|Deferred consideration – less than one year||1.8||—|
|Deferred consideration – more than one year||—||2.3|
|Contingent consideration – less than one year||7.0||1.6|
|Contingent consideration – more than one year||28.0||31.1|
The consideration for certain acquisitions and licensing agreements includes amounts contingent on future events such as development milestones or sales performance. The Group has provided for the fair value of this contingent consideration as follows:
|Tri-Solfen®||StrixNB & DispersinB||Injectable Solution||Phycox||Other||Total|
|As at 1 July 2016||—||—||—||3.0||0.6||3.6|
|Cash payments: investing activities||—||—||—||(0.5)||—||(0.5)|
|Foreign exchange adjustments||(0.9)||—||—||0.1||—||(0.8)|
|At 30 June 2017||25.5||3.6||—||3.1||0.5||32.7|
|Remeasurement through intangibles||(0.9)||(2.2)||—||—||—||(3.1)|
|Remeasurement through income statement||—||(0.1)||—||—||—||(0.1)|
|Cash payments: investing activities||—||—||—||(0.6)||(1.1)||(1.7)|
|Foreign exchange adjustments||(1.8)||(0.2)||0.1||(0.1)||—||(2.0)|
|At 30 June 2018||22.8||1.1||6.6||2.8||1.7||35.0|
The consideration payable for Tri-Solfen® is expected to be payable over a number of years, and relates to development milestones and sales performance. During the year, the development milestones have been remeasured and consequently are now expected to happen later than initially anticipated.
The consideration payable for StrixNB and Dispersin B is expected to be payable over a number of years, and relates to developments milestones and sales performance. During the year the contingent consideration has been remeasured and consequently one of the development milestones is no longer expected to be achieved. To the extent possible this has been remeasured through intangibles with the excess being credited to the income statement, and treated as non-underlying.
The consideration for a new licensing agreement for an injectable solution relates to development milestones, and Phycox relates to sales performance.
Where a liability is expected to be payable over a number of years the total estimated liability are discounted to their present values.