Page 84 - Paragon Annual Report 2

80 | Group financial statements
Notes to the consolidated financial statements (continued) 11 Acquisitions (continued)
Acquisition of Imprimerie Rault SAS and Eppe Services SASU
On 27 April 2017, the Group acquired the trade and certain assets of Imprimerie Rault SAS in Administration and Eppe Services SASU in Administration.
In calculating the goodwill arising on these acquisitions, the fair value of the assets and liabilities has been assessed and adjustments to book value have been made where necessary. The fair value assets and liabilities are summarised in the following table.
Property, Plant and equipment Inventories
Total assets
Trade and other payables Provisions
Deferred tax liabilities
Total assets
Net assets
Fair value of consideration
Gain on acquisition (note 8)
The fair value of property, plant and equipment was based on an external valuation prepared by specialists with the direct experience of the types of assets concerned.
This acquisition of document management companies strengthened our position in document services in the French market. The companies operate from three locations in France for document production, label production and logistics.
The estimated annual impact of this acquisition had it been made at the start of the financial year would have been revenue of €16,700,000 and EBITDA of €1,400,000.
Seven other transactions
The Group entered into seven other smaller acquisitions in the year, which comprised a combination of trade and asset acquisitions and acquisitions of issued share capital.
The Group also increased its shareholdings in Gresset Services SA to 60%. However, whilst its shareholding was previously 40%, it held the majority voting rights and hence, was consolidated prior to the acquisition during the year.
Due to the smaller nature of these individual acquisitions, a simple description of the acquisitions along with a single fair value table for the above has been presented below.
On 19 August 2016, the Group acquired the trade and certain assets of Castlefield Business Forms Ltd.
On 24 November 2016, the Group acquired the trade and certain assets of D’Haussy Imprimeurs SAS in Administration, D’Haussy Strasbourg SAS in Administration and Financiere de L’Avenir SAS in Administration. D’Haussy is a leader in high volume printing, personalisation, finishing & fulfilment for direct marketing campaigns, serving primarily French and German customers.
On 29 November 2016, the Group acquired all of the issued share capital of Nyaljus Tryck & Logistike AB. This is a small but highly synergistic acquisition to strengthen our position in the Swedish market bringing large format customers from the retail sector.
On 28 February 2017, the Group acquired all of the issued share capital of Net Norge AS (trading as Net Print). This is a complementary acquisition in Norway to consolidate our leading position in the Norwegian reprographics market.
On 31 March 2017, the Group acquired the trade and certain assets at Rugeley from ATOS IT Services UK Limited.
On 25 April 2017, the Group acquired the trade and certain assets of The Mailing House Group Ltd (trading as Northern Mail) in Administration. This acquisition provide full postal services including print producing, mailing and delivering of finished postal items along with the collection and sortation of mail.
On 21 June 2017, the Group acquired all of the issued share capital of Burall InfoSmart Limited. This ITSO accredited company complements our existing operations.
Fair value
€000
3,937
280
4,217
241
466
1,000
1,707
2,510
510
(2,000)
Paragon Group Limited – 05258175