Aviva 2009 Annual Report Download - page 156

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Aviva plc Notes to the consolidated financial statements continued
Annual Report and Accounts 2009
3 – Subsidiaries continued
(c) Listing of minority shareholding in Delta Lloyd
On 3 November 2009, Aviva plc and Delta Lloyd completed the Initial Public Offering (“IPO”) of Delta Lloyd, which commenced
trading on Euronext Amsterdam on that date. The IPO consisted of a public offering to institutional and retail investors of Delta
Lloyd’s ordinary shares, including the over-allotment option (also referred to as a “greenshoe”) taken up on 24 November 2009.
The Group has remained the majority shareholder after the IPO, retaining 58% of the ordinary share capital in Delta Lloyd. The
transaction has been treated as an equity transaction with minorities, resulting in the following transfers between reserves:
Transfers (from)/to £m
Currency translation reserve (note 34)
Owner-occupied property reserve (note 34)
Investment valuation reserve (note 34)
Retained earnings (note 35)
Minority interests (note 36)
(351)
(26)
(156)
3
1,460
Net cash proceeds 930
(d) Operations and assets classified as held for sale
Assets held for sale as at 31 December 2009 comprise:
2009 2008 2007
£m £m £m
Property and equipment held for sale (see (i) below) — 102 —
Assets of operations classified as held for sale (see (ii) below) 53 1,448 1,128
Total assets classified as held for sale 53 1,550 1,128
(i) Property and equipment held for sale
Property and equipment held for sale at 31 December 2008 related to the UK data centres which were sold during 2009.
(ii) Assets and liabilities of operations classified as held for sale
The assets and liabilities of operations classified as held for sale as at 31 December 2009 relate to RAC France and an Australian
associate, and are as follows:
2009 2008 2007
£m £m £m
Goodwill and intangible assets — 14 —
Investments and property and equipment 32 396 316
Receivables and other financial assets 20 386 554
Deferred acquisition costs and other assets — 1 —
Prepayments and accrued income 1 158 145
Tax assets — — 17
Cash and cash equivalents — 493 96
Total assets 53 1,448 1,128
Gross insurance liabilities (20) (709) (627)
Borrowings — — (12)
Payables and financial liabilities — (22) (72)
Other liabilities (13) (478) (220)
Tax liabilities and other provisions — (12) (11)
Total liabilities (33) (1,221) (942)
Net assets 20 227 186
On 2 December 2009, the Group announced that it had agreed to sell RAC France SA to its existing management team. The sale
remains subject to regulatory approval and, as a result, the assets and liabilities of the business have been classified as held for sale,
at their carrying values, in the consolidated statement of financial position as at 31 December 2009.
The operations disclosed as held for sale at 31 December 2008 comprised the Dutch health insurance business and certain UK
non-core operations, both of which were sold during 2009. Details are given in section (b) above.