse movements in individual
securities, market volatility and other market variables.
(c) Credit Risk
Credit risk represents the loss that would be recognised if counterparties
failed to perform as contracted. The credit risk of the portfolio of residential
mortgages is addressed by sufficient credit enhancements in the form of primary
mortgage insurance over a majority of mortgages held by the Trust. The portfolio
of mortgages is also covered in entirety by pool mortgage insurance.
(d) Liquidity Risk
The ANZ has provided to the Trust a Liquidity Facility for $AUD 16 million. The
liquidity facility may be drawn on by the Trustee to meet the timely payment of
interest in the event of market disruption where the interest due is prevented
from being paid to the bond holders, or to cover timing differences.
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2005
10. FINANCIAL INSTRUMENTS (cont'd)
(e) Redraw Shortfall Risk
The ANZ has provided to the Trust a Redraw facility limited
to $AUD 29 million. This facility may be drawn on by the Trustee in order to
meet redraw obligations where the obligation to provide redraws is not met by
principal collections in that period.
(f) Net Fair Value
The net fair value of the investments is determined by discounting the cash
flows, at the market interest rates of similar securities, to their present
value.
The net fair value of the Notes is determined by discounting the cashflows, at
the market interest rate of similar securities, to their present value.
The net fair value of the interest rate swap is the present value of the future
net interest cash flows.
The net fair value of the cross currency swap is the current value of the fixed
US Dollar balance translated at the current Australian Dollar rate.
For other assets and other liabilities the net fair value approximates their
carrying value.
Financial assets where the carrying amount exceeds net fair value have not been
written down as the economic entity intends to hold these assets to maturity.
Aggregate net fair value and carrying amounts of financial assets and financial
liabilities at balance date are not materially different at period end.
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2005
10. FINANCIAL INSTRUMENTS (cont'd)
(g) Interest Rate Risk
The Trust's exposure to interest rate risks, which is the risk that a financial
instrument's value will fluctuate as a result of changes in market rates and the
effective weighted average interest rate of recognised financial assets and
financial liabilities at the balance date are as follows:
Weighted Average
Effective Interest
Rate
No Interest Floating Interest Rate
2005 2005 2005
2004 2004 2004
% $ $
% $ $
Financial Assets
Cash at bank 3.35 5.24 - - 37,141 58,213
Receivables - - 2,086,803 2,564,447 - -
Residential Mortgages 6.88 6.64 - - 974,929,526 1,381,812,344
Total Financial Assets 2,086,803 2,564,447 974,966,667 1,381,870,557
Financial Liabilities
Distributions Payable - - 175,151 232,290 - -
Class 'A' Notes 4.02 2.04 - - 951,429,426 1,359,668,647
Class 'B' Notes 6.16 5.92 - - 23,500,000 23,500,000
Sundry Creditors & Accruals - - 1,948,883 2,390,459 - -
Total Financial Liabilities 2,124,034 2,622,749 974,929,426 1,383,168,647
Fixed Interest Rate
Maturing Within 1 Year
to 5 Years Total
2005 2005
2004 2004
$ $
$ $
Financial Assets
Cash at bank - - 37,141 58,213
Receivables - - 2,086,803 2,564,447
Residential Mortgages - 1,356,402 974,929,526 1,383,168,746
Total Financial Assets - 1,356,402 977,053,470 1,385,791,406
Financial Liabilities
Distributions Payable - - 175,151 232,290
Class 'A' Notes - - 951,429,426 1,359,668,647
Class 'B' Notes - - 23,500,000 23,500,000
Sundry Creditors & Accruals - - 1,948,883 2,390,459
Total Financial Liabilities - - 977,053,460 1,385,791,396
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2005
11. RELATED PARTY TRANSACTIONS
The Manager of the Kingfisher Trust 2004-1G is ANZ Capel Court Limited whose
ultimate parent entity is ANZ. The Manager's remuneration for the period was
$252,471 (2004: $72,451).
The Trustee of the Kingfisher Trust 2004-1G is Perpetual Trustee Company
Limited. The Trustee's fees received by the Trustee amounted to $122,878 (2004:
$38,095).
