Ryanair 2004 Annual Report Download - page 34

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1 INTANGIBLE FIXED ASSETS - GOODWILL
1 (a) Intangible fixed assets:
Purchased
GROUP Goodwill
000
Cost
At beginning of year -
Acquisitions in year 46,841
At end of year 46,841
Amortisation
At beginning of year -
Amortisiationin year 2,342
At end of year 2,342
Net book value
At March 31, 2004 44,499
At March 31, 2003 -
1 (b) Acquisition of subsidiary undertakings:
On April 10, 2003 the group acquired certain assets of KLM UK Limited from KLM Royal Dutch Airlines (known as the “Buzz”
acquisition). This has been accounted for usingtheacquisition method of accounting. Theassets acquiredand considerationpaid
were as follows:
Book value Fair Fair value
atdate of value atdate of
acquisition adjustments acquisition
000 000 000
Provision foronerouslease contracts - (26,046) (26,046)
Goodwill arisingonacquisition 46,841
Purchase consideration 20,795
Satisfied by :
Cash consideration 20,795
Total cost of acquisition 20,795
In addition, inthe period to March 31, 2004 Ryanairhad paid 11.9m in respect of the onerouslease provision set outabove.
Notes - forming part of the consolidated financial statements
34
A N N U A L R E P O RT & F I N A N C I A L S T A T E M E N T S 2 0 0 4