Financial Report

AFG
Annual Report
2011
Consolidated Financial Statements AFG Arbonia-Forster-Group
Notes to the Consolidated Financial Statements
40 Business combinations
143
In April 2011 AFG acquired 100 % of the shares of Avia Peintures Sàrl. The following
fair values of assets and liabilities have arisen from this acquisition:
in 1000 CHF
Fair value
Assets
Cash and cash equivalents 470
Accounts receivable 620
Other current assets 24
Inventories 122
Deferred expenses 9
Property, plant and equipment 410
Financial assets 26
Intangible assets 234
Total assets 1 915
Liabilities
Accounts payable 258
Other liabilities 255
Financial debt 138
Accruals and deferred income 21
Provisions 49
Deferred income tax liabilities 119
Employee benefit obligations 97
Total liabilities 937
Net assets acquired / purchase consideration 978
Net cash outflow was as follows:
Purchase price 978
Cash and cash equivalents in subsidiary acquired − 470
Net cash outflow on acquisition 508
As of the controlling date of 14 April 2011, AFG acquired 100 % of the shares in
the French Avia Peintures Sàrl with its registered seat in FR-Pau. The purchase
price was CHF 0.98 million. The company is specialised in the application of specific
surfaces in the aviation industry and is allocated to the Surface Technology
Division. The acquired company contributed, from the controlling date, CHF 1.8
million in net revenues and CHF 0.3 million in loss to the Group. Had the acquisition
taken place on 1 January 2011, net revenues for the reporting period would
have been CHF 2.8 million and a loss of CHF 0.3 million. The gross book value of
the accounts receivable amounted to CHF 0.66 million, of which CHF 0.04 million
was expected to be uncollectible. The acquisition-related costs amounted to CHF
0.04 million and are included in other operating expenses.