Tesco 1998 Annual Report Download - page 41

Net loss on disposal of Catteau S.A.
Fixed assets
Cash
Working capital
Finance leases
Taxation
Net assets
Consideration – cash
Costs
Goodwill write-back
Net loss on disposal
Note 32 Sale of subsidiaries
The French subsidiary Catteau S.A. was sold to Promodes S.A. on 24 February 1998. The net loss on disposal of £8m includes £8m
for termination costs and the write-back of £135m for the original goodwill which was offset against re s e rves at the time of acquisition.
The business sold contributed £24m to the Group’s net operating cash flows, paid £4m in respect of net returns of investments and
servicing of finance, had a financing cash outflow of £3m and utilised £3m for capital expenditure.
£m
143
2
(14)
(10)
(6)
115
250
135
(8)
(135)
(8)
3 9
In addition, the Lifestyle businesses in Ireland, purchased from Associated British Foods plc, were sold for £9m generating no profit
or loss.
Note 33 Analysis of changes
in net debt
Cash in hand, at bank
Overdrafts
Money market investments and deposits
Bank and other loans
Finance leases
Debt due within one year
Bank and other loans
Finance leases
Debt due after one year
Other non
cash changes
£m
–
–
–
–
(3)
–
(3)
–
–
–
(3)
Cash flow
£m
(35)
(93)
(128)
116
(228)
3
(225)
(215)
18
(197)
(434)
At 22 February
1997
£m
65
(38)
27
80
(247)
(21)
(268)
(533)
(55)
(588)
(749)
Acquisitions
£m
–
–
–
–
–
–
–
(20)
–
(20)
(20)
Exchange
movements
£m
(1)
–
(1)
–
2
1
3
1
2
3
5
Disposals
£m
–
–
–
–
–
–
–
–
10
10
10
At 28 Fe b r u a ry
1998
£m
29
(131)
(102)
196
(476)
(17)
(493)
(767)
(25)
(792)
(1,191)