166 / 248
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
For the year ended 31 May 2015
164
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
26.
BUSINESS COMBINATIONS continued
Acquisition of subsidiary continued
Viamedia
Proprietary
Limited
R’000
Bank overdraft
(13 086)
Property, plant and equipment
1 579
Intangible assets**
62 762
Receivables
15 800
Inventories
619
Receiver of revenue receivable
19 403
Deferred tax**
(17 066)
Payables
(12 424)
Fair value of subsidiaries acquired
57 587
Non-controlling interests*
(14 397)
Fair value of net assets acquired
43 190
Goodwill
185 967
Total purchase consideration
229 157
Contingent consideration
(84 783)
Settled in cash
144 374
Plus:
Bank overdraft of subsidiary
13 086
Cash flow on acquisition
157 460
* The non-controlling interest acquired is measured using the proportionate share of the recognised amounts of
Viamedia’s identifiable net assets.
** Included in additions in note 5 is R61.4 million of Databases which relate to the purchase price allocations
performed for Viamedia Proprietary Limited in terms of IFRS 3(R) –
Business Combinations
. Deferred tax to the value
of R17.2 million was raised on recognition of this intangible asset.