RBS 2009 Annual Report Download - page 308

RBS Group Annual Report and Accounts 2009306
Notes on the accounts continued
19 Prepayments, accrued income and other assets
Group Company
2009 2008 2007 2009 2008 2007
£m £m £m £m £m £m
Prepayments 1,872 1,949 1,988 ———
Accrued income 897 1,206 1,214 ———
Deferred expenses 596 709 385 ———
Pension schemes in net surplus 58 36 575 ———
Other assets 17,562 20,502 11,500 43 489 127
20,985 24,402 15,662 43 489 127
20 Discontinued operations and assets and liabilities of disposal groups
(a) (Loss)/profit from discontinued operations, net of tax 2009 2008 2007
£m £m £m
Discontinued operations:
Total income —2,571 749
Operating expenses —(1,407) (493)
Insurance net claims —— (28)
Impairment losses —(564) (160)
Profit before tax —600 68
Gain on disposal —3,859 —
Operating profit before tax —4,459 68
Tax on profit —(204) (8)
Tax on gain on disposal —(33) —
Profit after tax —4,222 60
Businesses acquired exclusively with a view to disposal
Loss after tax (99) (251) (136)
(Loss)/profit from discontinued operations, net of tax (99) 3,971 (76)
Discontinued operations in 2008 reflect the results of Banco Real sold to Santander on 24 July 2008.
Businesses acquired exclusively with a view to disposal comprise those
ABN AMRO businesses, including Banca Antonveneta, Asset
Management and Private Equity, classified as disposal groups on the
acquisition of ABN AMRO on 17 October 2007. The Asset Management
business was sold to Fortis on 3 April 2008. Banca Antonveneta,
excluding its subsidiary Interbanca, was sold to Banca Monte dei
Paschi di Siena S.p.A. on 30 May 2008.
To comply with EC State Aid requirements the Group has agreed to
make a series of divestments over the next four years. Sempra was the
only such divestment that met the criteria for classification as a disposal
group at 31 December 2009. The other assets and associated liabilities
classified as disposal groups include certain non-core interests in Asia
and Latin America.