Appendix 4D (rule 42A3) Half Year Report

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Appendix 4D (rule 42A3) Half Year Report Powered By Docstoc
					                                        Appendix 4D (rule 4.2A.3)

                                               Half Year Report

 Name of entity
 Transurban CARS Trust 81 656 633 158

 Half year ended (‘current period’)
 31 December 2003

 Corresponding Period
 N/A


 Results for announcement to the market
                                                                                                      $A'000


 Revenues from ordinary activities                                        Up              -              13,172

 Loss from ordinary activities after tax attributable to                  Up              -              (3,024)
 members

 Net loss for the period attributable to members                          Up              -              (3,024)

 Distributions                                                         Amount         Franked            Record        Date
                                                                         per          amount              date         paid
                                                                       Security         per
                                                                                      Security
 First semi annual distribution 2004 financial year                    $3.5288          N/A          31/12/03        30/1/04


 Net Tangible Assets                                       Current period                 Previous corresponding
                                                                                                  period
 Net tangible assets per Stapled Security(i)                ($1,305,649)                            N/A

 Note (i) Net Tangible assets per security is calculated on the 12 units held by Transurban Holding Trust. Convertible
          Adjusting Rate Securities (“CARS”) are not included in the calculation as they are classified as a liability in
          the Statement of Financial Position.
Interest in joint ventures
 Name of partnership                             Ownership Interest                       Ownership Interest
                                                   Current Period                        Corresponding Period
 Westlink Motorway Partnership                            40%                                        -


The principal activity of the partnership is the construction of the Westlink M7 Motorway in Sydney.
The M7 is presently in the construction phase and is due for completion 2007. The partnership will
have no impact on the Transurban Group’s equity accounted profits until the road operations
commence following construction completion.



This report is based on accounts which have been reviewed and the report is attached at the end of
the Financial Report.



 Sign here:       ............................................................   Date: 25 February 2004
                  Company Secretary


 Print name:      Geoffrey Raymond Phillips
    The Financial Report of



Transurban CARS Trust
             and
  Controlled Entity
     ABN 81 656 633 158



     Half Year Ended

    31 December 2003
                                    CONTENTS



                                                                     Page
                                                                     Number


Directors’ report                                                       1

Statement of financial performance                                      3

Statement of financial position                                         4

Statement of cash flows                                                 5

Notes to the financial statements                                       6

Directors’ declaration                                                  7

Independent review report to the members                                8




The interim financial report does not include all the notes of the type normally included in an
annual financial report. Accordingly this report is to be read in conjunction with the annual
report for the year ended 30 June 2003 and any public announcements made by Transurban
CARS Trust during the interim reporting period in accordance with the continuous disclosure
requirements of the Corporations Act 2001.

Transurban CARS Trust was formed on 20 December 2002 and therefore has no
comparative information.
The Transurban CARS Trust and Controlled Entity
Directors’ Report

The directors of Transurban Infrastructure Management Limited, the Responsible Entity of
Transurban CARS Trust, present their report on the consolidated entity consisting of Transurban Cars
Trust (“the Trust”), and the entity it controlled at the end of, and during, the half year ended 31
December 2003.
Responsible Entity
Transurban CARS Trust is registered as a managed investment scheme under Chapter 5C of the
Corporations Act 2001 and, as a result, requires a Responsible Entity. Transurban Infrastructure
Management Limited is the Responsible Entity of Transurban CARS Trust and is responsible for
performing all functions that are required under the Corporations Act 2001.
Directors
The following persons were directors of Transurban Infrastructure Management Limited during the
whole of the half year and up to the date of this report:

      Non-executive directors                                Executive directors
      Laurence G Cox                                         Geoffrey R Phillips
      Geoffrey O Cosgriff
      Jeremy G A Davis
      Peter C Byers
      Susan M Oliver
      David J Ryan


Review of Operations
a)      Construction Phase Loan Notes (“CPLN”)
        During the period, Transurban CARS Trust (“TCT”) received distributions from its wholly
        owned entity, Transurban WSO Trust (“TWT”). The distributions are funded from interest
        received by TWT from the CPLN’s which it acquired to fund Transurban’s contribution to the
        Westlink Motorway Partnership. The CPLN’s are subordinated loan notes which pay
        interest at the rate of 6.27 per cent per annum.
        The income received by way of distribution from TWT is the principal source of cash to fund
        distributions payable by TCT on the Convertible Adjusting Rate Securities (“CARS”) issued
        by TCT.
b)      Convertible Adjusting Rate Securities (“CARS”)
        During the period, TCT paid its maiden distribution to CARS holders. The distribution of
        $1.4767 per security represented a distribution fixed at the rate of 7 per cent per annum for
        the period 14 April 2003 to 30 June 2003. The distribution was 100 per cent tax deferred.
        Distributions of this nature are made twice annually with payment dates of 31 July and 31
        December respectively.




