Carphone Warehouse 2009 Annual Report Download - page 60

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56 The Carphone Warehouse Group PLC Annual Report 2009
Notes to the Financial Statements – continued
4 Exceptional items – continued
a) Net gain on disposal and indirect costs of the transaction
On 30 June 2008, the Group completed the disposal of 50% of its retail and distribution business to Best Buy Co., Inc.
(“Best Buy”).
The net assets of the business at the date of disposal were as follows:
£m
Goodwill 383
Other intangible assets 128
Property, plant and equipment 182
Stock 272
Trade and other receivables 745
Cash 104
Other 15
Total assets 1,829
Trade and other payables (717)
Taxation (45)
Loans and other borrowings (216)
Provisions (68)
Total liabilities (1,046)
Net assets 783
Net assets disposed of (50%) 391
The gain on disposal was as follows:
£m
Cash consideration, net of costs 1,041
Net assets disposed of (391)
Liabilities retained (14)
Cumulative reserves recycled on disposal 12
Gain on disposal 648
Taxation (40)
Net gain on disposal after taxation 608
Cash ows associated with the disposal were as follows:
£m
Cash consideration, net of costs 1,041
Cash disposed of (104)
937
Other costs arising indirectly from the transaction principally comprise £3m in relation to the accelerated vesting of a retail share
option scheme that was of no value to option-holders, and £3m arising on the write-down of unamortised bank facility fees.