Notes to the consolidated
financial statements
31. Related party transactions
The Group’s related parties are its joint ventures (see note 13), associates (see note 14), pension schemes, directors and Executive Committee members. Group contributions to pension schemes are disclosed in note 23. Compensation paid to the Company’s Board and members of the Executive Committee is disclosed in note 30.
Transactions with joint ventures and associates
Related party transactions with the Group’s joint ventures and associates primarily comprise fees for the use of products and services including network airtime and access charges, and cash pooling arrangements.
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 except as disclosed below. Transactions between the Company and its joint ventures are not material to the extent that they have not been eliminated through proportionate consolidation or disclosed below.
| 2010 £m | 2009 £m | 2008 £m |
|
|---|---|---|---|
| Sales of goods and services to associates | 281 | 205 | 165 |
| Purchase of goods and services from associates | 159 | 223 | 212 |
| Purchase of goods and services from joint ventures | 194 | 57 | 13 |
| Net interest (receivable from)/payable to joint ventures(1) | (44) | (18) | 27 |
| Trade balances owed: | |||
| by associates | 24 | 50 | 21 |
| to associates | 17 | 18 | 22 |
| by joint ventures | 27 | 10 | 16 |
| to joint ventures | 40 | 33 | 39 |
| Other balances owed by joint ventures(1) | 751 | 311 | 127 |
- Note:
-
- (1)
- Amounts arise primarily through Vodafone Italy, Vodafone Hutchison Australia and Indus Towers and represent amounts not eliminated on consolidation. Interest is paid in line with market rates.
Amounts owed by and owed to associates are disclosed within notes 17 and 25. Dividends received from associates are disclosed in the consolidated statement of cash flows.
Transactions with directors other than compensation
During the three years ended 31 March 2010, and as of 17 May 2010, 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 2010, and as of 17 May 2010, 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.
© Copyright Vodafone 2010
