AnnuAl REPORT 2011-2012 - Sbs

7(c) Investments
Notes
COnSOlIDAteD CORpORAtIOn
2012
$’000
2011
$’000
2012
$’000
2011
$’000
Term deposits (i) 22,004 35,129 22,004 34,329
total investments 22,004 35,129 22,004 34,329
(i) The economic entity has a series of investments with banks and other financial institutions. The Corporation’s
investments are made under s18 of the CAC Act.
In 1999-2000, the Corporation received revenue from the TV Fund to provide analogue extensions to regional
Australia to 2012. In 2005 the Corporation received $4.606m to extend analogue services to regions with a
population of 3,000 to 5,000, and $0.125m under the Commonwealth’s Television Black Spots – Alternative
Technical Solutions Program. In 2008 the Corporation received an additional $0.125m under the Commonwealth’s
Television Black Spots – Alternative Technical Solutions Program. The amounts received, including interests accrued
on these amounts, have been invested in term deposits. Refer also to note 1(i).
COnSOlIDAteD CORpORAtIOn
2012
$’000
2011
$’000
2012
$’000
2011
$’000
Investments are expected to be recovered in:
No more than 12 months 1,888 5,755 1,888 4,955
More than 12 months 20,116 29,374 20,116 29,374
total investments 22,004 35,129 22,004 34,329
7(d) Other investments
(i) The Corporation subscribed for 5 shares ($1 each) in STV Ltd (previously named MST Ltd) in 1994-95. STV Ltd is a
wholly owned subsidiary of SBS Corporation. It was incorporated for the purpose of the Corporation’s involvement in
Pay TV. No dividend was distributed by STV Ltd in 2012 (2011: Nil).
In 2009-10 (on 4 November 2009) STV Ltd fully acquired PAN TV Ltd. The acquisition has been accounted for in line
with AASB 3 “Business Combinations”, and consolidated in line with that standard. Prior to 4 November 2009, PAN
TV Ltd was accounted for using the equity method. No dividend was distributed by PAN TV Ltd in 2012 (2011: Nil).
On 1 April 2011, STV Ltd purchased all assets and liabilities of PAN TV Ltd for a notional amount of $1. This was
done for administrative efficiency only, with a view to PAN TV being wound up in due course. The purchase has been
accounted for as a common control transaction, using book value accounting, on the basis that the investment has
only been moved from one part of the group to another.
STV Ltd continues to provide two channels (“World Movies” and “STUDIO”) to Foxtel and Austar under the
distribution agreements reassigned to it from PAN TV Ltd on 1 April 2011.
The contributions to surplus from PAN TV Ltd (shown on the next page) in 2011 represents profits earned for the
period ending 31 March 2011, prior to the purchase of all its assets and liabilities by STV Ltd.
PAN TV Ltd is now in voluntary liquidation.
AnnuAl RepoRt 2011 – 2012 97