Experian 2014 Annual Report Download - page 162
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Financial statements • Notes to the Group financial statements
Notes to the Group financial statements
for the year ended 31 March 2014 continued
158
39. Notes to the Group cash flow statement continued
(i) Reconciliation of Cash generated from operations to Operating cash flow (non-GAAP measure)
2014
US$m
2013
US$m
Cash generated from operations (note 39(a)) 1,641 1,602
Acquisition expenses paid 8 4
Purchase of other intangible assets (319) (345)
Purchase of property, plant and equipment (83) (115)
Sale of property, plant and equipment 8 1
Dividends received from associates 1 1
Cash outflow in respect of restructuring programme (note 39(c)) 65 27
Operating cash flow 1,321 1,175
40. Acquisitions
(a) Acquisitions in the year
The Group made four acquisitions during the year, in connection with which provisional goodwill of US$831m was recognised based
on the fair value of the net assets acquired of US$418m.
These transactions included:
• the acquisition on 1 October 2013 of the whole of the issued share capital of The 41st Parameter, Inc, a leading provider of fraud
detection services based in the US, for an aggregate purchase consideration of US$324m of which US$14m is subject to limited,
two-year revenue based earn-out provisions. This acquisition increases Experian’s presence in the fraud prevention market, and
complements Experian’s existing activities in fraud detection and online authentication.
• the acquisition on 21 November 2013 of the whole of the issued share capital of Passport Health Communications, Inc., a
leading provider of data, analytics and software in the US healthcare payment market, for a consideration of US$850m. This
acquisition further increases Experian’s presence in this market.
• two other acquisitions, neither of which is individually material.
(b) Net assets acquired, goodwill and acquisition consideration
Passport Health
Communications,
Inc.
US$m
The 41st
Parameter, Inc
US$m
Other
US$m
Total
US$m
Intangible assets:
Customer and other relationships 398 72 16 486
Software development 45 15 12 72
Intangible assets 443 87 28 558
Property, plant and equipment 11 2 – 13
Trade and other receivables 32 3 3 38
Cash and cash equivalents 4 4 5 13
Trade and other payables (20) (9) (1) (30)
Loans and borrowings – (4) –(4)
Deferred tax liabilities (145) (17) (8) (170)
Total identifiable net assets 325 66 27 418
Goodwill 529 258 44 831
Total 854 324 71 1,249
Satisfied by:
Cash 854 310 71 1,235
Deferred and contingent consideration – 14 – 14
Total 854 324 71 1,249