Vodafone 2005 Annual Report Download - page 129

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Financials |127
Condensed financial information for Vodafone Italy
The basis of consolidation under UK GAAP differs from that under US GAAP. Under UK GAAP, the results and net assets of Vodafone Italy are consolidated in the Group’s
financial statements. Under US GAAP, as a result of significant participating rights held by minority shareholders, the Group’s interest in Vodafone Italy has been accounted for
under the equity method of accounting.
The following tables present, on a condensed basis, the financial information of Vodafone Italy as it is included in the Consolidated Profit and Loss Account and Consolidated
Balance Sheet prepared under UK GAAP.
2005 2004 2003
£m £m £m
Turnover 5,521 5,276 4,371
Cost of sales (2,578) (2,132) (2,201)
Gross margin 2,943 3,144 2,170
Selling and distribution costs (213) (211) (182)
Administrative expenses (4,252) (4,276) (3,943)
Goodwill amortisation (3,779) (3,837) (3,543)
Other administrative expenses (473) (439) (400)
Operating loss (1,522) (1,343) (1,955)
Other income/ (expense) 14 (12)
Loss on ordinary activities before taxation (1,521) (1,339) (1,967)
Tax on loss on ordinary activities (660) (583) (478)
Equity minority interest (384) (459) (264)
Loss for the financial year (2,565) (2,381) (2,709)
2005 2004
£m £m
Goodwill 16,162 19,443
Other intangible assets 1,690 1,666
Tangible assets 2,006 1,934
Fixed assets 19,858 23,043
Debtors 1,349 1,220
Other current assets 73 82
Current assets 1,422 1,302
Total assets 21,280 24,345
Creditors: amounts falling due within one year (1,630) (1,587)
Non-current creditors and provisions (560) (518)
19,090 22,240
Total equity shareholders’ funds 17,280 20,855
Equity minority interests 1,810 1,385
19,090 22,240