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Notes to the consolidated financial statements continued32. Business combinationsBusiness operationsOn 11 August 2008, the Group acquired a 60 per cent controlling interest in Manufacture Roger Dubuis SA, a Geneva-based watchmaker.This together with other non-material manufacturing and retail businesses acquired during the year represent the total business combinations.The acquisition of Manufacture Roger Dubuis SA resulted in a residual goodwill amount of € 93 million. The goodwill relates to the additionalmanufacturing synergies to the Group. The goodwill is not tax deductible.Manufacture Roger Dubuis SA contributed revenues of € 8 million for the period from acquisition to 31 March 2009 and losses of € 18 millionfor the same period. If the acquisition had occurred on 1 April 2008, the annual contribution to sales would have been around € 12 million andlosses € 27 million. The other acquisitions have no material impact since acquisition, and this would not have changed had the acquisitionoccurred on 1 April 2008.Net assets acquired in the year ended 31 March 2009Business operations acquiredOther manufacturingWatch manufacturing and retail businesses TotalAcquirees Acquirees AcquireesFair carrying Fair carrying Fair carryingvalue amount value amount value amount€ m € m € m € m € m € mProperty, plant and equipment and other long-term assets 2 2 – – 2 2Intangible assets 54 – 3 – 57 –Inventories 23 28 2 2 25 30Trade and other receivables 4 4 – – 4 4Cash and cash equivalents (15) (15) – – (15) (15)Current and long-term liabilities (40) (57) (1) – (41) (57)Borrowings, current and deferred tax (34) 7 – – (34) 7Net assets acquired (6) (31) 4 2 (2) (29)Net assets acquired (6) 4 (2)Attributable to minority interests – – –Fair value of net assets acquired (6) 4 (2)Receivable due to parent 7 – 7Goodwill 93 – 93Purchase consideration – cash paid 94 4 98Overdraft acquired 15 – 15Cash outflow on acquisitions 109 4 113Cash paid to settle deferred consideration for combinations made in prior periods 13 – 13Cash outflow on acquisitions 122 4 126In the year ended 31 March 2008, the following business combinations were made:Business operationsDuring the year ended 31 March 2008, the Group made a number of acquisitions to enhance its manufacturing operations. In September 2007,Richemont acquired the component production facility of Manufacture Roger Dubuis SA and in November 100 per cent of the ordinary capitalof Donzé-Baume SA, a watch case manufacturer.The Group also acquired 100 per cent of the ordinary capital of the French fashion house, Azzedine Alaïa SAS.These together with other non-material manufacturing businesses acquired during the year represent the total business combination.The acquisition of Donzé-Baume SA resulted in a residual goodwill amount of € 32 million. The goodwill relates to the additional productioncapacity the Group has obtained by this acquisition and the fact that a significant external supplier was internalised. The goodwill is not tax deductible.As no individual acquisition is considered material, the financial information is presented on an aggregate basis for each of these categories.96 Richemont Annual Report and Accounts 2009Consolidated financial statements