Van Gisbergen
On 13 September 2024, the Group acquired all shares in PeVaGis B.V. (hereafter: Van Gisbergen). This acquisition strengthens the Group's position as a developing construction company with land holdings in the Greater Eindhoven region. Van Gisbergen mainly builds and develops single-family homes on its own land holdings. In the full-year 2024, Van Gisbergen recorded revenue of € 39.0 million and a net profit of € 1.4 million. The effects of the acquisition on the statement of financial position are summarised below.
2024 - Van Gisbergen
|
x € 1 million |
Carrying amount before acquisition |
Fair value adjustments |
Recognised acquisition value |
|
Property, plant and equipment |
0.6 |
- |
0.6 |
|
Right-of-use assets |
1.1 |
- |
1.1 |
|
Intangible fixed assets |
- |
0.3 |
0.3 |
|
Financial fixed assets |
0.6 |
- |
0.6 |
|
Inventories |
9.8 |
1.5 |
11.3 |
|
Work in progress debit |
1.2 |
- |
1.2 |
|
Trade and other receivables |
2.3 |
- |
2.3 |
|
Cash and cash equivalents |
5.4 |
- |
5.4 |
|
Lease liabilities |
-1.1 |
- |
-1.1 |
|
Provisions |
-0.2 |
- |
-0.2 |
|
Deferred tax liabilities |
- |
-0.5 |
-0.5 |
|
Work in progress credit |
-3.7 |
- |
-3.7 |
|
Income tax payable |
-0.8 |
- |
-0.8 |
|
Trade and other payables |
-3.7 |
- |
-3.7 |
|
Balance of identifiable assets and liabilities |
11.5 |
1.3 |
12.8 |
|
Goodwill upon acquisition |
0.6 |
||
|
Total purchase price in cash |
13.4 |
||
|
Cash acquired |
5.4 |
||
|
Net cash outflow |
8.1 |
Van Wanrooij
At year-end 2023, the Group presented the fair value of the acquired identifiable assets and liabilities resulting from the Van Wanrooij acquisition on a provisional basis. The Group finalised the accounting for this acquisition in the course of 2024. This did not result in an adjustment to goodwill. The fair value of the Van Wanrooij Bouw order book was fully amortised at the end of 2024.
Details of the purchase price, the net assets acquired and the goodwill are as follows:
2023 - Van Wanrooij
|
x € 1 million |
Carrying amount before acquisition |
Fair value adjustments |
Recognised acquisition value |
|
Property, plant and equipment |
13.0 |
- |
13.0 |
|
Right-of-use assets |
9.0 |
- |
9.0 |
|
Intangible fixed assets |
- |
6.0 |
6.0 |
|
Deposits |
25.0 |
- |
25.0 |
|
Inventories |
94.0 |
122.0 |
216.0 |
|
Deferred tax assets |
3.0 |
- |
3.0 |
|
Work in progress on balance |
1.0 |
- |
1.0 |
|
Joint ventures and associates |
7.0 |
14.0 |
21.0 |
|
Trade and other receivables |
21.0 |
- |
21.0 |
|
Cash and cash equivalents |
9.0 |
- |
9.0 |
|
Provisions |
-5.0 |
-11.0 |
-16.0 |
|
Lease liabilities |
-9.0 |
- |
-9.0 |
|
Deferred tax liabilities |
-2.0 |
-33.0 |
-35.0 |
|
Income tax payable |
-3.0 |
- |
-3.0 |
|
Trade and other payables |
-56.0 |
- |
-56.0 |
|
Balance of identifiable assets and liabilities |
107.0 |
98.0 |
205.0 |
|
Goodwill |
91.0 |
||
|
Purchase price |
296.0 |
||
|
Purchase price to be paid when 'earn out'is achieved |
- |
||
|
Pay-out in (depositary receipts for) shares |
-25.0 |
||
|
Total purchase price in cash |
271.0 |
||
|
Cash acquired |
-9.0 |
||
|
Net cash outflow |
262.0 |