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