4 Acquisitions
In the year under review, via its Swedish subsidiary, on 1 November 2014 Q-Park acquired 100% of the shares in Mobil Park AB, a medium-sized parking company in Sweden. Under IFRS 3 Business combinations, this acquisition is classified as an ‘business combination’. ‘Control’ is obtained through the acquisition of the entire share capital. As a result of this acquisition, Q-Park has expanded its market share in Sweden and expects to realise economies of scale and efficiency benefits.
The fair value of the identifiable assets and liabilities as of the acquisition date was as follows:
Download data(x EUR million) | |||
|---|---|---|---|
FIXED ASSETS | SHAREHOLDERS' EQUITY | 3.2 | |
Other intangible fixed assets | 3.1 | ||
Investments property | 1.5 | NON-CURRENT LIABILITIES | |
4.6 | Deferred tax liabilities | 0.9 | |
0.9 | |||
CURRENT ASSETS | CURRENT LIABILITIES | ||
Receivables | 1.4 | Trade payables | 1.4 |
Cash and cash equivalents | 0.9 | Other liabilities, accruals and deferred income | 1.4 |
2.3 | 2.8 | ||
TOTAL ASSETS | 6.9 | TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 6.9 |
The book value of assets and liabilities acquired before adjustments for fair value amounted to EUR 0.5 million. The acquisition price for Mobil Park AB amounted to EUR 3.2 million, which includes EUR 44,000 of transaction costs. In the 2014 reporting year, Mobil Park AB made a contribution of EUR -35,000 million to the net result.
In the 2013 reporting year Q-Park gained ‘control’ over the Dutch company Q-Park Heerlen BV. In 2014, Q-Park acquired the full number of shares in Q-Park Heerlen BV from the other shareholder. Under IFRS 3 Business combinations, this acquisition is classified as an ‘asset deal’. Considering the limited size of this transaction, no further explanation is given.