Carphone Warehouse 2014 Annual Report Download - page 93

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Carphone Warehouse Group plc
Annual Report 2014 91
FINANCIAL STATEMENTS
24 INTERESTS IN JOINT VENTURES AND ASSETS HELD FOR SALE continued
a) GROUP BALANCE SHEET INTERESTS
The Group’s interests in joint ventures are analysed as follows:
Net assets
(liabilities) Goodwill Loans Total
2014 £m £m £m £m
Opening balance 414 103 20 537
Share of results (20) — — (20)
Loans repaid (net) — — (2) (2)
Revaluation of interest in CPW Europe 1 — — 1
Disposal of interest in CPW Europe (397) (103) —(500)
Reclassification of Virgin Mobile France to assets held for sale 7 — (18) (11)
Foreign exchange (5) — — (5)
Closing balance — — — —
CPW Europe — — — —
Virgin Mobile France — — — —
Closing balance — — — —
Net assets
(liabilities) Goodwill Loans Total
2013 £m £m £m £m
Opening balance 409 103 24 536
Share of results — — — —
Loans repaid (net) — — (4) (4)
Share of other reserve movements 3 — — 3
Foreign exchange 2 — — 2
Closing balance 414 103 20 537
CPW Europe 421 103 —524
Virgin Mobile France (7) —20 13
Closing balance 414 103 20 537
b) ASSETS HELD FOR SALE
The Group’s assets held for sale are analysed as follows:
2014 2013
Virgin Mobile France £m £m
Share of net liabilities (7) —
Loans 18 —
Assets held for sale 11 —
Loans are provided to Virgin Mobile France under a shareholder agreement; funding requirements are agreed between the shareholders ona
regular basis and are provided in proportion to each party’s shareholding. Virgin Mobile France also has an overdraft facility and a third party
three-year financing arrangement to provide funding up to €m in respect of capital expenditure.