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
B21
Changes in ownership interests in controlled subsidiaries (continued)
Year ended 30 June 2023 changes in ownership interests (continued) Sale of the Group's controlling interest in A25 (continued) Reconciliation of gain recognised on the disposal of 100% interest in A25
Note
2023 $M
Consideration on disposal Cash consideration on disposal Cash and cash equivalents disposed
389
(54)
Realised FX forward¹
(5)
Total inflow of cash on disposal
330 434
Fair value of 50% equity accounted investment in A25
B22
Fair value of indemnification liability Total consideration on disposal
(1)
763
Assets/(liabilities) at disposal date Assets (excluding cash disposed)
1,531
Liabilities
(755)
Carrying amount of net assets disposed
776
Reclassification of reserves on disposal (net of income tax)²
63
Transaction costs on disposal
(9)
Gain on disposal³ Income tax expense
41
(135)
Loss on disposal after income tax
(94)
1. Includes fair value gains recognised in relation to FX forward contracts to fix the Australian dollar value of the majority of the net CAD dollar proceeds from the sale of the Group's controlling interest in A25. 2. Includes foreign currency translation reserve $49 million plus cash flow hedge reserve $14 million. 3. TIL recognised a pre-tax gain on disposal of $52 million and a loss on disposal after income tax of $80 million presented in discontinued operations of TIL. The difference to the Group was
due to the realised FX forward and the reclassification of the net investment hedge reserve which are not recognised within TIL. The assets and liabilities of A25 as at sale completion date on 28 February 2023 were as follows:
28 February 2023 $M
Assets Cash and cash equivalents Trade and other receivables Concession financial asset Property, plant and equipment Concession intangible assets
54 20
355
2
1,154 1,585
Total assets
Liabilities Trade and other payables
14
Borrowings Provisions
376
46 44
Derivative financial liability
Deferred tax liabilities
264
Other liabilities Total liabilities
11
755
Net assets
830
168
167
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