enl commercial limited annual report 2011 - Investing In Africa

Notes to the Financial Statements
Year ended June 30, 2011
33 BUSINESS COMBINATIONS (continued)
(a)
Acquisition of subsidiary (continued)
2011
Rs’000
Consideration
Cash 20,000
Transfer from deposit 52,892
Fair value of equity interest held before the business combinations 70,000
Total consideration 142,892
Acquisition-related costs -
Recognised amounts of identifiable assets acquired and
liabilities assumed
Cash and cash equivalents (12,510)
Property, plant and equipment 162,101
Intangible assets 3,646
Investment in associate 8,631
Investment in financial assets 19,416
Inventories 45,877
Trade and other receivables 201,906
Trade and other payables (221,980)
Borrowings (150,689)
Retirement benefit obligations (25,573)
Taxation (1,062)
Deferred income (773)
Dividend proposed (15,000)
Deferred tax liabilities (2,593)
Total identifiable net assets 11,397
Non-controlling interests (669)
Goodwill (note 6) 132,164
142,892
Net cash outflow on acquisition of subsidiaries
Rs’000
Consideration paid in cash 20,000
Cash and cash equivalents acquired 12,510
32,510
In 2011, the acquired business contributed revenues of Rs.1,045 million and net profit of Rs.17 million
to the group.
If the acquisition had occurred on 1 July 2010, the group’s revenue would have been Rs.1,077 million
and profit for the year would have been Rs.19 billion.
108
ENL Commercial Limited
Annual Report 2011