As part of the Group's objective to reduce its overall pension
liability, additional contributions of GBP1.3 million and GBP0.3
million (2009: GBP1.2 million and GBP0.3 million) were paid to the
Johnson Group Staff Pension Scheme and the WML Final Salary Pension
Scheme respectively, during the period to 31st December 2010. No
additional contributions were paid to the Semara Augmented Pension
Plan (2009: nil).
Following discussions with the Group's appointed actuary it has
been identified that an actuarial loss of GBP1.5 million (2009:
loss of GBP13.6 million) should be recognised in the year to 31st
December 2010. This is as a result of the scheme assets and
liabilities performing differently to previous assumptions and
changes to the assumptions used in calculating scheme
liabilities.
During the year the retirement benefit obligations have reduced
as a result of a reduction in liabilities due to a past service
credit of GBP2.2 million, details of which are given in note 3.
The gross retirement benefit liability and associated deferred
tax asset thereon, together with the net liability is shown
below:
2010 2009
GBPm GBPm
Gross retirement benefit liability 16.8 20.4
Deferred tax asset thereon (4.5) (5.7)
------------------------------------ ------ ------
Net liability 12.3 14.7
------------------------------------ ------ ------
The reconciliation of the opening gross retirement benefit
liability to the closing gross retirement benefit liability is
shown below:
2010 2009
GBPm GBPm
Opening gross retirement benefit liability 20.4 20.6
Current service cost 0.5 0.5
Past service cost (2.2) (2.5)
Curtailment gain - (9.9)
Notional interest (0.8) 0.7
Employer contributions (2.5) (2.5)
Actuarial loss 1.5 13.6
Utilisation of healthcare provision (0.1) (0.1)
-------------------------------------------- ------ ------
Closing gross retirement benefit liability 16.8 20.4
-------------------------------------------- ------ ------
NOTES TO THE PRELIMINARY ANNOUNCEMENT (continued)
10 BUSINESS COMBINATIONS AND DISCONTINUED OPERATIONS
ACQUISITIONS
During the year the Group acquired seven Facilities Management
contracts and six related special purpose companies ("SPC") from
Jarvis PLC (in administration).
Details of the acquired contracts are given below:
Date of Facilities Name of Related Country
Acquisition Management SPC of Incorporation
Contract
6th May 2010 Hospital in N/A N/A
Newbury
3rd June 2010 School in Dorset Colfox School England
Services Limited
28th June 2010 School in Leeds Cardinal Heenan England
School Services
Limited
27th August Hospital in Dundee Healthcare Scotland
2010 Dundee Services Limited
16th September School in Barnhill School England
2010 Hillingdon, Services Limited
London
1st December School in Balfron Schools Scotland
2010 Stirlingshire Services Limited
23rd December Two schools in East Ren Schools Scotland
2010 East Services Limited
Renfrewshire
In all cases 100% of the share capital of the SPC was
acquired.
All contracts not already acquired by 3rd July 2010 have been
operated under license from that date up until the date of
acquisition.
On 27th August 2010 Johnsons Apparelmaster Limited acquired
certain trade and assets from a small independent supplier of
personal protective equipment.
Acquisitions during the year are as follows:
Net Assets Fair
/ Value
(Liabilities) Fair Value of Assets
Consideration Acquired Adjustments Acquired
GBPm GBPm GBPm GBPm
Facilities
Management
contracts and
related
companies 2.6 (1.0) 3.6 2.6
Textile Rental
trade and
assets 0.1 - 0.1 0.1
----------------- -------------- --------------- ------------- -----------
Total 2.7 (1.0) 3.7 2.7
----------------- -------------- --------------- ------------- -----------
All of the consideration was paid in cash during the year.
An analysis of the assets and liabilities acquired is provided
below:
Net Assets Fair
/ Value
(Liabilities) Fair Value of Assets
Acquired Adjustments Acquired
GBPm GBPm GBPm
Intangible assets - contracts
acquired - 4.1 4.1
Receivables 1.1 (0.1) 1.0
Cash - Lifecycle funds 2.3 - 2.3
Cash - Other 1.1 - 1.1
Payables (5.5) (0.3) (5.8)
Total (1.0) 3.7 2.7
--------------------------------- --------------- ------------- -----------
In addition, professional fees of GBP1.4 million have been
charged to the Income Statement in respect of business acquisition
activity. Of this amount, GBP0.2 million remains payable at the
year end.
An analysis of net cash flows in respect of business acquisition
activity is provided below:
GBPm
Consideration paid 2.7
Professional fees paid 1.2
Cash acquired - Lifecycle funds (2.3)
Cash acquired - Other (1.1)
Total 0.5
--------------------------------- ------
Since acquisition (or, if earlier, since being operated under
license) the acquired Facilities Management contracts and related
companies have generated profits of GBP0.3 million on revenue of
GBP5.6 million. Had all contracts and companies been owned since
the start of the year the anticipated overall profit generated
would have been GBP0.6 million on revenue of GBP10.0 million.
NOTES TO THE PRELIMINARY ANNOUNCEMENT (continued)
10 BUSINESS COMBINATIONS AND DISCONTINUED OPERATIONS
(continued)
DISPOSALS
There were no disposals during the year.
On 14th December 2009, and effective from the end of November
2009, Workplace Engineering Limited disposed of its trade and
certain assets for an initial cash consideration of GBP0.2 million.
A further GBP0.1 million of deferred consideration was received
during 2010.
The revenue and result from discontinued operations (including
GBP1.6 million goodwill impairment in 2009) together with the
post-tax profit or loss on disposal is detailed below:
2010 2009
GBPm GBPm
Revenue from discontinued operations - 4.0
--------------------------------------------------- ------ ------
Loss before taxation from discontinued operations (0.2) (4.3)
Taxation 0.1 0.9
--------------------------------------------------- ------ ------
Loss for the period (0.1) (3.4)
--------------------------------------------------- ------ ------
Consideration (net of disposal costs) 0.1 0.2
Total net assets disposed of - (0.3)
--------------------------------------------------- ------ ------
Pre-tax gain / (loss) on disposal 0.1 (0.1)
Taxation - -
--------------------------------------------------- ------ ------
Profit / (loss) on disposal 0.1 (0.1)
--------------------------------------------------- ------ ------
Retained loss from discontinued operations - (3.5)
--------------------------------------------------- ------ ------
Total Net Assets Disposed
2010 2009
GBPm GBPm
Intangible assets - 0.1
Property, plant and equipment - 0.1
Stock - 0.1
Trade and other receivables - 0.4
Trade and other payables - (0.4)
------------------------------- ----- ------
- 0.3
------------------------------- ----- ------
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