Experian 2010 Annual Report Download - page 148

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Experian Annual Report 2010 Financial statements146
Notes to the Group nancial statements (continued)
36. Acquisitions and disposals
(a) Acquisitions for the year ended 31 March 2010
The Group made several acquisitions during the year, none of which is considered to be individually material.
In aggregate, the acquired businesses contributed revenues of US$12m to the Group for the periods from their respective
acquisition dates to 31 March 2010. The acquired businesses contributed aggregate prot after tax of US$1m to the Group for the
periods from their respective acquisition dates to 31 March 2010. If these acquisitions had been completed on 1 April 2009, further
revenues of US$29m would have been reported. It has been impracticable to estimate the impact on Group prot after tax had
the acquired entities been owned from 1 April 2009, as their accounting policies and period end dates did not accord with those of
the Group prior to their acquisition.
Details of the net assets acquired at provisional fair values are as follows:
Book value
US$m
Fair value
US$m
Intangible assets 1 22
Property, plant and equipment 2 2
Trade and other receivables 9 9
Cash and cash equivalents 9 9
Trade and other payables (8) (8)
Deferred tax liabilities - (5)
13 29
Goodwill 16
45
Satised by:
Cash 40
Acquisition expenses 1
Recognition of minority interest 4
45
The book values above are the carrying amounts of each class of asset and liability, determined in accordance with IFRS,
immediately before the acquisition.
The fair values set out above contain certain provisional amounts which will be nalised no later than one year after the date of
acquisition. Provisional amounts have been included at 31 March 2010 as a consequence of the timing of the acquisitions. Fair
value adjustments in respect of acquisitions made during the year resulted in an increase in book value of US$16m and arose
principally in respect of acquisition intangibles. Goodwill represents the synergies, assembled workforce and future growth
potential of the businesses acquired.
There have been no material gains, losses, error corrections or other adjustments recognised in the year ended 31 March 2010
that relate to acquisitions that were effected in the current or previous years. Contingent consideration settled during the year
on acquisitions made in previous years was US$9m.
(b) Disposals
During the year ended 31 March 2010, there was a loss of US$24m on the disposal of a number of the Group’s smaller businesses
including the National Business Database in North America with a related cash inow of US$6m. Costs and cash outows
during the year ended 31 March 2010 in respect of the earlier disposal of the transaction processing activities in France are
detailed in note 13.