Telstra 2013 Annual Report Download - page 148

NOTES TO THE
FINANCIAL STATEMENTS
(CONTINUED)
146 Telstra Annual Report 2013 Telstra Corporation Limited and controlled entities
(a) Acquisitions
Current Year
iVision
iVision Pty Ltd (iVision) was acquired on 31 March 2011 for total
consideration of $41 million, with $5 million of this contingent upon
the entity achieving pre-determined integration targets by 31
December 2012.
On 7 September 2012, Telstra Corporation Ltd paid the $5 million
contingent consideration for the successful integration of iVision.
Truelocal
We acquired Australian Local Search Pty Ltd (TrueLocal) for net
consideration of $4 million. Refer to note 25 for further details.
Telstra Technology Services
Telstra Holdings Pty Ltd acquired an additional 25 per cent in
Telstra Technology Services (Hong Kong) Limited for a purchase
consideration of $1 million, increasing its ownership from 75 per
cent to 100 per cent. Refer to note 25 for further details.
Prior Year
Autohome
On 17 May 2012, Telstra Holdings Pty Ltd acquired an additional 11
per cent interest in Autohome Inc for a purchase consideration of
$37 million, increasing its ownership from 55 per cent to 66 per cent.
(b) Disposals
Current Year
On 31 October 2012, our controlled entity Telstra New Zealand
Holdings Limited sold its 100 per cent shareholding in TelstraClear
Limited and its controlled entity (TelstraClear). The effect of the
disposal is detailed below:
Prior Year
LMobile (formerly Dotad Group)
On 27 March 2012, our controlled entity Telstra Robin Holdings
Limited sold its 67 per cent shareholding in Dotad Media Holdings
Limited (LMobile). After cash disposed, this resulted in an outflow
of cash of $3 million.
In financial year 2010, Dotad Media Holding Ltd was acquired with
$67 million of the consideration contingent upon the entity achieving
certain pre-determined revenue and EBITDA targets over the next
three financial years. In financial year 2011, the contingent
consideration was reduced by $30 million with a corresponding gain
recognised in the income statement. We also recognised a $4
million foreign exchange gain on the re-translation of the contingent
consideration. In financial year 2012, the balance of the contingent
consideration of $33 million was reduced as the pre-determined
targets were not met.
Adstream
On 21 July 2011, we sold our 64.4 per cent shareholding in
Adstream (Aust) Pty Ltd for a total deferred consideration of $24
million. Payment of this amount was received in financial year
2013. Cash disposed was $6 million.
20. NOTES TO THE STATEMENT OF CASH FLOWS (CONTINUED)
TelstraClear
Year ended
30 June
2013
$m
Consideration on disposal - net of cash
disposed
Cash consideration on disposal . . . . . . . . . . 680
Cash and cash equivalents disposed . . . . . . . (11)
Total proceeds and inflow of cash on disposal 669
Assets/(liabilities) at disposal date
Assets classified as held for sale . . . . . . . . . 772
Liabilities classified as held for sale . . . . . . . . (98)
Net assets classified as held for sale . . . . . . . 674
Foreign currency translation reserve disposed (net
of income tax) . . . . . . . . . . . . . . . . . . . 130
Other adjustments . . . . . . . . . . . . . . . . . 3
Loss on disposal . . . . . . . . . . . . . . . . . (127)