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Annexure A – Interest in principal subsidiaries and new business combinations
Interest in principal subsidiaries and new business combinations
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| Book value of interest | |||||||||||||||||
| Shares at cost less impairments |
Indebtedness less impairments |
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| Company | Nature of business |
Place of incorporation |
Interest owned directly or indirectly (%) |
Ordinary shares in issue |
2013 Rm |
2012 Rm |
2013 Rm |
2012 Rm |
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| Imperial Holdings International | |||||||||||||||||
| Cooperation U.A. | Note 2 | Netherlands | 100 | 2 176 | 2 176 | ||||||||||||
| Imperial Group Limited | Note 3 | South Africa | 100 | 165 | 1 400 | 1 400 | 1 322 | 1 357 | |||||||||
| Associated Motor Holdings | |||||||||||||||||
| (Pty) Ltd | Note 4 | South Africa | 90 | 500 000 | 46 | 46 | |||||||||||
| Regent Insurance Company | |||||||||||||||||
| Limited | Insurance | South Africa | 100 | 2 939 800 | 456 | 456 | |||||||||||
| Regent Life Assurance Company | |||||||||||||||||
| Limited | Life insurance | South Africa | 100 | 2 125 000 | 145 | 145 | |||||||||||
| Boundlesstrade 154 (Pty) Ltd | Note 5 | South Africa | 90 | 200 | 75 | 54 | |||||||||||
| Jurgens Ci (Pty) Ltd | Note 6 | South Africa | 100 | 1 000 | 147 | 151 | |||||||||||
| Alert Engine Parts (Pty) Ltd | Note 7 | South Africa | 100 | 7 500 | 88 | 88 | |||||||||||
| Midas (Pty) Ltd | Note 8 | South Africa | 75 | 1 000 | 410 | 410 | |||||||||||
| CIC Holdings Limited | Note 9 | Namibia | 100 | 252 188 081 | 724 | 724 | |||||||||||
| Other, including indirect interest | 1 076 | 1 175 | 1 331 | 1 364 | |||||||||||||
| 6 743 | 6 825 | 2 653 | 2 721 | ||||||||||||||
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| Book value of interest | |||||||||||||||||
| Shares at cost less impairments |
Indebtedness less impairments |
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| Company | Nature of business |
Place of incorporation |
Interest owned directly or indirectly (%) |
Ordinary shares in issue |
2013 Rm |
2012 Rm |
2013 Rm |
2012 Rm |
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| Principal subsidiaries of Imperial Holdings International Cooperation U.A. | |||||||||||||||||
| Imperial Logistics International GmbH | See note 1 | Germany | 100 | 4 | 2 107 | 1 680 | |||||||||||
| Wijgula | See note 1 | Netherlands | 100 | 73 440 | 274 | 219 | |||||||||||
| Rijnaarde B.V. | See note 1 | Netherlands | 100 | 10 000 | 79 | 63 | |||||||||||
| Imperial De Grave | See note 1 | Netherlands | 100 | 5 000 | 71 | 57 | |||||||||||
| Lehnkering Group | See note 1 | Germany | 100 | 5 | 2 347 | 1 871 | |||||||||||
| Imperial Mobility Finance Belgium GCV | See note 2 | Belgium | 100 | 81 800 000 | 1 066 | 850 | |||||||||||
| Imperial Mobility Deutschland Beteiligungs GmbH | See note 2 | Germany | 100 | 1 | 232 | 185 | |||||||||||
| Imperial Mobility UK | See note 3 | United Kingdom | 100 | 103 | 471 | 375 | |||||||||||
| Associated Motors Australia(Pty) Ltd | See note 4 | Australia | 90 | 27 000 081 | 630 | 276 | |||||||||||
| Principal subsidiaries of Associated Motor Holdings (Pty) Limited | |||||||||||||||||
| Imperial Car Imports(Pty) Ltd | See note 5 | South Africa | 100 | 5 000 | 6 | 6 | 171 | 163 | |||||||||
| Hyundai Auto South Africa(Pty) Ltd | See note 5 | South Africa | 100 | 1 000 | 100 | 100 | 688 | (208) | |||||||||
| Imperial Daihatsu (Pty) Ltd | See note 5 | South Africa | 99,9 | 10 000 000 | 11 | 11 | (3) | 52 | |||||||||
| Kia Motors SA (Pty) Ltd | See note 5 | South Africa | 100 | 25 000 | 79 | (113) | |||||||||||
| Accordian Investments(Pty) Ltd | See note 5 | South Africa | 60 | 45 000 000 | 25 | 25 | 15 | 15 | |||||||||
| KMSA Holdings (Pty) Ltd | See note 6 | South Africa | 75 | 10 000 | 4 | 4 | 89 | 52 | |||||||||
| Uvundlu Investments (Pty) Ltd | See note 7 | South Africa | 75 | 2 050 | 140 | 140 | 464 | 245 | |||||||||
New business combinations
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| Subsidiaries and businesses acquired | Nature of business | Operational segment | Date acquired | Interest acquired (%) |
