Annual Report 2011 - Analist.be

Accounts at 31 December 2011 - Consolidation scopeThe fair values of assets, liabilities and contingent liabilities ofthe businesses whose acquisition accounting is provisional asof 31 December 2011 are as follows:In EUR million 1 August 2011Non-currents assets 175.1Current assets 114.9Non-current liabilities (91.2)Current liabilities (50.4)Non-controlling interest net assets (2.7)Net assets 145.7Share of net asset (100%) 145.7Goodwill 74.3Purchase priceSettled in cash 220.0Deferred payment -Cash and cash equivalents acquired 3.8Net cash movement 216.2De BoeckErgon Capital Partners III acquired, on 19 April 2011, De Boeckgroup, Belgian leader in the publication of school books aswell as university, legal and business publications. This groupoperates at six sites in Belgium, Luxembourg and France.De Boeck is fully consolidated in GBL’s accounts. GBL holdsa 92% interest in De Boeck.De Boeck’s balance sheet on 31 March 2011 was used as theopening position.Goodwill generated on the transaction (excluding existinggoodwill) amounts to EUR 14 million and net movementof cash transferred in the framework of this acquisitionamounts to EUR 17 million. This acquisition was recordedon a provisional basis, as authorised by IFRS 3. Adjustmentshave nevertheless already been accounted for resulting ina decrease of the total goodwill of EUR 17 million since theacquisition date. The acquisition accounting will be finalisedby the time of publication of the next balance sheet.This acquisition contributed to the Group’s turnover andnet results for the year in the amounts of EUR 38 millionand EUR - 3 million respectively.BenitoErgon Capital Partners III also acquired on 1 August 2011,86.4% of Benito group, a Spanish leader in the design anddistribution of street furniture. The group’s balance sheeton 31 July 2011 was used as the opening balance sheet.Goodwill generated on this acquisition (excluding existinggoodwill) amounts to EUR 2 million and the net movementof cash transferred in the framework of this acquisitionamounts to EUR 5 million. This acquisition was also recordedon a provisional basis. It contributed to the Group’s turnoverand net results in the amounts of EUR 19 million andEUR - 2 million respectively.82 Annual Report 2011