Experian 2009 Annual Report Download - page 138

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136 Experian Annual Report 2009
34. Operating lease commitments – minimum lease payments
2009 2008
(Restated)
(Note 2)
US$m US$m
Commitments under non-cancellable operating leases expiring in:
Less than one year 46 62
Between one and ve years 107 128
More than ve years 54 54
207 244
The Group leases ofces and technology under non-cancellable operating lease agreements with varying terms, escalation
clauses and renewal rights.
35. Capital commitments
2009 2008
US$m US$m
Capital expenditure for which contracts have been placed:
Property, plant and equipment 3 4
Intangible assets 19 11
22 15
36. Contingencies
In North America and Latin America, there are a number of pending and threatened litigation claims involving Experian which
are being vigorously defended. The directors do not believe that the outcome of any such pending or threatened litigation will
have a materially adverse effect on the Group’s nancial position. However, as is inherent in legal proceedings, there is a risk
of outcomes unfavourable to the Group. In the case of unfavourable outcomes the Group would benet from applicable
insurance recoveries.
37. Related parties
The ultimate parent company of the Group is Experian plc which is incorporated in Jersey. Signicant subsidiary and associate
undertakings at 31 March 2009 are shown in note Q to the nancial statements of that company.
The Group’s only material related parties are associates and key management personnel. Transactions with such parties
during the year were as follows:
(a) Associates
The Group made net sales and recharges, under normal commercial terms and conditions that would be available to third
parties, to FARES and its associate First Advantage Corporation of US$25m (2008: US$28m). Amounts receivable from
FARES are shown within note 19. These amounts outstanding are unsecured and will be settled in cash. No guarantees have
been given or received in the year in connection with the Group’s trading with these entities. No provisions have been made for
doubtful debts in respect of the amounts owed by associates.
(b) Key management personnel
Remuneration of key management personnel is disclosed in note 7. Other than remuneration, there were no material
transactions or balances between the Group and its key management personnel or members of their close families in either the
current or previous year.
Notes to the Group nancial statements continued
Financial statements