2568.11 kb - Compass Group

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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.
83 Compass Group PLC Annual Report 200737 Details of principal subsidiary companiesCompany Country of incorporation Principal activitiesNorth AmericaCompass Group Canada Ltd Canada Trading company providing foodserviceBon Appétit Management Co USA Trading company providing foodserviceCompass Group USA Investments, Inc USA Holding companyCompass Group USA, Inc USA Trading company providing foodserviceCrothall Services Group USA Trading company providing support services to the healthcare marketFlik International Corp USA Trading company providing fine dining facilitiesFoodbuy LLC (64%) USA Provision of purchasing services in North AmericaLevy Restaurants LP USA Trading company providing fine dining and foodservice at sports and entertainment facilitiesMorrison Management Specialists, Inc USA Trading company providing foodservice to the healthcare marketRestaurant Associates Corp USA Trading company providing fine dining facilitiesWolfgang Puck Catering & Events, LLC (49%) 1 USA Trading company providing fine dining facilitiesContinental EuropeCompass Group France Holdings SAS France Holding companyCompass Group France France Trading company providing foodserviceCompass Group Deutschland GmbH Germany Holding companyClinic Catering Service GmbH & Co. OHG Germany Trading company providing foodservice to the healthcare and retirement marketEurest Deutschland GmbH Germany Trading company providing foodservice to business and industryEurest Sports & Food GmbH Germany Trading company providing foodservice to the sports and leisure marketOnama S.p.A. Italy Trading company providing foodservicePalmar S.p.A. (90%) Italy Trading company providing support servicesRistomat S.p.A. Italy Trading company providing prepaid meal vouchersCompass Group International BV Netherlands Holding companyCompass Group Nederland BV Netherlands Trading company providing foodserviceCompass Group Nederland Holding BV Netherlands Holding companyEurest Support Services BV Netherlands Trading company providing support servicesCompass Group Holdings Spain, S.L. Spain Holding companyEurest Colectividades S.L. Spain Trading company providing foodserviceCompass Group (Schweiz) AG Switzerland Trading company providing foodserviceRestorama AG Switzerland Trading company providing foodserviceUnited KingdomCompass Contract Services (UK) Ltd England & Wales Trading company providing foodserviceCompass Group Holdings PLC England & Wales Holding company and corporate activitiesCompass Group, UK & Ireland Ltd England & Wales Holding companyCompass International Purchasing Ltd England & Wales Provision of purchasing services throughout the worldCompass Purchasing Ltd England & Wales Provision of purchasing services in the UK and IrelandHospitality Holdings Ltd 2 England & Wales Intermediate holding companyLetheby & Christopher Ltd England & Wales Trading company for the UK sports and events foodservice businessScolarest Ltd England & Wales Trading company providing foodservice to the UK education marketRest of the WorldCompass Group (Australia) Pty Ltd Australia Trading company providing foodserviceSeiyo Food – Compass Group, Inc (86%) Japan Trading company providing foodserviceCompass Group Southern Africa (Pty) Ltd (70%) South Africa Trading company providing foodservice1. The Group exercises control of this entity and accounts for it as a subsidiary.2. Held directly by the parent company.All companies listed above are wholly owned by the Group, except where otherwise indicated. All interests are in the ordinary share capital.All companies operate principally in their country of incorporation, except for Compass International Purchasing Ltd which operates throughoutthe world. A full list of the Group’s operating subsidiary undertakings will be annexed to the next annual return.
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