Brambles 2006 Annual Report - Alle jaarverslagen

110
Brambles
2006 Annual Report
NOTES TO AND FORMING PART OF
THE CONSOLIDATED FINANCIAL STATEMENTS continued
for the year ended 30 June 2006
Note 12.
Discontinued operations continued
2005
US$m
Before tax Tax After tax
Exceptional items:
– Tax on Cleanaway Germany 13 – (28.5) (28.5)
– Tax on Meineke Car Centers, Inc 14 – 19.0 19.0
Special items from discontinued operations – (9.5) (9.5)
1
On 21 December 2005, Brambles completed the sale of Eurotainer and received proceeds of US$105.5 million, resulting in a pre-tax
profit on sale of US$61.0 million, including a foreign currency translation reserve (FCTR) credit of US$13.6 million.
2
On 29 December 2005, Brambles completed the sale of the BIS Northern Hemisphere business and received proceeds of
US$238.2 million, subject to a working capital adjustment, resulting in a pre-tax profit on sale of US$0.7 million, net of an FCTR
charge of US$3.4 million.
3
On 12 April 2006, Brambles completed the sale of Cleanaway Germany and received proceeds of US$738.5 million, resulting in a pre-tax
profit on sale of US$179.3 million, including an FCTR credit of US$ 74.3 million.
4
On 24 April 2006, Brambles completed the sale of Interlake and received proceeds of US$41.5 million, subject to a working capital
adjustment, resulting in a net loss on sale of US$19.5 million.
5
On 27 April 2006, Brambles completed the sale of TMF, its French logistics business, and received proceeds of US$19.4 million, resulting
in a pre-tax profit on sale of US$8.8 million, including an FCTR credit of US$0.8 million.
6
On 22 May 2006, Brambles completed the sale of TCR and received proceeds of US$32.7 million, resulting in a pre-tax profit on sale of
US$10.7 million, including an FCTR credit of US$0.1 million.
7
On 19 June 2006, Brambles announced the sale of Cleanaway and Industrial Services Australia, including its shares in Enviroguard,
with no material conditions precedent to completion. The sale completed on 5 July 2006 and Brambles received proceeds of
US$1,341.6 million, resulting in a pre-tax profit on sale of US$857.1 million, including an FCTR credit of US$56.3 million. This transaction
has been recognised in 2006 since effective control passed on execution of the contract. For segment reporting purposes, the proceeds
have been included in the Cleanaway segment.
8
During 2006, a divestment programme commenced to sell Recall’s Italian operations, which were previously recorded in the Recall
segment. An impairment loss of US$14.0 million was recognised in the first half to reduce the carrying amount of the disposal assets
to estimated fair value, less costs to sell. A further US$6.0 million loss was recognised in the second half on completion of the sale on
20 June 2006 for proceeds of US$9.3 million. This resulted in a net pre-tax loss on sale of US$26.5 million, including an FCTR charge of
US$6.5 million.
9
During 2006, a divestment programme commenced to sell Cleanaway Asia, which is expected to close in 2007. A loss of US$25.0 million
has been recognised to reduce the carrying amount of the disposal assets to estimated fair value less costs to sell.
10
During 2006, costs of US$11.2 million, principally advisers’ fees, were incurred in anticipation of the divestment of Cleanaway UK, the sale
agreement for which was signed on 30 June 2006 and which is expected to complete, subject to regulatory clearance, in 2007.
11
During 2006, Brambles incurred redundancies, office closure and other expenses associated with the closure of its Brambles Industrial
Services headquarters of US$12.5 million in connection with the restructuring and the DLC unification that was announced on
29 November 2005. Further amounts were incurred within continuing operations.
12
During 2006, restructuring costs of US$5.8 million, principally redundancies, were incurred by Cleanaway UK.
13
During 2005, a detailed review was undertaken of the allocation of goodwill and related tax balances to the underlying subsidiaries
of Cleanaway Germany. As a result, an additional deferred tax liability of US$28.5 million was recognised.
14
During 2005, the tax liability arising on the sale of Meineke Car Care Centers, Inc. in 2004 was reassessed, leading to a reduction
in the liability of US$19.0 million.