Vodafone 2004 Annual Report Download - page 115

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Annual Report 2004 Vodafone Group Plc
113
35. Related party transactions
Transactions with joint ventures and associated undertakings
Group turnover includes sales to joint ventures and associated undertakings of £174 million (2003: £40 million, 2002: £27 million), primarily comprising fees for
the use of Vodafone products and services (including Vodafone live!™), network airtime and access charges. Total operating costs include charges from joint
ventures and associated undertakings of £173 million (2003: £91 million, 2002: £42 million), primarily comprising roaming charges.
Dividends received from joint ventures and associated undertakings are disclosed in “Consolidated Cash Flows”. Loans and trade balances owed to or from joint
ventures and associated undertakings are disclosed in notes 15 and 17. During the year the Group received £3 million (2003: £14 million; 2002: £28 million) in
respect of interest on these loans.
Transactions with acquired and disposed companies
Prior to the acquisition of the UK service providers described in note 25, the Group conducted transactions in the normal course of business with these
companies. Sales to these companies totalling £272 million and purchases totalling £58 million were made with these companies from 1 April 2003 to the date
of acquisition.
Subsequent to the deconsolidation of Japan Telecom, the Group continued to transact with the companies disposed of in the normal course of business. The
Group made sales of £25 million and trading purchases of £122 million with these companies from 1 October 2003 to 31 March 2004. At 31 March 2004, net
balances owed by the Group to these companies totalled £17 million.
Transactions with directors
During the year ended 31 March 2004, and as of 24 May 2004, neither any director nor any other executive officer, nor any associate of any director or any
other executive officer, was indebted to the Company.
On 3 February 2004, as part of the public offer described in “Business Overview – History and Development of the Company”, the Group purchased
Julian Horn-Smith’s 18,000 shares in Vodafone Greece for total consideration of 1111,240.
Since 1 April 2003, the Company has not been, and is not now, a party to any other material transactions, or proposed transactions, in which any member of the
key management personnel (including directors, any other executive officer, senior manager, any spouse or relative of any of the foregoing, or any relative of
such spouse), had or was to have a direct or indirect material interest.