On January 20, 2009 the Group, through its subsidiary Bencom S.r.l., acquired 100% of My Market S.r.l., a company which manages 41 stores selling Benetton Group products in Tuscany and Liguria. My Market S.r.l. controls all of Benver S.r.l., the owner of another four stores.
At the same time that Bencom S.r.l. acquired this interest, My Market S.r.l. and Benver S.r.l. entered an arrangement with third parties to lease the entire business comprising the 45 stores owned by the two companies.
As part of the process of simplifying the Group's corporate structure, My Market S.r.l. and Benver S.r.l. were merged into Bencom S.r.l. with effect from June 27, 2009 (effective from January 20, 2009 for tax and accounting purposes).
The figures relating to this transaction can be summarized as follows:
|
|
Pre-combination
|
Adjustments
|
|
|
(thousands of Euro)
|
value
|
to fair value
|
Fair value
|
|
Property, plant and equipment
|
4,159
|
-
|
4,159
|
|
Intangible assets
|
44
|
-
|
44
|
|
Deferred and commercial charges
|
196
|
8,114
|
8,310
|
|
Guarantee deposits
|
1,622
|
-
|
1,622
|
|
Other receivables
|
14,867
|
-
|
14,867
|
|
Liabilities
|
(21,247)
|
-
|
(21,247)
|
|
Fair value of assets acquired
|
|
|
7,755
|
|
|
|
|
|
|
Goodwill
|
|
|
8,800
|
|
Acquisition cost
|
|
|
16,555
|
The goodwill arises from recognition of the acquired enterprise's commercial and organizational know-how.
The pre-tax loss arising from the business combination has been Euro 1 million since the date of acquisition.