Purchase consideration transferred Rm |
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| RTT Health Sciences | Supply chain services | Logistics – Africa(including South Africa) | January 2013 | 100 | 515 | ||||||
| Orwell Trucks Limited | Vehicle sales and services | Automotive Retail | February 2013 | 100 | 118 | ||||||
| KWS Carriers (Pty) Ltd | Commodities transport | Logistics – Africa(including South Africa) | April 2013 | 60 | 48 | ||||||
| Individually immaterial business combinations | 95 | ||||||||||
| Total purchase consideration transferred | 776 |
Reason for the acquisitions
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| Impact of the acquisitions on the results of the group | Total Rm |
RTT Health Sciences Rm |
Orwell Trucks Limited Rm |
KWS Carriers (Pty) Ltd Rm |
Individually immaterial acquisitions Rm |
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| From the dates of acquisition, the acquired businesses contributed: | ||||||||||
| Revenue | 1 514 | 697 | 324 | 246 | 247 | |||||
| Net profit as reported by entity | 67 | 31 | 6 | 9 | 21 | |||||
| Funding costs and amortisation of intangible assets arising on the business combinations | (34) | (22) | (7) | (3) | (2) | |||||
| Net profit | 33 | 9 | (1) | 6 | 19 |
| Had all the acquisitions been consolidated from 1 July 2012, the group’s revenue and net profit would have been R94 240 million and R3 710 million respectively, with the new acquisitions contributing additional revenue of R1 858 million and net profit of R24 million. The net profit of R24 million has been reduced by the funding costs of R3 million on the cash consideration and by the amortisation of intangible assets arising on the business combinations of R30 million. |
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| Fair value of assets acquired and liabilities assumed at date of acquisition: | Total Rm |
RTT Health Sciences Rm |
Orwell Trucks Limited Rm |
KWS Carriers (Pty) Ltd Rm |
Individually immaterial acquisitions Rm |
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| Assets | ||||||||||
| Intangible assets | 323 | 220 | 35 | 41 | 27 | |||||
| Property, plant and equipment | 95 | 55 | 14 | 6 | 20 | |||||
| Transport fleet | 72 | 53 | 19 | |||||||
| Deferred tax assets | 1 | 1 | ||||||||
| Inventories | 151 | 14 | 113 | 1 | 23 | |||||
| Trade and other receivables | 442 | 264 | 51 | 62 | 65 | |||||
| Cash resources | 49 | 15 | 27 | 7 | ||||||
| 1 133 | 568 | 240 | 163 | 162 | ||||||
| Liabilities | ||||||||||
| Deferred tax liabilities | 71 | 36 | 8 | 15 | 12 | |||||
| Interest-bearing borrowings | 73 | 22 | 29 | 22 | ||||||
| Non-current financial liabilities | 8 | 8 | ||||||||
| Trade and other payables and provisions | 510 | 234 | 137 | 80 | 59 | |||||
| Current tax liabilities | 5 | 1 | 2 | 2 | ||||||
| 667 | 271 | 169 | 124 | 103 | ||||||
| Acquirees’ carrying amount at acquisition | 466 | 297 | 71 | 39 | 59 | |||||
| Less: Non-controlling interests | (21) | (4) | (17) | |||||||
| Net assets acquired | 445 | 297 | 71 | 35 | 42 | |||||
| Purchase consideration transferred | 776 | 515 | 118 | 48 | 95 | |||||
| – Cash | 700 | 515 | 110 | 12 | 63 | |||||
| – Contingent consideration | 75 | 8 | 36 | 31 | ||||||
| – Fair value of previously held interest | 1 | 1 | ||||||||
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| Excess of purchase consideration over net assets acquired | 331 | 218 | 47 | 13 | 53 |
Trade and other receivables acquired had gross contractual amounts of R452 million of which R10 million was doubtful. None of the goodwill is expected to be deductible for tax purposes. Non-controlling interests have been calculated based on their proportionate share of net assets. Details of contingent consideration The contingent consideration requires the group to pay the vendors an additional total amount of R75 million over three years if the acquired businesses’ net profit exceeds certain earnings targets. Acquisition costs Acquisition costs for acquisitions concluded during the year amounted to R7 million and have been recognised as expenses in profit or loss |