TAPS Trust

Performance

TAPS Trust financial report

The ordinary units in TAPS Trust are held by HDUF Finance Trust (one of the three trusts comprising the Hastings Diversified Utilities Fund), and the financial report for the financial year ended 31 December 2007 is prepared on this basis. TAPS Trust reported a net loss attributed to ordinary securityholders (i.e. HDF) of $4.6 million. This net loss is explained by understanding the accounting treatment of the cash flows of the TAPS Trust. In particular:

-      TAPS Trust receives the majority of its cash flows from the South East Water business  (including Mid Kent Water) via a return of capital. A return of capital is reflected in the cash flow statement rather than the income statement, hence the lack of accounting earnings.

-      The distributions paid to TAPS holders are treated as an expense under Australian International Financial Reporting Standards (AIFRS), therefore increasing the net loss attributable to ordinary securityholders (i.e. HDF).

-      It is this structure that results in the majority of distributions to TAPS holders being tax deferred.

 

 

Period ended
31 December 2007
$'000

Operating revenue

6,598

Operating expenses

(1,793)

Distributions to TAPS holders

(9,406)

Net loss attributed to ordinary securityholders (HDF)

(4,601)

 

Security price and distribution history is available in the TAPS Trust Investor Centre.

 

Fund Facts

ASX Code: TTXPA
ASX Price: $80.00
Market Capitalisation:
$88,000,000
Established: 2005
Assets:

Recent Publication

Distribution for the Quarter Ended 30 September 2008

TAPS Trust Distribution for the Quarter Ended 30 September 2008 21/10/2008
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