ADP_REGISTRATION_DOCUMENT_2017
FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS 20 GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017
In accordance with IFRS 3, fair value adjustments on assets acquired and liabilities written back are recognised as counterparty of goodwill adjustments based on information obtained during the allocation period, being 12 months following the acquisition date. Groupe ADP proceeded to the identification and evaluation of the identifiable assets and liabilities of TAV Airports in order to allocate the fair value of the consideration paid ($160 million for the 8.12% and €647 million for the fair value of the 38% of shares previously held) between these various elements. Based on these analyses, the preliminary goodwill amounts to €113 million.
Revaluations of opening balance sheet mainly relate to: ◆ intangible assets, notably the intangible asset related to the concession of Istanbul Atatürk, airport operation rights and contractual relationships with clients using a method based on discounted cash flows including, for each asset, hypotheses and estimates of period, discount rate, investments, traffic evolution, revenue and net results; ◆ deferred tax linked to these revaluations.
Preliminary valuation of assets and liabilities acquired at the date of control acquisition of TAV Airports:
(in millions of euros) Assets and liabilities acquired - at 100%
Fair value
Intangible assets
2,695
Property, plant and equipment
210 173 268
Participations dans les entreprises mises en équivalence
Other non-current financial assets
Deferred tax assets
35
Total non-current assets
3,381
Inventories and work in progress Trade and other operating receivables
10
395 193 598 44 581 623 205
Cash and cash equivalents Total current assets Non-current provisions Loans and financial debt Other non-current liabilities
Deferred tax liabilities
Total non-current liabilities
1,453
Current provisions Current borrowings
7
635 370
Trade payables and other current liabilities
Total current liabilities
1,012
Net assets acquired Group share at 46.12%
A B
674 787 647 140
Acquisition-date fair value of the total consideration transferred Of which remeasurement to fair value of shares previously held
Of which purchase price for 8.12% of shares
PRELIMINARY GOODWILL
B-A
113
At 100%, the net assets acquired by the Group amount to €1,462 million, after consideration of the investment which does not give control for €51 million. If the transaction had taken place on 1 January 2017, revenue, operating income and net income for the year 2017 would have been €1,136 million, €211 million and €68 million respectively.
The twelve-month contribution corresponds to the sum of: ◆ TAV Airports contribution to the consolidated accounts of the Group since the acquisition date (from 7 July 2017 to 31 December 2017); and ◆ its estimated contribution from 1 January 2017 to 7 July 2017 (figures were determined based on the assumption that fair value adjustments determined as at 7 July 2017 would have been identical as at 1 January 2017).
170
AÉROPORTS DE PARIS REGISTRATION DOCUMENT 2017
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