BOC Report and accounts 2005 - Alle jaarverslagen

Notes to the financial statements 129
28.Acquisitions and disposals
a) Cash flow
2005 2004 2003
Acquisitions Disposals Acquisitions Disposals Acquisitions Disposals
£ million £ million £ million £ million £ million £ million
Cash flow arising on the acquisition and disposal of businesses
Goodwill – 24.7 – 4.6 – –
Intangible fixed assets (1.3) 0.1 – – (2.4) –
Tangible fixed assets (17.2) 167.7 (3.7) 102.3 (61.5) 0.8
Joint ventures, associates and other investments (30.3) 14.7 (80.6) 10.2 (4.8) 1.1
Stocks (1.5) 12.9 (0.5) 16.2 (2.7) 0.1
Debtors (11.4) 84.2 (5.3) 25.2 (15.3) 0.1
Cash at bank and in hand (2.3) 23.3 (2.8) – – 0.2
Creditors including taxation 11.7 (72.6) 2.5 3.8 7.8 (0.1)
Borrowings 6.2 (40.9) 4.7 – 0.8 –
Minorities (0.7) (75.2) (0.8) 0.2 (2.2) 0.3
Net assets (acquired)/disposed of (46.8) 138.9 (86.5) 162.5 (80.3) 2.5
Goodwill on acquisitions of subsidiaries (16.8) – (2.9) – (46.7) –
Goodwill on acquisitions of joint ventures and associates – – 41.5 – (8.0) –
Goodwill in reserves written off on disposals – 1.0 – 15.3 – –
Surplus/(deficit) over book value on disposals – 84.2 – (79.5) – (0.7)
(Acquisition)/disposal price (63.6) 224.1 (47.9) 98.3 (135.0) 1.8
Deferred payments and receipts 1 6.5 – (3.0) – (0.5) 2.1
1. Deferred payments and receipts include amounts for current years and payments and/or receipts in respect of prior years.
(57.1) 224.1 (50.9) 98.3 (135.5) 3.9
In September 2005, BOC acquired G Van Dongen Holding BV, expanding Gist’s primary business into Europe.
In March 2005, BOC acquired 50 per cent of Maanshan BOC-Ma Steel Gases Co Limited, the joint venture formed to supply the industrial gases
needs of Ma Steel in China.
During 2005, BOC made an additional equity investment in Compania de Nitrogeno de Cantarell (CNC) in proportion to its 65 per cent equity
shareholding.
In March 2005, BOC’s South African subsidiary,African Oxygen Limited (Afrox) completed the sale of its majority shareholding in Afrox Healthcare
Limited to a consortium led by two major black empowerment groups. Profit on disposal of this business amounted to £84.9 million.Afrox has retained a
significant interest in the hospitals business through a 20 per cent holding in the new company. Following this disposal,Afrox accounts for its share of the
business on an equity basis, taking its share of operating profit and net interest into account.
In 2005, the Group also recognised a further £13.2 million profit on disposal of the US packaged gas business.The additional proceeds, received in
November 2005, had been subject to certain conditions at the time of disposal in July 2004.
In December 2004, BOC, through its subsidiary Thai Industrial Gases Public Co Limited, sold its shares in Unique Gas and Petrochemicals Public Co
Limited.
b) Fair value of acquisitions
Provisionally there were no fair value adjustments in 2005.