Carphone Warehouse 2014 Annual Report Download - page 94

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Carphone Warehouse Group plc
Annual Report 2014
92
FINANCIAL STATEMENTS
Notes to the Group financial statements continued
24 INTERESTS IN JOINT VENTURES AND ASSETS HELD FOR SALE continued
c) ANALYSIS OF PROFITS AND LOSSES
The Group’s share of the results of its joint ventures within continuing operations is as follows:
Period ended
26 June
Restated
2013
2013*
CPW Europe £m £m
Headline revenue* 777 3,337
Headline EBIT** 12 129
Net interest expense (2) (9)
Taxation on Headline results (5) (25)
Headline profit after taxation 595
Group share of Headline profit after taxation 348
Group share of French operations (in process of closure) (post-tax) (23) (45)
Group share of exceptional items (post-tax) —(5)
Group share of loss after taxation (20) (2)
* Prior year comparatives have been restated to classify the results of the Group's operations in France as non-Headline. Revenue associated with this business
prior to the CPW Europe Acquisition was £49m (2013: £357m). Reported revenue on a statutory basis is £826m (2013: £3,694m).
** Headline EBIT 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 £3m for the period ended 26 June 2013 (year ended 31 March 2013: £9m) and is treated as interest income in the joint venture's statutory results.
The Group's share of the results of its joint ventures within discontinued operations is analysed as follows:
2014 2013
Virgin Mobile France £m £m
Revenue* 346 385
Headline EBIT 312
Net interest expense (1) (1)
Taxation on Headline results (1) (4)
Headline profit after taxation 17
Group share of Headline profit after taxation —3
Group share of amortisation of acquisition intangibles (post-tax) —(1)
Group share of profit after taxation —2
* 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 £48m in the year ended 29 March 2014 (2013: £74m), are netted off against acquisition
costs within Headline EBIT. Reported revenue on a statutory basis for the year ended 29 March 2014 is £394m (2013: £459m).
d) ANALYSIS OF ASSETS AND LIABILITIES
The Group’s share of the assets and liabilities of CPW Europe is as follows:
2014 2013
£m £m
Non-current assets —548
Cash and overdrafts (net) —124
Other borrowings —(3)
Other assets and liabilities (net) —172
Net assets —841
Group share of net assets —421