Carphone Warehouse 2008 Annual Report Download - page 84

Download and view the complete annual report

Please find page 84 of the 2008 Carphone Warehouse annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

Notes to the Financial Statements continued
72 The Carphone Warehouse Group PLC Annual Report 2008
30 Related party transactions (continued)
Net amounts
Income Expenses owed to
Interest for services for services (receivable from)
Sale of stock income received provided the Group
52 weeks ended 31 March 2007 £m £m £m £m £m
The Geek Squad UK – – ––0.8
Best Buy Mobile US – – ––1.4
Virgin Mobile France 23.8 0.2 6.1 – 6.6
23.8 0.2 6.1 – 8.8
All products and services were provided at market rates.
During the period consortium relief of £3.1m was claimed on the losses of the Virgin Mobile France joint venture. In addition the Group has procured
services from a company controlled by a relative of a member of the key management team totalling £0.5m during the period, with £0.1m owed to this
company by the Group at 29 March 2008.
31 Post balance sheet events
On 8 May 2008, the Group announced that it had agreed to form a new venture with Best Buy Co., Inc., to accelerate growth by capitalising on the
European consumer’s evolving appetite for customer electronics. The assets of the newly-formed company will comprise The Carphone Warehouse’s
existing retail and distribution business and its existing relationships with Best Buy. Best Buy plans to acquire a 50% stake in the new company for a
cash consideration of approximately £1.1 billion.
The transaction is due to complete on 30 June 2008, subject to shareholder approval at the Extraordinary General Meeting on that date.