Vodafone 2015 Annual Report Download - page 137

Joint ventures and associates
2015 2014
£m £m
Investment in joint ventures (331) (158)
Investment in associates 328 272
31 March (3) 114
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
Countr y of
incorporation or
registration
Percentage1
shareholdings
Indus Towers Limited2Network infrastructure India 42.0
Vodafone Hutchison Australia Pty Limited3Network operator Australia 50.0
Notes:
1 Effective ownership percentages of Vodafone Group Plc at 31 March 2015 rounded to the nearest tenth of one percent.
2 42% of Indus Towers Limited is held by Vodafone India Limited (‘VIL’).
3 Vodafone Hutchison Australia Pty Limited has a year end of 31 December.
Joint ventures included the results of the 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 were consolidated in the Group’s nancial statements.
The following table provides aggregated nancial information for the Group’s joint ventures as it relates to the amounts recognised in the income
statement, statement of comprehensive income and statement of nancial position.
Investment in joint ventures
(Loss)/prot from
continuing operations
Other
comprehensive income
Total comprehensive
(expense)/income
2015
£m
2014
£m
2013
£m
2015
£m
2014
£m
2013
£m
2015
£m
2014
£m
2013
£m
2015
£m
2014
£m
2013
£m
Vodafone Omnitel B.V.1– – 8,441 –261 731 – – (5) –261 726
Indus Towers Limited 247 373 (26) 18 21 15 –––18 21 15
Vodafone Hutchison Australia Pty Limited (667) (559) (609) (160) (66) (223) 1– 3 (159) (66) (220)
Other 89 28 6(9) 5(3) – – 2(9) 5(1)
Total (331) (158) 7,812 (151) 221 520 1––(150) 221 520
Note:
1 Prior to 21 February 2014, 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 summarised nancial information for each of the Group’s material equity accounted joint ventures on a 100% ownership basis is set out below.
Vodafone Omnitel B.V.1Indus Towers Limited
Vodafone Hutchison
Australia Pty Limited
2015
£m
2014
£m
2013
£m
2015
£m
2014
£m
2013
£m
2015
£m
2014
£m
2013
£m
Income statement and statement of comprehensive income
Revenue –4,931 6,186 1,580 1,547 1,489 1,838 2,032 2,497
Depreciation and amortisation –(937) (999) (407) (507) (256) (415) (423) (454)
Interest income –1 2 29 20 8210 6
Interest expense –(15) (6) (75) (124) (103) (228) (212) (191)
Income tax (expense)/income –(174) (430) (182) 39 (53) –13
Prot or loss from continuing operations –339 951 44 51 34 (320) (132) (446)
Other comprehensive (expense)/income – – (6) ––– 2– 6
Total comprehensive income/(expense) –339 945 44 51 34 (318) (132) (440)
Statement of nancial position
Non-current assets – – 1,482 1,798 2,285 1,916
Current assets – – 278 423 424 590
Non-current liabilities – – (686) (801) (3,473) (3,150)
Current liabilities – – (487) (532) (743) (661)
Equity shareholders’ funds – – (587) (888) 1,507 1,305
Cash and cash equivalents within current assets – – 6 143 90 60
Non-current liabilities excluding trade and other payables
andprovisions – – (481) (701) (3,325) (3,060)
Current liabilities excluding trade and other payables and provisions – – (188) (258) (90) (97)
Note:
1 Prior to 21 February 2014, 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 £166 million in the year to 31 March 2015 (2014: £26 million; 2013: £46 million) from Indus Towers Limited.
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Annual Report 2015
135