NOTES TO
THE FINANCIAL STATEMENTS CONTINUED |
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| 31. ACQUISITIONS CONTINUED | |||||||||
| (iv) The fair value adjustments and accounting policy alignments in respect of Argos comprise: | |||||||||
| Fair value adjustments £m |
Accounting policy alignments £m |
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| Fixed assets: | |||||||||
| Adoption of Group capitalisation policy | (2.2) | ||||||||
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| Stocks: | |||||||||
| Adoption of Group policy on merchandise discounts | (6.6) | ||||||||
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| Creditors: | |||||||||
| Obligations in respect of an unoccupied property | (5.2) | ||||||||
| Taxation effect of merchandise discount policy change | 2.1 | ||||||||
| (5.2) | (6.7) | ||||||||
| The fair value adjustment in respect of the Experian acquisitions arose in connection with unprovided taxation liabilities. | |||||||||
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| (B) Argos The profit and loss account of Argos for the period from 28 December 1997 to 27 April 1998 comprised: |
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| £m | |||||||||
| Sales | 487.5 | ||||||||
| Operating profit before exceptional charge | 14.0 | ||||||||
| Exceptional charge - costs of bid defence | (16.3) | ||||||||
| Net interest income | 3.6 | ||||||||
| Profit before taxation | 1.3 | ||||||||
| Taxation | (0.9) | ||||||||
| Profit after taxation | 0.4 | ||||||||
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| In the 52 week period to 27 December 1997 the profit of Argos was £86.9m. There were no other recognised gains or losses in that period. There were no sales to, or purchases from, subsidiary undertakings of The Great Universal Stores P.L.C. by Argos plc in the period from 1 April 1998 to 26 April 1998. | |||||||||