Vodafone 2002 Annual Report Download - page 125

Notes to the Consolidated Financial Statements Vodafone Group Plc 123Annual Report & Accounts and Form 20-F
35. Subsequent events
On 2 April 2002, the Company announced that it had acquired a further 2.2% stake in Airtel, for the euro equivalent of £0.4 billion, following the exercise of a
put option held by Torreal, S.A. This increased the Group’s equity interest in Airtel from 91.6% to 93.8%.
On 22 April 2002, the Company announced that its subsidiary, Vodafone Deutschland GmbH, intends to buy-out the outstanding minority shareholders in
Vodafone AG. The Group already owns more than 99.6% of Vodafone AG and the cost of this transaction is expected to be approximately 1430m.
The buy-out requires the approval of Vodafone AG’s shareholders and entry into the Commercial Register before it becomes legally effective, which is
expected to be on or around 11 July 2002.
On 2 May 2002, Vivendi Telecom International notified the Group that, pursuant to a put option agreement, the Group is required to purchase 8,400,000
shares in Vodafone Egypt. As a result of this transaction, the Group’s interest in Vodafone Egypt will increase from 60% to 67%.
On 3 May 2002, the Group completed the purchase of the 4.5% minority interest in Vodafone Pacific, as a result of which Vodafone Pacific became a wholly
owned subsidiary undertaking.
On 16 May 2002, the Group announced that it has reached agreement to subscribe $750m for new shares in China Mobile increasing the Group’s effective
interest in China Mobile to approximately 3.27%. Also, China Mobile has announced its intention to commence the payment of dividends starting in the
financial year ended 31 December 2002. The transaction is expected to complete in June 2002.
36. Principal subsidiary undertakings, joint ventures, associated undertakings and investments
Principal subsidiary undertakings
The Company had, at 31 March 2002, the following subsidiary undertakings carrying on businesses which principally affect the profits and assets of the Group.
They all have the same year end date as the Company and have been included in the Group consolidation.
Unless otherwise stated the Company’s principal subsidiary undertakings all have share capital consisting solely of ordinary shares and are indirectly held.
The country of incorporation or registration of all subsidiary undertakings is also their principal place of operation.
Country of
incorporation Percentage (1)
Name Activity or registration shareholdings
Airtel Móvil, S.A.(2) Cellular network operator Spain 91.6
Arcor AG & Co KG Fixed line operator Germany 73.6
Europolitan Holdings AB Holding company for cellular network operator Sweden 71.1
J-Phone Co., Limited Cellular network operator Japan 69.7
Japan Telecom Co., Limited Holding and telecommunications company Japan 66.7
Omnitel Pronto Italia S.p.A. Cellular network operator Italy 76.6
Vodafone AG Holding company Germany 99.6
Vodafone Americas Inc.(3) Holding company USA 100.0
Vodafone D2 GmbH Cellular network operator Germany 99.7
Vodafone Deutschland GmbH Holding company Germany 100.0
Vodafone Egypt Telecommunications Company SAE Cellular network operator Egypt 60.0
Vodafone Europe B.V. Holding company Netherlands 100.0
Vodafone Finance Limited (4) Financial trading company England 100.0
Vodafone Information Systems GmbH Billing, IT and B2B solutions Germany 99.6
Vodafone International B.V. Holding company Netherlands 100.0