Healthcare without boundaries - EMIS Group plc Annual report and ...

Financial statements
Notes to the financial statements continued
18. Investments in subsidiaries
Company: £’000
Cost and net book value
As at 1 January 2010 38,034
Addition in 2010 – RX Systems (note 33) 10,131
As at 31 December 2010 and 31 December 2011 48,165
The company’s investments in its subsidiaries (and those investments of EMIS) are recorded at fair value cost, which is the fair value of the
consideration paid and payable.
Details of the subsidiary companies are as follows:
Country of registration
Name and nature of business
and operation Class of share % of voting power held
Egton Medical Information Systems Limited (“EMIS”)
– medical IT systems England £1 ordinary 100
RX Systems Limited – pharmacy IT systems England £1 ordinary 78.9
Subsidiary companies of EMIS:
EMIS Inc. (in liquidation following sale of trade
and undertaking during year) Canada $1 Class A 100
EMIS Professional Publishing Limited – dormant England £1 ordinary 100
Pathway Trust Limited – dormant England £1 ordinary 100
All subsidiary undertakings are included in the consolidation.
19. Investment in associates and joint venture
Group:
Associates
As at 1 January 2,661 2,552
Acquisition in year — —
Share of profit for year 81 109
As at 31 December 2,742 2,661
The company has two associates, Pharmacy 2U Limited (“P2U”) and Multepos Computer Systems Limited (“Multepos”). Both are unlisted
companies incorporated in the UK.
The principal activity of P2U is the operation of an internet mail order pharmacy and the group has a 20% ownership and voting interest.
Multepos was acquired as part of the RX Systems transaction during 2010. It has developed, and continues to enhance the development of,
a pharmacy electronic point of sale system, which is enabling RX to expand the services it provides to its user base. The trading results for the
period to date and the net assets of Multepos are not material and have not been recognised in the group accounts. The investment is owned
by RX Systems and the group has a 20% ownership and 25% voting interest.
Aggregate amounts relating to P2U are as follows:
Assets 6,572 6,114
Liabilities (3,438) (3,369)
Revenues 17,069 18,780
Profit before taxation 554 758
Profit after taxation 405 545
2011
£’000
2011
£’000
2010
£’000
2010
£’000
48
EMIS Group plc Annual report and accounts 2011