Telstra 2012 Annual Report Download - page 179

Telstra Corporation Limited and controlled entities
149
Notes to the Financial Statements (continued)
(c) Acquisitions
Autohome
On 17 May 2012, Telstra Holdings Pty Ltd acquired an additional
11% interest in Autohome Inc for a purchase consideration of $37
million, increasing its ownership from 55% to 66%. The effect of the
changes in the ownership of Autohome on the equity attributable to
owners of Telstra Corporation Limited during the year is
summarised as follows:
(d) Disposals
L Mobile (formerly Dotad Group)
On 27 March 2012, our controlled entity Telstra Robin Holdings
Limited sold its 67% shareholding in Dotad Media Holdings Limited
(L Mobile) for a net consideration of ($3) million.
The effect of this disposal is detailed below:
In fiscal 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 fiscal years and $6 million deferred until February 2012. In
fiscal 2011 the contingent consideration was reduced by $30 million
with a corresponding gain recognised in the income statement. We
also recognised a $5 million foreign exchange gain on the
retranslation of the contingent consideration. In fiscal 2012 the
balance of the contingent consideration of $33 million was reduced
as the pre-determined targets were not met.
20. Notes to the statement of cash flows (continued)
Year ended
30 June
2012
$m
Carrying amount of non-controlling interests
acquired . . . . . . . . . . . . . . . . . . . . . 5
Consideration paid to non-controlling interests. . 37
Excess of consideration paid recognised in the
general reserve. . . . . . . . . . . . . . . . . . 32
Total
disposals
Year ended
30 June
2012
$m
Consideration for disposal - net of cash
disposed
Cash consideration for disposal . . . . . . . . . 3
Cash and cash equivalents disposed . . . . . . (6)
Outflow of cash on disposal. . . . . . . . . . (3)
Total Consideration for disposal . . . . . . . 3
Assets/(liabilities) at disposal date
Cash and cash equivalents . . . . . . . . . . . 6
Trade and other receivables. . . . . . . . . . . 8
Inventories . . . . . . . . . . . . . . . . . . . . 3
Other assets . . . . . . . . . . . . . . . . . . . 10
Property, plant and equipment . . . . . . . . . 1
Intangibles . . . . . . . . . . . . . . . . . . . . 8
Trade and other payables . . . . . . . . . . . . (8)
Current tax liabilities . . . . . . . . . . . . . . . (3)
Deferred tax liabilities . . . . . . . . . . . . . . (2)
Other liabilities . . . . . . . . . . . . . . . . . . (1)
Net assets . . . . . . . . . . . . . . . . . . . . 22
Adjustment for non-controlling interests . . . . (11)
Foreign currency transaltion reserve disposed 9
Loss on disposal . . . . . . . . . . . . . . . . (17)