Financial Report 2008 - Leighton Holdings

Notes to the Financial Statements continuedfor the year ended 30 June 200828. ACQUISITIONS AND DISPOSALS OF CONTROLLED ENTITIES AND BUSINESSESDetails of the controlled entities and businesses acquired are contained in the Leighton Holdings Limited and controlled entitiesnote. Goodwill has arisen on these acquisitions as a premium was paid above the acquired net assets for the benefit of theanticipated synergies, gaining entrance to new markets and acquiring skilled workforces. The acquisitions of controlled entitiesand businesses had the following effect on the Group’s assets and liabilities at the respective acquisition dates.Acquisitions2008Carrying amountsbefore acquisition$’000Fair valueadjustments$’000Recognisedvalues$’000Cash and cash equivalents 1,425 - 1,425Trade and other receivables 13,681 - 13,681Inventories 1,020 - 1,020Property, plant and equipment 56,660 237 56,897Intangible assets (50) - (50)Trade and other payables (23,241) - (23,241)Provisions (504) - (504)Net identifiable assets and liabilities 48,991 237 49,228Goodwill on acquisition 40,102Total purchase consideration, including acquisition costs of $0.88 million 89,330Cash acquired (1,375)Net cash outflow 87,9552007Cash and cash equivalents 58 - 58Trade and other receivables 1,156 1,405 2,561Inventories 6,865 - 6,865Deferred tax assets - 109 109Property, plant and equipment 72,815 - 72,815Trade and other payables ( 1,779) - ( 1,779)Provisions ( 640) - ( 640)Net identifiable assets and liabilities 78,475 1,514 79,989Goodwill on acquisition 32,782Total purchase consideration, including acquisition costs of $4.6 million 112,771Cash acquired (58)Net cash outflow 112,713Leighton Holdings Limited Financial Report 2008 NOTES TO THE FINANCIAL STATEMENTS 33