Telstra 2010 Annual Report Download - page 183

Telstra Corporation Limited and controlled entities
168
Notes to the Financial Statements (continued)
(d) Controlled entities in which our equity ownership is less than or
equal to 50% (continued)
• We have no direct equity interest in the following entities within
the Dotad Group:
• Beijing Baifen Tonglian Media Technology Co. Ltd;
• Beijing Baifen Tonglian Information Technology Co. Ltd;
• Hunan Sanxiang Huasheng New Media Co. Ltd;
• Wuxi Xinwen Mobile New Media Development Co. Ltd;
• Beijing Huaxin Hezhong Information Technology Co. Ltd;
• Shenyang Press Wireless Media Co. Ltd;
• Shenzhen Huaxin Interactive Technology Co. Ltd;
• Wanzhong Liandong Communication Technology (Beijing)
Co. Ltd; and
• Shenzhen Baifen Tonglian Information Technology Co. Ltd.
The purpose of these entities is to hold the licenses and
approvals required to operate Dotad Media Holdings Limited’s
mobile advertising business. Dotad Media Holdings Limited has
the decision making powers to control these entities. Dotad
Media Holdings Limited is one of our controlled entities and
therefore we have consolidated the financial results, position
and cash flows of these entities into our group financial report.
• We own 50% of the issued capital of Telecom Australia (Saudi)
Company Limited. We can exercise control over the Board of
Directors of this entity in perpetuity, and therefore we have
consolidated the financial results, position and cash flows of this
entity into our group financial report. This entity is currently in
voluntary liquidation.
• We own 49% of the issued capital of Telstra
Telecommunications Private Ltd. We can exercise control over
the Board of Directors of this entity, and therefore we have
consolidated the financial results, position and cash flows of this
entity into our group financial report.
(e) Controlled entities not individually audited by Ernst & Young
Companies not audited by Ernst & Young, our Australian statutory
auditor.
(f) New incorporations and business combinations
A new controlled entity, Telstra Robin Holdings Limited, was
established on 2 February 2010. On 23 February 2010, it acquired
Dotad Media Holdings Limited along with its controlled entities for
a total consideration of $105m.
During the year, we acquired 49.0% of Telstra Telecommunications
Private Ltd for minimal consideration.
Refer to note 20 for further details on our acquisitions.
(g) Sales and disposals
On 9 September 2009, our controlled entity Sensis Pty Ltd sold its
100% shareholding in Universal Publishers Pty Ltd.
Refer to note 20 for further details on our disposals.
(h) Non-current assets held for sale
The carrying value of the assets and liabilities of SouFun Holdings
Limited and its controlled entities have been classified as held for
sale at 30 June 2010. Refer to note 12 for further details.
(i) Name changes
The following entities changed their names subsequent to 30 June
2010:
• Auto Trader Australia Pty Ltd changed its name to ACN 092
426 778 Pty Ltd; and
• WA Auto Trader Pty Ltd changed its name to ACN 067 264
733 Pty Ltd.
25. Investments in controlled entities (continued)