Carphone Warehouse 2005 Annual Report Download - page 52

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The Carphone Warehouse Group PLC Annual Report 2005
Notes to the Financial Statements continued
15Fixed asset investments continued
Net cash outflows in respect of these acquisitions comprised:
Telequip Ecocall Cable Direct Voice Connect
Limited Limited Limited Limited
£’000 £’000 £’000 £’000
Gross cash consideration 5,747 9,846 4,688 1,887
Cash acquired (2,130) (85) (1,476) (953)
3,617 9,761 3,212 934
In April 2004, the Group purchased the trade and assets of the network services business of STL Networks Limited, a fixed line telecommunications provider
registered in England and Wales. Under the terms of the agreement, a net cash consideration of £3.6m was paid, giving rise to goodwill of £3.6m.
During the year, the Group paid a total of £16.2m in deferred consideration in respect of Opal Telecom plc (£13.0m), J Sainsbury PLC (£1.5m), and E2Save.com
Limited (£1.7m). This consideration relates to acquisitions from previous years, and was provided for in full in the year of acquisition.
The Group made a number of other acquisitions during the period for a net cash consideration of £1.9m and provided for contingent deferred consideration of up to
£0.7m payable over the next two years. These acquisitions resulted in goodwill of £1.7m.
In addition, further goodwill of £3.3m arose during the period from adjustments to fair value and deferred consideration on previous acquisitions.
16 Stock
Group
2005 2004
£’000 £’000
Finished goods and goods for resale 95,185 78,298
There is no material difference between the balance sheet value of stock and its replacement cost.
17Debtors
Group Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Amounts falling due within one year:
Trade debtors 317,261 224,949 ––
Amounts owed by Group undertakings ––620,668 509,811
Other debtors 26,659 18,746 ––
Prepayments and accrued income 28,962 23,806 627 656
372,882 267,501 621,295 510,467
Amounts falling due after more than one year:
Amounts owed by Group undertakings ––21,152 17,805
Other debtors 4,508 3,943 ––
377,390 271,444 642,447 528,272
Included within Group other debtors falling due within one year are subscriber acquisition costs of £14.4m (2004 – £9.6m). Included within Group other debtors falling
due after more than one year are subscriber acquisition costs of £4.5m (2004 – £3.9m).
18 Short-term investments
Group
2005 2004
£’000 £’000
Short-term investments 60,468 10,805
Short-term investments include listed investments, principally bonds, with a cost of £40.4m (2004 – £8.5m). The market value of these investments at 2 April 2005
is £40.4m (2004 – £9.6m).
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