Notes to the consolidated financial statements - Note 11

    2013
R'000		   2012
R'000		  
11. Acquisition of businesses, subsidiaries and associates        
  Property, plant and equipment (138 467)   (234 212)  
  Deferred taxation (190)   25 399  
  Interest in associates (100 548)   (424 180)  
  Inventories (103 497)   (225 368)  
  Trade and other receivables (197 255)   (237 690)  
  Cash and cash equivalents (88 309)   (1 583)  
  Borrowings 227 602   60 119  
  Trade and other payables and provisions 222 899   221 227  
  Taxation 10 125   7 208  
  Net fair value of liabilities (assets) (167 640)   (809 080)  
  Goodwill (450 456)   (486 927)  
  Intangible assets (7 734)   (1 609)  
  Minority shareholders (15 899)   –  
  Total value of acquisitions (641 729)   (1 297 616)  
  Less: cash and cash equivalents acquired 88 309   1 583  
  Vendors for acquisition at beginning of year (61 325)   (539)  
  Vendors for acquisition at end of year 113 971   61 325  
  Costs incurred in respect of acquisitions (14 181)   (17 762)  
  Net amounts paid (514 955)   (1 253 009  
  The Group acquired 100% of the issued capital of MGS Management Services Limited T/A South Lincs Foodservice with effect from July 1 2012, for £10 million, and 75% of the capital of Oliver Kay Limited with effect from October 30 2012, for £8 million. Both these acquisitions operate in the foodservice industry in the United Kingdom.

The Group also undertook a number of other smaller acquisitions during the year.
    MGS
Management
Services
Limited T/A
South Lincs
Foodservice
R’000		   Oliver Kay
Limited
R’000		   Other
smaller
acquisitions
R’000		   Total
R’000		  
  The impact of the above acquisitions on the Group’s results can be summarised as follows:                
  Identifiable assets acquired and liabilities assumed                
  Property, plant and equipment 27 312   2 125   109 030   138 467  
  Deferred taxation (403)   1 280   (687)   190  
  Interest in associates         100 548   100 548  
  Inventories 15 246   5 992   82 259   103 497  
  Trade and other receivables 34 069   65 449   97 737   197 255  
  Cash and cash equivalents 56   107 611   (19 358)   88 309  
  Borrowings (13 023)   (148 571)   (66 008)   (227 602)  
  Trade and other payables and provisions (30 229)   (55 139)   (137 531)   (222 899)  
  Taxation (5 500)   (3 402)   (1 223)   (10 125)  
  Intangible assets –       7 734   7 734  
  Total net identifiable assets 27 528   (24 655)   172 501   175 374  
  Contribution to results of the year                
  Revenue 297 453   284 022   627 673   1 209 148  
  Operating profit before acquisition costs 24 948   26 677   (6 705)   44 920  
  Contribution to results for the year had the acquisitions been effective on July 1 2012                
  Revenue 297 453   416 304   932 407   1 646 164  
  Operating profit before acquisition costs 24 366   38 634   7 206   70 206  

Notes to the consolidated financial statements - Note 11