Annual report 2008, 1.19 MB - Telenor

NOTES TO THE FINANCIAL STATEMENTS
Telenor Group
PAGE 28
Individually immaterial acquisitions during 2008
During 2008 Telenor has consolidated Datametrix AS, Tameer Microfi nance Bank Ltd and other acquisitions with a consideration less than
NOK 50 million per acquisition. The carrying values at the acquisition dates are reported according to IFRS. The net assets acquired in the
transactions, and the goodwill arising, are as follows:
Carrying amount at the Fair value Fair
NOK IN MILLIONS acquisition dates adjustments Values
Customer Base - 12 12
Software 10 1 11
Trademarks - 6 6
Other intangible assets 74 18 92
Deferred tax assets 9 (3) 6
Property, plant and equipment 22 - 22
Other fi nancial non-current assets 13 - 13
Inventories 70 - 70
Trade and other receivables 110 - 110
Other fi nancial current assets 84 1 85
Cash and cash equivalents 156 - 156
Non-current interest bearing fi nancial liabilities (155) - (155)
Non-current non-interest bearing fi nancial liabilities (7) - (7)
Deferred tax liability (3) (15) (18)
Trade and other payables (140) - (140)
Current tax liabilities (1) - (1)
Current non-interest bearing fi nancial liabilities (124) - (124)
Current interest bearing fi nancial liabilities (35) - (35)
Provisions (2) - (2)
Net assets 81 20 101
Non-controlling interest 7 (1) 6
Net assets acquired 74 21 95
Goodwill 303
Total net assets acquired 398
Total consideration for the shares, satisfi ed by cash 394
Total consideration for the shares, satisfi ed by other equity intruments 4
Total consideration for the shares 398
Liabilities assumed, satisfi ed by cash 35
Total consideration 433
Useful lives of intangible assets at the date of consolidation were estimated on average to: customer base of 4 years, software of 8 years,
technology of 10 years and trademarks of 3 years. The goodwill arising on the acquisition of these smaller companies is attributable to
employees and the anticipated profi tability of its operations and includes deferred tax liabilities related to the excess values.
These companies contributed NOK 204 million in revenues and negative NOK 122 million to the Telenor Group’s profi t from total operations
for the period between the date of consolidation and 31 December 2008.
Unitech Wireless
On 17 March 2009, Telenor announced the acquisition of a 33.5% ownership interest in Unitech Wireless. The acquisition was completed
20 March 2009 by a capital contribution in Unitech Wireless of NOK 1.7 billion paid in cash. Telenor gains control through the share
agreement. The value was set based on fair value after negotiations between the parties. The transaction is not included in the consolidated
fi nancial statements as of 31 December 2008.
Unitech Wireless will offer mobile services to residential and business customers in India.
ANNUAL REPORT 2008