Notes to the Interim Report & Accounts
(unaudited)
11 Disposals
On 8 November 2007 the Marine Systems business was sold to KH Finance Limited, a company owned by ECI Partners LLP. Marine Systems was part of Specialty – Other. In addition to the consideration recognised there is an unrecognised deferred payment of £4 million contingent on the terms of any future disposal of KH Finance Limited by the purchasers. The assets and liabilities of businesses held for sale on the 31 July 2007 balance sheet relate to the Marine Systems business.
Additional costs relating to prior year disposals amounted to £0.7m.
|
|
|
|
|
Total |
|
Marine Systems |
|
|
|
|
|
Consideration |
|
|
|
43.9 |
|
Transaction costs |
|
|
|
(2.8) |
|
Disposal provisions |
|
|
|
(2.0) |
|
Net consideration received |
|
|
|
39.1 |
|
Net assets disposed of: |
|
|
|
|
|
– Intangible assets |
|
|
|
2.2 |
|
– Property, plant and equipment |
|
|
|
2.2 |
|
– Inventory |
|
|
|
8.6 |
|
– Trade and other receivables |
|
|
|
14.0 |
|
– Cash and cash equivalents |
|
|
|
0.9 |
|
– Trade and other payables |
|
|
|
(16.5) |
|
|
|
|
|
11.4 |
|
Profit on disposal of Marine Systems |
|
|
|
27.7 |
|
Other disposal adjustments |
|
|
|
(0.7) |
|
|
|
|
|
27.0 |