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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
Annual Report 2015 147
Notes to the consolidated financial statements
30 June 2015
30 Related party transactions
(a) Subsidiaries
Significant investments in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following principal subsidiaries
in accordance with the accounting policy described in note 2(b):
Name of entity
Country of
incorporation Class of shares
Equity holding *
2015
%
2014
%
Independence Long Pty Ltd*
Australia
Ordinary
100
100
Independence Newsearch Pty Ltd
Australia
Ordinary
100
100
Independence Karlawinda Pty Ltd
Australia
Ordinary
100
100
Independence Jaguar Limited*
Australia
Ordinary
100
100
Independence ESP Pty Ltd
Australia
Ordinary
100
100
Independence Jaguar Exploration Parent Pty Ltd
Australia
Ordinary
100
100
Independence Jaguar Exploration Pty Ltd
Australia
Ordinary
100
100
Independence Stockman Parent Pty Ltd
Australia
Ordinary
100
100
Independence Stockman Project Pty Ltd
Australia
Ordinary
100
100
Independence Jaguar Project Parent Pty Ltd
Australia
Ordinary
100
100
Independence Jaguar Project Pty Ltd
Australia
Ordinary
100
100
Independence CM Pty Ltd
Australia
Ordinary
100
100
Independence BBS Pty Ltd
Australia
Ordinary
100
100
Independence Projects Pty Ltd
Australia
Ordinary
100
100
Independence Europe Pty Ltd
Australia
Ordinary
100
100
*
These subsidiaries have been granted relief from the necessity to prepare financial reports in accordance
with Class Order 98/1418 issued by the Australian Securities and Investments Commission. For further
information refer to note 36.
(b) Transactions with other related parties
During the financial year, a wholly-owned entity paid dividends of $48,000,000 (2014: $20,000,000) to Independence
Group NL. This amount has been eliminated on consolidation for the purposes of calculating the profit of the Group for
the financial year.
Loans were made between Independence Group NL and certain entities in the wholly-owned group. The loans
receivable from controlled entities are interest-free and repayable on demand.
(c) Key management personnel
Compensation of key management personnel
2015
$
2014
$
Short-term employee benefits
3,212,925
3,355,060
Post-employment benefits
242,994
255,110
Long-term benefits
40,301
70,903
Share-based payments
607,413
803,265
4,103,633
4,484,338
Detailed remuneration disclosures are provided in the remuneration report on pages 14 to 23.
Independence Group NL
83