Business and Non-Current Asset Disposals

12 Months Ended

Dec. 31, 2018

Text block [abstract]

Business and Non-Current Asset Disposals

6.  Business and Non-Current Asset Disposals

	Business disposals						Disposal of other non-current assets						Total
	2018 €m		2017 €m		2016 €m		2018 €m		2017 €m		2016 €m		2018 €m		2017 €m		2016 €m
Continuing operations
Assets/(liabilities) disposed of at net carrying amount:
- non-current assets		622		47		147		59		79		109		681		126		256
- cash and cash equivalents		60		11		3		-		-		-		60		11		3
- working capital and provisions		132		29		24		-		-		-		132		29		24
- current tax		(2)		-		-		-		-		-		(2)		-		-
- deferred tax		(2)		2		(1)		-		-		-		(2)		2		(1)
- retirement benefit obligations		(6)		-		-		-		-		-		(6)		-		-
Net assets disposed		804		89		173		59		79		109		863		168		282
Reclassification of currency translation effects on disposal		15		9		(44)		-		-		-		15		9		(44)
Total		819		98		129		59		79		109		878		177		238
Proceeds from disposals (net of disposal costs)		697		99		133		106		134		158		803		233		291
Asset exchange (note 32)		12		-		-		-		-		-		12		-		-
Profit on step acquisition (note 32)		39		-		-		-		-		-		39		-		-
(Loss)/profit on disposals from continuing operations		(71)		1		4		47		55		49		(24)		56		53
Discontinued operations
Profit on disposals from discontinued operations (note 3)		1,563		-		-		-		3		2		1,563		3		2
Total Group profit on disposals		1,492		1		4		47		58		51		1,539		59		55
Net cash inflow arising on disposal
Continuing operations
Proceeds from disposals from continuing operations		697		99		133		106		134		158		803		233		291
Less: cash and cash equivalents disposed		(60)		(11)		(3)		-		-		-		(60)		(11)		(3)
Less: deferred proceeds arising on disposal (note 21)		(10)		(3)		(7)		-		-		-		(10)		(3)		(7)
Less: investment and loan to associate in lieu of cash proceeds (i) (note 17)		(85)		-		-		-		-		-		(85)		-		-
Net cash inflow arising on disposal from continuing operations		542		85		123		106		134		158		648		219		281
Discontinued operations
Net cash inflow arising on disposal from discontinued operations (note 3)		2,361		-		-		-		3		2		2,361		3		2
Total Group net cash inflow arising on disposal		2,903		85		123		106		137		160		3,009		222		283

(i) As part of the divestment of our DIY business in Belgium and the Netherlands (see note 16 for further details) we acquired an equity stake of 22.78% in, and advanced a loan of €50 million to the purchaser, Intergamma.