14. Investments in associates

Notes to the consolidated
financial statements

At 31 March 2010 the Company had the following principal associates carrying on businesses which affect the profits and assets of the Group. The Company’s principal associates all have share capital consisting solely of ordinary shares, unless otherwise stated, and are all indirectly held. The country of incorporation or registration of all associates is also their principal place of operation.

Name	Principal activity	Country of incorporation or registration	Percentage⁽¹⁾ shareholdings
Cellco Partnership⁽²⁾	Network operator	USA	45.0
Société Française du Radiotéléphone S.A.	Network operator	France	44.0
Safaricom Limited⁽³⁾⁽⁴⁾	Network operator	Kenya	40.0

Notes:
(1): Rounded to nearest tenth of one percent.
(2): Cellco Partnership trades under the name Verizon Wireless.
(3): The Group also holds two non-voting shares.
(4): At 31 March 2010 the fair value of Safaricom Limited was KES89 billion (£756 million) based on the closing quoted share price on the Nairobi Stock Exchange.

The Group’s share of the aggregated financial information of equity accounted associates is set out below. The amounts for the year ended 31 March 2009 include the share of results in Safaricom from 28 May 2008, at which time its consolidation status changed from being a joint venture to an associate.

	2010 £m	2009 £m	2008 £m
Revenue	23,288	19,307	13,630
Share of result in associates	4,742	4,091	2,876
Share of discontinued operations in associates	93	57	–

	2010 £m	2009 £m
Non-current assets	47,048	50,732
Current assets	4,901	4,641
Share of total assets	51,949	55,373

Non-current liabilities	8,295	8,668
Current liabilities	6,685	11,394
Non-controlling interests	592	596
Share of total liabilities and non-controlling interests	15,572	20,658
Share of equity shareholders’ funds in associates	36,377	34,715

Annual Report for the year ended 31 March 2010

Notes to the consolidated
financial statements