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100 Experian Annual Report 2008
17. Property, plant and equipment (continued)
Leasehold properties
Assets
Freehold Long Short Plant and in course of
properties leasehold leasehold equipment construction To t a l
US$m US$m US$m US$m US$m US$m
Cost
At 1 April 2006 397 13 684 2,159 54 3,307
Differences on exchange 34 1 51 175 4 265
Additions through business combinations 3 – – 1 – 4
Other additions 13 3 32 181 – 229
Transfers between assets – – 22 – (22) –
Demerger of Home Retail Group (160) (17) (666) (1,907) (36) (2,786)
Disposals – – (8) (46) – (54)
At 31 March 2007 287 – 115 563 – 965
Depreciation
At 1 April 2006 60 4 318 1,255 – 1,637
Differences on exchange 3 – 29 100 – 132
Charge for the year 8 1 26 178 – 213
Demerger of Home Retail Group (16) (5) (347) (1,119) – (1,487)
Disposals – – (7) (42) – (49)
At 31 March 2007 55 – 19 372 – 446
Net Book Value at 31 March 2006 337 9 366 904 54 1,670
Net Book Value at 31 March 2007 232 – 96 191 – 519
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$18m (2007: US$nil).
18. Investments in associates
2008 2007
US$m US$m
Cost
At 1 April 286 225
Additions 5 33
Share of profit after tax including a pre-tax exceptional gain of US$3m (2007: US$15m) (note 9) 50 67
Dividends received (36) (39)
Acquisitions of controlling stake in associate (10) –
At 31 March 295 286
Investments in associates at 31 March 2008 include goodwill of US$228m (2007: US$219m). The Group’s share of cumulative
retained profits of associated undertakings at 31 March 2008 is US$141m (2007: US$127m).
The Group’s principal interest in associated undertakings is a 20% holding of FARES. There are no other material interests
in associated undertakings. At 31 March 2008, the Group’s share of the assets of FARES amounted to US$497m (2007:
US$477m), and its share of liabilities is US$202m (2007: US$200m). The Group’s share of revenue for the year ended 31 March
2008 is US$249m (2007: US$249m), and its share of profit after tax US$50m (2007: US$67m).
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 Corporation 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.
Notes to the Group financial statements continued