Financial statements
Section B: Notes to the Group financial statements for the year ended 30 June 2024
Section B: Notes to the Group financial statements for the year ended 30 June 2024
Group structure
B20
Material subsidiaries
The Group’s material subsidiaries as at 30 June 2024 are outlined in the Group structure diagram below.
B21
Changes in ownership interests in controlled subsidiaries
Discontinued operations accounting policy A discontinued operation is a component of the Group’s business that represents a separate major line of business or separate major geographical area of operations that has ceased or been disposed of or is held for sale. When an operation is classified as a discontinued operation, the comparative statement of comprehensive income is restated as if the operation had been discontinued from the start of the comparative period.
Year ended 30 June 2023 changes in ownership interests Sale of the Group's controlling interest in A25
On 7 February 2023, the Group announced that it had reached an agreement with Caisse de depot et placement du Quebec (CDPQ) to sell 50% of its equity interest in A25 for gross sale proceeds of $389 million. The sale was completed on 28 February 2023 via disposal of the Group’s controlling interest in A25. A pre-tax gain on sale of $41 million was recognised. After the recognition of the related income tax, which predominantly comprised deferred tax (non-cash timing differences) relating to the Group's retained 50% equity accounted investment, a post-tax loss on disposal of $94 million was recognised. The Group assessed that it no longer controlled A25 as a result of the sale and reported the 50% equity interest retained as an equity accounted investment as at 30 June 2023. On completion the Group deconsolidated 100% of the balance sheet of the A25 Group and recorded an equity accounted investment at fair value of $434 million, representing the Group's retained 50% interest in A25. The Group's investment in A25 is equity accounted from 1 March 2023 and the Group’s 50% share of the equity accounted investment’s net result after tax has been recorded as part of the Group’s operations. A25 was not considered to meet the criteria for classification as a discontinued operation given its relative size to the Group.
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