Experian 2012 Annual Report Download - page 149
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147
Governance Financial statementsBusiness reviewBusiness overview
42. Assets and liabilities classified as held for sale
Experian has agreed to divest the Group’s comparison shopping and lead generation businesses and it is anticipated that this transaction will
be completed in the first half of the financial year ending 31 March 2013. The assets and liabilities of these businesses at 31 March 2012 shown
below are classified as held for sale. Any gain on disposal will be recognised in the year ending 31 March 2013.
US$m
Assets classified as held for sale:
Goodwill 33
Other intangible assets 35
Property, plant and equipment 8
Trade receivables - net 22
Other prepayments and accrued income 15
Current tax asset 5
Assets classified as held for sale 118
Liabilities classified as held for sale:
Deferred tax liability 38
Trade payables 15
Accruals and deferred income 24
Other payables 3
Liabilities classified as held for sale 80
43. Operating lease commitments - minimum lease payments
2012
US$m
2011
US$m
Commitments under non-cancellable operating leases are payable:
In less than one year 63 52
Between one and five years 138 134
In more than five years 67 78
268 264
The Group leases offices 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$69m (2011: US$59m).
44. Capital commitments
2012
US$m
2011
US$m
Capital expenditure for which contracts have been placed:
Property, plant and equipment 34 23
Intangible assets 128 30
162 53
Capital commitments include commitments of US$104m (2011: US$nil) not expected to be incurred before 31 March 2013.
45. Contingencies
There are a number of pending and threatened litigation claims involving the Group in North America and Latin America which are being
vigorously defended. The directors do not believe that the outcome of any such pending or threatened litigation will have a materially adverse
effect on the Group’s financial position. However, as is inherent in legal proceedings, there is a risk of outcomes unfavourable to the Group. In
the case of unfavourable outcomes the Group would benefit from applicable insurance recoveries.
Serasa, the Group’s principal subsidiary undertaking in Brazil, has been advised that the Brazilian tax authorities are challenging the deduction
for tax purposes of goodwill amortisation arising from the acquisition of Serasa. Experian believes that the possibility of this resulting in a liability
to the Group is remote on the basis of advice of external legal counsel and other factors in respect of the claim.