Unilever 2011 Annual Report Download - page 108

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105
21. Acquisitions and disposals continued
at the beginning of the year, Group turnover would have been higher by €442 million and Group operating profit would have been higher
by €63 million.
Sara Lee’s Personal Care business
On 6 December 2010 the Group completed the purchase of 100% of Sara Lee’s Personal Care business.
In the 12 months since the completion of the acquisition, further facts and circumstances have come to light that existed at the acquisition
date and, if known, would have affected the measurement of the amounts recognised at that date. As a result the provisional amounts
recognised at the time of the Sara Lee acquisition have been updated, and the prior year balance sheet has been restated accordingly.
The following table summarises the adjustments made as a result of this revision.
€ million
Provisional
fair
values
€ million
Further
adjustments
€ million
Revised
fair
values
Intangible assets 256 (10) 246
Property, plant and equipment 64 – 64
Other non-current assets 5 – 5
Total non-current assets 325 (10) 315
Inventories 53 (2) 51
Trade and other current receivables 96 7 103
Current tax assets 2 – 2
Cash and cash equivalents 306 – 306
Non-current assets held for sale 657 45 702
Total current assets 1,114 50 1,164
Financial liabilities (7) – (7)
Trade payables and other current liabilities (112) (3) (115)
Current tax liabilities (19) (3) (22)
Provisions – (13) (13)
Liabilities associated with assets held for sale (57) 27 (30)
Total current liabilities (195) 8 (187)
Pensions and post-retirement liabilities (11) – (11)
Deferred tax liabilities (24) – (24)
Other non-current liabilities (4) (3) (7)
Total non-current liabilities (39) (3) (42)
Total identifiable net assets 1,205 45 1,250
Consideration 1,456 10 1,466
Goodwill on acquisition 251 (35) 216
Other 2011 acquisitions and disposals
On 24 September 2010 the Group announced a definitive agreement to sell our consumer tomato products business in Brazil to Cargill
for approximately R$600 million. The deal was completed on 1 March 2011.
On 28 September 2010 the Group announced an agreement to buy EVGA’s ice cream brands and distribution network in Greece for an
undisclosed sum. The deal was completed on 27 January 2011.
On 23 March 2011 the Group announced a binding agreement to sell the global Sanex business to Colgate-Palmolive for €672 million.
The deal was completed on 20 June 2011.
On 23 March 2011 the Group announced a binding agreement to buy the Colombian Laundry business from Colgate-Palmolive for
US$215million. The deal was completed on 29 July 2011.
The disposal of Simple Soap in the UK, the Republic of Ireland and the Channel Islands and the Cidal and Wright’s brands worldwide
was completed on 30 June 2011.
On 24 August 2011 the Group announced a definitive agreement to sell the Alberto VO5 brand in the United States and Puerto Rico from
the Alberto Culver portfolio and the Rave brand globally from the Unilever portfolio to private equity firm Brynwood Partners VI L.P. for
an undisclosed sum. The deal was completed on 31 August 2011.
Unilever Annual Report and Accounts 2011
Financial statements