DF table

Notes to Financial Statements

25. POST BALANCE SHEET EVENTS

i. In February 1998, the Group completed the sale of its wholly-owned subsidiary, Simago, S.A. to a third party for a cash consideration of US$108 million, which is in excess of the carrying value of US$90 million at 31st December 1997. The consideration is subject to certain adjustments based on the finalisation of the completion accounts. Cumulative currency translation differences of approximately US$62 million will be charged to the profit and loss account which will have no effect on the Group's cash flow and Sharholders' funds.
ii. In February 1998, the Group entered into agreements with third parties to purchase an effective interest of 31.18% in PT Hero Supermarket, an Indonesian supermarket chain listed on the Jakarta Stock Exchange, for a cash consideration of US$36.4 million.
iii. On 19th February 1998, it was announced that Kwik Save and Somerfield PLC ("Somerfield") proposed to merge under a share exchange agreement, with Kwik Save Shareholders receiving 7 Somerfield shares for every 6 Kwik Save shares held. If the merger proceeds as planned, Dairy Farm will hold an 11.0% interest in the enlarged share capital, and will account for its results on a dividend delcared basis.

25. POST BALANCE SHEET EVENTS

i. In February 1998, the Group completed the sale of its wholly-owned subsidiary, Simago, S.A. to a third party for a cash consideration of US$108 million, which is in excess of the carrying value of US$90 million at 31st December 1997. The consideration is subject to certain adjustments based on the finalisation of the completion accounts. Cumulative currency translation differences of approximately US$62 million will be charged to the profit and loss account which will have no effect on the Group's cash flow and Sharholders' funds. ii. In February 1998, the Group entered into agreements with third parties to purchase an effective interest of 31.18% in PT Hero Supermarket, an Indonesian supermarket chain listed on the Jakarta Stock Exchange, for a cash consideration of US$36.4 million. iii. On 19th February 1998, it was announced that Kwik Save and Somerfield PLC ("Somerfield") proposed to merge under a share exchange agreement, with Kwik Save Shareholders receiving 7 Somerfield shares for every 6 Kwik Save shares held. If the merger proceeds as planned, Dairy Farm will hold an 11.0% interest in the enlarged share capital, and will account for its results on a dividend delcared basis.