16. Assets classified as held for sale
In 2012 the Group’s management decided to sell 66.67% of its subsidiary Aerofirst. Its assets have been classified as held for sale. As at 31 December 2012, the Group determined the selling price, and it exceeded the carrying amount of Aerofirst’s assets.
|
31 December 2012 Aerofirst |
|
|---|---|
|
Property, plant and equipment (Note 21) |
16.9 |
|
Inventories |
30.7 |
|
Accounts receivable and prepayments |
8.7 |
|
Cash and cash equivalents |
3.7 |
|
Other non-current assets |
0.1 |
|
Total assets of a disposal group classified as held for sale |
60.1 |
|
Accounts payable and accrued liabilities |
(22.5) |
|
Salary payable |
(1.1) |
|
Deferred tax liabilities |
(2.0) |
|
Total liabilities associated with assets of a disposal group classified as held for sale |
(25.6) |
|
Net assets of a disposal group classified as held for sale |
34.5 |
Assets classified as held for sale are included within other operating segments as at 31 December 2012 (Note 35).
In January 2013, the Group sold its interest in Aerofirst's share capital. The details of the disposed assets and liabilities and disposal consideration and results are as follows
|
30 January 2013 |
|
|---|---|
|
Goodwill (Note 23) |
6.0 |
|
Property, plant and equipment |
15.7 |
|
Inventories |
25.9 |
|
Accounts receivable and prepayments |
4.1 |
|
Cash and cash equivalents |
1.9 |
|
Other non-current assets |
0.1 |
|
Other current assets |
0.2 |
|
Accounts payable and accrued liabilities |
(12.7) |
|
Salary payable |
(1.5) |
|
Deferred tax liabilities |
(1.9) |
|
Net assets of a subsidiary |
37.8 |
|
Less non-controlling interest |
(10.6) |
|
Carrying amount of net assets disposed of |
27.2 |
In December 2012, the Group received USD 36.2 million (less cash of entity in amount of USD 3.7 million) for the sale of Aerofirst’s shares held by the Group.
The gain of USD 10.6 million on disposal of the subsidiary was recorded within the Group’s finance income for 2013.
|
Gain on disposal of subsidiary |
|
|---|---|
|
Consideration for disposal of subsidiary |
38.6 |
|
Carrying amount of net assets disposed of, net of non-controlling interest |
(27.2) |
|
Translation from the functional currency to the presentation currency |
(0.8) |
|
Gain on disposal of subsidiary |
10.6 |
Notes in Consolidated Statements:
Consolidated Statement of Financial Position
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
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