Carphone Warehouse 2016 Annual Report Download - page 122

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Notes to the Group financial statements
120
12 Interests in joint ventures
The principal interests in joint ventures are as follows:
Name Country of incorporation or registration Nature of business
30 April
2016
Interest
2 Ma
y
2015
Interest
Sprint Connect LLC United States of America Distribution 50.0% n/a
The Group’s interests in joint ventures are analysed as follows:
30 April
2016
£million
2 Ma
y
2015
£million
Opening balance — —
A
dditions 9 —
Share of results (4) —
Closing balance 5 —
The share of results recognised all relate to continuing operations. There were no items of other comprehensive income in the
period and therefore the share of results represents the Group’s share of total comprehensive income. The Group has entered
into a joint venture with Sprint Corporation to manage Sprint branded stores in the US. The Group has committed to investing up
to $32 million to fund the roll-out and operation of up to 500 stores.
13 Inventory
30 April
2016
£million
2 Ma
y
2015
£million
Finished goods and goods for resale 958 920
14 Trade and other receivables
30 April
2016
£million
2 Ma
y
2015
£million
Trade receivables 1,304 1,010
Less provision for bad and doubtful debts (20) (20)
1,284 990
Prepayments 100 124
Other receivables 115 74
A
ccrued income 22 22
Derivative financial assets 18 15
1,539 1,225
Non-current 408 318
Current 1,131 907
1,539 1,225
The majority of trade and other receivables are non-interest bearing. Non-current receivables mainly comprise commission
receivable on sales. Where the effect is material, trade and other receivables are discounted using discount rates which reflect
the relevant costs of financing. The carrying amount of trade and other receivables approximates fair value.
00_DC 2016 Annual Report.pdf 120 11/07/2016 18:34