Page 119 - Suncorp_Review

Suncorp Group Limited Annual Report 2010/11 117

27. Fiduciary activities

The Suncorp Group conducts fduciary activities as trustee or custodian for various investment funds and trusts, approved deposit funds, superannuation funds, and wholesale and retail unit trusts. These activities result in the holding or placing of assets on behalf of individuals, trusts, retirement beneft plans and other institutions. These assets are not the property of the Suncorp Group and are not included in the consolidated fnancial statements.

Where subsidiaries, as single responsible entities or trustees, incur liabilities in respect of these activities, a right of indemnity exists against the assets of the applicable trusts. As these assets are suffcient to cover liabilities, and it is not probable that the subsidiaries will be required to settle them, the liabilities are not included in the consolidated fnancial statements.

28. Changes in the composition of the Suncorp Group

28.1 Subsidiaries

28.1.1 Acquisitions

On April 2011, the Suncorp Group acquired Taurus Trade Finance Pty Ltd for $8 million. The fair value of identifable net assets acquired was $1 million, resulting in goodwill of $7 million.

28.1.2 Disposals

The Suncorp Group has disposed of investments and the details are summarised in the following table:

Tyndall

Investment Tyndall Tyndall

New Zealand Management Investment Quality Hooker Guardian New Zealand Management Income Corporation Trust Limited Limited Fund Limited 2011 2011 2011 2010 2010 $m $m $m $m $m

Carrying value of assets and liabilities disposed

Cash and cash equivalents 1 1 14 63 5 Investment securities – – – 81 – Property, plant and equipment – – – – 6 Other assets 5 2 9 – 6 Goodwill and intangible assets 80 4 96 – 8 Payables and other liabilities (4) (2) (9) – (10) Total carrying value of assets and liabilities deconsolidated 82 5 110 144 15

Reconciliation of cash movement

Total consideration 32 17 69 144 67 Less consideration receivable (16) – (4) – – Less cash deconsolidated (1) (1) (14) (63) (5) Net cash infow 15 16 51 81 62 Proft or loss on sale (before tax) (56) 11 (64) – 50

Disposal date 14 Mar 1 Mar 1 Mar 30 Nov 15 Oct 2011 2011 2011 2009 2009