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Carphone Warehouse Group plc Annual Report 201272
13 Interests in joint ventures continued
b) Analysis of profits and losses
The Group’s share of the results of its joint ventures is as follows:
Restated
2012 2011
Best Buy Europe £m £m
Revenue 3,313.1 3,504.8
Headline EBITDA * 219.6 219.1
Depreciation and amortisation (84.6) (84.5)
Headline EBIT 135.0 134.6
Net interest expense (16.4) (15.2)
Taxation on Headline results (22.0) (24.8)
Headline profit after taxation 96.6 94.6
Group share of Headline profit after taxation 48.3 47.3
Group share of operating results of discontinued businesses (post‑tax) (see note 4) (9.8) 13.1
Group share of exceptional items (post‑tax) (see note 4) (77.4) —
Group share of (loss) profit after taxation (38.9) 60.4
* Headline EBTIDA includes the unwinding of discounts for the time value of money on network commissions receivable over the life of the customer. This unwind has
avalue of £8.7m in the year ended 31 March 2012 (2011: £10.0m) and is treated as interest income in the joint venture’s statutory results.
2012 2011
Virgin Mobile France £m £m
Revenue * 390.2 328.4
Headline EBITDA ** 25.7 24.3
Depreciation and amortisation (4.2) (3.7)
Headline EBIT 21.5 20.6
Net interest expense (2.5) (2.9)
Taxation on Headline results (6.7) (0.7)
Headline profit after taxation 12.3 17.0
Group share of Headline profit after taxation before change in share ownership 5.8 8.0
Gain on reduction of % share ownership 0.3 0.2
Group share of Headline profit after taxation 6.1 8.2
Group share of amortisation of acquisition intangibles (post‑tax) (1.3) (2.2)
Group share of profit after taxation 4.8 6.0
* Revenue excludes contributions towards subscriber acquisition costs from network operators and customers, as the directors consider that this provides a better
representation of underlying performance. These items, which have a value of £71.0m in the year ended 31 March 2012 (2011: £55.1m), are netted off against
acquisition costs within Headline EBITDA. Reported revenue on a statutory basis for the year ended 31 March 2012 is £461.2m (2011: £383.5m).
** Virgin Mobile France have commitments in place to purchase an agreed amount of wholesale capacity at preferential rates from network operators in return for afixed
fee. The fixed fee has been recognised as a non‑current asset and will be amortised over the period of the commitment. The amortisation of this asset is recognised
as a cost of sales within Headline EBITDA in line with other network‑related expenses. The amortisation has a value of £4.2m in the year ended 31 March 2012 (2011:nil)
and is treated as amortisation in the joint venture's statutory results.
2012 2011
Total Group share £m £m
Headline 54.4 55.5
Statutory (34.1) 66.4
NOTES TO THE FINANCIAL STATEMENTS CONTINUED