92 / 124
IN ’000 €
MÉGAROYAL
UTOPOLIS
NET IDENTIFIABLE ASSETS AND LIABILITIES
4 567
22 785
Cash (1)
12 500
32 192
Contingent considerations
REMUNERATION
12 500
32 192
GOODWILL
7 933
9 407
Acquired cash (2)
844
6 328
ACQUISITION OF SUBSIDIARIES, NET OF ACQUIRED CASH,
IN THE STATEMENT OF CASH FLOWS
(1) - (2)
11 656
25 864
Goodwill calculation and reconciliation with the consolidated statement of cash flows
This goodwill is not tax-deductible.
Mégaroyal’s property, plant and equipment primarily relate to
the Bourgoin cinema complex.
€ 20.6 million of the property, plant and equipment of
Utopolis relate to the cinema complexes in Kirchberg
(Luxembourg), Longwy (France), Zoetermeer, Emmen and Oss
(The Netherlands). The nominal value of the trade receivables
of the Utopolis group on the acquisition date was € 1.1 million.
€ 0.0 million of this was deemed uncollectable. A € 4.7 million
provision was recognized with regard to the unfavorable
lease on the Almere (The Netherlands) cinema complex.
The current financial liability was immediately paid after
the transaction date and replaced by an internal loan.
The total of the acquired cash of Mégaroyal is
€ 0.8 million, comprising cash and cash equivalents
(€ 0.2 million), a term deposit (€ 1.9 million) and an
outstanding loan that was repaid immediately after
the acquisition (€ 1.3 million).
Acquisitions 2014
The following acquisitions occurred in 2014:
★
★
Acquisition of the Spanish Abaco Cinebox and Abaco
Alcobendas complexes;
★
★
Acquisition of the Dutch Wolff Bioscopen group.
The Spanish complexes Abaco Cinebox (Alicante) and Abaco
Alcobendas (Madrid) were included in the consolidation scope
of the Group in April 2014 and June 2014 Goodwill was
€ 0.5 million.
The Wolff Bioscopen group was acquired on 22 July 2014.
A fixed consideration of € 10.6 million was paid. At 31
December 2014 the fair value of the contingent considera-
tions was € 4.2 million. The inclusion of the Wolff Bioscopen
group in the consolidation scope of the Group on 22 July 2014,
the date on which control was acquired, resulted in goodwill
of € 16.9 million. The origin of this goodwill is the targeted
visitor potential of the existing cinema and the new-build
projects in Dordrecht and Utrecht (The Netherlands).
On 1 July 2015 the municipality of Utrecht issued the
permit for building and operating a new complex in
Utrecht Jaarbeurs. The permit was ratified by the Council
of State in The Netherlands.
At 31 December 2015 the fair value of the contingent
considerations was € 1.3 million. At 7 July 2015, € 2.7 million
was paid to the former shareholders of the Wolff Bioscopen
group. The change in fair value of the contingent considera-
tion was € 0.2 million and was deducted from goodwill.
The fair value of the contingent considerations was deter-
mined on the basis of the following assumptions:
★
★
The number of visitors of the new future cinema in
Utrecht (The Netherlands) in the third year after opening;
★
★
The two existing complexes in Utrecht and the
complexes in Nieuwegein (The Netherlands) and
Rotterdam (The Netherlands) will continue to be leased
during the agreed term.
For more information about the fair value of the contingent
considerations, see note 24.
90
05 / FINANCIAL REPORT
KINEPOLIS GROUP
ANNUAL REPORT 2015