Telstra’s $6m Fred bonus
August 17, 2015
Telstra paid an extra $6m in
“contingent consideration” as part
of its 50% acquisition of Fred IT
Group (PD 02 Oct 13), with the
additional payment revealed in
Telstra’s full year accounts on Fri.
The purchase of Fred IT was only
detailed as part of a $166m group
of controlled entities acquired
during the 2014 financial year
which also included NSC Group,
DCA eHealth Solutions and O2
Networks.
However the Telstra accounts
also detail a $21 million carrying
amount of goodwill which has been
allocated to Fred IT.
The $6m extra payment for Fred
was “for targets achieved by 30
June 2014”.
Telstra’s full year accounts
confirmed that its half stake in Fred
IT gives it control over the business
“through our decision making
ability on the board”.
The report showed Telstra’s total
revenue was up 1.2% to $26.6b,
with the fledgling Telstra Health
division, of which Fred IT is a
component, contributing $78m.
Telstra Health initiatives launched
during the year included the
ReadyCare telemedicine service
(PD 07 Jul) which allows Australians
to access GPs 24/7 via phone or
video to receive advice, diagnosis,
treatment and prescriptions.
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