Ardagh Glass Finance plc - Irish Stock Exchange

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
25. Business combination (Continued)
A summary of the net assets acquired and related goodwill is set out below:
Fair value
Book value adjustments Fair value
E’000 E’000 E’000
Property, plant and equipment ............................ 380,971 202,596 583,567
Intangible assets ...................................... 2,982 13,779 16,761
Inventories .......................................... 126,912 13,766 140,678
Trade and other receivables .............................. 191,090 (3,084) 188,006
Cash ............................................... 16,648 — 16,648
Total assets acquired ................................... 718,603 227,057 945,660
Trade and other payables ................................ (390,215) — (390,215)
Deferred income ...................................... (4,524) — (4,524)
Provisions for liabilities and charges ........................ (79,292) (56,644) (135,936)
Net assets ........................................... 244,572 170,413 414,985
Consideration—cash ................................... (412,965)
Acquisition expenses ................................... (11,770)
Goodwill ............................................ (9,750)
Purchase consideration settled in cash ....................... 412,965
Acquisition expenses ................................... 11,770
Loans repaid to Rexam plc .............................. 206,060
Cash acquired with subsidiaries ........................... (16,648)
Cash outflow on acquisition .............................. 614,147
The fair value adjustments consist of:
• An adjustment of A202,596,000 to recognise the fair value of land and buildings
• An adjustment of A13,779,000 to recognise an intangible asset
• An adjustment of A13,766,000 to recognise the fair value of inventory
• An adjustment of A4,455,000 to recognise the fair value of pensions
• An adjustment of A1,136,000 to recognise a deferred tax asset
• An adjustment of A64,425,000 to recognise a deferred tax liability
• An adjustment of A3,326,000 to recognise the fair value of provisions
Goodwill
The goodwill is attributable to the significant synergies expected to arise after the Group’s
acquisition of the Rexam business.
Acquisition of Busch & Spreen GmbH in 2008
In December 2008 Heye International GmbH bought 100% of the share capital of Busch &
Spreen GmbH. Due to the timing of the acquisition the Group has not completed the application of
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