The ANZ has sold mortgages to the Trust, and has acted as counterparty in
providing interest rate and currency swap agreements with the Trust. The ANZ
also holds the Residual Income Unit.
2005 2004
$ $
12. CASH FLOW INFORMATION
(a) Reconciliation of Cash
Cash at the end of the financial period as shown in the Statement of
Cash Flows is reconciled to the related items in the Statement of
Financial Position as follows:
Cash at bank 37,141 58,213
(b) Reconciliation of Net Cash provided by by
Operating Activities to Profit from Ordinary Activities
after Income Tax
Profit from ordinary activities after income tax
5,230,017 1,466,168
Non-operating cashflow items included in profit from ordinary
activities:
Increase in receivables (242) (100)
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
30 SEPTEMBER 2005
2005 2004
$ $
12. CASH FLOW INFORMATION (cont'd)
Non-cash flows in profit from ordinary activities:
Increase/(Decrease) in Accrued Interest (415,056) 2,152,776
Increase/(Decrease) in Other Creditors and Accruals (18,540) 160,495
Net cash provided by operating activities 4,796,179 3,779,339
(c) The Trust has a liquidity facility with the ANZ amounting to $ AUD 16
million. The liquidity facility may be drawn on by the Trustee to meet the
timely payment of interest in the event of market disruption where the interest
due is prevented from being paid to the bond holders, or to cover timing
differences.
(d) The Trust has a redraw facility with the ANZ amounting to $ AUD 29
million. This facility may be drawn on by the Trustee in order to meet redraw
obligations where the obligation to provide redraws is not met by principal
collections in that period.
13. SEGMENT REPORTING
The Trust operates in the securitisation of residential mortgages
throughout Australia.
14. EVENTS OCCURRING AFTER REPORTING DATE
There are no significant events subsequent to balance date.
15. CONTINGENT LIABILITIES AND COMMITMENTS
The Trust does not have any material commitments and contingent liabilities that
require disclosure.
16. TRUST DETAILS
The principal place of business of the trust is 530 Collins Street, Melbourne,
and its principal activity is the securitisation of residential mortgages.
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
INDEPENDENT AUDITORS' REPORT
ON ADDITIONAL INFORMATION
To the Unitholders
Our examination of the financial statements of the trust at 30 September 2005
and for the periods then ended included tests of the accounting records from
which the additional information presented in the following page has been taken.
This additional information is not, in our opinion, necessary for a fair
presentation of the trust's financial position, results of operations, or
changes in financial position. Our examination was intended primarily for the
purpose of formulating an opinion on the basic financial statements taken as a
whole and was not such as to enable us to express an opinion as to the fairness
of all of the details of the additional information; accordingly, we do not
express an opinion thereon.
BDO
Chartered Accountants
R D D Collie
Partner
Melbourne: 24 July 2006
KINGFISHER TRUST 2004-1G
ABN 37 791 969 569
STATEMENT OF INCOME AND EXPENDITURE
FOR THE PERIOD ENDED 30 SEPTEMBER 2005
2005 2004
$ $
INCOME
Interest collections on mortgages 79,617,485 21,169,167
Swap interest 1,737,742 1,326,752
Interest income 19,657 100
Government Credit Interest 236 -
Total Income 81,375,120 22,496,019
EXPENDITURE
Interest expense 71,512,011 19,701,054
Liquidity line fees 24,000 5,589
Redraw facility fees 43,500 10,130
Trustee fees 122,878 38,095
Custodian fees 180,401 51,338
Service fees 3,920,330 1,125,266
Trust management fees 245,871 70,801
Audit fees 20,876 8,789
Ratings fees 63,336 17,077
Bank fees 200 62
Trust management compliance services fees 6,600 1,650
Austraclear fees 4,432 -
Settlement fees 12 -
Legal fees 77 -
Government regulatory fees 579 -
76,145,103 21,029,851
NET PROFIT 5,230,017 1,466,168
This information is provided by RNS
The company news service from the London Stock Exchange
END
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