Vodafone 2005 Annual Report Download - page 125

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Financials |123
Principal associated undertakings
The Company’s principal associated undertakings all have share capital consisting solely of ordinary shares, unless otherwise stated, and are all indirectly held. The country
of incorporation or registration of all associated undertakings is also their principal place of operation.
Percentage(1)
shareholding/ Par value Latest Country of
partnership of issued financial incorporation or
Name Principal activity interest equity accounts registration
Belgacom Mobile S.A. Mobile network operator 25.0 €70.0m 31.12.04(2) Belgium
Cellco Partnership(3) Mobile network operator 45.0 — 31.12.04(2) USA
Mobifon S.A. Mobile network operator 20.1 ROL 712,923m 31.12.04(2) Romania
Polkomtel S.A. Mobile network operator 19.6 PLN 2,050m 31.12.04(2) Poland
Safaricom Limited(4) Mobile network operator 35.0 1,020 Kshs 31.03.05 Kenya
Société Française du Radiotéléphone S.A. Mobile network operator and
telecommunications company 43.9 €1,348m 31.12.04(2) France
Swisscom Mobile A.G. Mobile network operator 25.0 CHF100m 31.12.04(2) Switzerland
Vodafone Fiji Limited Mobile network operator 49.0 F$6m 31.03.05 Fiji
Vodacom Group (Pty) Limited Holding company 35.0 ZAR 100 31.03.05 South Africa
Notes:
(1) Rounded to nearest tenth of one percent.
(2) Accounts are drawn up to 31 March 2005 for consolidation in the Group’s financial statements.
(3) Cellco Partnership trades under the name Verizon Wireless. The registered or principal office of the partnership is 180 Washington Valley Road, Bedminster, New Jersey 07921, USA.
(4) The Group also holds 2 non-voting shares.
Principal investments
The shareholding in the investment consists solely of ordinary shares and is indirectly held. The principal country of operation is the same as the country of incorporation or
registration.
Country of
Percentage(1) incorporation or
Name Principal activity shareholding registration
China Mobile (Hong Kong) Limited(2) Mobile network operator 3.3 China
Notes:
(1) Rounded to nearest tenth of one percent.
(2) Listed on the Hong Kong and New York stock exchanges and incorporated under the laws of Hong Kong.
35.Related party transactions
Transactions with joint ventures and associated undertakings
Group turnover includes sales to joint ventures and associated undertakings of £220 million (2004: £174 million, 2003: £40 million), primarily comprising fees for the use of
Vodafone products and services, network airtime and access charges. Total operating costs include charges from joint ventures and associated undertakings of £272 million
(2004: £173 million, 2003: £91 million), primarily comprising roaming charges.
Dividends received from joint ventures and associated undertakings are disclosed in Consolidated Cash Flows on page 80. 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 £nil (2004: £3 million; 2003: £14 million) in respect of interest
on these loans.
Transactions with directors
During the year ended 31 March 2005, and as of 23 May 2005, neither any director nor any other executive officer, nor any associate of any director or any other executive
officer, was indebted to the Company.
Since 1 April 2004, 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.