26. Acquisitions and disposals
Acquisition 2021
On 30 June 2021, Corbion acquired certain assets of 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 |
Goodwill arose in the acquisition of Granotec Mexico as the consideration paid effectively included amounts in relation to the benefit 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. No adjustments were recognized during 2022 for the business combination.
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 loss 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 |
Acquisitions and disposals 2022
In 2022 no acquisitions or disposals were made.