Annual Report 2008 in PDF - GKN

3 Operating profit continued
(v) Auditors’ remuneration
The analysis of auditors’ remuneration is as follows:
Financial Statements
Notes to the Financial Statements
2008 2007
£m £m
Fees payable to PricewaterhouseCoopers LLP for the Company’s annual financial statements (0.7) (0.6)
Fees payable to PricewaterhouseCoopers LLP and their associates for other services to the Group:
— Audit of the Company’s subsidiaries pursuant to legislation (3.1) (2.8)
Total audit fees (3.8) (3.4)
— Other services pursuant to legislation (0.1) (0.1)
— Tax services (0.6) (0.5)
— Corporate finance transaction services — —
— Other services (0.1) (0.1)
Total non-audit fees (0.8) (0.7)
Fees payable to PricewaterhouseCoopers LLP and their associates in respect of associated pension schemes
— Audit — —
— Other services — —
— —
Total fees payable to PricewaterhouseCoopers LLP and their associates (4.6) (4.1)
All fees payable to PricewaterhouseCoopers LLP, the Company’s auditors, include amounts in respect of expenses. All fees payable to
PricewaterhouseCoopers LLP have been charged to the income statement except for those in relation to associated pension schemes, which are
borne by the respective schemes.
(b) Restructuring and impairment charges
2008 2007
Restructuring programmes Restructuring Other
2008 plan 2004 plan Total 2004 plan impairments Total
£m £m £m £m £m £m
Restructuring and impairment charges
Goodwill impairment — — — — — —
Tangible fixed asset impairments/reversals (125) (2) (127) 7 2 9
Other asset write-downs (4) — (4) (1) — (1)
Redundancy and employee related costs including
(129) (2) (131) 6 2 8
post-employment curtailments (16) — (16) (16) — (16)
Other reorganisation costs including property surplus (4) (2) (6) (23) — (23)
Subsidiaries (149) (4) (153) (33) 2 (31)
Impairment of joint ventures (10) — (10) — — —
Subsidiaries and joint ventures (159) (4) (163) (33) 2 (31)
Restructuring
The Group’s 2004 restructuring programme concluded in the first half of 2008, with the costs charged relating mainly to reorganisation costs
(including incremental costs borne by the Group as a consequence of dedicated restructuring and transition teams) and equipment relocation
costs attributable to the transfer of equipment between closing facilities and continuing operations, incremental premium freight and product
homologation costs. These costs were incurred in Driveline operations in North America and Europe and were charged in the first half of 2008.
In response to the severe economic downturn in our automotive markets and in anticipation of activity reductions in both off-highway and
aerospace markets, the Group commenced further restructuring in the final quarter of 2008. As a result of this planned restructuring, charges
amounting to £149 million in subsidiaries and an impairment in respect of joint venture investments, £10 million, have been recognised. Cash
based charges amount to £20 million. An analysis by segment and description of the 2008 restructuring plan charges is set out as follows:
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