CQUniversity Annual Report - Central Queensland University

60Central Queensland Universityand Controlled EntitiesNotes to the Financial Statementsfor the year ended 31 December 2012Note 37. Business combinations(a) Summary of acquisitionCentral Queensland University acquired Health Train Education Services Pty Ltd on 1 June 2012 and is a wholly ownedsubsidiary of the university. Health Train Education Services Pty Ltd is a registered training organisation registered under thenational regulator Australian Skills Quality Authority (ASQA).Health Train Education Services Pty Ltd applied to the Australian Taxation Office for a substituted accounting period whichwas approved on 13 December 2012. Consequently the comparative figures for the business combination are for thefinancial year 1 July 2011 to 30 June 2012, with the current reporting period being 1 July to 31 December 2012.Details of the fair value of the assets and liabilities acquired and goodwill are as follows:$'000Purchase consideration (refer to (b) below): 778Contingent consideration -Total purchase consideration 778Fair value of net identifiable assets acquired (refer to (d) below) 405Goodwill (refer to (d) below and Note 26) 373(b) Purchase considerationConsolidatedParent Entity2012 2011Jul toDec 12 2012$'000 $'000 $'000 $'000Outflow of cash to acquire subsidiary, net of cash acquiredCash consideration - - 783 -Less: Balance acquired cash - - (5)Outflow of cash - - 778 -(c)Operating resultNet operating result for the period 70 123Net operating result since acquisition date (1 Jun to 31 Dec 2012) (24)(d) Assets acquired and liabilities assumedThe assets and liabilities arising from the acquisition are as follows:Acquiree'scarrying Fair valueamount$'000 $'000Current assetsReceivables 264 264264 264Non-current assetsLeasehold improvements 255 255Property, Plant and Equipment 35 35290 290554 554Current liabilitiesProvisions 149 149149 149Net assets 405 405Net identifiable assets acquired 405 405Goodwill arising on acquisition 373 37355778 778