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Business acquisition expenses (1) NZ$M
Site closure costs (2) NZ$M
Impairments (3) NZ$M
Other (4) NZ$M
Total NZ$M
Fletcher Building Group – June 2017
Australia Corporate
(17)
(222)
(12)
(251)
(1) (1)
(1)
Total significant items before taxation Tax benefit / (charge) on above items Total significant items after taxation
(17)
(222)
(12)
(252)
5
16
4
25
(1)
(12)
(206)
(8)
(227)
2017 (1) On 29 July 2016, the Group acquired Higgins Group Holdings Limited (“Higgins”). Costs of $1 million associated with the transaction were incurred in the year. (2) The Group recognised a charge of $17 million for costs associated with site closures; • $10 million relating to the closure of Fletcher Insulation's Homebush site in New South Wales; and • $7 million relating to two site closures in the Rocla Pipeline Products business. (3) The Group recognised a $222 million impairment charge relating to businesses where the carrying amount exceeded the recoverable amount: • $69 million relating to Iplex Pipelines Australia where goodwill and brands were impaired; • Offsetting the impairment of brands is an $11 million reversal of the associated deferred tax liability through tax expense; and • $153 million relating to Tradelink where goodwill and other intangibles were impaired. (4) The Group recognised a charge of $12 million relating to the costs associated with prolonged industrial action at a Fletcher Insulation site.
5. Other gains and losses
Other gains and losses includes gains from sale of assets, redundancy and restructuring costs and other gains and losses other than those disclosed in note 4 Significant Items.
Year ended June 2018 NZ$M
Year ended June 2017 NZ$M
Fletcher Building Group
Other gains and (losses) include the following: (Loss)/Gain on sale of assets
(1)
13
(10) (12)
Redundancies and restructuring costs 1
(8)
Residential inventory provisions
(5)
Other
3 8
(28)
1 Other than those classified as significant items.
67 Fletcher Building Limited Annual Report 2018
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