Dave Forsey Chief Executive 19 July 2012 - Sports Direct International

102 / FINANCIAL STATEMENTS AND NOTES
notes to the Financial Statements
For the 53 weeks ended 29 April 2012
29. Acquisitions
Details of principal acquisitions for the 53 weeks ended 29 April 2012 are set out below.
i. 8 July 2011 Acquired 80% of the ordinary share capital of West Coast Capital (USC) Limited and 80% of the ordinary share
capital relating to Cruise Clothing Limited. Total cash consideration was £7.5m.
ii. 25 July 2011 Acquired the remaining 50% of the ordinary shares of No Fear International Limited for a cash consideration of
£6.9m, taking the cumulative holding to 100%.
iii. 17 January 2012 Acquired the remaining 20% of share capital in West Coast Capital (USC) Limited for nil consideration.
iv. 17 February 2012 Acquired 100% of the ordinary share capital of Delima Limited for nil cash consideration.
v. 16 March 2012 Acquired the Firetrap brand and certain other assets from World Design and Trade Co. Limited for total
consideration of £6.5m.
The aggregate fair value of consideration paid, assets and liabilities acquired and resulting goodwill in respect of the above acquisitions is
detailed below:
Cash consideration 20,875
Less: fair value of net assets acquired (10,380)
Goodwill 10,495
The goodwill is attributable to the premium paid to strengthen the Group’s existing business segments of Retail and Brand, which is in line with
the Group’s strategy.
Legal fees relating to the above acquisitions of £500,000 were expensed through the income statement during the year.
None of the acquisitions are considered to be individually material.
The asset values at acquisition are detailed below:
Carrying values at
acquisition
(£’000)
Provisional fair
value adjustment
(£’000)
Total
(£’000)
Fair value of net
assets acquired
(£’000)
Property, plant and equipment 8,552 (2,868) 5,684
Intangible assets 16,685 (4,381) 12,304
Inventories 18,683 - 18,683
Trade and other receivables 9,879 - 9,879
Cash and cash equivalents (5,339) - (5,339)
Trade and other payables (17,697) - (17,697)
Provisions - (5,471) (5,471)
Minority interests (7,663) - (7,663)
23,100 (12,720) 10,380
Cash flows arising from the acquisition are as follows:
29 April 2012
(£’000)
Cash consideration 20,875
Bank overdraft acquired 5,339
Net cash outflow in the cash flow statement 26,214
£77,989,000 of revenue, £11,164,000 of operating loss and £11,258,000 of loss before tax has been included within the Group’s financial
statements for the period in respect of the above acquired entities since the dates of acquisition.
Had the above acquisitions been included from the start of the period, £100,983,000 of revenue, £17,852,000 of operating loss and
£17,946,000 of loss after tax would have been included in the Group’s financial statements.