• Print
  • E-Mail

(3) Acquisitions

Effective October 1, 2013, the TÜV Rheinland Group acquired all of the shares of Secaron AG. The company, headquartered in Hallbergmoos, is a provider of information security services. The purchase price was € 8,805 thousand and is being paid in four installments – some of which are interest-bearing. Acquisition-related costs totaled € 222 thousand and are stated as expenses incurred during the reporting period. Intangible assets totaling € 3,837 thousand were capitalized as part of the purchase price allocation. Goodwill amounted to € 4,339 thousand as at October 1, 2013. The consolidated financial statements include revenues generated by Secaron AG of € 3,460 thousand and income totaling € 1,079 thousand for the period from October 1, 2013 to December 31, 2013. If the acquisition had been made at the beginning of the reporting period, revenues generated would have totaled € 7,804 thousand and income generated would have totaled € 970 thousand.

Effective July 1, 2013, all of the shares of MINELL Kft. were acquired within the TÜV Rheinland Group. The company, headquartered in Budapest, is a service provider for non-destructive testing and quality assurance of metallic and non-metallic materials. The purchase price was € 2,196 thousand and is being paid in four installments – some of which are interest-bearing. Acquisition-related costs totaled € 164 thousand and are stated as expenses incurred during the reporting period. Goodwill amounted to € 1,106 thousand as at July 01, 2013. The consolidated financial statements include revenues generated by MINELL Kft. of € 1,315 thousand and income totaling € 126 thousand for the period from July 01, 2013 to December 31, 2013. If the acquisition had been made at the beginning of the reporting period, revenues generated would have totaled € 2,232 thousand and income generated would have totaled € 2 thousand.

Effective September 1, 2013, all of the shares of ifes GmbH were acquired within the TÜV Rheinland Group. The company, headquartered in Cologne, is specialized in the sustainable development of energy and climate concepts on the basis of simulations, as well as in the certification of real estate in accordance with various internationally recognized sustainability standards for buildings. The purchase price was € 509 thousand and is being paid in three installments – some of which are interest-bearing. Acquisition-related costs totaled € 69 thousand and are stated as expenses incurred during the reporting period. Goodwill amounted to € 587 thousand as at September 1, 2013. The consolidated financial statements include revenues generated by ifes GmbH of € 375 thousand and income totaling € 88 thousand for the period from September 1, 2013 to December 31, 2013. If the acquisition had been made at the beginning of the reporting period, revenues generated would have totaled € 977 thousand and income generated would have totaled € –14 thousand.

Effective July 1, 2013, all of the shares of FSP-Fahrzeug-Sicherheitsprüfung Geschäftsführungs-GmbH were acquired within the TÜV Rheinland Group. As a result, the TÜV Rheinland Group now holds a fundamental stake in FSP-Fahrzeug-Sicherheitsprüfung GmbH & Co KG. The focus of the company, headquartered in Geltow, is on comprehensive solutions for major clients, primarily for general vehicle inspections and emission inspections. The purchase price was € 90 thousand and was paid in cash. Acquisition-related costs totaled € 1 thousand and are stated as expenses incurred during the reporting period. The negative difference of € 71 thousand which resulted as at July 1, 2013 was recognized according to IFRS 3.34. The consolidated financial statements include revenues generated by FSP-Fahrzeug-Sicherheitsprüfung Geschäftsführungs-GmbH of € 447 thousand and an income totaling € –5 thousand for the period from July 1, 2013 to December 31, 2013. If the acquisition had been made at the beginning of the reporting period, revenues generated would have totaled € 1,270 thousand and income generated would have totaled € –4 thousand.

The goodwill resulting from the acquisitions particularly contains the value of the acquired workforce as well as expected synergy effects.

At the time of acquisition, the assets and liabilities of the companies acquired in 2013 are as follows:

Secaron AG ifes GmbH
In ´000 € Before acquisition After acquisition Before acquisition After acquisition
Non-current assets 238 4,076 22 22
Cash and cash equivalents 2,129 2,129 0 0
Other current assets 2,837 2,837 230 230
Non-current liabilities 156 1,367 7 7
Current liabilities 3,209 3,209 323 323
MINELL Kft. FSP- Geschäftsführungs-GmbH
In ´000 € Before acquisition After acquisition Before acquisition After acquisition
Non-current assets 1,130 1,130 263 263
Cash and cash equivalents 146 146 15 15
Other current assets 626 626 77 77
Non-current liabilities 78 78 40 40
Current liabilities 733 733 149 149

Besides the aforementioned acquisitions, KTI Kft., headquartered in Budapest, was also acquired. At the acquisition date, the carrying amount of the assets and liabilities corresponded to fair value. For reasons of materiality, further information is not disclosed.