Section image

Cherries
oil on canvas
22 x 20 in
1981

Penny Machines
oil on canvas
23¾ x 29¾ in
1961

Stack of Books
oil on canvas
30 x 24 in
n.d.

Seven Suckers
oil on canvas
19 x 23 in
1970

Twin Jackpots
oil on canvas
30 x 46 in
1962

Ties
oil on canvas
20 x 26 in
1980

Cake Slices
oil on canvas
20 x 16 in
n.d.

Notes 16-20

For the year ended 31 December 2010

19. Trade and other payables: amounts falling due after more than one year

The following are included in trade and other payables falling due after more than one year:

  2010
£m
2009
£m
Payments due to vendors (earnout agreements) 67.9 140.6
Liabilities in respect of put option agreements with vendors 34.1 59.9
Fair value of derivatives 129.4 83.6
Other creditors and accruals 157.2 139.2
  388.6 423.3

The Group considers that the carrying amount of trade and other payables approximates their fair value.

The following tables set out payments due to vendors, comprising deferred consideration and the directors’ best estimates of future earnout-related obligations:

  2010
£m
2009
£m
Within one year 207.4 121.6
Between one and two years 39.6 93.6
Between two and three years 12.1 39.5
Between three and four years 4.3 5.1
Between four and five years 4.1 2.4
Over five years 7.8
  275.3 262.2

  2010
£m
1 January 2010 262.2
Earnouts paid (113.3)
Revised estimates1 82.0
New acquisitions (note 28) 32.8
Exchange adjustments 11.6
31 December 2010 275.3
Note
1
Revised estimates relate to acquisitions that were completed prior to 1 January 2010 and were recorded in the consolidated balance sheet within goodwill.

The potential undiscounted amount of all future payments that could be required under the earnout agreements for acquisitions completed in 2010 and for all earnout agreements at 31 December 2010 ranges from £nil million to £110.9 million and £nil million to £916.2 million, respectively.