Year ended 31 December 2017
On 1 January 2017, the Group completed the acquisition of all the voting rights of the company Titan Investment EAD, which is based in Bulgaria and operates in the construction and trade of real estate, by derecognizing receivables of €980 thousand and recognizing goodwill of €2 thousand. At the date of the acquisition, the company had net assets of €978 thousand. The aforementioned company is incorporated in the consolidated financial statements with the full method.
On 8 March 2017, the Group acquired 100% of the Arresa Marine CO company by paying consideration of €0,5 thousand and recognizing an equal amount of goodwill. The newly acquired company is a shipping company based in the Marshall Islands and it is incorporated in the consolidated financial statements with the full method from the date of acquisition.
Finally, on 30 August 2017, the Group has completed the acquisition of the non-controlling interest of the subsidiary Brazcem Participacoes S.A. for a total consideration of €7.6 million.
Year ended 31 December 2016
On 22 August 2016, the Group acquired the remaining 50% of the joint venture Adocim Marmara Cimento Beton Sanayi ve Ticaret A.S. with a consideration transferred of €11.7 million. Since the acquisition date, the company is consolidated in the Group's financial statements with the full consolidation method, instead of equity method.
On 1 September 2016, the Group acquired the companies Esha Material DOOEL in FYROM and Esha Material LLC in Kosovo with a consideration of €89.0 thousand. At the date of acquisition, the net assets of the two companies were €5.0 thousand and as a result the Group has recognized goodwill of €84.0 thousand. Since the acquisition date, the companies are consolidated in the Group's financial statements with the full consolidation method.
Moreover, on 1 September 2016, the Group acquired the Brazilian company Benim Empreendimentos e Patricipacoes S.A. for the consideration of €2.0 thousand that equals the net assets of the company at the date of acquisition. The above company, which was renamed to Brazcem Participacoes S.A. on 2 September 2016, is consolidated in the Group's financial statements with the full consolidation method.
The assets and liabilities of the Adocim Marmara Cimento Beton Sanayi ve Ticaret A.S. as they were recorded at the date of acquisition, are as follows:
(all amounts in Euro thousands)
| Assets |
| Non-current assets |
26,143 |
| Inventory |
1,010 |
| Receivables and prepayments |
7,006 |
| Cash and cash equivalents |
28 |
| Total assets |
34,187 |
| Liabilities |
| Short-term borrowings |
5,041 |
| Deferred tax liabilities |
3,667 |
| Other liabilities and taxes payable |
2,031 |
| Total liabilities |
10,739 |
| Total identifiable net assets at fair value |
23,448 |
| Goodwill arising on acquisition (note 13) |
2 |
| Total consideration |
23,450 |
| Cash flow on acquisition: |
| Cost of initial investment |
10,245 |
| Gain on re-measuring initial investment to fair value (*) |
1,480 |
| Fair value of previously held stake in joint venture |
11,725 |
| Purchase consideration for remaining 50% stake settled in cash |
11,725 |
| Net cash acquired with the subsidiaries |
-28 |
| |
11,697 |
| Total consideration |
23,422 |
(*) Included in the Income Statement in the account "Income from participations and investments"