Peachtree 2013 Annual Report Download - page 136

Download and view the complete annual report

Please find page 136 of the 2013 Peachtree annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

Other notes continued
130 The Sage Group plc | Annual Report & Accounts 2013
16 Acquisitions and disposals continued
16.5 Disposals made during the year
Disposal of North American non-core products
On 20 March 2013 the Group completed the sale of the trade and assets of Sage ACT! and Sage Saleslogix, the two international CRM products
identified as non-core, to Swiftpage, and the trade and assets of Sage Nonprofit Solutions, Sage’s vertical software solutions for not-for-profit
organisations, to Accel-KKR. The financial performance of these businesses have not been treated as discontinued operations in the period
as the products being sold do not represent major lines of business or geographical areas.
Disposal of European non-core products
On 30 April 2013 the Group completed the sale of four European non-core products including C&I, ATL and Automotive in France and Aytos in Spain
to Argos Soditic. The financial performance of these businesses have not been treated as discontinued operations in the period as the products being
sold do not represent major lines of business or geographical areas.
Other disposals
On 9 November 2012 the Group disposed of TimeSheet, a small product line in North America, for net cash consideration of £0.8m.
On 1 October 2012 the Group disposed of API Santé, a small product line in France, for deferred consideration of £0.2m.
On 10 January 2013 the Group disposed of e-Report, a small product line in France, for net cash consideration of £0.2m.
On 6 March 2013 the Group disposed of KDP, a small product line in France, for net cash consideration of £0.1m.
On 30 April 2013 the Group disposed of the UK Construction business, for net cash consideration of £2.4m.
On 31 July 2013 the Group disposed of Automobile, a product line in Spain, for net cash consideration of £0.8m.
The profit on disposal is calculated as follows:
Sage ACT! and
Sage Saleslogix
£m
Sage Nonprofit
Solutions
£m
European
non-core
products
£m
Other
£m
Total
£m
Disposal proceeds 8.6 49.7 34.9 4.5 97.7
Costs to sell recognised in year (2.7) (1.7) (1.9) (0.4) (6.7)
Disposal proceeds, less costs to sell recognised in year 5.9 48.0 33.0 4.1 91.0
Net assets disposed (203.1) (21.6) (66.6) (28.8) (320.1)
(Loss)/profit on disposal (197.2) 26.4 (33.6) (24.7) (229.1)
Cumulative exchange gain in respect of the net assets of the
subsidiary, reclassified from equity on disposal 28.7 3.5 11.2 1.1 44.5
(Loss)/Profit on disposal (168.5) 29.9 (22.4) (23.6) (184.6)
As part of the sale of Sage ACT! and Sage Saleslogix there was non-cash consideration. The fair value of this consideration has been determined
as £nil.
The loss on disposal is reflected as a separate line item in the Consolidated income statement.
The inflow of cash and cash equivalents on the disposals are calculated as follows: £m
Disposal proceeds, less total costs to sell 91.0
Cash disposed (9.6)
Disposal proceeds, net of cash disposed 81.4
134 The Sage Group plc | Annual Report & Accounts 2013