Notes to the consolidated
financial statements

14. Investments in associates

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.


Principal activity
Country of
or registration
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
Rounded to nearest tenth of one percent.
Cellco Partnership trades under the name Verizon Wireless.
The Group also holds two non-voting shares.
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.

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
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

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