Notes to the Consolidated Financial Statements
Notes 31 -37
- 31. Commitments
- 32. Contingent liabilities
- 33. Directors and key management compensation
- 34. Related party transactions
- 35. Employees
- 36. Subsequent events
- 37. New accounting standards
34. Related party transactions
The Group’s related parties are its joint ventures (see note 13), associated undertakings (see note 14), pension schemes, directors and members of the Executive Committee. Group contributions to pension schemes are disclosed in note 25. Compensation paid to the Company’s Board and members of the Executive Committee is disclosed in note 33.
Transactions with joint ventures and associated undertakings
Related party transactions can arise with the Group’s joint ventures and associates and primarily comprise fees for the use of Vodafone products and services including, network airtime and access charges, and cash pooling arrangements. Except as disclosed below, no related party transactions have been entered into during the year which might reasonably affect any decisions made by the users of these Consolidated Financial Statements.
| 2008 £m |
2007 £m |
2006 £m |
|
|---|---|---|---|
| Transactions with associated undertakings: | |||
| Sales of goods and services | 165 | 245 | 288 |
| Purchase of goods and services | 212 | 295 | 268 |
| Amounts owed by/(owed to) joint ventures(1) | 127 | (842) | (378) |
| Net interest payable to joint ventures(1) | 27 | 20 | 15 |
| Note: | |
|---|---|
| (1) | Amounts arise through Vodafone Italy being part of a Group cash pooling arrangement and represent amounts not eliminated on consolidation. Interest is paid in line with market rates. |
Amounts owed by and owed to associated undertakings are disclosed within note 17 and note 27. Dividends received from associated undertakings are disclosed in the consolidated cash flow statement.
Transactions with directors other than compensation
During the three years ended 31 March 2008, and as of 23 May 2008, neither any director nor any other executive officer, nor any associate of any director or any other executive officer, was indebted to the Company.
During the three years ended 31 March 2008, and as of 23 May 2008, the Company has not been a party to any other material transaction, or proposed transactions, in which any member of the key management personnel (including directors, any other executive officer, senior manager, any spouse or relative of any of the foregoing, or any relative of such spouse), had or was to have a direct or indirect material interest.