IAS 7 para 40, disclosure of cash paid and assets disposed of including cash and cash equivalents

Euromoney Institutional Investor PLC – Annual report – 30 September 2017

Industry: financial services

 

15 Acquisitions and disposals (extract)

Sale of businesses

HFI Media Limited (HedgeFund Intelligence)

On 30 December 2016, the Group sold 100% of the equity share capital of HedgeFund Intelligence, part of the asset management segment, for a consideration of £2.2m, offset by a working capital settlement of £0.1m. At the date of disposal deferred consideration receivable of £1.9m was recognised which included the working capital settlement of £0.1m (note 25). The disposal of HedgeFund Intelligence gave rise to a loss on disposal of £4k, after deducting disposal costs incurred, which was recognised as an exceptional item (note 5) in the Income Statement.

Institutional Investor Intelligence (II Intelligence)

On 30 December 2016, the Group completed the sale of the assets of II Intelligence, part of the asset management segment, for a consideration of US$0.9m (£0.7m). Deferred consideration receivable of US$0.5m (£0.4m) was recognised (note 25). The disposal gave rise to a profit on disposal of US$2.7m (£2.2m), after deducting disposal costs incurred, which was recognised as an exceptional item (note 5) in the Income Statement.

Euromoney Indices

On 13 March 2017, the Group completed the sale of the Euromoney Indices business, part of the asset management segment, for a consideration of £1.9m, offset by a working capital settlement of £0.1m. Deferred consideration receivable of £0.4m was recognised (note 25). The disposal of Euromoney Indices gave rise to a loss on disposal of £1.8m, after deducting disposal costs incurred which include the costs associated with the transitional service agreement. The loss on disposal was recognised as an exceptional item (note 5) in the Income Statement.

Latin American Financial Publications, Inc. (LatinFinance)

On 31 March 2017, the Group sold 100% of the equity share capital of LatinFinance, which formed part of the banking & finance segment. The consideration for this transaction was US$3.9m (£3.1m), offset by a working capital adjustment of US$1.1m (£0.9m) (note 25). The disposal of LatinFinance gave rise to a profit on disposal of US$4.3m (£3.4m), after deducting disposal costs incurred, which were recognised as an exceptional item (note 5) in the Income Statement.

The assets and liabilities of the businesses held for sale and disclosed separately on the face of the Consolidated Statement of Financial Position for the year ended 30 September 2016, included HedgeFund Intelligence, II Intelligence and Euromoney Indices.

The net assets of the businesses at the date of disposal were as follows:

euromoney1

 

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