Unilever 2011 Annual Report Download - page 109

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106
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS UNILEVER GROUP continued
21. Acquisitions and disposals continued
On 1 December 2011 the Group completed the sale of Culver Specialty Brands division to B&G Foods, Inc. for €240 million.
On 6 December 2011 the Group completed acquisition of 82% of the outstanding shares of Concern Kalina, one of Russia’s leading local
personal care companies.
On 20 December 2011 the Group completed acquisition of Ingman Ice Cream for an undisclosed sum.
2010
The disposal of our frozen foods business in Italy for €805 million to Birds Eye Iglo was completed on 1 October 2010.
The table below shows the impact of disposals on the Group during the year. The results of disposed businesses are included in the
consolidated financial statements up to their date of disposal.
Disposals
€ million
2011
€ million
2010
€ million
2009
Goodwill and intangible assets 1,058 223 1
Other non-current assets 81 105 1
Current assets 145 151 3
Trade creditors and other payables (57) (51) –
Provisions for liabilities and charges (12) (17) 1
Net assets sold 1,215 411 6
(Gain)/loss on recycling of currency retranslation on disposal (61) 1 –
Profit on sale attributable to Unilever 221 467 7
Consideration 1,375 879 13
Cash 1,404 891 11
Cash balances of businesses sold (2) 1 –
Financial assets, cash deposits and financial liabilities of businesses sold (6) (14) 2
Non-cash items and deferred consideration (21) 1 –
The following table sets out the effect of acquisitions in 2011, 2010 and 2009 on the consolidated balance sheet. The fair values currently
established for all acquisitions made in 2011 are provisional. The goodwill arising on these transactions has been capitalised and is subject to
an annual review for impairment (or more frequently if necessary) in accordance with our accounting policies as set out in note 9 on page 85.
Any impairment is charged to the income statement as it arises. Detailed information relating to goodwill is given in note 9 on pages 84 and
85.
Acquisitions
€ million
2011
€ million
2010
€ million
2009
Net assets acquired 1,733 1,262 128
Goodwill arising in subsidiaries 1,677 225 350
Consideration 3,410 1,487 478
Unilever Annual Report and Accounts 2011
Financial statements