2004-05 Annual Report - Australia Post

Australia Post Annual Report 2004/05 Financial and Statutory Reports
Notes to and forming part of the financial statements
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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2005
36. NOTES TO THE STATEMENT OF CASH FLOWS (CONT.)
(c) Detail of the acquisitions of the controlled entities
On 31 March 2005 the corporation acquired 100% of the issued share capital of JR Haulage Pty Ltd.
JR Haulage Pty Ltd was involved in logistics at the date of acquisition.
On 1 March 2005 the corporation acquired 100% of the issued share capital of SnapX Pty Ltd. SnapX Pty Ltd
performed courier services at the date of acquisition.
On 23 December 2003 the corporation acquired a further 50% interest in Decipha Pty Ltd. This resulted in
this entity becoming 100% owned by the corporation. Decipha Pty Ltd performed mailroom solutions
services at the date of acquisition.
The operating results of these newly controlled entities have been included in the consolidated statement
of financial performance since the date of the acquisition.
Details of the acquisitions are as follows:
Consideration comprising:
Cash 53.8 1.5
Contingent amount due for payment in year ending 30 June 2006 1.3 –
Contingent amount due for payment in year ending 30 June 2007 4.0 –
Cash receivable from purchase price adjustments (5.4) –
Acquisition costs 1.6 –
Total consideration 55.3 1.5
Fair value of identifiable net assets of controlled entity acquired
Cash 2.2 2.5
Receivables 12.3 1.6
Prepayments 0.6 0.3
Property, plant and equipment 9.8 0.8
Intangible assets 7.0 –
Investments 4.0 0.0
Payables (11.9) (1.6)
Loans (14.0) (1.2)
Other 0.1 (1.6)
2005
$m
2004
$m
10.1 0.8
Less: Shares already owned – (0.4)
Add: Outside equity interests (0.1) –
10.0 0.4
Goodwill on consolidation 45.3 1.1
Total consideration 55.3 1.5
Outflow of cash to acquire controlled entity:
2005
$m
Consolidated Corporation
Cash consideration 53.8 0.0 53.8 1.5
Less: Cash balances acquired 2.2 0.0 0.0 2.5
Outflow / (inflow) of cash 51.6 0.0 53.8 (1.0)
2004
$m
(d) Reconciliation of cash paid for controlled and joint-venture entities
The amount paid for investments in controlled entities per the corporation cash flow reflects the outflow of
cash per note 36(c), the additional amount paid for the investment in AP International Holdings Pty Ltd ($4.0m),
and acquisition costs paid ($1.5m).
On consolidation, this amount is reduced by the reclassification of $8.0m (being the joint-venture investments
in Sai Cheng Logistics International Company Limited and Multi Media Logistics Pty Ltd) and the cash acquired
upon purchase of the JR Haulage Group and SnapX Pty Ltd.
2005
$m
2004
$m