Notes to the consolidated
financial statements

12. Principal subsidiaries

At 31 March 2010 the Company had the following principal subsidiaries carrying on businesses which affect the profits and assets of the Group. Unless otherwise stated the Company’s principal subsidiaries all have share capital consisting solely of ordinary shares and are indirectly held. The country of incorporation or registration of all subsidiaries is also their principal place of operation. All subsidiaries are directly or indirectly owned by the Company except for Vodafone Qatar Q.S.C.(1)

Name Principal activity Country of incorporation
or registration
Gateway Group (Pty) Limited Holding company South Africa 65.3
Ghana Telecommunications Company Limited Network operator Ghana 70.0
VM, SA(3) Network operator Mozambique 55.5
Vodacom Congo (RDC) s.p.r.l. Network operator The Democratic Republic of Congo 33.3
Vodacom Group Limited(4)(5) Network operator South Africa 65.3
Vodacom Lesotho (Pty) Limited Network operator Lesotho 57.7
Vodacom Tanzania Limited Network operator Tanzania 42.4
Vodafone Albania Sh.A. Network operator Albania 99.9
Vodafone Americas Inc.(6) Holding company USA 100.0
Vodafone Czech Republic a.s. Network operator Czech Republic 100.0
Vodafone D2 GmbH Network operator Germany 100.0
Vodafone Egypt Telecommunications S.A.E. Network operator Egypt 54.9
Vodafone España S.A.U. Network operator Spain 100.0
Vodafone Essar Limited(7) Network operator India 57.6
Vodafone Europe B.V. Holding company Netherlands 100.0
Vodafone Group Services Limited(8) Global products and services provider England 100.0
Vodafone Holding GmbH Holding company Germany 100.0
Vodafone Holdings Europe S.L.U. Holding company Spain 100.0
Vodafone Hungary Mobile Telecommunications Company Limited 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 Network operator Ireland 100.0
Vodafone Libertel B.V. Network operator Netherlands 100.0
Vodafone Limited Network operator England 100.0
Vodafone Malta Limited Network operator Malta 100.0
Vodafone Marketing S.a.r.l. Provider of partner market services Luxembourg 100.0
Vodafone New Zealand Limited Network operator New Zealand 100.0
Vodafone-Panafon Hellenic Telecommunications Company S.A. Network operator Greece 99.9
Vodafone Portugal-Comunicações Pessoais, S.A.(9) Network operator Portugal 100.0
Vodafone Qatar Q.S.C.(1) Network operator Qatar 23.0
Vodafone Romania S.A. Network operator Romania 100.0
Vodafone Telekomunikasyon A.S. Network operator Turkey 100.0
The Group has rights that enable it to control the strategic and operating decisions of Vodafone Qatar Q.S.C.
Effective ownership percentages of Vodafone Group Plc at 31 March 2010 rounded to nearest tenth of one percent.
The share capital of VM, SA consists of 1,380,000,000 ordinary shares and 9,158,334,043 preference shares.
Vodacom Group Limited was converted to a public company on 18 May 2009 and, accordingly, changed its name from Vodacom Group (Pty) Limited.
At 31 March 2010 the Group owned 65.0% of the issued share capital of Vodacom Group Limited (‘Vodacom’) with the 65.3% ownership interest in the outstanding shares in Vodacom resulting from the acquisition of treasury shares by Vodacom.
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.
The Group’s aggregate direct and indirect equity interest in Vodafone Essar Limited was 57.59% at 31 March 2010. The Group has call options to acquire shareholdings in three companies which indirectly own further 9.39% interests in Vodafone Essar Limited. The shareholders of these companies also have put options which, if exercised, would require Vodafone to purchase the remaining shares 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 have a direct and indirect interest of 66.98% of Vodafone Essar Limited.
Share capital consists of 600 ordinary shares and one deferred share, of which 100% of the shares are held directly by Vodafone Group Plc.
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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