6. Acquisitions and disposals of subsidiaries and minority interests
Financial Statements
Notes to the consolidated financial statements
Acquisitions and disposals 2009
During 2009, four minor acquisitions occurred within the UK, Nigeria and Egypt. Total goodwill on these
acquisitions amounts to EUR34 million. These acquisitions individually are deemed immaterial in respect
of 1FRS disclosure requirements.
Disposals during 2009 are related to a few minor disposals in Western Europe.
Total acquisitions and disposals had the following effect on Heineken's assets and liabilities on
acquisition date:
In millions of EUR
Note
Pre-
acquisition
carrying
amounts
Fair value
adjustments
Total
acquisitions
Total disposals
Property, plant equipment
14
123
9
132
(27)
Intangible assets
15
36
36
Investments in associates and joint ventures
1
1
~(2
Inventories
1
1
Trade and other receivables
1
1
8
Prepayments and accrued income
1
1
Cash and cash equivalents
1
1
(1)
Minority interests
3
Loans and borrowings
(91)
(91)
Employee benefits
(i)
(1)
1
Deferred tax liabilities
18
(6)
(6)
Provisions
30
(1)
(1)
Bank overdrafts
(1)
(1)
Current liabilities
(19)
(7)
(26)
3
Net identifiable assets and liabilities
56
(6)
50
(18)
Goodwill on acquisitions
15
34
Consideration paid/(received), satisfied in cash
84
(18)
Net bank overdrafts acquired/Net bank
overdrafts disposed of
1
Net cash outflow/jinflow)
84
(17)
The fair values of assets and liabilities of the 2009 acquisitions have been determined on a provisional basis, and
will be completed in 2010.
The newly acquired entity in the UK has been fully integrated in the Western European region. Goodwill on this
acquisition has been allocated to the Western European region for the purpose of impairment testing in line
with the operational responsibility.
In respect of the newly acquired entity in Egypt and Nigeria, the goodwill has been allocated to the individual
country. Although synergies are achieved on a regional basis these entities are less integrated in the region and
therefore goodwill is monitored on an individual country basis.
The contribution in 2009 of the acquisitions to results from operating activities and to revenue was immaterial.
If the acquisitions had occurred on 1 January 2009, management estimates that consolidated results from
operating activities and consolidated revenue would not have been materially different.
102
Annual Report 2009 - Heineken N.V.
