BOC Report and accounts 2005 - Alle jaarverslagen

130 The BOC Group plc Annual report and accounts 2005 Notes to the financial statements
28.Acquisitions and disposals continued
The fair value of acquisitions in 2004 were:
Total book
value of
CNC Other businesses
book value book value acquired
£ million £ million £ million
Tangible fixed assets – (3.7) (3.7)
Joint ventures, associates and other investments (74.1) (6.5) (80.6)
Stocks – (0.5) (0.5)
Debtors – (5.3) (5.3)
Cash at bank and in hand – (2.8) (2.8)
Creditors including taxation – 2.5 2.5
Borrowings – 4.7 4.7
Minorities – (0.8) (0.8)
Net (assets) acquired (74.1) (12.4) (86.5)
Payment 32.6 18.3 50.9
Deferred payment – (3.0) (3.0)
Consideration 32.6 15.3 47.9
Goodwill on acquisitions of subsidiaries – (2.9) (2.9)
Goodwill on acquisitions of joint ventures and associates 41.5 – 41.5
There were no fair value adjustments in 2004.
The fair value of acquisitions in 2003 were:
74.1 12.4 86.5
Air Products
Canada Total book Total fair
EMC Praxair packaged value of value of
Water Services Polska gases business Other businesses Total businesses
book value book value book value book value acquired adjustments acquired
£ million £ million £ million £ million £ million £ million £ million
Intangible assets – – – (2.4) (2.4) – (2.4)
Tangible fixed assets (0.6) (17.1) (13.3) (24.6) (55.6) (5.9) (61.5)
Joint ventures, associates and other investments – – – (4.8) (4.8) – (4.8)
Stocks – (0.6) (1.9) (0.2) (2.7) – (2.7)
Debtors (3.9) (3.4) (6.0) (2.0) (15.3) – (15.3)
Creditors including taxation 3.8 2.0 0.6 1.4 7.8 – 7.8
Borrowings 0.1 – – 0.7 0.8 – 0.8
Minorities – – – (2.2) (2.2) – (2.2)
Net (assets) acquired (0.6) (19.1) (20.6) (34.1) (74.4) (5.9) (80.3)
Payment 31.1 29.2 25.6 49.6 135.5 – 135.5
Deferred payment 1.0 – 0.9 (2.4) (0.5) – (0.5)
Consideration 32.1 29.2 26.5 47.2 135.0 – 135.0
Goodwill on acquisitions of subsidiaries (31.5) (10.1) – (5.1) (46.7) – (46.7)
Goodwill on acquisitions of joint ventures and associates – – – (8.0) (8.0) – (8.0)
0.6 19.1 26.5 34.1 80.3 – 80.3
The fair value adjustments were all in respect of the acquisition of the Canadian packaged gases business of Air Products.
c) Exchange of business
In January 2003, the Group combined its Japanese gases business Osaka Sanso Kogyo KK (OSK) with part of Air Liquide Japan to form Japan Air Gases Ltd.
The net effect of the transaction was to exchange 55 per cent of the OSK business for a 45 per cent equity share in Japan Air Gases Ltd.This transaction
was accounted for in accordance with UK GAAP (UITF31 – ‘Exchange of businesses or other non-monetary assets for an interest in a subsidiary, joint
venture or associate’).
The unrealised profit of £8.2 million on the disposal of OSK was recognised in the statement of total recognised gains and losses.