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Notes to the Consolidated Financial Statements

Notes 11-15

12. Principal subsidiary undertakings

At 31 March 2008, the Company had the following principal subsidiary undertakings carrying on businesses which affect the profits and assets of the Group. 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.

Name Principal activity Country of incorporation or registration Percentage(1) shareholdings
Arcor AG & Co. KG(2) Fixed line operator Germany 73.7
Vodafone Albania Sh.A. Mobile network operator Albania 99.9
Vodafone Americas Inc.(3) Holding company USA 100.0
Vodafone Czech Republic a.s. Mobile network operator Czech Republic 100.0
Vodafone D2 GmbH Mobile network operator Germany 100.0
Vodafone Egypt Telecommunications S.A.E. Mobile network operator Egypt 54.9
Vodafone España S.A. Mobile network operator Spain 100.0
Vodafone Essar Limited(4) Mobile network operator India 51.6
Vodafone Europe B.V. Holding company Netherlands 100.0
Vodafone Group Services Limited(5) Global products and services provider England 100.0
Vodafone Holding GmbH Holding company Germany 100.0
Vodafone Holdings Europe S.L. Holding company Spain 100.0
Vodafone Hungary Mobile Telecommunications Limited Mobile network operator Hungary 100.0
Vodafone International Holdings B.V. Holding company Netherlands 100.0
Vodafone Investments Luxembourg S.a.r.l. Holding company Luxembourg 100.0
Vodafone Ireland Limited Mobile network operator Ireland 100.0
Vodafone Libertel B.V. Mobile network operator Netherlands 100.0
Vodafone Limited Mobile network operator England 100.0
Vodafone Malta Limited Mobile network operator Malta 100.0
Vodafone Marketing S.a.r.l. Provider of partner network services Luxembourg 100.0
Vodafone Network Pty Limited Mobile network operator Australia 100.0
Vodafone New Zealand Limited Mobile network operator New Zealand 100.0
Vodafone-Panafon Hellenic Telecommunications Company S.A. Mobile network operator Greece 99.9
Vodafone Portugal-Comunicações Pessoais, S.A.(6) Mobile network operator Portugal 100.0
Vodafone Romania S.A. Mobile network operator Romania 100.0
Vodafone Telekomunikasyon A.S. Mobile network operator Turkey 100.0
Notes:
(1) Rounded to nearest tenth of one percent.
(2) Arcor AG & Co. KG is a partnership and, accordingly, its share capital is comprised solely of partners’ capital rather than share capital.
(3) Share capital consists of 395,834,251 ordinary shares and 1.65 million class D and E redeemable preference shares, of which 100% of the ordinary shares are held by the Group.
(4) The Group owns 100% of CGP Investments (Holdings) Limited (“CGP”), which owns a 51.58% indirect shareholding in Vodafone Essar Limited. As part of its acquisition of CGP, Vodafone acquired a less than 50% equity interest in Telecom Investments India Private Limited (“TII”) and in Omega Telecom Holdings Private Limited (“Omega”), which in turn have a 19.54% and 5.11% indirect shareholding in Vodafone Essar Limited. The Group was granted call options to acquire 100% of the shares in two companies which together indirectly own the remaining share of TII and an option to acquire 100% of the shares in a third company, which owns the remaining shares in Omega. The Group also granted a put option to each of the shareholders of these companies, which if exercised, would require Vodafone to purchase 100% of the equity in the respective company. If these options were exercised, which can only be done in accordance with Indian law prevailing at the time of exercise, the Group would own 66.98% of Vodafone Essar Limited.
(5) The entire issued share capital of Vodafone Group Services Limited is held directly by Vodafone Group Plc.
(6) 38.6% of the issued share capital of Vodafone Portugal-Comunicações Pessoais, S.A. is held directly by Vodafone Group Plc.
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