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Part 3 - Financial Statements
79
As a reminder, the costs supported by the Group on
discontinued operations during the last years consisted
for the most part of:
■ various costs coming from the sale at the end of 2005
of our Italian subsidiary FBM to KNM Group Berhad
and the liquidation, at the beginning of 2005, of the
remaining Italian activities carried out through one
subsidiary – Hamon Research Cottrell Italia Srl;
■ cost of the transactional agreement concluded
between Hamon and SPX in December 2008
regarding the Holdback Transaction of EUR 5 million
related to the sale, in December 2003, of the global
Dry and Wet NAFTA Cooling activities;
■ post disposal costs of Air Industrie Thermique-Loreatt.
The impact of discontinued activities on the result and
on the cash flow of the Group amounts, for the 2010
financial year, to EUR -22 thousand (EUR -242 thousand
and EUR -441 thousand for the 2009 and 2008
financial years) (see note 20).
As of 31 December 2010, 2009 and 2008, assets and
liabilities of discontinued activities amount to zero.
15. Changes of scope
Acquisition of control of subsidiaries
in EUR ‘000’ HSC(*) J&C(*) Enviroserv 2010
Non-current assets 1 196 230 1 595 3 021
Property, Plant & Equipment 1 000 230 59 1 288
Intangible assets 0 0 1 488 1 488
Other non-current assets 196 0 48 244
Current assets 5 410 1 013 1 550 7 973
Trade and Other Receivables 4 702 785 919 6 406
Cash and Cash Equivalents 264 184 575 1 022
Other Current Assets 445 44 56 545
Non-current liabilities 452 0 451 904
Deferred Tax Liabilities 95 0 451 546
Other non-current liabilities 357 0 0 357
Current Liabilities 4 845 512 1 478 6 835
Trade and Other payable 2 777 453 1 115 4 345
Other current liabilities 2 068 58 363 2 490
Net assets acquired 1 308 731 1 216 3 255
Group’s share in net assets acquired 0 307 1 216 1 523
Goodwill 2 274 958 1 647 4 879
Purchase price -2 274 -1 265 -2 862 -6 401
Deferred Payment 0 0 0 0
Revaluation of interests previously held 2 274 0 0 2 274
Purchase price in cash 0 -1 265 -2 862 -4 127
Net cash & cash equivalents acquired 264 184 575 1 023
Net cash outflow 264 -1 081 -2 287 -3 104
(*) The Group has chosen to measure non-controlling interests of its business combination at their proportionate interests in the net identifiable assets of those companies
On 1 April 2010, Hamon acquired 100% of Enviroserv
GmbH (a German company located in Essen) that is a
technological leader in air pollution control, particularly in
desulphurization (FGD) such as Circulating Fluidized Bed
(CFB), Wet/limestone and Seawater FGD technologies.
Enviroserv is mostly active in Germany and Central
Europe. Its main markets are fossil-fuel power plants and
other heavy industries.
On 21 October 2010, Hamon acquired an ownership
of 60% in J&C Engineering Pty Ltd, a South-African
company active in air pollution control (mainly electrostatic
precipitators). J&C is located near Johannesburg
and sells its equipment to various heavy industries in
South Africa and neighboring countries. Its activities
include the sale, the design and the manufacture of
several metallic components in its workshop, project
management, construction on site, start-up and aftersales
service.