Notes on business combinations

Media-Saturn acquired a 25.01 percent stake in xplace GmbH, Göttingen, in April 2010. By contractual agreement of 8 March 2012, the company acquired an additional 25.00 percent in xplace GmbH with its subsidiaries in Great Britain, Spain and Russia, thereby assuming control of the group of companies.

xplace is a provider of digital customer information services for the retail sector. Media-Saturn expects this acquisition to strengthen its stationary sales promotion.

First-time consolidation of the business combination was effected on 1 April 2012. As a consequence, xplace is part of the Media-Saturn segment.

The purchase price for the shares newly acquired in the financial year 2012 amounted to €3 million. The (consolidated) fair values of the acquired assets and liabilities as of the acquisition date can be broken down as follows:

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€ million

2012

1

Revised terminology (see chapter “Notes to the Group accounting principles and methods”)

Assets

 

Intangible assets

4

Inventories

1

Other financial and non-financial assets (current)1

4

Cash and cash equivalents

4

 

13

Liabilities

 

Deferred tax liabilities

1

Trade liabilities

1

Other financial and non-financial liabilities and provisions (current)1

5

 

7

The acquisition of xplace GmbH resulted in goodwill of €2 million. Media-Saturn Germany and xplace Germany expect to generate substantial synergies. As a result, the goodwill is attributed to the cash-generating unit Media-Saturn Germany.

Since its consolidation in METRO GROUP’s financial statements, xplace has contributed €8 million to Group sales and €1 million to operating income.

Assuming the acquisition had been effected as of 1 January 2012, xplace would have contributed €9 million to METRO GROUP sales.

Before the acquisition of the second 25.00 percent shareholding the fair value of the previous stake (25.01 percent) amounted to €3 million. Income of €2 million, which resulted from the revaluation of the shares, was recognised in net financial result.