During the year the Group acquired a number of small businesses as summarised below.
|Intangible assets – software and other||11|
|Property, plant and equipment||18|
|Trade and other receivables||16|
|Cash at bank and in hand||1|
|Trade and other payables||(43)|
|Borrowings – current liabilities||(6)|
|Deferred tax liabilities||(5)|
|Net assets acquired||9|
|Additions to investments in joint ventures1||31|
|Net cash out flowper cash flow statement||82|
|Net non-cash consideration||(1)|
1 As part of the transaction to conclude the joint venture with Goodrich Corporation to develop and manufacture engine controls, the Group also paid US$100m in cash and assumed a liability of £24m in respect of foreign exchange contracts. These amounts, totalling £93m, have been included in intangible asset additions in the year (note 8).
There were no significant fair value adjustments in respect of the net assets acquired.
During the year the Group disposed of its interests in a number of small businesses, as summarised below.
|Intangible assets – goodwill||2|
|Property, plant and equipment||2|
|Trade and other receivables||11|
|Trade and other payables||(9)|
|Disposals of investments in joint ventures||30|
|Profit on sale or termination of businesses||7|
|Receipts outstanding at December 31, 2008||10|
|Net cash inflow per cash flow statement||36|