Vodafone 2014 Annual Report Download - page 132

12. Investments in associates and joint ventures (continued)
2014
Restated
2013
£m £m
Investment in joint ventures (158) 7,812
Investment in associates 272 38,635
31 March 114 46,447
Joint ventures
The nancial and operating activities of the Group’s joint ventures are jointly controlled by the participating shareholders. The participating
shareholders have rights to the net assets of the joint ventures though their equity shareholdings. Unless otherwise stated, the Company’s principal
joint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
joint ventures is also their principal place of operation.
Name of joint venture Principal activity
Country of
incorporation or
registration
Percentage1
shareholdings
Indus Towers Limited Network infrastructure India 37.42
Vodafone Hutchison Australia Pty Limited3Network operator Australia 50.0
Vodafone Fiji Limited Network operator Fiji 49.04
Notes:
1 Effective ownership percentages of Vodafone Group Plc at 31 March 2014, rounded to the nearest tenth of one percent.
2 42% of Indus Towers Limited is held by Vodafone India Limited (‘VIL’) in which the Group had a 89% interest.
3 Vodafone Hutchison Australia Pty Limited has a year end of 31 December.
4 The Group holds substantive participating rights which provide it with a veto over the signicant nancial and operating policies of Vodafone Fiji Limited and which ensure it is able to exercise joint control over Vodafone Fiji
Limited with the majority shareholder.
The summarised nancial information for equity accounted joint ventures on a 100% ownership basis is set out below including the Group’s 76.9%
ownership interest in Vodafone Omnitel B.V. until 21 February 2014. On 21 February 2014, the Group acquired the remaining 23.1% interest upon
which date, the results of the wholly acquired entity have been consolidated in the Group’s nancial statements. Refer to note 28 “Acquisitions and
disposals” for further information.
Vodafone Omnitel B.V1.Indus Towers Limited
Vodafone Hutchison
Australia Pty Limited Other joint ventures Total
2014
£m
2013
£m
2014
£m
2013
£m
2014
£m
2013
£m
2014
£m
2013
£m
2014
£m
2013
£m
Income statement and statement of
comprehensive income
Revenue 4,931 6,186 1,547 1,489 2,032 2,497
Depreciation and amortisation (937) (999) (507) (256) (423) (454)
Interest income 1 2 20 810 6
Interest expense (15) (6) (124) (103) (212) (191)
Income tax (expense)/income (174) (430) 39 (53) 13
Prot or loss from continuing operations 339 951 51 34 (132) (446)
Other comprehensive (expense)/income –(6) – – – 6
Total comprehensive income/(expense) 339 945 51 34 (132) (440)
Statement of nancial position
Non-current assets –4,870 1,798 1,542 1,916 1,865
Current assets –1,722 423 417 590 528
Non-current liabilities –(176) (801) (1,297) (3,150) (1,688)
Current liabilities –(3,067) (532) (724) (661) (2,154)
Equity shareholders’ funds –(3,349) (888) 62 1,305 1,449
Statement of nancial position
Cash and cash equivalents within current assets –20 143 65 60 96
Non-current liabilities excluding trade and other
payables and provisions –(97) (701) (1,147) (3,060) (1,560)
Current liabilities excluding trade and other payables
and provisions –(772) (258) (34) (97) (1,412)
Summary
Investment in joint ventures –8,441 373 (26) (559) (609) 28 6(158) 7,812
Prot/(loss) from continuing operations 261 731 21 15 (66) (223) 5(3) 221 520
Other comprehensive (expense)/income –(5) – – – 3 – 2– –
Total comprehensive income/(expense) 261 726 21 15 (66) (220) 5(1) 221 520
Note:
1 Prior to 21 February 2013, the other participating shareholder held substantive veto rights such that the Group did not unilaterally control the nancial and operating policies of Vodafone Omnitel B.V.
The Group received a dividend of £26 million in the year to 31 March 2014 (2013: £46 million; 2012: £nil) from Indus Towers.
Notes to the consolidated nancial statements (continued)
Vodafone Group Plc
Annual Report 2014130