Annual report 2008 - Altarea Cogedim

CONSOLIDATED FINANCIAL STATEMENTS
11. Business
combinations
2008
Acquisition of Altareit (formerly Fromageries Paul Renard)
The cost of this acquisition came to €14,725 thousand.
This acquisition was accounted for in accordance with the
principles defined in IFRS 3 and led to the determination
of the fair value of identifiable assets and liabilities at the
acquisition date.
The details of the valuation at the acquisition date were as
follows:
FPR balance sheet at acquisition date
(in € thousand)
Fair
value
Carrying
amount
Other non-current assets 0 0
Current assets 12,736 12,736
Total assets 12,736 12,736
Non-current liabilities 0 0
Current liabilities 0 0
Total liabilities – –
Acquired assets, net 12,736 12,736
Ownership interest 99.59 % 99.59 %
Net assets attrib. to Group shareholders 12,684 12,684
Goodwill recognised 2,041
Value of equity interest
at date of acquisition
14,725
The acquisition consists in a listed company possessing a noninterest-bearing
current account, without any investments.
The goodwill recognised was written off in full in the financial
statements at 31 December 2008.
2007
• Acquisition of Cogedim on 17 July 2007
On 17 July 2007, ALTAREA acquired 99.94% of the shares
of Cogedim from Inbro NV. Cogedim’s business is centred
on property development for third parties.
The cost of this acquisition was estimated at
€642,588 thousand, determined as follows:
Acquisition cost of Cogedim securities (in € thousand)
Acquisition price (including earn-out) 650,149
Transaction costs 4,890
Discounted present value of acquisition debt, net of tax (12,451)
Total assets 642,588
The fair value of identifiable assets and liabilities at the
acquisition date and the corresponding carrying amounts
were as follows:
No contingent liability was identified. The identification
and measurement of the assets and liabilities acquired on a
provisional basis at 31 December 2007 were confirmed at
30 June 2008.
Cogedim balance sheet at acquisition
(in € thousand)
Fair
value
Brand 66,600
Customer relationships 181,570
Carrying
amount
Other non-current assets 7,224 7,224
Current assets (excluding cash) 536,030 536,030
Cash 63,468 63,468
Total assets 854,892 606,722
Non-current liabilities 143,887 143,887
Deferred tax on brands and customer relationships 85,445
Current liabilities (excluding cash) 331,506 331,506
Overdrafts 1,798 1,798
Total liabilities 562,636 477,191
Acquired assets, net 292,256 129,531
of which share attributable to minority interests 946 848
Net assets attrib. to Group shareholders 291,310 128,683
Goodwill recognised 351,278
Enterprise value at date of acquisition 642,588
118