Carphone Warehouse 2014 Annual Report Download - page 105

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Carphone Warehouse Group plc
Annual Report 2014 103
FINANCIAL STATEMENTS
10 FINANCIAL INSTRUMENTS
The Company has applied the exemption under FRS  ‘Financial Instruments: Presentation’ not to disclose details of financial instruments
held by the Company. Full disclosure of the Group’s financial instruments under FRS  (IFRS ) ‘Financial Instruments: Disclosures’ and IAS 
‘Financial Instruments: Recognition and Measurement’ is provided in note  to the Group financial statements.
11 POST BALANCE SHEET EVENTS
On  May , the Company announced that it had reached agreement on the terms for an all-share merger with Dixons Retail plc (the "Merger").
Under the terms of the Merger, ordinary shareholders in Dixons Retail plc will for each of their shares in Dixons Retail plc receive . shares
in the Company, which will be renamed Dixons Carphone plc. The Board considers that the Merger will deliver significant value to Carphone
shareholders through a combination of enhanced commercial opportunities and operating synergies, which are expected to deliver recurring
annual benefits of at least £m by the – financial year. The Merger is expected to be effected by way of a scheme of arrangement
and is conditional on the approval of the ordinary shareholders of both the Company and Dixons Retail plc and the sanction of the court.
On  May , the Company announced that, alongside the other shareholders in the business, it had entered into an exclusivity agreement
in respect of the proposed sale of Virgin Mobile France to Numericable Group for an enterprise value of €m. During the exclusivity period
the parties have carried out the necessary consultations with employee work councils, and the transaction is subject to the approval of the
French competition authority.
12 RELATED PARTY TRANSACTIONS
The Company has taken advantage of the exemption under FRS  ‘Related Party Disclosures’ not to provide details of related party
transactions with other Group companies, as the Company’s financial statements are presented together with the consolidated Group
financial statements.
During the year, the Company had the following disclosable transactions and balances with its joint ventures:
2014 2013
Virgin Virgin
CPW Mobile CPW Mobile
Europe France Europe France
£m £m £m £m
Net interest and other finance income — 1 — 1
Loans owed to the Company —18 —20
Other amounts owed to the Company — — — —
Other amounts owed by the Company — — (6) —