Qantas 2011 Annual Report Download - page 88
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Please find page 88 of the 2011 Qantas annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.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 prot 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 prot 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