7 - Analysis of Changes in Net Cash							9 - Capital Employed
2010

			Mexico (Based on 100%)			Other acquisitions			Total
			Book	FV	Fair	Book	FV	Fair	Fair
			value	adj	value	value	adj	value	value
			£'000	£'000	£'000	£'000	£'000	£'000	£'000
Fixed assets
	Property, plant and equipment		1,081	-	1,081	24	-	24	1,105
	Intangibles		-	10,645	10,645	-	1,074	1,074	11,719
			1,081	10,645	11,726	24	1,074	1,098	12,824
Current assets
	Inventories		1,042	-	1,042	948	(315)	633	1,675
	Trade receivables		1,492	-	1,492	-	-	-	1,492
	Other receivables		193	-	193	-	-	-	193
	Cash		1,684	-	1,684	-	-	-	1,684
			4,411	-	4,411	948	(315)	633	5,044
Total assets			5,492	10,645	16,137	972	759	1,731	17,868
Current liabilities
	Trade payables		1,136	-	1,136	210	-	210	1,346
	Other payables and accruals		237	-	237	-	-	-	237
			1,373	-	1,373	210	-	210	1,583
Long term liabilities			-	-	-	-	-	-	-
Total liabilities			1,373	-	1,373	210	-	210	1,583
Total net assets			4,119	10,645	14,764	762	759	1,521	16,285
Goodwill					6,776			728	7,504
Total					21,540			2,249	23,789
Satisfied by		Cash paid			1,778			1,513	3,291
		Deferred consideration			9,207			736	9,943
Accounting adjustments		Associate investment eliminated			2,018			-	2,018
		Gain on revaluation of existing share			8,537			-	8,537
					21,540			2,249	23,789
1	On 25th May 2010 the Group acquired from it's local partners the remaining 51% of Spirax-Sarco Mexicana S.A., which was
	previously 49% owned by the Group and treated as an Associate company in the Group Accounts.  The acquisition method
	of accounting has been used.  Consideration of £1,778k was paid on completion.  Separately identified intangibles for the
	entire business are recorded as part of the fair value adjustment.  Goodwill recognised in the Group Accounts is also based
	on the business as a whole.
2	The acquisition of the distribution rights of Watson Marlow and Bredel products in Australia and New Zealand was made on 30th June
	2010.  Inventories, plant and equipment were also purchased as part of the transaction.  The acquisition method of accounting has been used.
	Consideration of £1,254k was paid on completion.  Separately identified intangibles are recorded as part of the fair value adjustment.
3	The acquisition of the distribution rights of Watson Marlow and Bredel products in the Rustenburg area of South Africa was made on
	28th April 2010.  Inventories were also purchased as part of the transaction.  The acquisition method of accounting  has been used.
	Consideration of £259k was paid on completion.  Separately identified intangibles are recorded as part of the fair value adjustment.