Telstra 2015 Annual Report Download - page 159
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Telstra Corporation Limited and controlled entities 157
Notes to the Financial Statements (continued)
NOTE 26. INVESTMENTS IN JOINT VENTURES AND ASSOCIATED ENTITIES (continued)
_Telstra Financial Report 2015
26.1 List of our investments in joint ventures and
associated entities (continued)
(e) Other disclosures for joint ventures and associated entities
(continued)
(i) Commitments
Our joint venture Foxtel has other commitments amounting to
approximately $2,779 million (2014: $4,658 million), with our
share equal to 50 per cent. Majority of these commitments relate
to broadcasting and minimum subscriber guarantees (MSG) for
pay television programming agreements. The reduction in
commitments resulted mainly from new agreements for pay
television programming signed by Foxtel during the period. The
agreements are for the periods of between one and five years and
are based on current prices and costs under agreements entered
into between the Foxtel Partnership and various other parties. The
minimum subscriber payments fluctuate in accordance with price
escalation, as well as foreign currency movements.
(ii) Other disclosures
Our joint venture Foxtel includes Foxtel Partnership and its
controlled entities, Foxtel Television Partnership, Customer
Services Pty Ltd, Foxtel Cable Television Pty Ltd and Foxtel
Management Pty Ltd and its controlled entities. Foxtel is not a
publicly listed entity.
Telstra has a strategic partnership with Foxtel primarily delivering
subscription television services over cable, satellite and
broadband to our customers in Australian regional and
metropolitan areas.
Equity accounting of our investment in Foxtel is currently
suspended. Refer to section (f) for further details.
Full financial information of the Foxtel Partnership and its
controlled entities is presented in the table below:
(a) Financial liabilities exclude trade and other payables and
provisions.
Foxtel joint venture
Year ended 30 June
2015 2014
$m $m
Current assets 600 526
Non current assets 3,140 2,989
Total assets 3,740 3,515
Current liabilities 933 816
Non current liabilities 3,166 3,068
Total liabilities 4,099 3,884
Net liabilities (359) (369)
Cash and cash equivalents 41 34
Current financial liabilities (a) 837
Non current financial liabilities (a) 3,134 3,034
Revenue 3,165 3,107
Expenses 2,267 2,120
Depreciation and amortisation 387 394
Interest income 11
Interest expense 235 236
Other finance costs 211
Income tax expense 36 24
Profit for the year 239 323
Other comprehensive income 23 (40)
Total comprehensive income for the year 262 283