Vodafone 2007 Annual Report Download - page 134

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132 Vodafone Group Plc Annual Report 2007
Notes to the Consolidated Financial Statements
continued
29. Discontinued operations and disposals continued
Assets and liabilities of discontinued operations
27 April 31 March
2006 2006
£m £m
Intangible assets 3,943 3,957
Property, plant and equipment 4,562 4,546
Other investments 29 29
Cash and cash equivalents 124 161
Inventory 148 131
Trade and other receivables 1,147 1,113
Deferred tax asset 636 655
Total assets 10,589 10,592
Current taxation liability –(1)
Short and long term borrowings (674) (677)
Trade and other payables(1) (2,342) (1,579)
Deferred tax liabilities (245) (246)
Other liabilities (40) (40)
Total liabilities (3,301) (2,543)
Net assets 7,288
Minority interest (87)
Net assets disposed 7,201
Total consideration 7,245
Other effects: foreign exchange recycled to the income statement on disposal (794)
Other 3
Net loss on disposal (747)
£m
Net cash inflow arising on disposal:
Cash consideration 6,141
Cash to settle intercompany debt 793
Cash and cash equivalents disposed (124)
6,810
Other (12)
6,798
Note:
(1) Includes £793 million of intercompany debt.
Belgium and Switzerland – Belgacom Mobile S.A. and Swisscom Mobile A.G.
During the year, the Group disposed of its 25% interest in Belgacom Mobile S.A. to Belgacom S.A. and its 25% interest in Swisscom Mobile A.G. to Swisscom
A.G. These transactions completed on 3 November 2006 and 20 December 2006, respectively. The carrying value of these investments at disposal and the
cash effects of the transactions are summarised in the table below:
Belgacom Swisscom
Mobile Mobile
£m £m
Net assets disposed 901 1,664
Total cash consideration 1,343 1,776
Other effects(1) (1) (44)
Net gain on disposal 441 68
Note:
(1) Other effects include the recycling of currency translation on disposal and professional fees related to the disposal.