Telstra 2011 Annual Report Download - page 176

Telstra Corporation Limited and controlled entities
161
Notes to the Financial Statements (continued)
(d) Disposals (continued)
Other current year disposals
On 22 September 2010, our controlled entity Telstra Limited sold
its UK voice customer business for a total consideration of $14
million, with $14 million received in cash, resulting in a loss on
disposal of $16 million. The carrying value of the intangible assets
disposed amounted to $26 million and Telstra Limited recognised a
provision for restructuring of $4 million on disposal of the business.
The loss on disposal has reduced by $2 million compared to the $18
million reported at 31 December 2010 as a result of additional
consideration received from the disposal in the second half of fiscal
2011.
We also sold our entire ownership interest of 48.2% in our
associated entity Keycorp Limited for a total consideration of $23
million.
Fiscal 2010 disposals
Universal Publishers (UP)
On 9 September 2009, our controlled entity Sensis Pty Ltd sold its
100% shareholding in Universal Publishers Pty Ltd for a total
consideration of $3 million (net of cash balances of the disposed
entity).
The effect of the disposal is detailed below:
On 30 April 2009, our controlled entity Telstra Service Solutions
Holdings sold its 100% shareholding in KAZ Group Pty Limited and
KAZ Technology Services Pty Limited for a total consideration of
$205 million (net of cash balances of the disposed entities), with $8
million of this consideration deferred. This deferred consideration
was received during fiscal 2010.
The cash flow effect on the Telstra Group of these two disposals is
detailed below:
(e) Significant investing and financing activities that involve
components of non cash
Acquisition of assets by means of non cash transactions
The table above represents those assets acquired during the period
which do not impact cash as the acquisition was made via finance
leases or debt forgiveness.
*Relates to the acquisition of assets from Reach. Refer to section
(c) for further details.
20. Notes to the statement of cash flows (continued)
Universal Publishers
2010 2010
$m $m
Consideration for disposal
Cash consideration for disposal . . . 3
Cash balances disposed . . . . . . -
Inflow of cash on disposal . . . . 3
Fair value
Carrying
value
Assets/(liabilities) at disposal date
Cash and cash equivalents . . . . . --
Trade and other receivables. . . . . 22
Property, plant and equipment . . . 11
Intangible assets. . . . . . . . . . 33
Other assets. . . . . . . . . . . . 88
Trade and other payables. . . . . . (2) (2)
Net assets. . . . . . . . . . . . . 12 12
Loss on disposal . . . . . . . . . (9)
3
Total
disposals
Year ended
30 June
2010
$m
Consideration for disposal
Cash consideration for disposal . . . . . . . . 3
Deferred consideration received during the
period for prior year disposals . . . . . . . . 8
Inflow of cash on disposal. . . . . . . . . 11
Telstra Group
Year ended
30 June
2011 2010
$m $m
Acquisition of property, plant and equipment by
means of finance leases . . . . . . . . . . . 76 87
Acquisition of property, plant and equipment by
means of debt forgiveness* . . . . . . . . . 108 -