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2012 Annual Report
For the year ended June 2012
Acquisition of Toll Refrigerated
On 30 July 2012 Automotive Holdings Group Limited (‘AHG’) acquired from Toll Holding Limited certain
business assets and liabilities of Toll Refrigerated, a temperature sensitive freight logistics company, for
consideration of $6.5 million. The acquisition provides logistical services throughout mainland Australia, is
complementary in nature and activities to those undertaken by AHG’s existing Rand Transport subsidiary
and will provide the Group with a greater market share in this sector together with synergistic benefits
through combined economies of scale.
The financial effects of this transaction have not been brought to account at 30 June 2012. The operating
results, assets and liabilities will be consolidated from 30 July 2012.
(i) Contingent consideration, non-controlling interests and acquisition costs
There is no contingent consideration associated with the acquisition, nor any non-controlling interests to
be accounted for.
Acquisition-related costs of $0.110 million will be included in professional services in the statement of
comprehensive income in the reporting year ended 30 June 2012.
(ii) Information not disclosed as not yet available
At the time the financial statements were authorised for issue, the group had not yet completed the
accounting for the acquisition of Toll Refrigerated.
Divestment of AHG Queensland Gold Coast Operations
On 5 July 2012 Automotive Holdings Group Limited (‘AHG’) announced it was divesting to the Von
Bibra Group the business assets and liabilities of its passenger car retail operations on the Gold Coast
(Southport, Helensvale and Burleigh), for consideration of $4.5 million, comprising goodwill of $3.3 million
and net assets of $1.2 million. The divestment is part of the restructure of AHG’s Queensland operations
and will allow management to focus on the Group’s Brisbane dealerships.
The financial effects of these transactions have not been brought to account at 30 June 2012, other than
to re-classify all assets and liabilities associated with these dealerships as current assets held for sale and
an impairment of $0.556 million booked to the statement of comprehensive income relating to fair value
considerations linked to the disposal consideration.
The operating results, assets and liabilities will be derecognised from the dates of their disposal.
(i) Contingent consideration
There is no contingent consideration associated with the divestment.
Acquisition of Brisbane and Newcastle Mercedes-Benz Truck Operations
On 23 August 2012 Automotive Holdings Group Limited (‘AHG’) announced it was acquiring certain
business assets and liabilities of Brisbane and Newcastle Mercedes-Benz truck operations for
approximately $8.0 million, comprising net assets and goodwill, with settlement due in October 2012.
The acquisition is complementary in nature and activities to those undertaken by AHG’s existing truck
retail operations across Australia and will provide the Group with a greater market share in this sector
together with synergistic benefits through combined economies of scale.
The financial effects of this transaction have not been brought to account at 30 June 2012. The operating
results, assets and liabilities will be consolidated from the date of settlement.
(i) Contingent consideration, non-controlling interests and acquisition costs
There is no contingent consideration associated with the acquisition, nor any non-controlling interests to
be accounted for.
Acquisition-related costs of $0.213 million will be included in professional services in the statement of
comprehensive income in the reporting year ended 30 June 2012.
(ii) Information not disclosed as not yet available
At the time the financial statements were authorised for issue, the group had not yet settled the
acquisition of the Brisbane and Newcastle Mercedes-Benz truck operations.
Automotive Holdings Group 121