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APN
annual report
2011
notes to the financial statements
APN News & Media Limited and Controlled Entities
10. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
Name of associate
Principal activity
Country of
incorporation
and principal
place of business
Ownership
interest
Consolidated
Carrying values
2011
%
2010
%
2011
$’000
2010
$’000
Adshel Street Furniture Pty Limited Outdoor advertising
Australia
50
50
37,331
33,689
Eventfinder Limited
(1)
Online events directory
New Zealand
–
29
–
459
Idea HQ Limited
(2)
Online businesses
New Zealand
75
50
–
1,004
Soprano Design Pty Limited
Independent software vendor Australia
25
25
6,000
6,000
43,331
41,152
(1) Eventfinder Limited was sold in November 2011
(2) Additional 25% interest acquired in February 2011 and consolidated from that date – Refer note 29 for further details.
2011
$’000
2010
$’000
(a) Movements in carrying amounts of investments in associates
Carrying amount at beginning of the year
41,152
39,190
Share of profits after income tax
5,807
3,002
Dividends received
(2,500)
(3,848)
Reversal of impairment of investment
–
3,000
Disposals and other
(1,128)
(192)
Carrying amount at end of the year
43,331
41,152
(b) Results attributable to associates
Earnings before interest and tax
9,103
5,452
Net finance costs
(548)
(959)
Profit before income tax expense
8,555
4,493
Income tax expense
(2,748)
(1,491)
Profit after income tax expense
5,807
3,002
Dividends received
(2,500)
(3,848)
3,307
(846)
Retained profits attributable to associates at beginning of the year
26,011
26,857
Retained profits attributable to associates at end of the year
29,318
26,011
(c) Share of associates’ expenditure commitments
Capital commitments
4,082
6,428
Lease commitments
124,208
99,735
128,290
106,163
(d) Summarised financial information of associates
Group’s share of:
Assets
$’000
Liabilities
$’000
Revenue
$’000
2011
60,304
23,746
61,133
2010
68,534
29,872
57,568