Page 96 - Loomis Annual Report 2017

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Notes – Group
Loomis Annual Report 2017
NOTE 15 Acquisitions of subsidiaries and impairment testing Acquisitions undertaken in 2017:
Consolidated/ divested as of
January 30 September 21 December 20 August 31
Acquired/ Pur- divested Annual chase share1) revenue Number of price Segment % SEK m employees SEK m
Goodwill SEK m
5 626
725) 1026)
Acquisition- Other related acquired/ intangible divested assets net assets SEK m SEK m
261
21 –58 66 18 61 33
Opening balance, January 1, 2017
Acquisition of Cobelguard CIT NV4) Acquisition of Intermarketing Oy4) Acquisition of Wagner4) 9)
Other acquisitions4)
Europe 100 Europe 100 Europe 100 Europe 100
1142) 170 902) 30
1892) 940 343) 5
34 186 254 15
1607)
68) 6 3
Total acquisitions January–December 2017
Amortization of acquisition-related intangible assets
Translation differences
Closing balance December 31, 2017
340 154 –3
– –55
–351 –11
5,615 349
1) Refers to share of votes. In acquisitions of assets and liabilities, no share of votes is indicated.
2) Annual revenue in 2016 translated to SEK million at acquisition date. .
3) Annual revenue for the scal year July 2015 to June 2016.
4) The acquisition analyses are preliminary and subject to nal adjustment no later than one year after the acquisition date.
5) Goodwill arringsing in connection with acquisition is primarily attributable to geographical expansion. The goodwill amount includes a deferred consideration calculated at pres-
ent value not exceeding EUR 5 million. Any impairment is not tax deductible.
6) Goodwill arising in connection with the acquisition is primarily attributable to markets, synergy effects and expansion of services. Any impairment is not tax deductible.
7) Goodwill arising in connection with the acquisition is primarily attributable to geographical expansion. Any impairment is not tax deductible.
8) Goodwill arising in connection with the acquisition is primarily attributable to synergy effects. Any impairment is not tax deductible.
9) Chile is included in Segment Europe since the operations there are reported and followed up as part of the European segment.
Acquisition of Cobelguard CIT NV
Loomis has acquired all of the shares in the Belgian company Cobelguard CIT NV. The purchase price amounted to SEK 34 million (EUR 4 million). The acquired operation was consoli- dated by Loomis as of January 30, 2017.
Summarized balance sheet as of the acquisition date, January 30, 2017.
imately SEK 3 million and have been recognized on the line item Acquisition related costs.
Acquisition of Intermarketing Oy
Loomis has acquired all of the shares in the Finnish company Intermarketing Oy. The purchase price amounted to SEK 186 million (19 MEUR). The acquired operation was consolidated by Loomis as of September 21, 2017.
Summarized balance sheet as of the acquisition date, Septem- ber 21, 2017.
SEK m
Operating xed assets Accounts receivable Other assets
Other liabilities
Total operating capital employed
Goodwill
Other acquisition-related intangible assets
Other capital employed
Total capital employed
Net debt, acquired
Total acquired net assets
Purchase price paid Deferred consideration
Total purchase price paid
Purchase price paid
Liquid funds in accordance with acquisition analysis
Total negative impact on the Group’s liquid funds
Fair value acquisition balance
64 29 2 –68 27
72
21 –7
112
–78
34
34 42
76
–34 1
–33
SEK m
Operating xed assets Accounts receivable Other assets
Other liabilities
Total operating capital employed
Goodwill
Other acquisition-related intangible assets
Other capital employed
Total capital employed
Net debt, acquired
Total acquired net assets
Purchase price paid Deferred consideration
Total purchase price paid
Purchase price paid
Liquid funds in accordance with acquisition analysis
Total negative impact on the Group’s liquid funds
Fair value acquisition balance
9
6 23 –15 23
102
66 –15
175
10
186
168 18
186
–168
11
–157
The acquisition of Cobelguard further expanded Loomis Euro- pean footprint and gives the opportunity to bene t from the out- sourcing trend. The acquisition has contributed approximately SEK138 million to total revenue and approximately SEK –5 mil- lion to net income for the year. If consolidated as of January 1, 2017, the acquistion would have contributed approximately SEK 149 SEK million to total revenue and approximately SEK –15 mil- lion to net income for the year.
Total transaction costs for the acquisition amounted to approx-
Intermarketing provides cash recycling solutions to customers in the bank and retail sectors. The full service solution, provided by Intermarkting, reduces the customer’s cost for cash han- dling. The acquistion has contributed approximately SEK 20 million to total revenue and appoximately SEK 2 million to net income for the year. In consolidated as of January 1, 2017, the