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Annual Report Financial FY 2015

AUSTRIAN POST  ANNUAL REPORT 2015 69 Mail & Branch Network MEILLERGHP GmbH Austrian Post sold its stake in the joint venture MEILLERGHP GmbH, Germany, effective February 20, 2015. The disposal of the shareholding in MEILLERGHP GmbH, which had been accounted for using the equity method, resulted in a loss of EUR 0.5m, which is recognised under results from financial assets accounted for using the equity method. The loss arose exclusively due to the reclassification of the currency translation reserves attributed to MEILLERGHP GmbH from other comprehensive income to the income statement. feibra Magyarország Kft. As at December 31, 2014, the assets and liabilities of the company were classified as a disposal group pursuant to IFRS 5 and correspondingly recognised in the consolidated balance sheet. 100% of the stake held by Austrian Post in feibra Magya- rország Kft., Hungary, was sold effective March 31, 2015. The disposal of the disposal group resulted in a loss of EUR 0.4m, which is recognised under other operating expenses, of which EUR 0.6m can be attributed to the reclassification of negative currency translation reserves from other comprehensive income to the income statement. Aktionsfinder GmbH Austrian Post acquired a 60% stake in Aktionsfinder GmbH, Salzburg, effective June 1, 2015. As of this date, the company is recognised as a fully-consolidated subsidiary in the consolidated financial statements of Austrian Post. Aktionsfinder GmbH operates the internet portal Aktionsfinder.at. This platform ranks among the biggest web portals for advertising flyers in Austria, enabling the electronic downloading of flyers, promotions and offers distributed in Austria. As part of the purchase price allocation, the internet portal of the company was reported as an intangible asset totalling EUR 0.2m, and goodwill to the amount of EUR 1.7m was recognised using a cost-based valuation approach. On balance, the remaining fair values of the identifiable assets and liabilities of the company are immaterial. Goodwill results from the expected growth potential in this young business segment and from sales synergies within the Austrian Post Group. EUR m Fair value Calculation of goodwill Total amount of consideration transferred 1.8 Non controlling interests based on total net identifiable assets acquired and liabilities assumed 0.1 Total net identifiable assets acquired and liabilities assumed –0.1 Goodwill 1.7 Breakdown of cash outflow/inflow Total amount of consideration transferred –1.8 Cash consideration 0.1 Net cash outflow/inflow –1.7 Austrian Post acquired a further 20% stake in Aktionsfinder GmbH effective October 1, 2015 for a cash payment of EUR 0.3m. Accordingly, Austrian Post’s shareholding in the company increased from 60% to 80%. In accordance with IFRS 10, transactions which lead to a change in ownership interest but not to a loss of control are to be recognised as an equity transaction. The total net amount of the identifiable assets acquired and liabilities assumed amounted to EUR 0.1m as at October 1, 2015. Accordingly, the Austrian Post Group reported a reduction in equity attributable to non-controlling interests to the amount of EUR 19.2k , and a decline in the revenue reserves to the amount of EUR 0.3m. Furthermore, the pro rata liability from the put option to the amount of EUR 0.1m was set off against the revenue reserves. AUSTRIAN POST  ANNUAL REPORT 201569

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