Vodafone 2006 Annual Report Download - page 122

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120 Vodafone Group Plc Annual Report 2006
Notes to the Consolidated Financial Statements
continued
36. Related party transactions
Transactions with joint ventures and associated undertakings
Transactions between the Company and its subsidiaries, joint ventures and associates represent related party transactions. Transactions with subsidiaries have been eliminated on
consolidation. Transactions between the Company and its joint ventures are not material to the extent that they have not been eliminated through proportionate consolidation.
Except as disclosed below, no material related party transactions have been entered into, during the year, which might reasonably affect any decisions made by the users of these
Consolidated Financial Statements.
2006 2005
£m £m
Transactions with associated undertakings:
Sales of goods and services 288 194
Purchase of goods and services 268 243
Amounts owed to joint ventures included within short term borrowings(1) 378 1,142
Note:
(1) Loan arises through Vodafone Italy being part of a Group cash pooling arrangement. Interest is paid in line with short term market rates.
Amounts owed by and owed to associated undertakings are disclosed within notes 17 and 27.
Dividends received from associated undertakings are disclosed in the consolidated cash flow statement.
Group contributions to pension schemes are disclosed in note 25.
Compensation paid to the Company’s Board of directors and members of the Executive Committee is disclosed in note 33.
Transactions with directors
During the year ended 31 March 2006, and as of 26 May 2006, 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 2005, the Company has not been, and is not now, a party to any other material transaction, 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.
37. Financial information of joint ventures and associated undertakings
Summary aggregated financial information of 50% or less owned entities accounted for using proportionate consolidation or under the equity method, extracted on a 100% basis
from accounts prepared under IFRS at 31 March and for the years then ended, is set out below.
2006 2005
Entities classified as associated undertakings £m £m
Revenue 30,204 25,141
Gross profit 12,506 12,358
Profit for the financial year 5,768 4,883
Non-current assets 42,776 36,385
Current assets 5,868 5,763
Total assets 48,644 42,148
Current liabilities 8,365 11,475
Non-current liabilities 9,367 5,579
Total liabilities 17,732 17,054
Total equity shareholders’ funds 29,951 24,155
Minority interests 961 939
Total equity and liabilities 48,644 42,148