Interim Report Q3 2012 - Deutsche Post DHL

Tag Equity
€ m Carrying
amount Adjustments Fair value
ASSETS
Non-current assets 13 – 13
Customer relationships – 47 47
Brand name – 4 4
Software – 11 11
Current assets 54 – 54
Cash and cash equivalents 5 – 5
EQUITY AND LIABILITIES
72 62 134
Non-current liabilities and
provisions – – –
Deferred tax liabilities – 16 16
Current liabilities and provisions 102 – 102
102 16 118
Net assets 16
The customer relationships will be amortised over 20 years
using the straight-line method, whilst the software will be amortised
over five years. The brand name has an indefinite useful life.
Goodwill of Tag Equity
€ m
Fair value
Cost 91
Less net assets 16
Goodwill 75
The transaction costs for this acquisition amounted to €6 million.
In addition, shareholder loans of €33 million were repaid.
The insignificant acquisitions in the period up to 30 September
2011 are presented as follows: Adcloud is a specialised
provider of internet advertising space marketing and placement
services. Eurodifarm is a specialist in the temperature-controlled
distribution of pharmaceutical and diagnostic products. Standard
Forwarding, a US company in the forwarding business, was
acquired in order to expand capacity in the Freight business unit.
Deutsche Post DHL acquired all of the shares of its LifeConEx LLC,
USA, joint venture previously held by LCAG USA Inc., USA. The
company provides end-to-end cold chain logistics services for the
life sciences industry. The change in the method of consolidation
resulted in a gain of €1.3 million, which is reported in other operating
income.
34
Insignificant acquisitions, 2011
€ m Carrying
1 January to 30 September
amount Adjustments Fair value
ASSETS
Non-current assets 9 – 9
Current assets 25 – 25
Cash and cash equivalents 6 – 6
EQUITY AND LIABILITIES
40 – 40
Non-current liabilities and
provisions 3 – 3
Current liabilities and provisions 34 – 34
37 – 37
Net assets 3
Goodwill of insignificant companies, 2011
€ m
Fair value
Cost 62
Less net assets 3
Plus effects from change in method of consolidation 1
Goodwill 60
The variable purchase prices given in the table below were
agreed for the acquisitions in the previous year:
Contingent consideration
Basis
Period for
financial years
from / to
Revenue and gross income 1 2011 to 2013
Range
of outcomes
from
Fair value
of payment
obligation
€0 to
€2 million €2 million
EBITDA 2011 and 2012 unlimited €1 million
Revenue and EBITDA 2011 to 2013
€0 to
€3 million €2 million
1 Both the range and the fair value changed due to amended agreements and earnings
forecasts.
€81 million was expended on purchasing subsidiaries in the
period up to 30 September 2011 and €8 million for subsidiaries
acquired in previous years. In addition, Deutsche Post DHL
received €8 million in purchase price adjustments relating to
compan ies acquired in previous years. The purchase prices of the
acquired companies were paid in cash.
Acquisitions after the reporting date
At the end of October 2012, Deutsche Post DHL acquired
an additional 48 % of the shares in All you need GmbH, Berlin,
for €3 million. As the shares are intended to be resold, no further
information has been provided.
Deutsche Post DHL Interim Report January to September 2012