Vodafone 2008 Annual Report Download - page 128

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29. Disposals and discontinued operations continued
Cash flows from discontinued operations
2007 2006
£m £m
Net cash flows from operating activities 135 1,651
Net cash flows from investing activities (266) (939)
Net cash flows from financing activities (29) (536)
Net cash flows (160) 176
Cash and cash equivalents at the beginning of the financial year 161 4
Exchange loss on cash and cash equivalents (1) (19)
Cash and cash equivalents at the end of the financial year – 161
Assets and liabilities of discontinued operations
27 April
2006
£m
Intangible assets 3,943
Property, plant and equipment 4,562
Other investments 29
Cash and cash equivalents 124
Inventory 148
Trade and other receivables 1,147
Deferred tax asset 636
Total assets 10,589
Short and long term borrowings (674)
Trade and other payables(1) (2,342)
Deferred tax liabilities (245)
Other liabilities (40)
Total liabilities (3,301)
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 ended 31 March 2007, 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(2) 441 68
Notes:
(1) Other effects include foreign exchange gains and losses transferred to the income statement and professional fees related to the disposal.
(2) Reported in other income and expense in the Consolidated Income Statement.
126 Vodafone Group Plc Annual Report 2008
Notes to the Consolidated Financial Statements continued
Vodafone – Financials