Vodafone 2015 Annual Report Download - page 130

Notes to the consolidated nancial statements (continued)
6. Taxation (continued)
We hold a deferred tax liability of £40 million (2014: £nil) in respect of deferred taxation that would arise if temporary differences on investments
in subsidiaries, associates and interests in joint ventures were to be realised after the balance sheet date (see table above). No deferred tax liability has
been recognised in respect of a further £14,925 million (2014: £22,985 million) of unremitted earnings of subsidiaries, associates and joint ventures
because we are in a position to control the timing of the reversal of the temporary difference and it is probable that such differences will not reverse
in the foreseeable future. It is not practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted earnings.
7. Discontinued operations
On 21 February 2014 we completed the sale of our US group whose principal asset was its 45% interest in Verizon
Wireless. The results of these discontinued operations are detailed below.
Income statement and segment analysis of discontinued operations
2015 2014 2013
£m £m £m
Share of result in associates –3,191 6,422
Net nancing income/(costs) –27 (56)
Prot before taxation –3,218 6,366
Taxation relating to performance of discontinued operations 57 (1,709) (1,750)
Post-tax prot from discontinued operations 57 1,509 4,616
Gain on disposal of discontinued operations
2015 2014 2013
£m £m £m
Gain on disposal of discontinued operations before taxation (see note 28) –44,996 –
Other items arising from the disposal1–1,603 –
Net gain on disposal of discontinued operations –46,599 –
Note:
1 Includes dividends received from Verizon Wireless after the date of the announcement of the disposal.
Prot for the nancial year from discontinued operations
2015 2014 2013
£m £m £m
Prot for the nancial year from discontinued operations 57 1,509 4,616
Net gain on disposal of discontinued operations –46,599 –
Prot for the nancial year from discontinued operations 57 48,108 4,616
Earnings per share from discontinued operations
2015 2014 2013
Pence per share Pence per share Pence per share
– Basic 0.22p 181.74p 17.20p
– Diluted 0.21p 180.30p 17.20p
Total comprehensive income for the nancial year from discontinued operations
2015 2014 2013
£m £m £m
Attributable to owners of the parent 57 48,108 4,616
Cash ows from discontinued operations1
2015 2014 2013
£m £m £m
Net cash ows from operating activities –(2,617) (1,464)
Net cash ows from investing activities –4,830 4,798
Net cash ows from nancing activities –(2,225) (5,164)
Net (decrease)/increase in cash and cash equivalents –(12) (1,830)
Cash and cash equivalents at the beginning of the nancial year – – 1,721
Exchange gain/(loss) on cash and cash equivalents –12 109
Cash and cash equivalents at the end of the nancial year – – –
Note:
1 During the year ended 31 March 2015, the Group received a nal tax distribution from Verizon Wireless of £359 million and a taxation refund of £84 million in relation to our disposed US Group.
Vodafone Group Plc
Annual Report 2015
128