Experian 2012 Annual Report Download - page 115
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113
Governance Financial statementsBusiness reviewBusiness overview
13. Exceptional items and total adjustments made to derive Benchmark PBT – continuing operations (continued)
(b) Total adjustments made to derive Benchmark PBT
2012
US$m
20 11
(Re-presented)
(Note 3)
US$m
Amortisation of acquisition intangibles 122 99
Acquisition expenses 9 8
Adjustment to the fair value of contingent consideration (3) -
Charges in respect of the demerger-related equity incentive plans 5 13
Financing fair value remeasurements (note 14(c)) 318 142
Total adjustments made to derive Benchmark PBT 451 262
Adjustments by income statement caption:
Labour costs 5 13
Depreciation and amortisation 122 99
Other operating charges 6 8
Finance expense 318 142
Total adjustments made to derive Benchmark PBT 451 262
On acquisition, specific intangible assets are identified and recognised separately from goodwill and then amortised over their useful economic
lives. These include items such as brand names and customer lists, to which value is first attributed at the time of acquisition. The Group has
excluded amortisation of these acquisition intangibles from its definition of Benchmark PBT because such a charge is based on judgments
about their value and economic life.
IFRS 3 requires that acquisition expenses are charged to the Group income statement. The Group has excluded such costs from its definition of
Benchmark PBT as, by their very nature, they bear no relation to the underlying performance of the Group or to the performance of the acquired
businesses. These costs are recognised within other operating charges. Adjustments to contingent consideration are similarly excluded from
the definition of Benchmark PBT.
Charges in respect of demerger-related equity incentive plans relate to one-off grants made to senior management and at all staff levels at
the time of the demerger, under a number of equity incentive plans. The cost of these one-off grants has been charged to the Group income
statement over the five years from demerger in October 2006, but excluded from the definition of Benchmark PBT. The cost of all other grants is
charged to the Group income statement and included in the definition of Benchmark PBT.
An element of the Group’s derivatives is ineligible for hedge accounting under IFRS. Gains or losses on these derivatives arising from
market movements, together with gains and losses on put options in respect of acquisitions, are credited or charged to financing fair value
remeasurements within finance expense in the Group income statement.