full_annual_report_2014

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158 Vodafone Group Plc Annual Report 2014 Notes to the consolidated financial statements (continued) 27. Share-based payments (continued) Movements in outstanding ordinary share and ADS options ADS options Ordinary share options 2014 2013 2012 2014 2013 2012 Millions Millions Millions Millions Millions Millions 1 April – 1 1 40 84 171 Granted during the year – – – 12 7 5 Forfeited during the year – – – (1) (1) (1) Exercised during the year – (1) – (22) (41) (55) Expired during the year – – – (2) (9) (36) 31 March – – 1 27 40 84 Weighted average exercise price: 1 April US$22.16 US$15.20 US$14.82 £1.41 £1.18 £1.32 Granted during the year – – – £1.49 £1.45 £1.31 Forfeited during the year – – – £1.34 £1.64 £1.07 Exercised during the year US$29.31 US$13.88 – £1.43 £1.05 £1.37 Expired during the year – – – £1.37 £0.98 £1.56 31 March – US$22.16 US$15.20 £1.42 £1.41 £1.18 Summary of options outstanding and exercisable at 31 March 2014 Outstanding Exercisable Weighted Weighted average average Weighted remaining Weighted remaining Outstanding average contractual Exercisable average contractual shares exercise life shares exercise life Millions price Months Millions price Months Vodafone Group savings related and Sharesave Plan: £0.01–£1.00 2 £0.94 11 – – – £1.01–£2.00 21 £1.43 37 – – – 23 £1.38 34 – – – Vodafone Group 1999 Long-Term Stock Incentive Plan: £1.01–£2.00 4 £1.60 34 4 £1.60 34 Share awards Movements in non-vested shares are as follows: 2014 2013 2012 Weighted Weighted Weighted average fair average fair average fair value at value at value at Millions grant date Millions grant date Millions grant date 1 April 294 £1.27 352 £1.08 387 £1.00 Granted 84 £1.58 91 £1.49 120 £1.29 Vested (81) £1.11 (118) £0.91 (116) £1.12 Forfeited (54) £1.19 (31) £1.19 (39) £0.81 31 March 243 £1.44 294 £1.27 352 £1.08 Other information The total fair value of shares vested during the year ended 31 March 2014 was £90 million (2013: £107 million; 2012: £130 million). The compensation cost included in the consolidated income statement in respect of share options and share plans was £92 million (2013: £124 million; 2012: £133 million) which is comprised entirely of equity-settled transactions. The average share price for the year ended 31 March 2014 was 212.2 pence (2013: 173.0 pence; 2012: 169.9 pence).
Overview Strategy review Performance Governance Financials Additional information 159 28. Acquisitions and disposals We made a number of acquisitions during the year including the acquisition of a controlling interest in Kabel Deutschland Holding AG and the remaining interest in our business in Italy, Vodafone Omnitel B.V. thus obtaining control. The note below provides details of these transactions as well as those in the prior year. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity. Acquisitions The aggregate cash consideration in respect of purchases of interests in subsidiaries, net of cash acquired, is as follows: Cash consideration paid: Kabel Deutschland Holding AG (including fees of £17 million) 4,872 Other acquisitions completed during the year 6 4,878 Net cash acquired (599) 4,279 In addition, the Group acquired a 100% interest in Vodafone Omnitel B.V. as part of the disposal of the Group’s interest in Verizon Wireless for consideration of £7,121 million. The purchase consideration has been determined based on the acquisition-date fair value of the equity in Vodafone Omnitel B.V., being considered to be a more reliable method of determining fair value than estimating the attributable proportion of the fair value of the investment in Verizon Wireless. The equity value has been determined on a value in use basis using discounted estimated cash flows using the methodology and assumptions detailed in note 4 “Impairment losses”. Total goodwill acquired was £6,859 million and included £3,848 million in relation to Kabel Deutschland Holding AG, £3,007 million in relation to Vodafone Omnitel B.V. and £4 million in relation to other acquisitions completed during the year. Acquisitions and disposals (continued) £m
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