Notes to the consolidated annual financial statements l Note 29

29. Interest in subsidiaries

Information disclosed below are for subsidiaries of the Group that have material non-controlling interests.
29.1 Vodacom Tanzania Limited (‘VTL’)

The Group holds a 82.2%1 interest in VTL which operates and is incorporated in Tanzania. There are no restrictions on VTL’s ability to access or use assets, and settle liabilities of the Group.
  Rm  2016     2015    
   Statement of financial position             
   Non-current assets  5 080     5 245    
   Current assets  4 291     3 691    
   Total assets  9 371     8 936    
   Equity attributable to owners of the parent  (3 279)    (3 050)   
   Non-controlling interests  (718)    (669)   
   Non-current liabilities  (367)    (209)   
   Current liabilities  (5 007)    (5 008)   
   Total equity and liabilities  (9 371)    (8 936)   
   Income statement             
   Revenue  5 962     5 880    
   Net profit attributable to equity shareholders  98     329    
   Net profit attributable to non-controlling interests  21     86    
   Net profit  119     415    
   Statement of cash flows             
   Net cash flows from operating activities  2 096     1 848    
   Net cash flows utilised in investing activities  (1 577)    (1 287)   
   Net cash flows utilised in financing activities  (355)    –    
   Net increase in cash and cash equivalents  164     561    

  Note:
Effective 29 April 2014 the Group acquired an additional 17.2% interest, increasing its shareholding to 82.2%, for a total purchase consideration of R2 576 million. This was accounted for as a transaction with non-controlling interests. 65% (2015:65%) is held directly by Vodacom Group Limited.

29.2 Vodacom Congo (RDC) SA (‘Vodacom Congo’)

The Group holds a 51% interest in Vodacom Congo which operates and is incorporated in The Democratic Republic of Congo. There are no restrictions on Vodacom Congo’s ability to access or use assets, and settle liabilities of the Group.
  Rm  2016     2015    
   Statement of financial position             
   Non-current assets  5 873     4 372    
   Current assets  1 797     1 344    
   Total assets  7 670     5 716    
   Equity attributable to owners of the parent  4 451     3 752    
   Non-controlling interests  2 228     1 557    
   Non-current liabilities  (1 151)    (972)   
   Current liabilities  (13 198)    (10 053)   
   Total equity and liabilities  (7 670)    (5 716)   
   Income statement             
   Revenue  5 919     4 321    
   Net loss attributable to equity shareholders  (121)    (380)   
   Net loss attributable to non-controlling interests  (116)    (364)   
   Net loss  (237)    (744)   
   Statement of cash flows             
   Net cash flows from operating activities  1 486     776    
   Net cash flows utilised in investing activities  (2 208)    (1 736)   
   Net cash flows from financing activities  640     782    
   Net decrease in cash and cash equivalents  (82)    (178)   

29.3 VM, SA

The Group holds a 85% interest in VM, SA which operates and is incorporated in Mozambique. There are no restrictions on VM, SA’s ability to access or use assets, and settle liabilities of the Group.
  Rm  2016     2015    
   Statement of financial position             
   Non-current assets  3 578     3 757    
   Current assets  1 530     969    
   Total assets  5 108     4 726    
   Equity attributable to owners of the parent  (2 606)    (2 837)   
   Non-controlling interests  90     49    
   Non-current liabilities  (151)    (204)   
   Current liabilities  (2 441)    (1 734)   
   Total equity and liabilities  (5 108)    (4 726)   
   Income statement             
   Revenue  3 809     3 283    
   Net profit attributable to equity shareholders  104     202    
   Net profit attributable to non-controlling interests  18     36    
   Net profit  122     238    
   Statement of cash flows             
   Net cash flows from operating activities  1 260     1 233    
   Net cash flows utilised in investing activities  (1 242)    (1 698)   
   Net cash flows from financing activities  570     431    
   Net increase/(decrease) in cash and cash equivalents  588     (34)   

29.4 Vodacom Lesotho (Pty) Limited (‘Vodacom Lesotho’)

The Group holds a 80% interest in Vodacom Lesotho which operates and is incorporated in Lesotho. There are no restrictions on Vodacom Lesotho’s ability to access or use assets, and settle liabilities of the Group.
  Rm  2016     2015    
   Statement of financial position             
   Non-current assets  694     580    
   Current assets  192     211    
   Total assets  886     791    
   Equity attributable to owners of the parent  (527)    (454)   
   Non-controlling interests1  (132)    (114)   
   Non-current liabilities  (17)    (12)   
   Current liabilities  (209)    (211)   
   Total equity and liabilities  (885)    (791)   
   Income statement             
   Revenue  1 027     849    
   Net profit attributable to equity shareholders  232     174    
   Net profit attributable to non-controlling interests  58     44    
   Net profit  290     218    
   Statement of cash flows             
   Net cash flows from operating activities  391     336    
   Net cash flows utilised in investing activities  (234)    (194)   
   Net cash flows utilised in financing activities  (199)    (99)   
   Net (decrease)/increase in cash and cash equivalents  (42)    43    

  Note:
  1. Dividend paid to non-controlling interest amounted to R40 million (2015: R20 million).