CQUniversity Annual Report - Central Queensland University
CQUniversity Annual Report - Central Queensland University
CQUniversity Annual Report - Central Queensland University
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60<br />
<strong>Central</strong> <strong>Queensland</strong> <strong>University</strong><br />
and Controlled Entities<br />
Notes to the Financial Statements<br />
for the year ended 31 December 2012<br />
Note 37. Business combinations<br />
(a) Summary of acquisition<br />
<strong>Central</strong> <strong>Queensland</strong> <strong>University</strong> acquired Health Train Education Services Pty Ltd on 1 June 2012 and is a wholly owned<br />
subsidiary of the university. Health Train Education Services Pty Ltd is a registered training organisation registered under the<br />
national regulator Australian Skills Quality Authority (ASQA).<br />
Health Train Education Services Pty Ltd applied to the Australian Taxation Office for a substituted accounting period which<br />
was approved on 13 December 2012. Consequently the comparative figures for the business combination are for the<br />
financial year 1 July 2011 to 30 June 2012, with the current reporting period being 1 July to 31 December 2012.<br />
Details of the fair value of the assets and liabilities acquired and goodwill are as follows:<br />
$'000<br />
Purchase consideration (refer to (b) below): 778<br />
Contingent consideration -<br />
Total purchase consideration 778<br />
Fair value of net identifiable assets acquired (refer to (d) below) 405<br />
Goodwill (refer to (d) below and Note 26) 373<br />
(b) Purchase consideration<br />
Consolidated<br />
Parent Entity<br />
2012 2011<br />
Jul to<br />
Dec 12 2012<br />
$'000 $'000 $'000 $'000<br />
Outflow of cash to acquire subsidiary, net of cash acquired<br />
Cash consideration - - 783 -<br />
Less: Balance acquired cash - - (5)<br />
Outflow of cash - - 778 -<br />
(c)<br />
Operating result<br />
Net operating result for the period 70 123<br />
Net operating result since acquisition date (1 Jun to 31 Dec 2012) (24)<br />
(d) Assets acquired and liabilities assumed<br />
The assets and liabilities arising from the acquisition are as follows:<br />
Acquiree's<br />
carrying Fair value<br />
amount<br />
$'000 $'000<br />
Current assets<br />
Receivables 264 264<br />
264 264<br />
Non-current assets<br />
Leasehold improvements 255 255<br />
Property, Plant and Equipment 35 35<br />
290 290<br />
554 554<br />
Current liabilities<br />
Provisions 149 149<br />
149 149<br />
Net assets 405 405<br />
Net identifiable assets acquired 405 405<br />
Goodwill arising on acquisition 373 373<br />
55<br />
778 778
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