3 Scope of consolidation
3.1. Disclosure of interests in other entities
The scope of the consolidation does not include an interest in any of the following:
- Subsidiaries with non-controlling interests
- Associates
- Joint arrangements
The companies which are included in the consolidated financial statements are listed in the notes to the statutory financial statements of Tecan Group Ltd.
3.2 Change in scope of consolidation: acquisition through business combination
The Group acquired 100 % of the voting rights of its Australian sales partner (Tecan Australia Pty Ltd) as of January 2, 2012. The company is located in Melbourne, Australia and employs nine people.
The fair value of the identifiable assets and liabilities of Tecan Australia Pty Ltd and the net cash outflow at the date of acquisition were:
CHF 1,000 | 02.01.2012 |
---|---|
Cash and cash equivalents | 32 |
Trade accounts receivable (gross contractual amount) | 1,074 |
Inventories | 613 |
Other current assets | 104 |
Property, plant and equipment | 6 |
Intangible asset “Acquired client relationships” | 735 |
Assets | 2,564 |
Trade accounts payable | (137) |
Deferred revenue | (906) |
Other current liabilities | (526) |
Non-current provisions | (3) |
Deferred tax liabilities | (125) |
Liabilities | (1,697) |
Total identifiable net assets at fair value | 867 |
Goodwill arising on acquisition | p.m. |
Consideration transferred for the business combination | 867 |
Cash acquired | (32) |
Contingent consideration | (286) |
Settlement of pre-existing relationship (receivable/payable) | (430) |
Net cash outflow | 119 |
The acquisition was accounted for using the acquisition method. However, no goodwill resulted from the purchase price allocation. The first part of the related contingent consideration (earn-out) in the amount of CHF 145’000 was paid in January 2013. The remaining part in the same amount fell due end of 2013 and was paid at the beginning of 2014.
As control was transferred on January 2, 2012, the previous year is fully comparable with 2013.