As already described in paragraph 2.d. “Changes in the consolidation area”, the Kos group made a series of acquisitions the effects of which are shown below.
The companies and business arms acquired were included in the consolidated financial statements on the date on which the risks and benefits were transferred to the group, which generally coincides with the acquisition date.
The total effect on the assets and liabilities of the group and on the net financial position of the acquisitions is summed up in the following chart:
|
(in thousands of euro) |
|
31.12.2010 |
|
Fixed assets (*) |
G |
57,181 |
|
Working capital |
|
943 |
|
Net non-current assets / (liabilities) |
|
(8,213) |
|
Financial assets |
|
1,911 |
|
Borrowings |
C |
(22,032) |
|
Net cash and cash equivalents |
B |
(3,259) |
|
Minority interests |
|
(983) |
|
Goodwill |
H |
42,633 |
|
Equity reserves |
|
(614) |
|
Shareholdings already owned by the Group |
|
(5,105) |
|
Acquisition price |
|
(62,462) |
|
of which: |
|
|
|
Advance payments made in prior periods |
|
(4,814) |
|
Payables to concessionaires for amounts in subsequent periods |
|
(7,180) |
|
Price paid net of advances |
A |
(50,468) |
|
Effect on financial debt |
D=A+B+C |
(75,759) |
|
Purchase price net of cash & cash equivalents |
E=A+B |
(53,727) |
|
Inflows from sale of property |
F |
11,750 |
|
Acquisition price net of cash & cash equivalents and inflow from sale of property |
(E+F) |
(41,977) |
|
Fixed assets resulting from acquisition |
I=G+H |
99,814 |
(*) This item includes tangible assets, intangible assets (except for goodwill) and investment property.
The effect on revenues from the acquisition date of the above acquisitions amounted to approximately € 37,091 thousand while the effect on EBITDA was € 5,901 thousand. Revenues and EBITDA for the period from January 1 2010 to the date of initial consolidation of these companies amounted to € 3,877 thousand and € 354 thousand respectively.