Peachtree 2012 Annual Report Download - page 120
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Other notes
15 Discontinued operations and non-current assets held for sale
15.1 Discontinued operations – Sage Software Healthcare, LLC
The control of Sage Software Healthcare, LLC (“Sage Healthcare”) was passed to Vista Equity Partners on 10 November 2011 for cash proceeds of £204.0m.
The proceeds have been returned to shareholders through a share buyback programme. Further disposal information can be found in note 16.5.
15.2 Discontinued operations – financial performance
Sage Healthcare is reported in the financial statements as discontinued operations. The financial performance for the period is below:
2012
£m
2011
£m
Revenue 16.5 149.7
Selling and administrative expenses (14.4) (138.2)
Operating profit 2.1 11.5
Finance costs (0.2) –
Profit on disposal of Sage Healthcare 0.9 –
Cumulative exchange gain in respect of the net assets of the subsidiary, reclassified from equity on disposal 55.7 –
Impairment of disposal group to fair value less costs to sell –(121.5)
Profit/(loss) before income tax 58.5 (110.0)
Income tax (expense)/credit (0.7) 43.0
Profit/(loss) for the year from discontinued operations 57.8 (67.0)
Earnings per share information can be found in note 4.1.
15.3 Discontinued operations – Cash flow
The cash flow statement shows amounts related to discontinued operations.
15.4 Non-current assets and liabilities classified as held for sale
There are no disposal groups classified as held for sale in the current year. At 30 September 2011 the assets and liabilities relating to Sage Healthcare were
presented as held for sale following the announcement on 22 September 2011 that a definitive agreement to sell Sage Healthcare had been reached.
2012
£m
2011
£m
Goodwill – 183.1
Other intangible assets – 36.2
Property, plant and equipment – 1.9
Inventories – 1.0
Trade and other receivables – 28.9
Non-current assets classified as held for sale –251.1
Trade and other payables – (19.7)
Deferred income – (30.0)
Liabilities directly associated with non-current assets classified as held for sale –(49.7)
Net assets classified as held for sale –201.4
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