Vodafone 2016 Annual Report Download - page 119

Overview Strategy review Performance Governance Financials Additional information
Vodafone Group Plc
Annual Report 2016
117
Joint ventures and associates
2016 2015
£m £m
Investment in joint ventures (438) (331)
Investment in associates 356 328
31 March (82) (3)
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 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 2016 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
2016
£m
2015
£m
2014
£m
2016
£m
2015
£m
2014
£m
2016
£m
2015
£m
2014
£m
2016
£m
2015
£m
2014
£m
Vodafone Omnitel B.V.1– – – – – 261 – – – – – 261
Indus Towers Limited 316 247 373 74 18 21 – – – 74 18 21
Vodafone Hutchison Australia Pty Limited (816) (667) (559) (112) (160) (66) (1) 1–(113) (159) (66)
Other 62 89 28 (29) (9) 5 – – – (29) (9) 5
Total (438) (331) (158) (67) (151) 221 (1) 1 – (68) (150) 221
Note:
1 Prior to 21 February 2014 the other participating shareholder held substantive veto rights such that the Group did not unilaterally control the financial 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
2016
£m
2015
£m
2014
£m
2016
£m
2015
£m
2014
£m
2016
£m
2015
£m
2014
£m
Income statement and statement of comprehensive income
Revenue – – 4,931 1,669 1,580 1,547 1,722 1,838 2,032
Depreciation and amortisation – – (937) (358) (407) (507) (379) (415) (423)
Interest income – – 1729 20 2 2 10
Interest expense – – (15) (62) (75) (124) (197) (228) (212)
Income tax (expense)/income – – (174) (137) (182) 39 – – 1
Prot or loss from continuing operations – – 339 176 44 51 (225) (320) (132)
Other comprehensive (expense)/income ––– ––– (1) 2–
Total comprehensive income/(expense) – – 339 176 44 51 (226) (318) (132)
Statement of nancial position
Non-current assets – – 1,494 1,482 2,119 2,285
Current assets – – 239 278 395 424
Non-current liabilities – – (519) (686) (2,591) (3,473)
Current liabilities – – (461) (487) (1,735) (743)
Equity shareholders’ funds – – (753) (587) 1,812 1,507
Cash and cash equivalents within current assets – – 37 6123 90
Non-current liabilities excluding trade and other payables
andprovisions – – (301) (481) (2,532) (3,325)
Current liabilities excluding trade and other payables and provisions – – (170) (188) (1,152) (90)
Note:
1 Prior to 21 February 2014 the other participating shareholder held substantive veto rights such that the Group did not unilaterally control the financial and operating policies of Vodafone Omnitel B.V.
The Group did not receive a dividend in the year to 31 March 2016 (2015: £166 million; 2014: £26 million) from Indus Towers Limited.