109
Annual Report and Accounts 2014
Details of the disposals are as follows:
Retail
Dispense
Eley
AFP
1 January 4 October 23 October
Total
2014
2014
2014
2014
£m
£m
£m
£m
Sale consideration*
691.2
41.6
3.4
736.2
Net assets disposed
(205.0)
(6.5)
(1.3)
(212.8)
Intercompany loans settled following completion
3.8
-
-
3.8
Costs of disposal
(13.9)
(2.0)
(1.0)
(16.9)
Foreign exchange gain transferred on disposal of operations
3.9
-
-
3.9
Taxation
(2.5)
-
-
(2.5)
Gain on disposal
477.5
33.1
1.1
511.7
Segmental assets
Intangible assets
114.1
-
0.1
114.2
Property, plant and equipment
25.1
2.8
0.2
28.1
Inventories
50.8
2.1
0.5
53.4
Trade and other receivables
67.1
1.6
0.4
69.1
Total segmental assets
257.1
6.5
1.2
264.8
Non-segmental assets
Current tax
0.2
-
0.3
0.5
Deferred tax
3.8
-
-
3.8
Cash and cash equivalents
28.2
2.3
0.2
30.7
Investments
0.1
-
-
0.1
Total assets
289.4
8.8
1.7
299.9
Segmental liabilities
Trade and other payables
(56.2)
(2.0)
(0.4)
(58.6)
Provisions
(5.4)
-
-
(5.4)
Total segmental liabilities
(61.6)
(2.0)
(0.4)
(64.0)
Non-segmental liabilities
Current tax
(3.2)
(0.3)
-
(3.5)
Deferred tax
(10.0)
-
-
(10.0)
Bank overdraft
(1.7)
-
-
(1.7)
Employee benefit obligations
(7.9)
-
-
(7.9)
Total liabilities
(84.4)
(2.3)
(0.4)
(87.1)
Net assets disposed
205.0
6.5
1.3
212.8
Movements between the net assets held for sale at 31 December 2013 for the Retail Dispense businesses and the eventual assets disposed principally represent a
minor change in the completion mechanism relating to the disposal of the employee benefit obligations, which increased by £7.1m to £7.9m. This resulted in a gain
of £2.8m, which is included within the gain on disposal.
* Sale consideration for AFP consists of a cash payment of £2.5m to the vendors offset by the settlement of a £5.9m contingent consideration creditor.
£m
£m
£m
£m
Net cash flow arising on disposal
Cash consideration/(settlement) at spot rate
680.0
41.6
(2.5)
719.1
Settlement of deal-contingent forward**
11.2
-
-
11.2
Sale consideration
691.2
41.6
(2.5)
730.3
Cost of deal-contingent forward**
(3.0)
-
-
(3.0)
Cash costs of disposal
(3.9)
(1.5)
(0.4)
(5.8)
Intercompany loans settled following completion
3.8
-
-
3.8
Net cash flow arising on disposal of operations
688.1
40.1
(2.9)
725.3
Net cash disposed on disposal of operations
(26.5)
(2.3)
(0.2)
(29.0)
** As at 31 December 2013 the deal-contingent forward used to manage the sterling-US dollar exposure on the consideration was valued at £11.2m. The net gain
on settlement of this contract was £8.2m which is net of the £3.0m option premium.
