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Notes to the financial statements 28

for the year ended 31 March 2012

Acquisition

Keepmoat Limited acquired Conquest Bidco Limited and its subsidiaries on 23 March 2012 for £1,984,000 inclusive of transaction related expenses. The results of the companies acquired are included in the consolidated balance sheet and profit and loss account from this date. Conquest Bidco Limited contributed £1,425,000 to the groups net operating cashflows. In it’s last financial year to 31 March 2011 Conquest Bidco Limited and its subsidiaries made a loss after tax of £14,202,000.The aggregated results of the Conquest Bidco group acquired in the period since that date to the date of acquisition were as follows:

£'000

Period from 1 April 2011 to 23 March 2012 Turnover

360,102

Operating profit

11,381

Profit before tax

(12,941)

Taxation

(231)

Total recognised loss for the period

(13,172)

Conquest Bidco Limited acquisition

£'000

£'000

£'000

Fixed assets

4,801

(732)

4,069

Stock

3,591

-

3,591

72,327

-

72,327

Cash

13,269

-

13,269

Creditors

(92,421)

-

(92,421)

(123,753)

(34,936)

(158,689)

(384)

-

(384)

(122,570)

(35,668)

(158,238)

Debtors

Loans and derivatives Provisions

160,222 1,984

£'000

Consideration satisfied by: Cash

1,984

The book values of the assets and liabilities have been taken from the consolidated management accounts of Conquest Bidco Limited at 23 March 2012. Management reviewed the book values of the assets and liabilities acquired at 23 March 2012. This resulted in a £732,000 to the carrying value of freehold properties and the recognition of a liability resulting to an out of the money interest rate swap of £34,936,000.

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Keepmoat Annual Report and Financial Statements 2012

Keepmoat plc Annual report and accounts 2012  
Keepmoat plc Annual report and accounts 2012  
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