Post year end, the Group announced the sale of its wholly owned US subsidiary, Vermont Hard Cider Company (“VHCC”) to Northeast Kingdom Drinks Group, LLC (NKDG) for a total consideration of USD 20.0m. The sale was completed on 2 April 2021. VHCC was classified as a disposal group, held for sale, as at 28 February 2021.
The major classes of assets and liabilities of VHCC classified as held for sale as at 28 February 2021 were, as follows:
2021 €m | |||
Assets held for sale | |||
Property, plant & equipment (note 11) | 5.6 | ||
Leased right-of-use assets (note 19) | 0.2 | ||
Inventories | 3.9 | ||
Trade & other receivables | 4.1 | ||
Current income tax asset | 0.1 | ||
Total assets held for sale | 13.9 | ||
Liabilities directly associated with assets held for sale | |||
Trade & other payables | 2.2 | ||
Lease liabilities (note 19) | 0.2 | ||
Total liabilities directly associated with assets held for sale | 2.4 | ||
Net assets directly associated with the disposal group | 11.5 |
The cumulative foreign exchange gain recognised in other comprehensive income in relation to the disposal group as at 28 February 2021 was €3.9m.
Other commitments
At 28 February 2021, the value of the contracts placed for future expenditure by VHCC was €1.6m. This related to the following:
Glass | Apples | Aluminium | Sugar | Total | |
€m | €m | €m | €m | €m | |
Payable in less than one year | 0.6 | 0.3 | 0.1 | 0.6 | 1.6 |
0.6 | 0.3 | 0.1 | 0.6 | 1.6 |