Air New Zealand 2009 Annual Report Download - page 25

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13. INVESTMENTS (CONTINUED)
GROUP
2009
$M
GROUP
2008
$M
Summarised financial information of associates - 100%:
Assets 198 152
Liabilities 69 39
Revenue 192 187
Profit after taxation 4 3
Results of associates
Share of profit before taxation 3 -
Taxation expense - -
Share of profit after taxation of associates 3 -
The following entities were acquired or incorporated during the period:
NAME OF ENTITY PRINCIPAL ACTIVITY % OF VOTING
RIGHTS ACQUISITION DATE RELATIONSHIP
Masling Industries Pty Limited Aviation engineering 100 3 November 2008 Subsidiary
TAE Aviation Pty Limited
(previously named Tenix Aviation Pty Limited) Aviation engineering 100 9 December 2008 Subsidiary
TXNZ Limited Online booking exchange 74 31 July 2008 Subsidiary
VCubed Pty Limited Online booking exchange 26 8 August 2008 Associate
The Group acquired a shareholding in VCubed Pty Limited and established TXNZ Limited as part of the airline’s strategy to further diversify into the
wider tourism sector. The investment in Masling Industries Pty Limited and TAE Aviation Pty Limited complements the existing Tasman Aviation
Enterprises Group business which specialises in Australian aviation engineering services.
The acquisitions had the following impact on the Group’s assets and liabilities at the date of purchase:
Recognised
value on
acquisition
$M
Bank and short term deposits 1
Trade receivables 3
Inventories 15
Investments 4
Other assets 4
Property, plant and equipment 14
Deferred taxation (4)
Trade and other payables (3)
Other liabilities (2)
Net assets and liabilities acquired 32
Discount on acquisition recognised in "Other Expenses" within the Statement of Financial Performance 10
Cash consideration paid 22
Cash and cash equivalents acquired 1
Net cash outflow 21
The discount on acquisition results from the market value of the assets acquired being greater than the purchase price.
Trade receivables have been recognised at fair value which reflects the amount expected to be collected in cash. The gross contractual amount
receivable as at the date of acquisition was $3 million.
The value of the minority interest in TXNZ Limited as at establishment date was nil.
AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2009
23