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FINANCIAL STATEMENTS
6
CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7
BUSINESS COMBINATIONS
2015
RADICON GULF CONSULT (RADICON)
Radicon – which is based in Al Kobar and Riyadh in Saudi Arabia and employs 400 people – contributed €30.1 million to the Group’s revenue
and €2.8 million to consolidated profit in 2015.
The fair values of the net assets acquired in this business combination are shown in the table below.
In millions of euros
Carrying amount
of net assets
acquired
Fair value
of net assets
acquired
Adjustments
within the IFRS
measurement
period
Intangible assets
–
–
–
Property, plant and equipment
0.1
0.1
–
Available-for-sale financial assets
1.0
1.0
–
Other non-current assets
–
–
–
Deferred tax assets
1.0
1.0
–
Trade receivables
11.2
11.2
–
Other receivables
1.9
1.9
–
Income tax receivable
–
–
–
Other current assets
0.3
0.3
–
Cash and cash equivalents
2.4
2.4
–
Total assets
17.9
17.9
–
Provisions
1.3
1.3
–
Employee benefit obligations
–
–
–
Financial liabilities
16.1
16.1
–
Trade payables
2.8
2.8
–
Other liabilities
2.8
2.8
–
Income tax liabilities
0.4
0.4
–
Total liabilities
23.4
23.4
–
NET ASSETS
(5.5)
(5.5)
–
Non-controlling interest
(1.4)
(1.4)
–
NET ASSETS ACQUIRED
(4.1)
(4.1)
–
Goodwill related to the acquisition, as determined using the partial goodwill method, breaks down as follows:
In millions of euros
Final allocation of the purchase price
Portion of the purchase price paid in cash and cash equivalents
(17.9)
TOTAL PURCHASE PRICE
(17.9)
Fair value of net assets acquired
(4.1)
GOODWILL
(22.0)
The non-controlling interest in Radicon was measured based on the proportionate share of the acquiree’s net assets still held by the minority
shareholder.
ASSYSTEM
FINANCIAL REPORT
2015
96