Vodafone 2016 Annual Report Download - page 120

Vodafone Group Plc
Annual Report 2016
118
Notes to the consolidated nancial statements (continued)
12. Investments in associates and joint arrangements (continued)
Associates
Unless otherwise stated, the Company’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held.
The country of incorporation or registration of all associates is also their principal place of operation.
Name of associate Principal activity
Country of
incorporation or
registration
Percentage1
shareholdings
Safaricom Limited2,3 Network operator Kenya 40.0
Notes:
1 Effective ownership percentages of Vodafone Group Plc at 31 March 2016 rounded to the nearest tenth of one percent.
2 The Group also holds two non-voting shares.
3 At 31 March 2016 the fair value of Safaricom Limited was KES 270 billion (£1,851 million) based on the closing quoted share price on the Nairobi Stock Exchange.
On 21 February 2014 the Group disposed of its 45% interest in Cellco Partnership which traded under the name Verizon Wireless. Results from
discontinued operations are disclosed in note 7 “Discontinued operations and assets held for resale” to the consolidated nancial statements.
The Group received £4,828 million of dividends in the year to 31 March 2014 from Cellco Partnership.
The following table provides aggregated nancial information for the Group’s associates as it relates to the amounts recognised in the income
statement, statement of comprehensive income and consolidated statement of nancial position.
Investment in associates
Prot from
continuing operations
Other comprehensive
expense
Total comprehensive
expense
2016
£m
2015
£m
2014
£m
2016
£m
2015
£m
2014
£m
2016
£m
2015
£m
2014
£m
2016
£m
2015
£m
2014
£m
Cellco Partnership – – – – – – – – (1) – – 3,190
Other 356 328 272 111 88 57 –––111 88 57
Total 356 328 272 111 88 57 ––(1) 111 88 3,247
The summarised nancial information for the Group’s former material equity accounted associate on a 100% ownership basis is set out below.
Cellco Partnership
2016
£m
2015
£m
2014
£m
Income statement and statement of comprehensive income
Revenue – – 22,122
Depreciation and amortisation – – (2,186)
Interest income – – 1
Interest expense – – (38)
Income tax (expense)/income – – (111)
Post-tax prot from discontinuedoperations – – 7,092
Other comprehensive expense – – (2)
Total comprehensive income – – 7,090
Statement of nancial position
Non-current assets – –
Current assets – –
Non-current liabilities – –
Current liabilities – –
Equity shareholders’ funds – –
Cash and cash equivalents within current assets – –
Non-current liabilities excluding trade and other payables and provisions – –
Current liabilities excluding trade and other payables and provisions – –