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Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations | 6 Months Ended
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Jun. 30, 2020
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Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations | 15. Assets classified as held for sale, liabilities associated with assets held for sale and discontinued operations ASSETS CLASSIFIED AS HELD FOR SALE
Million US dollar |  | 30 June 2020 |  |  | 31 December 2019 |
Balance at the end of previous year |  |  | 10 013 |  |  |  | 39 |
Reclassified to assets held for sale in the period |  |  | 145 |  |  |  | 9 692 |
Disposals |  |  | (9 540 | ) |  |  | (59 | )
Effect of movements in foreign exchange |  |  | (490 | ) |  |  | 341 |
Balance at the end of year |  |  | 128 |  |  |  | 10 013 |
LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SAL E
Million US dollar |  | 30 June 2020 |  |  | 31 December 2019 |
Balance at the end of previous year |  |  | 1 145 |  |  |  | — |
Reclassified to liabilities associated with assets held for sale |  |  | (46 | ) |  |  | 1 106 |
Disposals |  |  | (1 044 | ) |  |  | — |
Effect of movements in foreign exchange |  |  | (55 | ) |  |  | 39 |
Balance at the end of year |  |  | — |  |  |  | 1 145 |
On 19 July 2019, AB InBev announced the agreement to divest CUB, its Australian subsidiary, to Asahi for 16.0 billion AUD on a cash free, debt free basis. Consequently, in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations , as at 31 December 2019, assets and liabilities associated with the Australian operations were reclassified to assets held for sale and liabilities associated with assets held for sale. Furthermore, the results of the Australian operations were accounted for as discontinued operations and presented in a separate line in the condensed consolidated interim income statement (“profit from discontinued operations”) up to 31 May 2020. As required by IFRS 5, the 2019 consolidated income statement and statement of cash flows have been restated in these condensed consolidated interim financial statements. Upon the closing of the transaction on 1 June 2020, the company received 10.8 billion US dollar proceeds net of disposal costs, derecognized (8.5) billion US dollar of net assets in relation to its former Australian operations, recycled (0.4) billion US dollar of the cumulative foreign exchange differences on its former Australian operations and cashflow hedges from equity to profit or loss, resulting in a net gain on disposal of 1.9 billion US dollar recognized in discontinued operations . ASSETS AND LIABILITIES HELD FOR SAL E Assets and liabilities relating to the Australian operations were classified as held for sale on the consolidated statement of financial position as at 31 December 2019 and disposed of upon the completion of the sale on 1 June 2020. The relevant assets and liabilities are detailed in the table below:
Million US dollar |  | 1 June 2020 |  |  | 31 December 2019 |
Assets |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 581 |  |  |  | 625 |
Goodwill and intangible assets |  |  | 8 584 |  |  |  | 9 030 |
Other assets |  |  | 371 |  |  |  | 310 |
Assets classified as held for sale |  |  | 9 537 |  |  |  | 9 965 |
Liabilities |  |  |  |  |  |  |  |
Trade and other payables |  |  | (581 | ) |  |  | (659 | )
Deferred tax liabilities |  |  | (363 | ) |  |  | (380 | )
Other liabilities |  |  | (101 | ) |  |  | (106 | )
Liabilities associated with assets held for sale |  |  | (1 044 | ) |  |  | (1 145 | )
Net assets disposed of |  |  | 8 493 |  |  |  | — |
Gain on divestiture of Australia (discontinued operations – exceptional) |  |  | 1 919 |  |  |  | — |
Recycling of CTA and cashflow hedges |  |  | 426 |  |  |  | — |
Consideration received |  |  | 10 838 |  |  |  | — |
RESULTS FROM DISCONTINUED OPERATIONS The following table summarizes the results of the Australian operations included in the condensed consolidated interim income statements and presented as discontinued operations :
For the period ended Million US dollar |  | 31 May 2020 |  |  | 30 June 2019 (restated) |
Revenue |  |  | 477 |  |  |  | 730 |
Profit from operations |  |  | 178 |  |  |  | 367 |
Profit from discontinued operations |  |  | 136 |  |  |  | 236 |
CASH FLOW FROM DISCONTINUED OPERATIONS Cash flows attributable to the operating, investing and financing activities of the Australian operations are summarized as follows:
For the period ended Million US dollar |  | 31 May 2020 |  |  | 30 June 2019 (restated) |
Cash flow from operating activities |  |  | 84 |  |  |  | 314 |
Cash flow from investing activities – proceeds from Australia divestiture |  |  | 10 838 |  |  |  | — |
Cash flow from investing activities – other |  |  | (13 | ) |  |  | (16 | )
Cash flow from financing activities |  |  | (6 | ) |  |  | (13 | )
Net increase in cash and cash equivalents |  |  | 10 903 |  |  |  | 285 |

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