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26. Acquisitions and disposals

Acquisition 2021

On 30 June 2021, Corbion acquired Granotec Mexico S.A. de C.V., a key player in functional blends for the Mexican bakery and fortification industries. The company is based in Querétaro, Mexico, employs around 60 staff and operates a production facility and an application and development center.

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

Acquisition figures

 

Granotec Mexico

Property, plant, and equipment

0.7

Intangible fixed assets

5.0

Inventories

2.3

Identifiable assets minus liabilities

8.0

Cash

9.3

Holdback amounts

1.8

Total consideration

11.1

Goodwill arising on acquisition

3.1

Given the recent completion of the acquisition, the amounts have been measured on a provisional basis. If new information obtained within one year of the date of acquisition about facts and circumstances that existed at the date of the acquisition identifies adjustments to the above amounts, or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised.

Goodwill (allocated to the Sustainable Food Solutions segment) arose on the acquisition of Granotec Mexico 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 not expected to be deductible for tax purposes.

The table below shows the pro-forma result of Corbion if the acquisition had been made as at 1 January 2021.

 

Corbion

Pro-forma adjustment full-year effect

Pro forma Corbion

Net sales

1,070.8

3.7

1,074.5

Result after taxes

78.3

0.1

78.4

For the six-month period ended 31 December 2021, the acquisition contributed € 3.8 million in revenue and € 1.3 million in losses to Corbion's results.

Disposal 2021

On 11 January 2021 Corbion reached an agreement to sell its Frozen Dough business, classified as held for sale in the 2020 consolidated financial statements.

 

Frozen Dough business

Consideration transferred

 

Payment in cash

20.4

Total consideration

20.4

  

Property, plant, and equipment

6.8

Inventories

0.5

Receivables

2.0

Total sold assets

9.3

  

Trade payables

0.7

Total sold liabilities

0.7

  

Gross result from divestment

11.8

  

Consideration received in cash and cash equivalents

20.4

Total consideration received

20.4

In 2020 no acquisitions or disposals were made.