2011 was a year in which we realized and announced several acquisitions and investments:
- In Decorative Paints we have entered into a partnership in China with Quangxi CAVA Titanium Industry Co. Ltd. to help ensure supply of titanium dioxide (TiO2).
- In Performance Coatings, the acquisition of coatings manufacturer Schramm Holding AG has closed early October 2011. This acquisition will enable us to strengthen our global leadership position in specialty plastic coatings.
- In Specialty Chemicals we have acquired patented Zeta Fraction technology from Integrated Botanical Technologies. In addition, in early 2012, we completed the acquisition of Boxing Oleochemicals (“Boxing”), the leading supplier of nitrile amines and derivatives in China and throughout Asia.
The acquisitions in 2011 both individually and in total, were deemed immaterial in respect of IFRS 3 disclosure requirements. Pre-acquisition carrying amounts were not gathered.
|
Recognized values at acquisition | ||||||
|
|
|
|
| |||
|
In € millions |
Schramm |
Other acquisitions |
Total | |||
|
Goodwill |
46 |
3 |
49 | |||
|
Other intangible assets |
70 |
29 |
99 | |||
|
Property, plant and equipment |
51 |
25 |
76 | |||
|
Other non-current assets |
8 |
13 |
21 | |||
|
Inventories |
29 |
6 |
35 | |||
|
Trade and other receivables |
38 |
7 |
45 | |||
|
Cash and cash equivalents |
6 |
– |
6 | |||
|
Provisions |
(5) |
– |
(5) | |||
|
Deferred tax liabilities |
(22) |
(2) |
(24) | |||
|
Long-term borrowings |
(21) |
(2) |
(23) | |||
|
Trade and other payables |
(33) |
(3) |
(36) | |||
|
Net identifiable assets and liabilities |
167 |
76 |
243 | |||
|
Recognized in the statement of income |
– |
(2) |
(2) | |||
|
Consideration paid |
167 |
74 |
241 | |||
|
Cash and cash equivalents acquired |
(6) |
– |
(6) | |||
|
To be paid in 2012 and later years |
(5) |
(7) |
(12) | |||
|
Repayments related to previous years |
– |
(19) |
(19) | |||
|
Net cash outflow |
156 |
48 |
204 | |||
