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Wool Stocktake : AWI Annual Report 2007-08
notes to the FinAnciAl stAtements 30 business combination Current period (a) Summary of acquisition On 5 October 2007 the parent entity acquired 100% of the issued share capital of The Woolmark Company Pty Ltd. This acquisition was funded by an Australian Government grant totalling $15 million, of which $10 million was provided to acquire The Woolmark Company Pty Ltd. The remaining balance of $5 million was to fund redundancy payments upon integration of the business into AWI. The acquired business contributed revenues of $13,502,555 and net loss of $1,823,787 to the Group for the period from 5 October 2007 to 30 June 2008. If the acquisition had occurred on 1 July 2007, consolidated revenue and consolidated loss for the year ended 30 June 2008 would have been $18,003,407 and $1,823,787 respectively. These amounts have been calculated using the Group’s accounting policies and by adjusting the results of the subsidiary to reflect the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had applied from 1 July 2007, together with the consequential tax effects. Details of the fair value of the assets and liabilities acquired and goodwill are as follows: $’000 Purchase consideration cash paid fair value of shares issued direct costs relating to the acquisition total purchase consideration fair value of net identifiable assets acquired (b) Purchase consideration PaRent 2008 $’000 outflow of cash to acquire subsidiary, net of cash acquired cash consideration Less: Balances acquired cash outflow of cash 10,000 3,800 6,200 2007 $’000 – – – 10,000 – – 10,000 10,000 100 FINANCIALS AWI 07/08
AWI Annual Report 2008-09
Annual Report 2006-07