Barclays 2009 Annual Report Download - page 256

254 Barclays PLC Annual Report 2009 www.barclays.com/annualreport09
Notes to the accounts
For the year ended 31st December 2009
continued
40 Acquisition of subsidiaries continued
b) Other acquisitions
Other acquisitions made by the Group during the year included 100% of PT Bank Akita on 1st February 2009 and 100% of the Portuguese credit card
business of Citibank International PLC on 1st December 2009.
The Group increased its share in Abseq Properties (Pty) Ltd (previously accounted for as an associate) to 85% on 30th January 2009.
On 6th April 2009, the Group acquired 100% of Care Principles as part of a debt restructuring transaction.
None of these acquisitions were individually material.
Details of the net assets acquired and the consideration paid are set out in aggregate below. The results of their operations have been included from the
dates acquired and contributed a loss of £17m to the consolidated profit before tax.
Carrying
value pre- Fair value Other Fair
acquisition adjustments adjustments values
£m £m £m £m
Assets
Loans and advances to customers 598 (9) – 589
Investments in associates and joint ventures 3 – – 3
Intangible assets –751691
Property, plant and equipment 201 5 – 206
Other assets 38 – – 38
Total assets 840 71 16 927
Liabilities
Deposits from banks (806) 45 117 (644)
Customer accounts (48) – – (48)
Derivative financial instruments – (32) 19 (13)
Deferred tax liabilities (14) (26) – (40)
Other liabilities (111) 18 (2) (95)
Total liabilities (979) 5 134 (840)
Net assets acquired (139) 76 150 87
Group share of net assets acquired 66
Acquisition cost
Cash Paid 24
Deferred consideration 19
Attributable costs 4
Total consideration 47
Goodwill 7
Gain on acquisition 26
Cash outflows in respect of acquisitions
The aggregate net outflow of cash from the acquisition of the above Group entities was £28m, representing cash consideration and attributable costs.
Prior year acquisitions
The initial accounting for the 2008 acquisition of the North American businesses of Lehman Brothers was completed on 22nd September 2009. There were
no revisions to the initial accounting disclosed in the 2008 financial statements. Approximately £2.3bn of the assets acquired as part of the acquisition had
not been received by 31st December 2009, approximately £1.8bn of which were recognised as part of the accounting for the acquisition and are included in
the balance sheet as at 31st December 2009. Ongoing legal proceedings related to the acquisition, including in respect of assets not yet received, are
discussed in Note 35.
In addition, in 2008 the Group acquired Macquarie Bank Limited’s residential mortgage businesses, Goldfish credit card UK businesses and 100% of the
ordinary shares of Expobank.
In 2007, the Group acquired 100% of the ordinary shares of each of Indexchange Investment AG, Equifirst Corporation and Walbrook Group Limited.