Acquisition of subsidiaries
Shares in the following subsidiaries were acquired during the period:
| |
|
Effective date of acquisition |
|
% acquired |
|
Subsidiaries |
|
|
|
|
|
| Blue Label Engage Proprietary Limited |
|
1 September 2012 |
|
50,1 |
|
| Panacea Mobile Proprietary Limited |
|
1 September 2012 |
|
51 |
|
| TicketPros Proprietary Limited |
|
5 April 2013 |
|
60 |
|
Details of the total net assets acquired and the resulting goodwill as at acquisition are as follows:
| |
|
|
|
Total
R’000 |
|
| Total purchase consideration |
|
|
|
22 569 |
|
| Fair value of net assets acquired |
|
|
|
7 840 |
|
| Goodwill |
|
|
|
14 729 |
|
The assets and liabilites acquired through acquisition are as follows:
| |
|
Fair value at
acquisition date
R'000 |
|
Acquirer’s
carrying
amount on
acquisition date
R’000 |
|
| Cash and cash equivalents |
|
17 130 |
|
17 130 |
|
| Property, plant and equipment |
|
578 |
|
578 |
|
| Intangible assets |
|
10 631 |
|
868 |
|
| Goodwill |
|
14 729 |
|
— |
|
| Inventories |
|
994 |
|
994 |
|
| Receivables |
|
3 465 |
|
3 465 |
|
| Deferred tax |
|
(2 734) |
|
— |
|
| Current tax liability |
|
(1 437) |
|
(1 437) |
|
| Borrowings |
|
(114) |
|
(114) |
|
| Payables |
|
(14 581) |
|
(14 581) |
|
| Fair value of subsidiaries acquired |
|
28 661 |
|
6 093 |
|
| Non-controlling interest |
|
(6 092) |
|
|
|
| Fair value of net assets acquired |
|
22 569 |
|
|
|
| Total purchase consideration |
|
|
|
22 569 |
|
| Deferred purchase consideration |
|
|
|
(2 669) |
|
| Cash and cash equivalents in subsidiary acquired |
|
|
|
(17 130) |
|
| Cash outflow from acquisitions |
|
|
|
2 770 |
|
|
