179 Vodafone Group Plc Annual Report 2024 179
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Vodafone Group Plc Annual Report 2024
Associates Unless otherwise stated, the Group’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all associates is also their principal place of operation. Country of Percentage Percentage incorporation or shareholding 1 shareholding 1 Name of associate Principal activity registration 2024 2023 Safaricom PLC 2 Network operator Kenya 39.9 39.9 Indus Towers Limited 3 Network infrastructure India 21.0 21.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2024, the fair value of the Group’s interest in Safaricom PLC was KES 284 billion (€1,996 million) (2023: KES 290 billion (€2,012 million)) based on the closing quoted share price on the Nairobi Stock Exchange. 3 At 31 March 2024, the fair value of the Group’s interest in Indus Towers Limited was INR 165 billion (€1,833 million) (2023: INR 81 billion (€908 million)) based on the closing quoted share price on the National Stock Exchange of India. Aggregated financial information The table below provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the consolidated income statement and consolidated statement of financial position. Investment in associates Profit/(loss) for the financial year 2024 2023 2024 2023 2022 €m €m €m €m €m Safaricom PLC 1 627 509 159 195 217 Indus Towers Limited 1,104 908 140 50 178 Other 98 84 (16) (12) 5 Total 1,829 1,501 283 233 400 Note: 1 Other comprehensive income includes profit for the financial year, together with €76 million (2023: €127 million) in respect of the application of IAS 29 to Safaricom’s operations in Ethiopia. Dividends from associates During the year ended 31 March 2024, the Group received dividends included in the consolidated statement of cash flows from Safaricom PLC of €122 million (2023: €250 million, 2022: €170 million) and from Indus Towers Limited of €nil (2023: €75 million, 2022: €nil).
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