Telstra 2009 Annual Report Download - page 208

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Telstra Corporation Limited and controlled entities
193
Notes to the Financial Statements (continued)
(a) Jointly controlled and associated entities in which we own more
than 50% equity
• We own 80% of the equity of FOXTEL Cable Television Pty Ltd. This
entity is disclosed as a jointly controlled entity as the other equity
shareholders have participating rights that prevent us from
dominating the decision making of the Board of Directors.
Effective voting power is restricted to 50% and we have joint
control.
• We own 100% of the equity of Telstra Super Pty Ltd, the trustee for
the Telstra Superannuation Scheme (Telstra Super). We do not
consolidate Telstra Super Pty Ltd as we do not control the Board of
Directors. We have equal representation with employee
representatives on the Board. Our voting power is limited to 44%,
which is equivalent to our representation on the Board. The entity
is therefore classified as an associated entity as we have significant
influence over it.
• We own 100% of the equity of Telstra Foundation Ltd (TFL). TFL is
limited by guarantee (guaranteed to $100) with Telstra
Corporation Limited being the sole member. We did not contribute
any equity to TFL on incorporation. TFL is the trustee of the Telstra
Community Development Fund and manager of the Telstra Kids
Fund. We do not consolidate TFL as we do not control the Board.
However, due to our Board representation we significantly
influence this entity. Our voting power is limited to 43%, which is
equivalent to our representation on the Board.
(b) Other changes in jointly controlled and associated entities
• On 28 February 2009 we sold our investment in LinkMe Pty Ltd for
nominal consideration.
(c) Fair value of investments in listed jointly controlled and
associated entities
• The fair value of our investment in Keycorp Limited at 30 June 2009
is $13 million (2008: $9 million).
(d) Dividends received
• A $2 million dividend was received from Keycorp Limited during the
year (2008: nil).
(e) Jointly controlled and associated entities with different balance
dates
The following jointly controlled and associated entities have different
balance dates to our balance date of 30 June for fiscal 2009:
• Reach Ltd - 31 December;
• TNAS Limited - 31 March;
• 3GIS Pty Ltd - 31 December;
• 3GIS Partnership - 31 December;
• Bridge Mobile Pte Ltd - 31 March; and
• Australia-Japan Cable Holdings Limited - 31 December.
Financial reports prepared as at 30 June are used for equity
accounting purposes. Our ownership interest in jointly controlled and
associated entities with different balance dates is the same at that
balance date as 30 June unless otherwise noted.
(f) Share of net profits/(losses)
26. Investments in jointly controlled and associated entities (continued)
Telstra Group
Year ended 30 June
2009 2008
$m $m
Net profit/(loss) from jointly controlled and
associated entities has been contributed by
the following entities:
Associated entities
- Keycorp Limited . . . . . . . . . . . . . . . . . 4-
- LinkMe Pty Ltd . . . . . . . . . . . . . . . . . . (1) (1)
3(1)