Carphone Warehouse 2007 Annual Report Download - page 60

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Notes to the Financial Statements continued
14 Non-current asset investments continued
iii) Other acquisitions
The Group made a number of other acquisitions during the period for a gross cash consideration of £13.4m. These acquisitions resulted in goodwill of £8.3m.
In addition, goodwill was reduced by £8.9m as a result of adjustments to contingent deferred consideration and by a net £2.4m due to the finalisation of provisional
fair value adjustments in both Onetel and Tele2 UK, principally in respect of unrecorded liabilities.
Deferred consideration of £7.5m was paid during the period in respect of acquisitions made in previous periods. This was offset by a reimbursement of contingent
consideration of £18.0m in relation to Onetel, which was acquired in December 2005.
The following summary shows the net cash outflow on acquisitions during the period:
Gross cash Overdrafts (cash)
consideration acquired Net cash outflow
£’000 £’000 £’000
AOL UK internet access business 251,542 (181) 251,361
Alto Hiway 5,393 (1,456) 3,937
Adjustments to contingent consideration on acquisitions in previous periods (10,515) – (10,515)
Other 13,363 123 13,486
259,783 (1,514) 258,269
Combined pro-forma revenue and profit before taxation for the Group, assuming all acquisitions had been made on 2 April 2006, are £4,318.4m and £58.0m.
15 Interests in joint ventures
£’000
At 1 April 2006 –
Additions 11,290
Share of results for the period (9,854)
At 31 March 2007 1,436
Additions to joint ventures reflects a cash contribution of £8.3m and a non-cash contribution of £3.0m relating to the transfer of the trade and assets of Omer
Telecom SAS, a former subsidiary of the Group, into the Virgin Mobile France joint venture.
Interests in joint ventures are as follows:
Business Interest Principal activities
Best Buy Mobile US 50.0% Retail
Geek Squad UK 50.0% Home technology support services
Virgin Mobile France 48.5% MVNO
The Group’s share of the results, assets and liabilities of Virgin Mobile France for the period are:
£’000
Share of turnover 22,529
Share of loss before tax (12,082)
Share of taxation 3,625
Share of loss after tax (8,457)
Share of assets
Share of non-current assets 904
Share of current assets 26,246
27,150
Share of liabilities
Share of current liabilities (29,002)
Share of non-current liabilities (6,605)
(35,607)
Share of net liabilities (8,457)
The Carphone Warehouse Group PLC Annual Report 2007
56