2568.11 kb - Compass Group

82 Compass Group PLC Annual Report 2007Notes to the consolidated financial statementsfor the year ended 30 September 200734 Related party transactionsThe following transactions were carried out with related parties of Compass Group PLC:SubsidiariesTransactions between the ultimate parent company and its subsidiaries, and between subsidiaries, have been eliminated on consolidation.Joint venturesThere were no significant transactions between joint ventures and the rest of the Group during the year.AssociatesThe balances with associated undertakings are shown in notes 16 and 21. There were no significant transactions with associated undertakingsduring the year.Key management personnelThe remuneration of key management personnel is shown in note 3. During the year there were no material transactions or balances between theGroup and its key management personnel or members of their close family.35 Post balance sheet eventsOn 1 October 2007 the Group acquired Propoco Inc (‘Professional Services’), a leading regional provider of facilities management services tothe US healthcare market, for a total consideration of £38 million. £36 million was paid at closing, with the remaining £2 million being deferredfor 12 months.The Group’s share buy-back programme continued after the balance sheet date. Between 1 October 2007 and 23 November 2007, the Grouprepurchased for cancellation 34 million ordinary shares for a total consideration of £105 million, bringing the total number of shares repurchasedsince the buy-back programme began to 273 million shares for a total consideration of £825 million (before brokers commission and stamp duty).36 Exchange ratesExchange rates 2007 2006Average exchange rate for yearAustralian Dollar 2.44 2.41Brazilian Real 4.02 3.97Canadian Dollar 2.19 2.06Euro 1.48 1.46Japanese Yen 234.05 209.07Norwegian Krone 11.98 11.66South African Rand 14.18 11.95Swedish Krona 13.63 13.67Swiss Franc 2.40 2.29US Dollar 1.97 1.80Closing exchange rate as at 30 SeptemberAustralian Dollar 2.30 2.53Brazilian Real 3.75 4.22Canadian Dollar 2.02 2.13Euro 1.43 1.48Japanese Yen 234.33 220.54Norwegian Krone 11.05 12.47South African Rand 14.05 14.52Swedish Krona 13.18 13.80Swiss Franc 2.38 2.34US Dollar 2.04 1.87Average rates are used to translate the income statement and cash flow. Closing rates are used to translate the balance sheet. Only the most significant currencies are shown.