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G4S Annual Report and Accounts 2011

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Overview Strategic review Performance<br />

Notes to the consolidated financial statements continued<br />

17 Acquisitions continued<br />

Adjustments made to identifiable assets <strong>and</strong> liabilities on acquisition are to reflect their fair value. These include the recognition of customer-related<br />

intangible assets amounting to £65m. The fair values of net assets acquired are provisional <strong>and</strong> represent estimates following a preliminary valuation<br />

exercise. These estimates may be adjusted to reflect any development in the issues to which they relate.<br />

The goodwill arising on acquisitions can be ascribed to the existence of a skilled, active workforce, developed expertise <strong>and</strong> processes <strong>and</strong> the<br />

opportunities to obtain new contracts <strong>and</strong> develop the business. None of these meet the criteria for recognition as intangible assets separable<br />

from goodwill.<br />

From their respective dates of acquisition, the acquired businesses’ contribution to the results of the group for the period was as follows:<br />

Contribution from acquired businesses<br />

Revenue<br />

PBITA<br />

Profit<br />

£m<br />

£m<br />

£m<br />

The Cotswold Group Limited 9 1 1<br />

Brazil facilities services 2 1 1<br />

Munt Centrale Holl<strong>and</strong> 5 – –<br />

Guidance Group 4 1 –<br />

Others 8 1 –<br />

Total contribution from acquired businesses 28 4 2<br />

If all the acquisitions had occurred on 1 January <strong>2011</strong> the results of the group for the period would have been as follows:<br />

Group’s results if all acquisitions had occurred on 1 January <strong>2011</strong><br />

Revenue<br />

PBITA<br />

Profit<br />

£m<br />

£m<br />

£m<br />

Group results for the period 7,522 531 198<br />

Impact of backdating acquisitions to 1 January <strong>2011</strong><br />

The Cotswold Group Limited (unaudited) 3 – –<br />

Brazil facilities services (unaudited) 56 6 2<br />

Guidance Group (unaudited) 3 1 –<br />

Others (unaudited) 10 – –<br />

Group result for the period if all acquisitions had occurred on 1 January <strong>2011</strong> (unaudited) 7,594 538 200<br />

Prior year acquisitions<br />

Principal acquisitions in subsidiary undertakings in the prior year included the purchase of the entire share capital of SSE Do Brasil Ltda, the parent company<br />

of Instalarme Soluções Eletrônica Ltda (“Instalarme”), an electronic software <strong>and</strong> hardware integration company in Brazil; a controlling interest in Plantech<br />

Engenharia e Sistemas Ltda (“Plantech”), a leading integrator in the Brazilian security systems market; <strong>and</strong> the entire share capital of Skycom (Pty) Ltd<br />

(“Skycom”), a market leader in the South African security systems market.<br />

The group also increased its holding in an Argentinian business.<br />

94<br />

<strong>G4S</strong> plc<br />

<strong>Annual</strong> <strong>Report</strong> <strong>and</strong> <strong>Accounts</strong> <strong>2011</strong>

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