2009 Annual Report - CRH

32. Acquisition of Subsidiaries and Joint Ventures continued
The identifiable net assets acquired excluding net debt assumed and including adjustments to provisional fair values were as follows:
2009 2008
€m €m
Assets
Non-current assets
Property, plant and equipment 110 429
Intangible assets: - goodwill 64 366
- excess of fair value of identifiable net assets over consideration paid - (6)
- other intangible assets 2 52
Investments in associates - 1
Other financial assets - 2
Deferred income tax assets 4 1
Total non-current assets 180 845
Current assets
Inventories 11 66
Trade and other receivables 22 126
Total current assets 33 192
Equity
Minority interest (4) 4
Total equity (4) 4
Liabilities
Non-current liabilities
Deferred income tax liabilities (2) (82)
Retirement benefit obligations - (8)
Provisions for liabilities (stated at net present cost) (1) -
Capital grants - (2)
Total non-current liabilities (3) (92)
Current liabilities
Trade and other payables (14) (89)
Current income tax liabilities - (12)
Provisions for liabilities (stated at net present cost) - (4)
Total current liabilities (14) (105)
Total consideration (enterprise value) 192 844
Consideration satisfied by
Cash payments 178 837
Professional fees incurred on business combinations - 8
Cash and cash equivalents acquired on acquisition (4) (68)
Net cash outflow
Net debt (other than cash and cash equivalents) assumed on acquisition:
174 777
- non-current interest-bearing loans and borrowings and finance leases 2 9
- current interest-bearing loans and borrowings and finance leases 1 46
Deferred and contingent acquisition consideration (stated at net present cost) 8 12
Associate becoming a subsidiary (note 15) 7 -
Total consideration (enterprise value) 192 844
None of the acquisitions completed during the financial year was considered sufficiently material to warrant separate disclosure of the attributable fair values. No
contingent liabilities were recognised on the acquisitions completed during the financial year or the prior financial year. The principal factor contributing to the
recognition of goodwill on acquisitions entered into by the Group is the realisation of cost savings and synergies with existing entities in the Group.
CRH 113