174
CIMIC Group Limited Annual Report 2016 |
Financial Report
Notes continued
for the 12 months to 31 December 2016
38. CIMIC GROUP LIMITED AND CONTROLLED ENTITIES
CONTINUED
f) Material subsidiaries including consolidated structured entities
Set out below are the Company’s principal subsidiaries at 31 December 2016. Unless otherwise stated, the subsidiaries as listed below
have share capital consisting solely of ordinary shares, which are held directly by the Company, and the proportion of ownership interests
held equals to the voting rights held by the Company.
Ownership interest held by the
Company
Ownership interest held by non-
controlling interests
Name of entity
Principal activity
Country of
incorporation
December 2016
%
December 2015
%
December 2016
%
December 2015
%
CPB Contractors Pty Limited
(formerly Leighton Contractors
Pty Ltd)
1
Construction
Australia
100
100
-
-
Thiess Pty Ltd
Contract Mining &
Construction
Australia
100
100
-
-
Leighton Asia Limited
Construction
Hong Kong
100
100
-
-
Leighton International Limited
Construction
Cayman
Islands
100
100
-
-
UGL Limited
2
Services
Australia
100
-
-
1
CIMIC Group Limited (CGL) Class Order Company has the benefit of ASIC Class Order 98/1418. For further information, refer to section (i).
2
As at 31 December 2016 the Group owned 95% of the shares of UGL Limited but had exercised the right to compulsorily acquire the
remaining shares. A liability is recognised for the remaining shares.
Non-controlling interests
There were no material non-controlling interests relating to the Company’s material subsidiaries disclosed above as at 31 December
2016. There were no material transactions with non-controlling interests during the period to 31 December 2016 other than the
acquisition of the shares from the non-controlling interest share holders. Refer to Note 29:
Acquisitions and disposals of controlled
entities and businesses
.
g)
Unconsolidated structured entities
The Group is party to several lease agreements with unconsolidated structured entities during the reporting period. These transactions
were undertaken to develop operational and financing synergies across the Group. The unconsolidated structured entities are financed
by external parties and the Group does not hold any equity interests or assets such as loans or receivables with these entities. The relevant
activities of the structured entities are directed by contractual agreements. The entities are controlled by external parties and therefore
are not consolidated by the Group.
The Group is only exposed to the variability of returns in relation to return conditions at lease expiry, which are not known at this time.
These items are also included at Note 19
: Interest bearing liabilities
and Note 32
: Commitments.
The table below provides a summary of the Group’s exposure to unconsolidated structured entities.
Exposures to unconsolidated structured entities
December 2016
$m
December 2015
$m
Finance lease liabilities
0.7
6.4
Total on balance sheet liabilities
0.7
6.4
Operating lease commitments
189.3
213.3
Total liabilities due to unconsolidated structured entities
190.0
219.7
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