Telstra 2014 Annual Report Download - page 110

NOTES TO THE
FINANCIAL STATEMENTS
(Continued)
Telstra Corporation Limited and controlled entities
108 Telstra Annual Report
Sensis disposal group and discontinued operation (continued)
The effect of the disposal of the Sensis Group is detailed below:
(a) Based on the sale price of $454 million, $157 million fair value
of the 30 per cent shareholding in Project Sunshine I Pty Ltd, and
final completion adjustments, on the re-measurement of assets
and liabilities of the disposal group the carrying value of the
Sensis Group goodwill was impaired by $150 million and
recognised in the loss for the year from the discontinued
operation.
Sequel Media disposal group
On 2 July 2014 we signed a binding term sheet to dispose of our
entire 55 per cent shareholding in Sequel Media Inc. and its
controlled entities (Sequel Media Group) for total consideration of
$3 million subject to completion adjustments.
In accordance with AASB 5, the carrying value of assets and
liabilities of the Sequel Media Group, with the exception of cash
balances which will be recovered via completion adjustments,
were classified as held for sale as at 30 June 2014 and measured
at the lower of the carrying amount and fair value less costs to sell.
Based on the agreed sale price, subject to completion
adjustments, the carrying value of the Sequel Media Group
goodwill was impaired by $12 million.
If the conditions precedent are satisfied and the disposal of the
Sequel Media Group occurs, the foreign currency translation
reserve calculated at the completion date will be reclassified to
our income statement increasing our loss on disposal. The foreign
currency translation reserve balance at 30 June 2014 was $3
million.
The Sequel Media Group is included in the TIG reportable segment
in our segment disclosures in note 5.
12. NON CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATION (CONTINUED)
Sensis Group
Year ended
30 June 2014
Note $m
Consideration on disposal
Cash consideration on disposal .......................... 454
Fair value of investment in the associate .......26 157
Total consideration on disposal......................... 611
Assets/(liabilities) at disposal date
Assets classified as held for sale ........................ 1,002
Liabilities classified as held for sale................... (391)
Net assets classified as held for sale ................. 611
Loss on disposal after impairment (a) .............. -
Telstra Entity
Year ended
2014 2013
$m $m
Profit/(loss) attributable to equity holders of Telstra Entity
Profit for the year from continuing operations .................................................................................................... 4,479 3,588
(Loss)/profit for the year from discontinued operation ...................................................................................... (204) 151
4,275 3,739