Carphone Warehouse 2004 Annual Report Download - page 39

Download and view the complete annual report

Please find page 39 of the 2004 Carphone Warehouse 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.

Page out of 52

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52

15Fixed asset investments continued
b) N Tel Com GmbH
On 22 March 2004, the Group acquired 100% of the issued share capital of N Tel Com GmbH, a switchless fixed line reseller registered
in Switzerland, for a gross consideration of £13.6m.
The following table sets out the book values of the identifiable assets and liabilities acquired and their fair value to the Group:
Fair value Fair value
Book value adjustments to Group
£’000 £’000 £’000
Fixed assets
Tangible 80 – 80
Current assets
Debtors 4,637 – 4,637
Cash 164 – 164
Total assets 4,881 – 4,881
Creditors
Trade creditors (2,417) – (2,417)
Other taxes (151) – (151)
Accruals and deferred income (756) (1,312) (2,068)
Total liabilities (3,324) (1,312) (4,636)
Net assets 1,557 (1,312) 245
Goodwill 13,334
Satisfied by cash 13,579
Net cash outflows in respect of the acquisition comprised:
£’000
Gross cash consideration 13,579
Cash acquired (164)
13,415
Fair value adjustments relate to unrecorded potential liabilities.
c) Xtra Telecom SA
On 8 March 2004, the Group acquired 100% of the issued share capital of Xtra Telecom SA, a fixed line service provider registered in Spain, for an
initial gross consideration of £7.5m, with a further contingent deferred consideration expected to be up to £4.1m payable over two years.
The following table sets out the book values of the identifiable assets and liabilities acquired and their fair value to the Group:
Fair value Fair value
Book value adjustments to Group
£’000 £’000 £’000
Fixed assets
Tangible 1,272 – 1,272
Current assets
Stock 28 – 28
Debtors 2,894 – 2,894
Cash 1,138 – 1,138
Total assets 5,332 – 5,332
Creditors
Trade creditors (4,940) – (4,940)
Other taxes (122) – (122)
Accruals and deferred income (902) – (902)
Provisions –(2,174) (2,174)
Total liabilities (5,964) (2,174) (8,138)
Net liabilities (632) (2,174) (2,806)
Goodwill 14,342
11,536
Satisfied by
Cash 7,484
Deferred consideration 4,052
11,536
Net cash outflows in respect of the acquisition comprised:
£’000
Gross cash consideration 7,484
Cash acquired (1,138)
6,346
Fair value adjustments relate to unrecorded potential liabilities.
The Carphone Warehouse Group PLC Annual Report 2004
37