UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 170
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021 (continued)
22 Business Combinations (continued)
There is €34.5m of goodwill (2020: €nil) which is expected to be deductible for tax purposes.
The Group incurred acquisition related costs of €9.4m (2020: €5.4m) relating to external legal fees and due diligence costs. These costs
have been included in operating costs in the Consolidated Income Statement.
The initial assignment of fair values to identifiable net assets acquired has been performed on a provisional basis due to the relative size
of the acquisitions and the timing of the transactions. Any amendments to these fair values within the twelve-month timeframe from the
date of acquisition will be disclosable in the 2022 Annual Report, as stipulated by IFRS 3.
Prior year acquisitions
In April 2020, the Group acquired 100% of the share capital of the Colt Group, a leading provider of daylighting and smoke management
systems with a significant presence in Germany, the Netherlands, and the UK. The total consideration, including debt acquired amounted
to €41.0m. This was coupled with an assumed net defined benefit pension liability of €10.5m.
The Group also made a number of smaller acquisitions during the year for a combined cash consideration of €5.1m:
g the purchase of 100% of the share capital of Fire-US, a UK passive fire product manufacturer and distributor; and
g the purchase of 100% of the share capital of Tanks.ie, a Water & Energy business.
The fair values as recognised at 31 December 2020 of the acquired assets and liabilities at acquisition are set out below:
Colt
€m
Non-current assets
Intangible assets
Property, plant and equipment
Right of use assets
Retirement benefit assets
Deferred tax asset
Current assets
Inventories
Trade and other receivables
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
Total consideration
Satisfied by:
Cash (net of cash acquired)
Deferred contingent consideration
166 - 167
Other*
€m
Total
€m
10.4
12.6
12.8
182.8
-
5.2
(1.1)
-
15.6
11.5
12.8
182.8
-
15.9
44.5
(4.1)
(0.7)
11.8
43.8
(50.3)
(14.0)
(4.0)
(1.5)
(2.1)
-
(51.8)
(16.1)
(4.0)
(193.3)
(8.6)
(0.5)
8.3
(0.4)
(4.7)
(193.3)
(8.6)
(0.9)
3.6
32.7
41.0
0.8
9.0
5.1
0.8
41.7
46.1
41.0
41.0
5.1
5.1
46.1
46.1