                                                   1
The Transurban CARS Trust and Controlled Entity
Directors’ Report

Rounding of amounts to nearest thousand dollars
The Trust is of a kind referred to in Class Order 98/0100 issued by the Australian Securities and
Investments Commission, relating to the “rounding off” of amounts in the Directors’ Report and
Financial Report. Amounts in the Directors’ Report and Financial Report have been rounded off to
the nearest thousand dollars in accordance with that Class Order.


This report is made in accordance with a resolution of the directors of Transurban Infrastructure
Management Limited.




_________________________                          _________________________
Laurence G Cox                                     Geoffrey O Cosgriff
Chairman                                           Director

25 February 2004




                                                  -2 -
The Transurban CARS Trust and Controlled Entity
Statement of financial performance for the half year ended 31 December 2003



                                                                                Half Year
                                                                  Notes             2003
                                                                                   $'000

Revenue from ordinary activities                                                 13,172


Expenses from ordinary activities
  Administration                                                                   (194)
Borrowing costs                                                                 (15,804)
Depreciation                                                                       (198)

Net loss from ordinary activities                                                (3,024)


                                                                                  Dollars
Basic earnings per ordinary unit                                    5         ($252,000)
Diluted earnings per ordinary unit                                  5         ($252,000)




The above consolidated statement of financial performance should be read in conjunction with the
accompanying notes.




                                                  -3-
The Transurban CARS Trust and Controlled Entity
Statement of financial position as at 31 December 2003



                                                            31 December           30 June
                                                                   2003              2003
                                                                  $'000             $'000
CURRENT ASSETS
Cash assets                                                       42,006           35,239
Receivables                                                        1,011              943
Total Current Assets                                              43,017           36,182

NON-CURRENT ASSETS
Financial assets                                                 392,000          392,000
Other                                                             12,935           13,134
Total Non-Current Assets                                         404,935          405,134
TOTAL ASSETS                                                     447,952          441,316

CURRENT LIABILITIES
Payables                                                          15,182            6,513
Total Current Liabilities                                         15,182            6,513

NON-CURRENT LIABILITIES
Interest bearing liabilities                                     448,438          447,447
Total Non-Current Liabilities                                    448,438          447,447
TOTAL LIABILITIES                                                463,620          453,960

NET ASSETS                                                       (15,668)        (12,644)

UNITHOLDERS' FUNDS
Accumulated losses                                               (15,668)        (12,644)

TOTAL UNITHOLDERS' FUNDS                                         (15,668)        (12,644)




The above consolidated statements of financial position should be read in conjunction with the
accompanying notes.




                                                -4-
The Transurban CARS Trust and Controlled Entity
Statement of cash flows for the half year ended 31 December 2003



                                                                            Half Year
                                                                                2003
                                                                               $'000

Cash flows from operating activities
    Payments to suppliers (inclusive of GST)                                   (364)
    Interest received                                                        13,119
    Borrowing costs                                                          (6,352)
    Net cash inflow from operating activities                                  6,403

Cash flows from financing activities
    Loans from related parties                                                   364
    Net cash inflow from financing activities                                    364

Net increase in cash held                                                      6,767

Cash at the beginning of the financial period                                35,239

Cash at the end of the financial period                                      42,006




The above consolidated statement of cash flows should be read in conjunction with the
accompanying notes.




                                                -5-
The Transurban CARS Trust and Controlled Entity
Notes to the financial statements for the half year ended 31 December 2003


1.      BASIS OF PREPARATION OF HALF-YEAR FINANCIAL REPORT
        This general purpose financial report for the interim half-year reporting period ended 31
        December 2003 has been prepared in accordance with Accounting Standard AASB 1029
        Interim Financial Reporting, other mandatory professional reporting requirements (Urgent
        Issues Group Consensus Views), other authoritative pronouncements of the Australian
        Accounting Standards Board and the Corporations Act 2001.
        The interim financial report does not include all the notes of the type normally included in an
        annual financial report. Accordingly this report is to be read in conjunction with the annual
        report for the year ended 30 June 2003 and any public announcements made by Transurban
        CARS Trust during the interim reporting period in accordance with the continuous disclosure
        requirements of the Corporations Act 2001.
        The accounting policies adopted are consistent with those of the previous financial year and
        corresponding interim reporting period.


2.      SEGMENT INFORMATION
        The Trust’s sole business segment for the half-year ended 31 December 2003 was
        investing in the Westlink Motorway Partnership. All revenues and expenses are directly
        attributable to this sole purpose. Internal financial reporting is based on this sole business
        segment.


