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Introduction | Business review | Governance | Financial statements
15. Property, plant and equipment (continued)
Leasehold properties Assets
Freehold Long Short Plant & in course of
properties leasehold leasehold equipment construction Total
US$m US$m US$m US$m US$m US$m
Cost
At 1 April 2005 564 3 778 2,467 62 3,874
Differences on exchange (25) – (44) (160) (5) (234)
Additions through business combinations – – – 14 – 14
Additions 55 5 91 331 23 505
Transfers between assets – 5 (16) 11 (21) (21)
Disposal of subsidiaries (193) – (118) (295) (5) (611)
Disposals (4) – (7) (209) – (220)
At 31 March 2006 397 13 684 2,159 54 3,307
Depreciation
At 1 April 2005 109 – 347 1,458 – 1,914
Differences on exchange (5) – (25) (95) – (125)
Transfers between assets – 4 (7) – – (3)
Charge for the year 13 – 34 266 – 313
Impairments ––221–23
Disposal of subsidiaries (55) – (29) (193) – (277)
Disposals (2) – (4) (202) – (208)
At 31 March 2006 60 4 318 1,255 – 1,637
Net Book Value at 31 March 2005 455 3 431 1,009 62 1,960
Net Book Value at 31 March 2006 337 9 366 904 54 1,670
The Group leases plant and equipment under a number of finance lease agreements. At the end of each of the leases the Group has the option to
purchase the equipment at a beneficial price. The net book value of assets held under finance leases and capitalised in plant and equipment is
US$nil (2006: US$7m).
16. Investments in associates 2007 2006
US$m US$m
Cost
At 1 April 225 208
Additions 33 12
Impairment of trade or other receivables –(7)
Shareof profit after tax including a pre-tax exceptional gain of US$15m (note 7) 67 66
Dividends received (39) (50)
Disposals –(4)
At 31 March 286 225
Investments in associates at 31 March 2007 include goodwill of US$219m (2006: US$186m). The Group’s share of cumulative retained profits of
associated undertakings at 31 March 2007 is US$127m (2006: US$99m).
The Group’s principal interest in associated undertakings is a 20% holding of First American Real Estate Solutions LLC (‘FARES’), a US partnership.
There are no other material interests in associated undertakings. At 31 March 2007, the Group’s share of the assets of FARES amounted to
US$477m (2006: US$374m), and its share of liabilities is US$200m (2006: US$155m). The Group’s share of revenue for the year ended 31 March
2007 is US$249m (2006: US$254m), and its share of profit after tax US$67m (2006: US$66m).
First American Corporation, which holds the balance of the capital of FARES, has the right to acquire from Experian its interest in FARES, at a
purchase price pursuant to a specified formula based on the after tax earnings of FARES. First American may only exercise this right after November
2008. Experian can elect to delay completion of the transaction for a maximum period of 24 months following First American Corporation giving
notice.
The impairment of trade or other receivables of US$7m in the year ended 31 March 2006 related to AA GUS Financial Services NV, an associated
undertaking of Home Retail Group.
Notes to the Group financial statements
for the year ended 31 March 2007
90 |Experian Annual Report2007