The identifiable net assets acquired, including adjustments to provisional fair values, were as follows:
|
2017 €m |
2016 €m |
2015 €m |
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|
ASSETS |
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|
Non-current assets |
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|
Property, plant and equipment |
1,536 | 19 | 5,413 | |||||||||
|
Intangible assets |
56 | 14 | 298 | |||||||||
|
Equity accounted investments |
- | - | 24 | |||||||||
|
Other financial assets |
- | - | 5 | |||||||||
|
Total non-current assets |
1,592 | 33 | 5,740 | |||||||||
|
Current assets |
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|
Inventories |
114 | 9 | 621 | |||||||||
|
Trade and other receivables (i) |
129 | 28 | 1,533 | |||||||||
|
Cash and cash equivalents |
174 | 4 | 494 | |||||||||
|
Total current assets |
417 | 41 | 2,648 | |||||||||
|
LIABILITIES |
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|
Trade and other payables |
(149) | (14) | (1,549) | |||||||||
|
Provisions for liabilities |
(49) | 18 | (581) | |||||||||
|
Retirement benefit obligations |
(52) | (1) | (87) | |||||||||
|
Interest-bearing loans and borrowings and finance leases |
(12) | (3) | (175) | |||||||||
|
Current income tax liabilities |
(22) | 4 | (149) | |||||||||
|
Deferred income tax liabilities |
(132) | 35 | (627) | |||||||||
|
Total liabilities |
(416) | 39 | (3,168) | |||||||||
|
Total identifiable net assets at fair value |
1,593 | 113 | 5,220 | |||||||||
|
Goodwill arising on acquisition (ii) |
487 | 71 | 3,187 | |||||||||
|
Joint ventures becoming subsidiaries |
- | - | (25) | |||||||||
|
Non-controlling interests* |
(20) | (9) | (489) | |||||||||
|
Total consideration |
2,060 | 175 | 7,893 | |||||||||
|
Consideration satisfied by: |
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|
Cash payments |
2,015 | 153 | 7,790 | |||||||||
|
Deferred consideration (stated at net present cost) |
45 | 21 | 97 | |||||||||
|
Contingent consideration |
- | 1 | - | |||||||||
|
Profit on step acquisition |
- | - | 6 | |||||||||
|
Total consideration |
2,060 | 175 | 7,893 | |||||||||
|
NET CASH OUTFLOW ARISING ON ACQUISITION |
||||||||||||
|
Cash consideration |
2,015 | 153 | 7,790 | |||||||||
|
Less: cash and cash equivalents acquired |
(174) | (4) | (494) | |||||||||
|
Total outflow in the Consolidated Statement of Cash Flows |
1,841 | 149 | 7,296 | |||||||||
| (i) | The gross contractual value of trade and other receivables as at the respective dates of acquisition amounted to €132 million (2016: €30 million; 2015: €1,588 million). The fair value of these receivables is €129 million (all of which is expected to be recoverable) (2016: €28 million; 2015: €1,533 million). |
| (ii) | The principal factor contributing to the recognition of goodwill on acquisitions entered into by the Group is the realisation of cost savings and other synergies with existing entities in the Group which do not qualify for separate recognition as intangible assets. Due to the asset-intensive nature of operations in the Europe Heavyside and Americas Materials business segments, no significant identifiable intangible assets are recognised on business combinations in these segments. €260 million of the goodwill recognised in respect of acquisitions completed in 2017 is expected to be deductible for tax purposes (2016: €15 million; 2015: €254 million). |