UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 169
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021 (continued)
22 Business Combinations (continued)
The Group also made a number of smaller acquisitions during the year for a combined cash consideration of €214.1m:
g The Insulated Panels division acquired 51% of Bromyros in Uruguay, the remaining 50% of Dome Solar in France, Solarsit in France and
the assets of Krohn in Russia;
g The Insulation division acquired Thermakraft in Australasia, Hectar in the Netherlands, the assets of Dyplast Products, Diversifoam
Products and Thermal Visions in North America;
g The Light & Air division acquired Skydôme in Western Europe and Major Industries and Solatube International in North America;
g The Water & Energy division acquired BAGA in Sweden, Heritage Tanks in Australia and the assets of Enviro Water Tanks in Australia.
The table below reflects the provisional fair value of the identifiable net assets acquired in respect of the acquisitions completed during
the year. Any amendments to fair values will be made within the twelve month period from the date of acquisition, as permitted by IFRS
3 Business Combinations.
Logstor
€m
TeraSteel
€m
Other*
€m
Total
€m
Non-current assets
Intangible assets
Property, plant and equipment
Right of use assets
Deferred tax asset
20.4
36.0
10.8
2.6
6.4
22.9
0.3
0.3
11.7
35.1
21.1
2.2
38.5
94.0
32.2
5.1
Current assets
Inventories
Trade and other receivables
40.0
53.6
24.3
9.4
27.8
32.7
92.1
95.7
(68.7)
(5.3)
(3.9)
(19.5)
(2.2)
-
(37.1)
(5.0)
(2.5)
(125.3)
(12.5)
(6.4)
(1.3)
(6.9)
(4.2)
73.1
(0.3)
(1.1)
40.5
(1.7)
(18.5)
(2.4)
63.4
(3.0)
(25.7)
(7.7)
177.0
171.4
244.5
41.1
81.6
(3.5)
167.9
(1.6)
226.2
(3.5)
380.4
(1.6)
552.3
244.5
244.5
81.6
81.6
214.1
12.1
226.2
540.2
12.1
552.3
Current liabilities
Trade and other payables
Provisions for liabilities
Lease liabilities
Non-current liabilities
Retirement benefit obligations
Lease liabilities
Deferred tax liabilities
Total identifiable assets
Non-controlling interest arising on acquisition** (Note 28)
Goodwill
Joint Venture becoming subsidiary
Total consideration
Satisfied by:
Cash (net of cash acquired)
Deferred contingent consideration
*Included in Other are certain immaterial remeasurements of prior year accounting estimates as a result of the finalisation of the
assignment of fair values to identifiable net assets.
** Non-controlling interests arising are measured at the proportionate share of net assets.
The acquired goodwill is attributable principally to the profit generating potential of the businesses, together with cross-selling
opportunities and other synergies expected to be achieved from integrating the acquired businesses into the Group’s existing business.
In the post-acquisition period to 31 December 2021, the businesses acquired during the current year contributed revenue of €478.8m and
trading profit of €64.1m to the Group’s results.
The full year revenue and trading profit had the acquisitions taken place at the start of the year, would have been €6,755.7m and
€778.1m respectively.
The gross contractual value of trade and other receivables as at the respective dates of acquisition amounted to €106.0m. The fair value
of these receivables is €95.7m, all of which is recoverable, and is inclusive of an aggregate impairment provision of €10.3m.
Kingspan Group plc Annual Report & Financial Statements 2021
Financial Statements
