Experian 2013 Annual Report Download - page 123
Download and view the complete annual report
Please find page 123 of the 2013 Experian annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.121
Business review Business overview Governance Financial statements
13. Exceptional items – continuing operations
2013
US$m
2012
US$m
Restructuring costs 54 –
Loss/(gain) on disposal of businesses 12 (8)
Interest income arising on legacy tax balances –(4)
Total exceptional items 66 (12)
By income statement caption:
Labour costs 41 –
Depreciation and amortisation 13 –
Other operating charges 12 (8)
Within operating profit 66 (8)
Within net finance costs –(4)
Total exceptional items 66 (12)
The Group conducted a strategic review of its cost base during the year ended 31 March 2013. Examples of efficiencies that it expects to realise
include re-engineering fixed costs, reducing exposure to lower growth markets, further near-shoring and off-shoring, and rationalisation of lower
growth legacy products. One-off restructuring costs associated with achieving these efficiencies will be in the region of US$110m, the majority
of which will be cash costs. Costs of US$54m have been recognised in the year ended 31 March 2013 in connection with this programme with a
related cash outflow of US$27m. Of this charge, US$41m related to redundancy costs and US$13m related to asset write-offs.
The loss on disposal of businesses in the year ended 31 March 2013 related to a number of small disposals. The gain on disposal of businesses
in the year ended 31 March 2012 related to a number of small disposals of businesses, principally the disposal of an investment classified as
available-for-sale at 31 March 2011. There were related cash inflows of US$5m (2012: US$12m).
Interest income of US$4m arose on the determination of certain legacy tax balances in the year ended 31 March 2012.
A reconciliation of total exceptional items to the cash outflow in respect of exceptional items, other than on the disposal of businesses, is given
in note 44(c).