Experian 2011 Annual Report Download - page 149
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Financial statements 147
40. Acquisitions (continued)
Details of the net assets acquired at provisional fair values are given below.
Mighty Net,
Inc
US$m
Other
acquisitions
US$m
Total
US$m
Intangible assets 80 37 117
Trade and other receivables 2 7 9
Cash and cash equivalents – 6 6
Trade and other payables (12) (17) (29)
Deferred tax liabilities – (10) (10)
70 23 93
Goodwill 138 63 201
208 86 294
Satised by:
Cash 208 69 277
Deferred consideration – 11 11
Recognition of non-controlling interest – 6 6
208 86 294
The fair values 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 2011 as a consequence of the timing and complexity of the acquisitions. Fair value adjustments in
respect of acquisitions made during the year resulted in an increase in book value of US$103m and arose principally in respect of acquisition
intangibles. At the dates of acquisition, the gross contractual amounts receivable in respect of trade and other receivables amounted to
US$9m which was expected to be collected in full. Goodwill represents the synergies, assembled workforce and future growth potential of the
businesses acquired and of the amount arising in the year some US$138m is expected to be deductible for tax purposes.
There have been no material gains, losses, error corrections or other adjustments recognised in the year ended 31 March 2011 that relate to
acquisitions in the current or previous years. Contingent consideration settled during the year on acquisitions made in previous years was
US$25m.
41. Assets and liabilities classied as held for sale
During the year ended 31 March 2010, approval was given to a number of small disposals and accordingly the assets and liabilities of the
businesses involved were classied as held for sale at 31 March 2010. The disposals were completed in the year ended 31 March 2011 and the
resulting loss was US$21m (note 13).
42. Operating lease commitments - minimum lease payments
2011
US$m
2010
US$m
Commitments under non-cancellable operating leases are payable in:
Less than one year 52 48
Between one and ve years 134 127
More than ve years 78 87
264 262
The Group leases ofces and technology under non-cancellable operating lease agreements with varying terms, escalation clauses and
renewal rights and the net charge for the year was US$59m (2010: US$51m).
43. Capital commitments
2011
US$m
2010
US$m
Capital expenditure for which contracts have been placed:
Property, plant and equipment 23 16
Intangible assets 30 28
53 44
.