Wellcom_FY11-Financial-Report

kinkaid pty ltd was disposed of on 1 july 2010 refer

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Unformatted text preview: r 2009. ^^ WellMalaysia Sdn Bhd was incorporated on 5 August 2010. # The additional 50% of iPrint Corporate Pty Ltd was purchased on 30 June 2011. Refer to note 30. 30. Business Combination (a) Summary of acquisition On 30 June 2011, Wellcom Group Limited acquired the remaining 50% of the shares in iPrint Corporate Pty Ltd which it did not own from Australian Postal Corporation, for a cash consideration of $375,100. Prior to the acquisition both Wellcom Group Limited and Australian Postal Corporation held a 50% joint venture interest in the company (refer to note 11). iPrint Corporate Pty Ltd was incorporated in Australia on 5 October 2001 and operates a print management business. The acquisition has significantly increased the group’s market share in this industry and complements the group’s existing print management activities. It was assessed by management that the carrying value of assets and liabilities of iPrint Corporate Pty Ltd on 30 June 2011 detailed below approximated the fair value of the assets and liabilities as at that date. Fair value $’000 Current Assets: Cash and cash equivalents 5,357 Trade receivables 3,502 Interest income receivabl...
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