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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


		Six months ended		Year ended
		31 Mar	31 Mar	30 Sept
		2008	2007	2007
R million		Reviewed	Reviewed	Audited
12.	ACQUISITION OF SUBSIDIARIES, INVESTMENTS AND INTANGIBLES
	Inventories acquired	335
	Receivables acquired	105
	Payables, taxation and deferred taxation acquired	(310)
	Goodwill and intangibles acquired	135
	Borrowings net of cash	(256)
	Property, plant and equipment, non-current assets and minority shareholders	254
	Total net assets acquired	263
	Less: Existing share of net assets of associates before acquisition	234
	Net assets acquired	29
	Goodwill arising on acquisitions	4
	Total purchase consideration	33
	Less: Non-cash purchase consideration	33
	Net cash cost of subsidiary acquired	–
	Investments and intangibles acquired	339	113	349
	Cash amounts paid to acquire subsidiaries and investments	339	113	349

	The group exchanged its 65% interest in Garden City Motors (GCM) for additional shares in the NMI Durban South Motors business (NMI) effective 1 March 2008. The group’s shareholding in NMI increased from 50% to 51,18% as a result of this transaction. Goodwill arising on the acquisition of NMI amounting to R4 million is attributable to gaining control of the business. The business was previously jointly controlled and therefore equity accounted in the group results up to 29 February 2008. The NMI result has been fully consolidated in the group results effective 1 March 2008. The net profit from NMI since date of acquisition was R5 million. The disposal of GCM to NMI had no profit or loss effect for the group. If the above transaction had taken place at the beginning of the current period, the group would have reported total revenue of R22 912 million and net profit of R1 050 million for the six months to March 2008.