REA Group Ltd Annual Report 2021

Annual Report 2021 | REA Group Ltd 19. Business combinations (continued) (vi) Revenue and profit before tax from continuing operations From the date of acquisition, the Elara acquisition contributed $17.3 million to total revenue and ($19.1) million to profit before tax from continuing operations of the Group. If the business combination had occurred on 1 July 2020, the Elara acquisition would have contributed $28.4 million to total revenue and ($33.1) million to profit before tax from continuing operations of the Group. (vii) Commitments REA has agreed to provide ongoing funding to Elara for a minimum of 18 months from the date of acquisition, on terms consistent with the RCF previously held by Elara. Funding will be provided in any combination of equity and debt as may be determined at REAʼs discretion to be utilised by Elara for business operations. In July 2021 the Group subscribed for new Class I Preference Shares increasing its shareholding from 60.65% to 65.49%. Total funding provided was $20.8 million, with News Corp continuing to hold a non controlling interest in Elara of 34.3%. This has been disclosed as a subsequent event in Note 27. (viii) Non-controlling interest 2021 Elara Technologies Pte Ltd 39.35% As at 30 June 2021, News Corp held a non-controlling interest (ʻNCIʼ) in Elara at 39.13% and minority interests held the remaining 0.22%. Refer to below table for movements in Elara NCI during the current period: 2021 $ʼ000 Opening balance 1 July 2020 – Additions through business combination 81,336 Change in shareholding (1,595) Share of profit / (losses) (9,924) Closing balance 30 June 2021 69,817 As at 30 June 2021, Elara had current assets of $17.7 million, non-current assets of $203.8 million, current liabilities of $22.8 million and non-current liabilities of $14.1 million (all reported pre-intercompany eliminations). Revenue and profit of the group is disclosed in section (vi) above. Year in review Directors’ Report Financial Statements Remuneration Report Sustainability Our Leaders 109