Vodafone Group Plc is a large UK-based telecommunications company that reports using IFRS. Its revenues in fiscal 2011 were more than £45 billion (where £ is the British pound). The company’s statement of cash flows for fiscal 2011 contained the following items (British pounds in millions):

Purchase of interests in subsidiaries and joint ventures,

net of cash acquired ...............£ (402)

Proceeds from issue of long-term borrowings ...... 4,861

Purchase of intangible assets ............ (4,290)

Purchase of property, plant, and equipment ...... (4,350)

Increase in trade and other receivables ........ (387)

Purchase of investments ............... (318)

Disposal of property, plant, and equipment ...... 51

Depreciation and amortization ........... 7,876

Disposal of investments ............... 4,467

Repayment of borrowings .............. (4,064)

Dividends received from associates ......... 1,424

Dividends received from investments ........ 85

Interest received ................. 1,659

Taxation on investing activities ............ (208)

Profit for the financial year ............. 7,870

1. Prepare the section “Cash flows from investing activities” for Vodaphone for the 2011 fiscal year. Vodaphone includes interest and dividends received and the related taxes as investing activities. All items from the investing activities section are included in the preceding list, along with some items from other sections of the statement of cash flows.

2. Prepare the section “Cash flows from investing activities” for Vodaphone for the 2011 fiscal year using U.S. GAAP.