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38. Assets and liabilities classified as held for sale<br />
(a) Assets and directly associated liabilities classified as held for sale<br />
2012<br />
$’000<br />
Consolidated<br />
Non-current assets held for sale (i)<br />
Land and buildings 49,328 -<br />
Disposal group - assets held for sale (ii)<br />
Receivables 4,297 -<br />
Inventory 13,469 -<br />
Property, plant and equipment 2,119 -<br />
Total assets of disposal group held for sale 19,885 -<br />
Total assets classified as held for sale 69,213 -<br />
Disposal group - liabilities held for sale (ii)<br />
Payables 2,781 -<br />
Provisions 1,264 -<br />
Borrowings 11,312 -<br />
Total liabilities directly associated with disposal group held for sale 15,357 -<br />
2011<br />
$’000<br />
(i) Non-current assets held for sale<br />
On 1 July 2012 Australasian Property Investments (API) exercised its option to purchase five of <strong>AHG</strong>’s<br />
automotive dealership sites located in Perth and Sydney (refer to note 35). <strong>AHG</strong> agreed in February 2012<br />
to enter into an exclusive arrangement with API to launch a $66m unlisted automotive property trust –<br />
<strong>AHG</strong> Property Syndicate No 1 – involving five automotive dealership sites. Of that total amount, $47m was<br />
to be paid to <strong>AHG</strong> as the purchase price for the five properties and $19m is for development costs. The<br />
sale of the properties settled on 17th August 2012. The syndicated properties are:<br />
• Midway Ford dealership, Midland WA<br />
• Rockingham Hyundai and Suzuki, Rockingham WA<br />
• Challenger Ford (new vehicle dealership), Rockingham WA<br />
• Challenger Ford (used vehicle dealership), Rockingham WA<br />
• Castle Hill Holden and Hyundai (plus two dealerships to be constructed), Castle Hill NSW<br />
<strong>AHG</strong> will invest $6.0 million to close the offer. These properties are part of the Property Segment in note 5.<br />
No gain or loss has been recognised in the 30 June 2012 financial statements in respect of this transaction.<br />
(ii) Disposal group held for sale<br />
On 5 July 2012, <strong>AHG</strong> announced it was divesting its automotive retail operations at the Gold Coast in<br />
Queensland (refer to note 35). The financial year-end asset and liability balances associated with these<br />
operations are disclosed in the above and below tables respectively. These dealerships were included in<br />
the Automotive Retail Segment in note 5. Included in the impairment expense is an amount of $0.556<br />
million related to this disposal group.<br />
124<br />
Automotive Holdings Group
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