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H2 Subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries:

Name of entity

Country of incorporation

Class of shares

Equity holding as at

30 June 2019

Equity holding as at

30 June 2018

NBN Tasmania Limited

Australia

Ordinary

100%

100%

NBN Co Spectrum Pty Ltd

Australia

Ordinary

100%

100%

The proportion of ownership interest is equal to the proportion of voting power held.

Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of NBN Co Limited as at 30 June 2019 and the results of all subsidiaries for the year ended 30 June 2019.

Subsidiaries are all those entities (including special purpose entities) over which the Group has control. Control is achieved when and only when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group.

Intercompany transactions, balances and unrealised gains on transactions between the Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. The accounting policies of subsidiaries are consistent with the policies adopted by the Group.

Investments in subsidiaries are accounted for at cost, net of any accumulated impairment losses, in the Statement of financial position of NBN Co Limited.