Experian 2008 Annual Report Download - page 92
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90 Experian Annual Report 2008
6. Foreign currency
The principal exchange rates used were as follows:
Average Closing
2008 2007 2008 2007 2006
Sterling to US Dollar 2.01 1.89 1.99 1.96 1.74
Brazilian Real to US Dollar 0.53 0.47 0.57 0.48 0.46
Euro to US Dollar 1.42 1.29 1.58 1.33 1.22
Assets and liabilities of undertakings whose functional currency is not the US Dollar are translated into US Dollars at
the rates of exchange ruling at the balance sheet date and the income statement is translated into US Dollars at average
rates of exchange (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on
the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions). An
indication of the sensitivity of the Group’s results to foreign exchange risk is given in note 3.
7. Expenses
2008 2007
US$m US$m
(a) Expenses by nature
Profit before tax is stated after charging:
Net operating lease rental expense 105 102
Depreciation of property, plant and equipment 102 79
Amortisation of intangible assets 320 226
Write down on disposal of property, plant and equipment and intangibles 3 10
Employee benefit costs (note 8) 1,582 1,327
Research expenditure 6 5
Amortisation of intangible assets is charged to administrative expenses, except for the
amortisation of databases which is charged to cost of sales.
(b) Fees payable to the Company’s auditor
Fees payable to the Company’s auditor for the audit of the parent company and
Group financial statements 1 1
Audit of the financial statements of the Group’s UK and overseas subsidiaries,
pursuant to legislation 3 2
Other assurance services, pursuant to legislation, including fees for the review
of the Group’s half-yearly financial report 2 2
Taxation services 6 4
Services in respect of the demerger 2 19
All other services, including regulatory and compliance services 4 2
Total fees payable to the Company’s auditor and its associates for other services 17 29
The guidelines covering the use of the Company’s auditor for non-audit services are set out in the corporate governance
statement on page 48.
Notes to the Group financial statements continued