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THE QANTAS GROUP 86
for the year ended 30 June 2011
Notes to the Financial Statements continued
A ACQUISITIONS
(i) Network Aviation Group
On  February  the Qantas Group acquired  per cent of the Network Aviation Group. The purchase consideration, net of cash
acquired, was $ million. The fair value of the net assets acquired includes property, plant and equipment of $ million, interest-bearing
liabilities of $ million and net working capital and operating assets of $ million. Goodwill arising from this acquisition was $ million
(on a provisional basis).
The Network Aviation Group contributed approximately $ million in revenue and other income and a break-even prot before tax. If the
transaction had occurred on  July , the Network Aviation Group would have contributed $ million in revenue and other income and
a break-even prot before tax.
(ii) Travel Software Solutions
On  June  the Qantas Group acquired the remaining  per cent interest in Travel Software Solutions Pty Limited and its controlled
entities. There were no material effects of this transaction on the Qantas Group’s nancial position.
B DISPOSALS OR RESTRUCTURING
(i) DPEX Group
On  August  the Qantas Group disposed of its ownership in the DPEX Group, which was part of the Qantas Freight operating segment.
On the completion of the transaction, the Qantas Group recognised a gain of $ million before tax. The assets of the DPEX disposal group
represented goodwill of $ million and receivables and other assets of $ million. The liabilities of the DPEX disposal group represented
payables of $ million.
(ii) Jetset Travelworld Group
On  September  the Jetset Travelworld Group merged with Stella Travel Services. The merger resulted in the Qantas Group’s shareholding
in Jetset Travelworld Group reducing to  per cent from  per cent. Consequently, Jetset Travelworld Group ceased to be a controlled entity
and was deconsolidated from the Qantas Group. From  October  the investment is accounted for as an associate. The Qantas Group
recognised a net loss arising from this transaction of $ million before tax.
(iii) Harvey Holidays Pty Ltd
On  June  the Qantas Group disposed of its  per cent ownership in Harvey Holidays Pty Ltd (a jointly controlled entity). The Group
recognised a gain on disposal of $ million before tax.
(iv) AUX Investment Pty Limited
In October  the Group’s investments in Australian air Express Pty Ltd and Star Track Express Holdings Pty Limited were transferred to
AUX Investment Pty Limited in exchange for a  per cent shareholding in this entity. No gain or loss arose from the restructure of
these investments.
Gain/loss on disposal or restructuring of investments
The net loss on disposal of the above investments of $ million was included in other expenditure in the Consolidated Income Statement.
27. Acquisitions and Disposals of Controlled Entities, Associates and Jointly Controlled Entities