2013-vinci-annual-report

B. Business acquisitions and disposals
1. Acquisition of ANA, Portuguese airport concession-holder
On 17 September 2013, as part of the Group’s strategy to make VINCI Airports (a VINCI Concessions subsidiary) a global international airport
operator, VINCI completed its deal with the Portuguese government to take control of ANA, the holder of a 50-year concession to operate
Portugal’s 10 airports on the mainland (Lisbon, Porto, Faro and Beja), in the Azores and in Madeira. At 31 December 2013, the Group owned
99.98% of ANA’s shares.
The transaction through which the Group took control of ANA involved buying ANA shares for €1,127 million in cash and assuming ANA’s
net financial debt in an amount of €1,750 million. The acquisition agreement does not include any earn-out clause. Since 17 September 2013,
the three companies making up the ANA group (ANA and its two subsidiaries, ANAM and Portway) have been fully consolidated.
224 VINCI 2013 ANNUAL REPORT
In accordance with IFRS 3 Amended, VINCI is assessing the fair value of the identifiable assets and liabilities acquired, and determining the
related deferred tax effects. Values were provisionally allocated to identifiable assets and liabilities at 17 September 2013 based on information
available. They may be adjusted during the 12 months following the acquisition on the basis of any new information regarding the
facts and circumstances prevailing at the time of the acquisition.
Provisional determination of assets and liabilities acquired at the date of acquiring control
(in € millions)
Assets and liabilities acquired at 17 September 2013
Fair value
Non-current assets
Concession intangible assets 2,547
Other intangible assets 4
Property, plant and equipment 97
Non-current financial assets 1
Total non-current assets 2,650
Current assets
Trade and other operating receivables 94
Inventories and work in progress 1
Other current assets 5
Cash management financial assets 5
Cash and cash equivalents 47
Total current assets 153
Non-current liabilities
Provisions for risks and other non-current liabilities 2
Loans and borrowings 293
Deferred tax liabilities 96
Total non-current liabilities 392
Current liabilities
Current provisions 114
Current borrowings 1,509
Trade payables 29
Other current liabilities 64
Current tax liabilities 13
Total current liabilities 1,729
Net assets acquired 681
Purchase price 1,127
Provisional goodwill 446
Provisional goodwill, as shown in the above table, represents the future economic benefits that VINCI expects to derive from the acquisition
of ANA. It has been allocated to the VINCI Airports business segment.