CFE - 2006 annual report - Vinci

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For the exercise 2005
Fair value of assets and liabilities of subsidiaries acquired within the year
(in thousand Euro)
Property, plant & equipment and property investments 14,588
Financial assets 77
Other non current assets 22
Inventories 2,812
Trade receivables and other operating receivables 21,300
Non current assets held for sale 643
Other current assets 123
Non current fi nancial debts (2,152)
Pensions (9)
Deferred tax liabilities (3,284)
Current fi nancial debts (575)
Provisions for other current risks (1,119)
Other debts and taxes (16,938)
Cash and cash equivalents 779
Fair value of assets and liabilities 16,267
Revaluation surplus recognized in equity (1,025)
Sub-total 15,242
Acquisition price (17,975)
Non allocated Goodwill 2,733
Purchase price paid (17,975)
Acquired cash 779
Deferred payment 6,940
Cash Flow (10,256)
On April 15 th , 2005 and October 15 th , 2005 the group CFE acquired respectively 51% and 25% of Abeco Ltd and Egide Van Ophem
Ltd. According to the share acquisition agreement, the group CFE had a firm obligation to acquire the remaining shares in
2006. The outstanding part was acquired on February 15 th , 2006. As a consequence, the acquisition date is the date when the
group CFE acquired the control on the net assets and operations, being June 1 st 2005. These companies are consolidated by
the global method of accounting. The acquisition price amounted to 1,520 thousand Euro (among which 372 thousand Euro
has been presented at the end of 2005 in other non-current liabilities) and has been paid in February 2006.
On November 30 th , 2005 the group CFE through its subsidiary the “Compagnie Luxembourgeoise Immobilière” Ltd acquired
all shares of Climmolux Ltd. The acquisition price amounts to 4,455 thousand Euro and the payment of 1,000 thousand Euro
was deferred in the time with a due date within five years. This discounted liability is presented under the “other non-current
liabilities” for 814 thousand Euro. The acquisition date is the date when the group CFE obtained the control on the net assets
and operations being December 1 st 2005 and is consolidated as of this date by the global method of accounting. Assuming that
the business combinations of the above described companies would have occurred at January 1 st 2005, the impact on revenue
and on net result of the year would have been insignificant.