Vodafone 2012 Annual Report Download - page 159

Download and view the complete annual report

Please find page 159 of the 2012 Vodafone annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 176

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176

Business review Performance Governance Financials Additional information
157
Vodafone Group Plc
Annual Report 2012
The Company was incorporated under English law in 1984 as Racal
Strategic Radio Limited (registered number 1833679). After various
name changes, 20% of Racal Telecom Plc share capital was offered
tothe public in October 1988. The Company was fully demerged
fromRacal Electronics Plc and became an independent company in
September 1991, at which time it changed its name to Vodafone
GroupPlc.
Since then we have entered into various transactions which enhanced
our international presence. The most signicant of these transactions
were as follows:
a the merger with AirTouch Communications, Inc. which completed on
30 June 1999. The Company changed its name to Vodafone AirTouch
Plc in June 1999 but then reverted to its former name, Vodafone
Group Plc, on 28 July 2000;
a the acquisition of Mannesmann AG which completed on
12April 2000. Through this transaction we acquired businesses in
Germany and Italy and increased our indirect holding in SFR;
a through a series of business transactions between 1999 and 2004 we
acquired a 97.7% stake in Vodafone Japan. This was then disposed of
on 27 April 2006;
a on 8 May 2007 we acquired companies with controlling interests in
Vodafone India Limited (‘VIL’), formerly Vodafone Essar Limited, for
US$10.9 billion (£5.5 billion); and
a on 20 April 2009 we acquired an additional 15.0% stake inVodacom
for cash consideration of ZAR 20.6 billion (£1.6 billion). On18May
2009 Vodacom became a subsidiary.
Other transactions that have occurred since 31 March 2009 are
asfollows:
10 May 2009 – Qatar: Vodafone Qatar completed a public offering of
40.0% of its authorised share capital raising QAR 3.4 billion (£0.6 billion).
The shares were listed on the Qatar Exchange on 22 July 2009. Qatar
launched full services on its network on 7 July 2009.
9 June 2009 – Australia: Vodafone Australia merged with Hutchison
3GAustralia to form a 50:50 joint venture, Vodafone Hutchison Australia
Pty Limited.
10 September 2010 – China Mobile Limited: We sold our entire 3.2%
interest in China Mobile Limited for cash consideration of £4.3 billion.
30/31 March 2011 – India: The Essar Group exercised its underwritten
put option over 22.0% of VIL, following which we exercised our call
option over the remaining 11.0% of VIL owned by the Essar Group.
Thetotal consideration due under these two options is US$5 billion
(£3.1 billion).
16 June 2011 – SFR: We sold our entire 44% interest in SFR to Vivendi
for a cash consideration of €7.75 billion (£6.8 billion) and received a nal
dividend from SFR of €200 million (£176 million).
1 June/1 July 2011 – India: We acquired an additional 22% stake in
VILfrom the Essar Group for a cash consideration of US$4.2 billion
(£2.6billion) including withholding tax.
18 August 2011 – India: Piramal Healthcare Limited (‘Piramal’)
purchased 5.5% of VIL from the Essar Group for a cash consideration
ofINR 28.6 billion (£368million).
9 November 2011 – Poland: We sold our entire 24.4% interest in
Polkomtel in Poland for cash consideration of approximately
€920million (£784 million) before tax and transaction costs.
8 February 2012 – India: Piramal purchased a further 5.5% of VIL
fromthe Essar Group for acash consideration of approximately INR
30.1billion (£399 million) taking Piramal’s total shareholding in VIL to
approximately 11%.
History and development