Notes to Group Financial Statements — All amounts are in CHF 1000
On 30 April 2021 HUBER+SUHNER acquired ROADMap Systems Ltd., a technology start-up located in Cambridge, UK, through an asset deal. The company is developing the next generation of highly integrated wavelength-selective switch technology and is integrated into the Communication segment. At the time of acquisition, the fair values of net assets acquired according to Swiss GAAP FER were as follows:
|
Effect of acquisition |
|
Fair Value |
|
|
|
|
|
Property, plant and equipment |
|
44 |
|
Deferred tax asset |
|
230 |
|
Acquired net assets |
|
274 |
The goodwill from the acquisition of ROADMap Systems Ltd, which was offset with equity, was CHF 1.2 million. The total purchase price (including acquisition costs) was CHF 1.5 million. Considering the remaining payment of total CHF 0.3 million, the net cash outflow was CHF 1.2 million.
In December 2021 the remaining outstanding payment of CHF 0.6 million for the acquisition of Kathrein SE, Germany (acquired in 2019), was fully derecognized as the criteria for deferred payment were not achieved and the goodwill was reduced by CHF 0.5 million (net of taxes) accordingly (see note 20). This business is reported in the Industry segment.
In February 2021 a final payment of CHF 0.1 million was made for the acquisition of Inwave Elektronik AG, Reute in Switzerland (acquired in 2017) and the goodwill was reduced by CHF 0.3 million, as the deferred purchase price was CHF 0.4 million. This business is reported in the Industry segment.
There were no changes in consolidation scope in 2020.
In 2020 the goodwill from the acquisition of the BKtel Group (acquired in 2019) has been increased by CHF 0.1 million due to the property acquisition tax in Germany (see note 20). BKtel is reported in the Communication segment.
In 2020 the outstanding payment for the acquisition of Kathrein SE, Germany (acquired in 2019), was reduced from CHF 1.9 million to CHF 0.6 million as the criterias for deferred payment were not achieved and the goodwill (net of taxes) was reduced accordingly (see note 20). This business is reported in the Industry segment.
From the acquisition Inwave Elektronik AG, Reute in Switzerland in 2017, CHF 0.3 million of the remaining payment was paid out in 2020.
A complete list of all Group companies can be found in chapter Group Companies.
In 2021 there is no material impact of the prior year discontinued operation in Brazil. The market is served through other HUBER+SUHNER entities.
In 2020 the low-profit production site in Brazil has been closed by the end of November 2020. In 2020 the sales generated by the discontinued business amounted to CHF 10.5 million (Industry CHF 0.4 million, Communication CHF 7.7 million, Transportation CHF 2.4 million), while the operating profit amounted to CHF –1.8 million (Industry CHF +0.0 million, Communication CHF –1.4 million, Transportation CHF –0.4 million). H+S Brazil was reported in the region Americas (North and South America).