254/264 Notes to the 2017 consolidated financial statements 25. Group information The Company’s principal subsidiaries as at December 31, 2017 are as follows: Name Principal activities Proportion of voting rights and shares held (directly or indirectly) Country of incorporation Spotify AB Main operating company 100 % Sweden Spotify USA Inc. USA operating company 100 % USA Spotify Ltd Sales, marketing, contract research and development, and customer support 100 % UK Spotify Norway AS Sales and marketing 100 % Norway Spotify Spain S.L. Sales and marketing 100 % Spain Spotify GmbH Sales and marketing 100 % Germany Spotify France SAS Sales and marketing 100 % France Spotify Sweden AB Sales and marketing 100 % Sweden Spotify Netherlands B.V. Sales and marketing 100 % Netherlands Spotify Canada Inc. Sales and marketing 100 % Canada Spotify Australia Pty Ltd Sales and marketing 100 % Australia Spotify Brasil Serviços De Música LTDA Sales and marketing 100 % Brazil Spotify Japan K.K Sales and marketing 100 % Japan Spotify Singapore Pte Ltd. Marketing 100 % Singapore There are no restrictions on the net assets of the Group companies. Information about associates and joint ventures The Group holds an equity interest in Soundtrack Your Brand Sweden AB of 17.5%, this interest was diluted in February 2017 from 26.5% resulting from a financing round in which the Group did not participate. The total assets and net assets of Soundtrack Your Brand Sweden AB are not material to the Group. The Group co­founded a joint arrangement, Symposium Stockholm AB (Symposium), in 2015. In December 2016, the Group divested its interest in Symposium to its joint arrangement partner. This did not have a material impact on the Group’s consolidated financial statements. 26. Events after the reporting period In January 2018, the Group entered into an exchange agreement with holders of the remaining balance of its Convertible Notes, pursuant to which the Group exchanged the remaining US$628 million of Convertible Notes, plus accrued interest of US$16 million, for an aggregate of 9,431,960 ordinary shares. Pursuant to this exchange agreement, subject to certain conditions, if the Company fails to list its ordinary shares on or prior to July 2, 2018, the Group has agreed to offer to each noteholder the option to unwind the transaction such that the Group purchases back the shares that were issued to such noteholder pursuant to the exchange and will issue such noteholder a new note that is materially identical to its note prior to the exchange. On February 28, 2018, the Board of Directors of the Company approved a 40­to­one share split of the Company’s ordinary shares which will become effective upon approval by the Company’s shareholders. All share and per share information included in the accompanying financial statements has been adjusted to reflect this share split. F­61