8 Purchase of companies
On 4 April 2012, Allreal Holding AG acquired 100% of the share capital of Hammertor AG, Cham, for a cash purchase price of CHF 8.1 million. Together with its subsidiaries, Hammer Retex AG, Cham, and Wohnbau Zurich AG, Zurich, Hammertor AG forms the Hammer Retex Group.
With the acquisition of the Hammer Retex Group, all employees were taken over on unchanged terms and conditions (53 full-time posts as of 30 June 2012).
Between the acquisition date and 30 June 2012, the Hammer Retex Group generated income of CHF 2.7 million and a contribution to net profit of CHF –0.1 million. This includes CHF 0.5 million for the amortisation of purchased intangible assets, which consist of project and development contracts for third parties and customer relations from property management.
In the first half of 2012, the Hammer Retex Group posted a net profit of CHF 1.0 million on income of CHF 5.9 million.
The following identifiable net assets were taken over as a result of the acquisition:
CHF million |
| Fair value |
|
|
|
Cash |
| 6.3 |
Other receivables |
| 0.9 |
Trade receivables |
| 0.7 |
Intangible assets |
| 7.1 |
Other property, plant and equipment |
| 0.1 |
Assets |
| 15.1 |
| ||
Short-term borrowings |
| 3.0 |
Short-term provisions |
| 0.7 |
Other current liabilities |
| 1.8 |
Current tax liabilities |
| 0.4 |
Deferred tax liabilities |
| 1.1 |
Equity and liabilities |
| 7.0 |
| ||
Net assets acquired |
| 8.1 |
Purchase price paid |
| 8.1 |
| ||
Purchase price charged to cash |
| 8.1 |
Change in cash |
| 6.3 |
Net cash disposal |
| 1.8 |