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ASX Additional Information

THE GROUP

2008
$’000
2007
$’000
NOTE 33 — ACQUISITION AND DISPOSAL OF BUSINESSES
AND SUBSIDIARIES
(a) Acquisition
There were no acquisitions of subsidiaries during the year.
On 24 January 2007, the Group increased its interest in Shellharbour Cinema Partnership from 50% to
100%. The operating results from that date have been included in the consolidated operating results
for the 2007 year. Prior to this increase, Shellharbour Cinema Partnership was accounted for as a partnership
investment. Refer also to Note 36.
Carrying value of 50% interest immediately prior to 24 January 2007
Consideration for additional 50% interest
—
—
321
1,727
— 2,048
Fair value of assets acquired:
Cash — 169
Property, plant and equipment — 1,512
Other net liabilities — (1,040)
Management rights acquired — 1,407
Total consideration and carrying value of initial 50% interest — 2,048
If this increase in the Group’s interest in Shellharbour Cinema Partnership had occurred on 1 July 2006,
Group revenue for the year to 30 June 2007 would have increased by $2,484,000 to $626,359,000 and
the Group profit for the year to 30 June 2007 would have increased by $115,000 to $82,310,000.
(b) Disposal
There were no disposals of subsidiaries during the year.
During the 2007 year, the Group disposed of its interest in the Pier 26 Bar and Café business.
Details of the disposal are as follows:
Consideration received — 17,492
Transaction costs — (386)
Carrying value of entity disposed — (9,630)
Profit on disposal — 7,476
Net assets of entities disposed of:
Cash — 20
Property, plant and equipment — 3,578
Goodwill — 5,974
Other net assets — 57
— 9,629

The entity was disposed of on 25 June 2007 and the operating results to that date were included in the consolidated result.