Annual Report for the year ended 31 December 2008

6. otHeR inCome Restated
2008 2007
£'000 £'000
other (losses)/income (805) 289
Foreign exchange gains/(losses) 1,922 (59)
1,117 230
7. PRoFit on disPosal oF aVailaBle-FoR-sale FinanCial assets
notes to tHe FinanCial statements CONTINuED
FOR THE YEAR ENDED 31 DECEMBER 2008
2008 2007
£'000 £'000
proceeds from disposal of available-for-sale financial assets 20 1,385
Fair value of investments at date of disposal – (1,385)
20 –
reversal of fair value reserve (note 31) – 299
profit on disposal of available-for-sale financial assets 20 299
8. assets and liaBilities oF disPosal GRoUPs ClassiFied as Held-FoR-sale and disContinUed oPeRations
(a) Assets of disposal groups classified as held-for-sale
Total
2008 2007
£'000 £'000
Goodwill 1,171 –
property, plant and equipment 501 –
intangible assets 323 –
Deferred tax assets 830 –
other non current assets 144 –
Trade and other receivables 2,927 –
other current assets 464 –
cash and cash equivalents 1 21,692 –
TOTAL 28,052 –
(b) Liabilities of disposal groups classified as held-for-sale
Total
2008 2007
£'000 £'000
Trade and other payables 12,788 –
other current liabilities 18 –
other non current liabilities 72 –
TOTAL 12,878 –
Group
The assets and liabilities related to escl and its subsidiary and WDB capital Fund uK equity limited have been presented as held-for-sale.
ESCL
on 18 December 2008, the Board gave approval for the Group to enter into an investment agreement with First eastern Financial holdings limited, which will
result in a partial dilution of the Group’s interest in escl. The investment agreement was formally signed on the 31 March 2009, and is disclosed in detail in
note 36. At 31 December 2008 the assets and liabilities of escl and its subsidiary are classified as held-for-sale and their operations as discontinued.
wDB Fund
The Group Board’s intention is to reduce the Group’s interest in WDB capital uK equity Fund limited by way of a deemed disposal, to be effected by bringing in new
investors into WDB capital uK equity Fund limited. At 31 December 2008, the assets and liabilities of WDB capital uK equity Fund limited were classified as heldfor-sale.
on the 1 January 2008 the Groups investment in WDB capital uK equity Fund limited was 94.79% during the year this was reduced to 50.20%.
1 of the £21.7m of cash and cash equivalents shown above £0.8m relates to escl, the balance of £20.9m relates to WDB capital uK equity Fund limited of which 49.8% (£10.4m)
is held by third party investors outside of the Group.
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