Corporate Report for the year ended 30 June 2022
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Section B: Notes to the Group financial statements for the year ended 30 June 2022
Section B: Notes to the Group financial statements for the year ended 30 June 2022
B24 Business combinations and changes in ownership interests (continued) Changes in ownership interests in controlled subsidiaries (continued) Year ended 30 June 2021 changes in ownership interests (continued) Sale of 50% interest in Transurban Chesapeake (continued) Reconciliation of gain recognised on the disposal of 100% interest in TC
Note
2021 $M
Consideration on disposal Cash consideration on disposal Cash and cash equivalents disposed Realised forward FX contracts 1 Total inflow of cash on disposal Fair value of contingent consideration 2
2,706
(369)
6
2,343
—
Fair value of 50% equity accounted investment in TC
B25
2,706 5,049
Total consideration on disposal
(Assets)/liabilities at disposal date Assets classified as held for sale (excluding cash disposed)
(3,557)
Liabilities classified as held for sale
3,467
Carrying amount of net assets disposed
(90)
Reclassification of reserves on disposal (net of income tax) 3
185
Transaction costs on disposal
(18)
Gain on disposal Income tax expense
5,126
(1,400)
Gain on disposal after income tax
3,726
1. Includes fair value gains recognised in association with forward FX contracts to fix the Australian dollar value of the majority of the net U.S. dollar proceeds from the divestment of 50% of the Group's interest in TC. 2. The earn-out receivable by the Group will be based on a cumulative revenue target trigger and subject to the achievement of minimum EBITDA thresholds. Upon meeting those triggers, an earn-out up to the earn-out cap will be paid between FY24 and FY26. The contingent consideration is recorded at the end of each reporting period at its fair value based upon the same assumptions underlying revenue and EBITDA as outlined in note B16. The fair value of contingent consideration is assessed as being nil at 31 March 2021, 30 June 2021 and 30 June 2022. 3. Includes foreign currency translation reserve $207 million less cash flow hedge reserve $22 million. The assets and liabilities classified as held for sale associated with the TC Group as at sale completion date on 31 March 2021 were as follows:
31 March 2021 $M
Assets Cash and cash equivalents Trade and other receivables Property, plant and equipment Concession intangible assets
369
12 12
3,533 3,926
Total assets
Liabilities Trade and other payables
116
2,598
Borrowings
59
Derivative financial instruments
172 230
Maintenance provision Deferred tax liabilities
7
Other provisions Other liabilities Total liabilities
285
3,467
459
Net assets
Net assets associated with the TC Group within TIL as at 31 March 2021 were $487 million, which excludes adjustments recorded to other intangible assets upon consolidation of the THL Group, which were derecognised upon disposal.
175 175
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