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NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2015 Group Structure 17. Non-Current Assets Investments Accounted for Using the Equity Method Consolidated 2015 000 2014 000 Carrying amount at the beginning of the financial year 2880 13677 Share of profitlosses after income tax 179 11 Impairment of associates and joint ventures 12096 Contributions to associates and joint ventures 1310 Carrying amount at the end of the financial year 3059 2880 18. Subsidiaries The consolidated financial statements incorporate the assets liabilities and results of the following subsidiaries Name of entity Country of incorporation Class of sharesunits Effective ownership interest 2015 Effective ownership interest 2014 Southern Cross Media Trust SCMT Australia Ordinary 100 100 SCM No 5 Limited SCM5 Australia Ordinary 100 100 SCM No 1 Limited SCM1 Australia Ordinary 100 100 Southern Cross Media International Limited SCMIL and controlled entities Bermuda Ordinary 100 100 Southern Cross Media Australia Holdings Pty Limited SCMAHL Australia Ordinary 100 100 Southern Cross Media Group Investments Pty Ltd SCMGI Australia Ordinary 100 100 Southern Cross Austereo Pty Limited SCAPL and controlled entities Australia Ordinary 100 100 The proportion of ownership interest is equal to the proportion of voting power held unless otherwise indicated. Recognition and Measurement Subsidiaries Subsidiaries are those entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one-half of voting rights. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. Where control of an entity is obtained during a financial year its results are included in the Statement of Comprehensive Income from the date on which control commences. Where control of an entity ceases during a financial year its results are included for that part of the year during which control existed. Intercompany transactions balances and unrealised gains on transactions between Group companies are eliminated. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated Statement of Comprehensive Income and Statement of Financial Position respectively. 62 SOUTHERN CROSS AUSTEREO ANNUAL REPORT 2015