Annual report 2014

30 Business combinations and disposals of consolidated companies

Several smaller business combinations were conducted during the financial year, particularly in the Celesio division. The consideration transferred for the acquisitions totalled EUR 3 million and represented cash transactions during the financial year. Even in the aggregate, the acquisitions are not material for the presentation of the Haniel Group’s net assets, financial position, and results of operations. There is no contingent consideration from business combinations in the financial year.

The Celesio division with a total of 341 individual companies was deconsolidated during the financial year. The total assets and liabilities disposed of through this disposal are comprised as follows:

EUR million Carrying amounts
Property, plant and equipment 527
Intangible assets 2,284
Investments accounted for at equity 78
Financial assets 109
Other non-current assets 36
Income tax assets 2
Deferred taxes 104
Non-current assets 3,140
Inventories 1,549
Trade receivables 2,157
Receivables from investments and other current assets 301
Financial assets 14
Income tax assets 20
Cash and cash equivalents 476
Current assets 4,517
Financial liabilities1,398
Pension provisions335
Other non-current provisions63
Deferred taxes45
Non-current liabilities1,841
Financial liabilities513
Current provisions147
Trade payables and similar liabilities2,271
Income tax liabilities61
Other current liabilities527
Current liabilities3,519

The consideration received for the disposal was EUR 1,999 million. Taking into account the cash and cash equivalents of EUR 476 million in the disposed division, and the paid transaction costs of EUR 15 million, the total cash amount for the disposal was EUR 1,508 million. As at the deconsolidation date, the share of non-controlling interests in the Celesio division’s net assets was EUR 1,140 million. Taking into account transaction costs incurred during the financial year and the other comprehensive income of EUR -132 million to be reclassified to profit or loss, the net result from the disposal amounts to EUR 696 million in total, and is included in the profit after taxes from discontinued operations.