Notes to the consolidated annual financial statements | Note 28

28. Interest in subsidiaries
 

Information disclosed below are for subsidiaries of the Group that have material non-controlling interests.
28.1 Vodacom Tanzania Public Limited Company (VTPLC) and its subsidiaries
 

The Group holds an effective 61.6% (2017: 82.2%) interest in VTPLC (of which 48.75% (2017: 65.0%) is held directly by Vodacom Group Limited) which operates and is incorporated in Tanzania. The interest changed during the year as a result of the mandatory listing of VTPLC shares. There are no restrictions on VTPLC’s ability to access or use assets, and settle liabilities of the Group.

Rm 2018   2017  
Statement of financial position        
Non-current assets  4 181    4887   
Current assets  5 699    3786   
Total assets  9 880    8673   
Equity attributable to owners of the parent  (3 925)   (2884)  
Non-controlling interests 1  (2 433)   (627)  
Non-current liabilities  (526)   (534)  
Current liabilities  (2 996)   (4628)  
Total equity and liabilities  (9 880)   (8673)  
Income statement           
Revenue  5 677    5969   
Net profit attributable to equity shareholders  683    34   
Net profit attributable to non-controlling interests  383    7   
Net profit  1 066    41   
Statement of cash flows           
Net cashflows from operating activities  1 309    1747   
Net cash flows utilised in investing activities  (734)   (966)  
Net cashflows from/(utilised in) financing activities  1 189    (763)  
Net increase in cash and cash equivalents  1 764    18   

VTPLC has completed a mandatory listing of 25% of their authorised share capital through an initial public offering on the Dar es Salaam Stock Exchange. The listing of shares took place on 15 August 2017. Further details may be found in the directors’ report.

Note:
1. Dividend paid to non-controlling interests amounted to R67 million (2017: R19 million).

28.2 Vodacom Congo (RDC) SA (Vodacom Congo) and its subsidiaries
 

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 2018   2017  
Statement of financial position        
Non-current assets 4 346    5 300   
Current assets  2 343    2 310   
Total assets  6 689    7 610   
Equity attributable to owners of the parent  4 632    4 542   
Non-controlling interests  2 399    2 311   
Non-current liabilities  (936)   (1 062)  
Current liabilities  (12 784)   (13 401)  
Total equity and liabilities  (6 689)   (7 610)  
Income statement           
Revenue  5 554    5 726   
Net loss attributable to equity shareholders  (549)   (403)  
Net loss attributable to non-controlling interests  (528)   (388)  
Net loss  (1 077)   (791)  
Statement of cash flows         
Net cash flows from operating activities  1 238    1 894   
Net cash flows utilised in investing activities  (662)   (1 359)  
Net cash flows from/(utilised in) financing activities  8    (110)  
Net increase in cash and cash equivalents  584    425   
28.3 VM, SA and its subsidiaries
 

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 2018   2017  
Statement of financial position        
Non-current assets 2 680    2 553   
Current assets 1 587    1 064   
Total assets  4 267    3 617   
Equity attributable to owners of the parent  (2 189)   (1 753)  
Non-controlling interests  (250)   (173)  
Non-current liabilities  (195)   (125)  
Current liabilities  (1 633)   (1 566)  
Total equity and liabilities  (4 267)   (3 617)  
Income statement           
Revenue  3 740    3 059   
Net profit attributable to equity shareholders  564    108   
Net profit attributable to non-controlling interests  99    19   
Net profit  663    127   
Statement of cash flows           
Net cash flows from operating activities  1 415    968   
Net cash flows utilised in investing activities  (565)   (765)  
Net cash flows utilised in financing activities  (282)   (446)  
Net increase/(decrease) in cash and cash equivalents  568    (243)  
28.4 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 2018   2017  
Statement of financial position        
Non-current assets 847    809   
Current assets 339    284   
Total assets 1 186    1 093   
Equity attributable to owners of the parent  (660)   (596)  
Non-controlling interests 1  (165)   (149)  
Non-current liabilities  (42)   (28)  
Current liabilities  (319)   (320)  
Total equity and liabilities  (1 186)   (1 093)  
Income statement          
Revenue  1 255    1 116   
Net profit attributable to equity shareholders 285    257   
Net profit attributable to non-controlling interests  71    64   
Net profit  356    321   
Statement of cash flows        
Net cash flows from operating activities  491    503    
Net cash flows utilised in investing activities  (243)   (201)  
Net cash flows utilised in financing activities  (268)   (235)  
Net (decrease)/increase in cash and cash equivalents  (20)   67   

Note:
1. Dividend paid to non-controlling interest amounted to R55 million (2017: R47 million).

Notes to the consolidated annual financial statements | Note 28