Business combinations and divestments
Business combinations
The following table summarizes all considerations paid for businesses, as well as the assets and liabilities acquired and recognized at fair value as at the acquisition date in the first half-year 2021/22 and for the full financial year 2020/21 in comparison.
CHF million |
|
|
|
|
|
|
| Reporting half-year ended 31.12.2021 |
| Financial year ended 30.06.2021 |
|
| Fermatic |
| RELBDA |
| Others |
| Total |
| Total |
Total consideration |
| 27.1 |
| 62.3 |
| 12.2 |
| 101.6 |
| 20.5 |
Cash paid |
| 26.7 |
| 52.2 |
| 7.2 |
| 86.1 |
| 19.9 |
Deferred payment |
| 0.0 |
| 9.4 |
| 4.8 |
| 14.2 |
| 0.5 |
Acquisition-related costs |
| 0.4 |
| 0.7 |
| 0.2 |
| 1.3 |
| 0.1 |
Identifiable assets and liabilities |
| –2.5 |
| –5.2 |
| 2.9 |
| –4.8 |
| 2.7 |
Cash and cash equivalents |
| 2.6 |
| 2.5 |
| 2.1 |
| 7.2 |
| 1.4 |
Trade receivables |
| 9.2 |
| 6.4 |
| 0.5 |
| 16.1 |
| 3.2 |
Inventories |
| 2.2 |
| 6.3 |
| 0.7 |
| 9.2 |
| 0.9 |
Current income tax assets |
| 0.0 |
| 0.0 |
| 0.4 |
| 0.4 |
| 0.0 |
Other current assets |
| 1.7 |
| 1.4 |
| 0.3 |
| 3.4 |
| 0.8 |
Property, plant, and equipment |
| 3.0 |
| 4.6 |
| 0.4 |
| 8.0 |
| 0.5 |
Intangible assets |
| 0.0 |
| 0.3 |
| 0.0 |
| 0.3 |
| 0.0 |
Deferred income tax assets |
| 0.3 |
| 0.9 |
| 0.0 |
| 1.2 |
| 0.2 |
Current borrowings |
| 0.0 |
| 0.0 |
| 0.0 |
| 0.0 |
| –0.4 |
Trade payables |
| –3.4 |
| –4.5 |
| –0.5 |
| –8.4 |
| –1.5 |
Current income tax liabilities |
| –0.1 |
| –0.4 |
| –0.4 |
| –0.9 |
| –0.3 |
Accrued and other current liabilities |
| –6.8 |
| –3.0 |
| –0.4 |
| –10.2 |
| –1.7 |
Provisions |
| –0.3 |
| –0.2 |
| 0.0 |
| –0.5 |
| 0.0 |
Non-current borrowings |
| –10.0 |
| –18.2 |
| 0.0 |
| –28.2 |
| –0.4 |
Accrued pension costs and benefits |
| –0.4 |
| –1.3 |
| –0.2 |
| –1.9 |
| 0.0 |
Deferred income tax liabilities |
| –0.5 |
| 0.0 |
| 0.0 |
| –0.5 |
| 0.0 |
Goodwill |
| 29.6 |
| 67.5 |
| 9.3 |
| 106.4 |
| 17.8 |
Fermatic Group
On 22 October 2021, dormakaba acquired Fermatic Group based near Paris (FR). Fermatic Group is a renowned provider for services for automatic doors and gates. The company is primarily operating in the multi-housing market in the North-West of France and serves also other verticals such as Offices, Retail and Public Buildings.
Australian Reliance Doors and Best Doors Australia Groups (RELBDA)
On 31 August 2021, dormakaba acquired the Australian Reliance Doors and Best Doors Australia Groups (RELBDA) based in eastern and southern Australia. The group of companies is a well-established provider in the Australian market with reputable brands for residential garage doors, automatic openers, industrial overhead doors as well as related services.
Others
In the first half-year 2021/22 dormakaba acquired in addition Rovato Techniek B.V. based in LK Tiel (NL), and Solus Security Systems Pvt Ltd based in Bangalore (IN).
After the balance sheet date, on 16 February 2022, dormakaba signed an agreement to acquire AtiQx Holding B.V. based in Utrecht/Dordrecht (NL). AtiQx provides comprehensive, customized solutions for electronic access control and workforce management in the Netherlands.
Divestments
The following table summarizes the considerations received as well as the net assets divested. The resulting net goodwill was recycled affecting net income.
CHF million |
| Reporting half- year ended 31.12.2021 |
| Financial year ended 30.06.2021 |
|
| Total |
| Total |
Total consideration |
| 26.6 |
| 2.6 |
Cash consideration |
| 30.8 |
| 2.6 |
Deferred expenses / payment |
| –1.8 |
| 0.0 |
Divestment-related costs |
| –2.4 |
| 0.0 |
Assets and liabilities divested |
| 22.7 |
| 2.9 |
Cash and cash equivalents |
| 17.4 |
| 1.5 |
Trade receivables |
| 4.3 |
| 0.7 |
Inventories |
| 8.5 |
| 1.3 |
Other current assets |
| 0.9 |
| 0.0 |
Property, plant, and equipment |
| 13.2 |
| 0.0 |
Intangible assets |
| 0.1 |
| 0.0 |
Non-current financial assets |
| 0.5 |
| 0.0 |
Deferred income tax assets |
| 2.2 |
| 0.0 |
Trade payables |
| –2.9 |
| –0.6 |
Accrued and other current liabilities |
| –1.7 |
| 0.0 |
Provisions |
| –0.1 |
| 0.0 |
Accrued pension costs and benefits |
| –19.7 |
| 0.0 |
Amortization on goodwill - recycling1) |
| 2.2 |
| 0.0 |
Result from sale of subsidiaries2) |
| 1.7 |
| –0.3 |
1)Goodwill is fully offset in equity at the date of acquisition and amortized over five years in the notes of the annual financial statements without affecting consolidated income. In order to determine the result from sale of subsidiary, goodwill allocated to the disposed business is recognized at its original cost in the income statement.
2)Included in other operating income, net
Interior glass business (IGS)
As per 31 October 2021, dormakaba divested its interior glass business (IGS). The purchaser is the Italian-based investment and financial group Aliante Equity Tre S.p.A. Aliante has built up an investment portfolio with other portfolio companies, with a global presence in the design and furniture market, that complement the IGS business and offer commercial synergies.