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CIMIC Group Limited Annual Report 2016 |
Financial Report
Notes continued
for the 12 months to 31 December 2016
29. ACQUISITIONS AND DISPOSALS OF CONTROLLED ENTITIES AND BUSINESSES
CONTINUED
Acquisitions
continued
There were no acquisitions of controlled entities or businesses during the 12 months to 31 December 2015.
Disposals
There were no disposals of controlled entities or businesses during the 12 months to 31 December 2016.
On 31 March 2015 and 15 May 2015, a subsidiary of Thiess Pty Limited, a controlled entity of the Company, disposed of its interests in PT
Solo Ngawi Jaya, PT Ngawi Kertosono Jaya and PT Cinere Serpong Jaya for $68.0 million. In the year to 31 December 2015 the disposed
companies contributed $nil net profit after tax to the consolidated net profit for the period.
30. HELD FOR SALE
PT Arutmin Indonesian Mining Assets and Liabilities (“Arutmin”)
On 23 December 2013 PT Thiess Contractors Indonesia (“TCI”), a wholly owned subsidiary of Thiess Pty Limited, signed a Deed of
Settlement and Termination Agreement (“STA”) with PT Arutmin Indonesia, for the sale of selected assets of TCI.
The assets and associated finance lease liabilities relating to Arutmin were reclassified for the first time as held for sale under AASB 5
Non-current Assets Held for Sale and Discontinued Operations
at 31 December 2013. As at 31 December 2015 inventories of $30.4
million, property, plant and equipment of $194.2 million and interest bearing liabilities of $47.1 million were expected to be disposed
in the period to 31 December 2016.
An agreement for the sale of the majority of assets was formally signed in January 2016 and the sale was finalised in the period. Certain
inventory and property, plant and equipment items were not disposed of and were reclassified to property, plant and equipment or
inventory and utilised elsewhere within the mining operations.
Other assets and liabilities held for sale
Other assets and liabilities held for sale includes marine fleet of $37.2 million (31 December 2015: $nil), development properties of $3.6
million (31 December 2015: $11.0 million), mining equipment of $6.9 million (31 December 2015: $0.2 million) and interest bearing
liabilities of $nil (31 December 2015: $1.6 million) actively marketed for sale.
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