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26. Acquisitions and disposals

In 2020 no acquisitions or disposals were made.

Acquisition 2019

On 25 April 2019, Corbion acquired 100% of the shares and voting interests in Granotec do Brazil, a leading specialist in functional blends for the Brazilian bakery industry, which consisted of two legal entities. The company is headquartered in Araucária, Paraná State, Brazil, employs around 120 staff, and operates a production facility and a development center.

Details of the purchase consideration, net assets acquired are as follows

Acquisition figures

 

Granotec do Brazil

Property, plant, and equipment

8.5

Intangible fixed assets

8.0

Inventories

4.2

Receivables

4.7

Cash

1.4

Borrowings

-3.4

Trade creditors

-3.0

Other liabilities

-0.1

Identifiable assets minus liabilities

20.3

Cash

29.9

Holdback amounts

8.8

Total consideration

38.7

Goodwill arising on acquisition

18.4

Goodwill arose on the acquisition of Granotec do Brazil as the consideration paid effectively included amounts for the benefits of expected synergies, revenue growth, and future market development. These benefits are not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. The goodwill is expected to be (partly) deductible for tax purposes.

The table below shows the pro-forma result of Corbion if the acquisition had been made as at 1 January 2019.

 

Corbion

Pro-forma adjustment full-year effect

Pro forma Corbion

Net sales

976.4

6.3

982.7

Result after taxes

25.8

-0.1

25.7

For the eight-month period ended 31 December 2019, the acquisition contributed € 15.4 million in revenue and € 0.9 million in profit to Corbion's results.