3.      DISTRIBUTIONS


                                                                                    Half Year
                                                                                        2003
                                                                                       $'000
         Convertible Adjusting Rate Securities
         Distributions provided for or paid during the half year                     21,524

        These distributions represent interest payments to holders of Convertible
        Adjusting Rate Securities paid semi annual at 7.0 per cent.


4.      CONTINGENT LIABILITIES
        As at the reporting date there are no contingent liabilities.


5.      EARNINGS PER UNIT


                                                                                  Half Year
                                                                                      2003

         Basic earnings per security                                            ($252,000)

         Diluted earnings per security                                          ($252,000)


                                                 -6-
The Transurban CARS Trust and Controlled Entity
Directors’ Declaration


The directors of Transurban Infrastructure Management Limited the Responsible Entity for
Transurban CARS Trust declare that the financial statements and notes set out on pages 3 to 6:
         (a)       comply with Accounting Standards, the Corporations Regulations 2001 and other
                   mandatory professional reporting requirements; and
         (b)       give a true and fair view of the consolidated entity’s financial position as at 31
                                                                                          e
                   December 2003 and of its performance, as represented by the r sults of its
                   operations and its cash flows, for the half-year ended on that date.
In the directors’ opinion:
       (a)         the financial statements and notes are in accordance with the Corporations Act
                   2001; and
       (b)         there are reasonable grounds to believe that the Trust will be able to pay its debts
                   as and when they become due and payable.


This declaration is made in accordance with a resolution of the directors of Transurban Infrastructure
Management Limited.




__________________________
Laurence G Cox
Chairman



__________________________
Geoffrey O Cosgriff
Director


Melbourne
25 February 2004




                                                  -7-
                                                                                                  PricewaterhouseCoopers
                                                                                                  ABN 52 780 433 757

                                                                                                  333 Collins Street
                                                                                                  MELBOURNE VIC 3000
                                                                                                  GPO Box 1331L
                                                                                                  MELBOURNE VIC 3001
Independent review report to the members of                                                       DX 77 Melbourne
                                                                                                  Australia
the Transurban CARS Trust                                                                         www.pwc.com/au
                                                                                                  Telephone +61 3 8603 1000
                                                                                                  Facsimile +61 3 8603 1999


Statement
Based on our review, which is not an audit, we have not become aware of any matter that makes us
believe that the financial report of Transurban CARS Trust:
•       does not give a true and fair view, as required by the Corporations Act 2001 in Australia, of
        the financial position of Transurban CARS Trust as at 31 December 2003 and of its
        performance for the half-year ended on that date, and
•       is not presented in accordance with the Corporations Act 2001, Accounting Standard AASB
        1029: Interim Financial Reporting and other mandatory financial reporting requirements in
        Australia, and the Corporations Regulations 2001.

This statement must be read in conjunction with the rest of our review report.

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’ declaration for the Transurban CARS Trust (the consolidated entity), for the half-year
ended 31 December 2003. The consolidated entity comprises both the Transurban CARS Trust (the
Trust) and the entity it controlled during that half-year.

The directors of Transurban Infrastructure Management Limited as responsible entity for the Trust
are responsible for the preparation and true and fair presentation of the financial report in
accordance with the Corporations Act 2001. 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.

Review approach
We conducted an independent review in order for the Trust to lodge the financial report with the
Australian Securities and Investments Commission. Our review was conducted in accordance with
Australian Auditing Standards applicable to review engagements.

We performed procedures in order to state whether, on the basis of the procedures described,
anything has come to our attention that would indicate that the financial report does not present
fairly, in accordance with the Corporations Act 2001, Accounting Standard AASB 1029: Interim
Financial Reporting and other mandatory financial reporting requirements in Australia, a view
which is consistent with our understanding of the consolidated entity’s financial position, and its
performance as represented by the results of its operatio ns and cash flows.




Liability is limited by the Accountant's Scheme under the Professional Standards Act 1994 (NSW)
We formed our statement on the basis of the review procedures performed, which included:

•     inquiries of company personnel/the responsible entity’s personnel, and
•     analytical procedures applied to financial data.

When this review report is included in a document containing information in addition to the
financial report, our procedures include reading the other information to determine whether it
contains any material inconsistencies with the financial report.

These procedures do not provide all the evidence that would be required in an audit, thus the level
of assurance provided is less than that given in an audit. We have not performed an audit, and
accordingly, we do not express an audit opinion.

While we considered the effectiveness of management’s internal controls over financial reporting
when determining the nature and extent of our procedures, our review was not designed to provide
assurance on internal controls.

Our review did not involve an analysis of the prudence of business decisions made by directors or
management.

Independence
In conducting our review, we followed applicable independence requirements of Australian
professional ethical pronouncements and the Corporations Act 2001.




PricewaterhouseCoopers




Tim Goldsmith                                                                          Melbourne
Partner                                                                          25 February 2004

				
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Description: Appendix 4D (rule 42A3) Half Year Report