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13-04-2012, 01:47 PM
On page 95 of AR 2011, Cash Economic Income means : Income received in cash on investments which is referable to the period, and received prior to dividend payment date, after capital amortisation.
On page 59, it stated that: "Cash Economic Income is determined by the Company on the advice of the Manager. This determination involves an assessment as to whether distributions received on the investments constitute capital or income. This determination involves an element of judgement by the Manager. In this regard, the Company relies upon the experience of the Manager and its knowledge of the Group’s target asset classes to make the determination at the relevant time. In determining the Company’s Cash Economic Income, the Manager takes into account any changes to the expected returns on the investments over the time that the Group holds the investment. The expected returns on the investments are calculated based on a financial model specific to the investment and are determined on an asset by asset basis. This can result in an adjustment to the apportionment of distributions received between capital and economic income at various stages over the lifetime of an investment."
I am trying to make some sense out of this. Will be back!
(Vested)
On page 59, it stated that: "Cash Economic Income is determined by the Company on the advice of the Manager. This determination involves an assessment as to whether distributions received on the investments constitute capital or income. This determination involves an element of judgement by the Manager. In this regard, the Company relies upon the experience of the Manager and its knowledge of the Group’s target asset classes to make the determination at the relevant time. In determining the Company’s Cash Economic Income, the Manager takes into account any changes to the expected returns on the investments over the time that the Group holds the investment. The expected returns on the investments are calculated based on a financial model specific to the investment and are determined on an asset by asset basis. This can result in an adjustment to the apportionment of distributions received between capital and economic income at various stages over the lifetime of an investment."
I am trying to make some sense out of this. Will be back!
(Vested)
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.