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CONSOLIDATED FINANCIALSTATEMENTS
BarryCallebaut
Annual Report2010/11
Had the Turín Business been part of the Group since September 1, 2010, it would have
contributed revenue of CHF 28.9 million and net profitfor the year of CHF 1.0million to the
Consolidated Income Statement.
Finalization of acquisition accounting forChocovic Group acquired in 2009/10
The initial accounting for the acquisition of Chocovic Group in fiscal year 2009/10 has been
completed in the period under review.The finalization of purchase accounting of the defined
benefit obligation upon receipt of the actuarial valuation did not lead to any adjustment.
Acquisitions in 2009/10
On December 23, 2009, the Group obtained control of Chocovic Group,aSpanish chocolate
manufacturing group,byacquiring 100% of the shares and voting interests of Trade &Trade,
S.A, Chocovic Group’s ultimate parent. As aresult of the acquisition, the Group is expected
to further expand its core business with industrial and artisanal customers as well as its
geographic presence,mainly in Southern Europe.
The following summarizes the major classes of consideration transferred:
in thousands of CHF 2009/10
Consideration
Cash paid 23,374
Consideration offset with receivables from seller 16,870
Consideration deferred 15,835
Total consideration transferred 56,079
The deferred payments are contractually due at the first and fifth anniversary of the closing
date. Most of the deferred payment is due short term. The consideration due on the fifth
anniversary of the closing shall be offset with indemnification claims by the Group.Nopreexisting
relationships were settled in this transaction. The agreements with the seller do not
contain arrangements for contingent considerations.
The Group expensed acquisition-related costs, such as fees for due diligence work and
lawyers,ofCHF 1.1million over the course of the project immediately in the Consolidated
Income Statement (included in “General and administration expenses”), of which CHF 0.7
million was recognized in the prior fiscal year.
in thousands of CHF 2009/10
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents 2,218
Trade receivables and other assets 42,031
Inventories 8,684
Property,plantand equipment 6,786
Intangible assets 6,291
Deferred income tax assets 290
Bank overdrafts (7,625)
Trade payables and other currentliabilities (20,247)
Deferred income tax liabilities (1,012)
Other non-currentliabilities (6,166)
Total identifiable net assets 31,250
Goodwill 24,829
Total consideration at fair value 56,079
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