Telstra 2011 Annual Report Download - page 182
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Telstra Corporation Limited and controlled entities
167
Notes to the Financial Statements (continued)
We have no significant contingent assets as at 30 June 2011. The
details and maximum amounts (where reasonable estimates can be
made) are set out below for our contingent liabilities.
Telstra Entity
Refer to note 30 for Telstra Entity contingent liabilities.
Other
Other contingent liabilities identified for the Telstra Group, are as
follows:
3GIS Partnership
During fiscal 2005, Telstra OnAir Holdings Pty Ltd and its partner,
Hutchison 3G Australia Pty Ltd (now known as Vodafone
Hutchinson Australia Pty Ltd), entered into agreements relating to
the occupation of premises to provide 3GSM radio access network
services.
As we are subject to joint and several liability in relation to
agreements entered into by the 3GIS Partnership, we would be
contingently liable if our partners in this relationship failed to meet
any of their obligations. As a result, our contingent liabilities
arising from the above agreements are $91 million (2010: $147
million).
ASIC deed of cross guarantee
A list of the companies that are part of our deed of cross guarantee
appear in note 25. Each of these companies (except Telstra
Finance Limited) guarantees the payment in full of the debts of the
other named companies in the event of their winding up. Refer to
note 25 for further information.
23. Contingent liabilities and contingent assets