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The following share acquisitions were significant:
On June 6, 2008, RWE Innogy acquired 100 % of the voting shares in Iberian Renovables Corporación, S.A. (previously Urvasco Energía), Spain, for a total payment of €239 million. This resulted in recognition of the following assets and liabilities:
|
Key balance-sheet items of Iberian Renovables Corporación |
IFRS carrying amounts prior to first-time consolidation |
IFRS carrying amounts (fair value) upon first-time consolidation |
|
Non-current assets |
116 |
312 |
|
Current assets |
34 |
34 |
|
Non-current liabilities |
|
62 |
|
Current liabilities |
156 |
156 |
|
Net assets |
-6 |
128 |
|
Acquisition cost |
|
239 |
|
Goodwill |
|
111 |
Within the scope of the purchase price allocation, operating rights amounting to €164 million were capitalized under non-current intangible assets. The €111 million in goodwill capitalized mainly reflects the probability that operating licenses will be issued in the future.
Since first-time consolidation in June 2008, the company has contributed €22 million to Group revenue and €0 million to Group income.
Above and beyond this, RWE Energy also acquired 100 % of Powerhouse Holding B.V., domiciled in the Netherlands, for payment amounting to €41 million. This resulted in recognition of the following assets and liabilities:
|
Key balance-sheet items of Powerhouse Holding |
IFRS carrying amounts prior to first-time consolidation |
IFRS carrying amounts (fair value) upon first-time consolidation |
|
Non-current assets |
2 |
42 |
|
Current assets |
10 |
10 |
|
Non-current liabilities |
|
10 |
|
Current liabilities |
10 |
10 |
|
Net assets |
2 |
32 |
|
Acquisition cost |
|
41 |
|
Goodwill |
|
9 |
The goodwill of €9 million stems mainly from anticipated future economic benefits. Since first-time consolidation, the acquired company has contributed €126 million to Group revenue and €1 million to Group income.
In accordance with the regulations of IAS 32, acquisition of the 20.03 % of remaining shares in RWE Westfalen-Weser-Ems AG, Dortmund, for a purchase price of €800 million, was already recognized in the balance sheet in the previous years.
With regard to investments accounted for using the equity method Glossary, the following significant acquisitions took place:
- Excelerate Energy LP, USA, acquisition of 49.5 %, €314 million in acquisition costs
- Fri-EL S.p.A., Italy, acquisition of 50 %, €231 million in acquisition costs
- Greater Gabbard Offshore Winds Limited, UK, acquisition of 50 %, €178 million in acquisition costs
- Stadtwerke Velbert GmbH, Germany, increased stake by 19.5 percentage points to 39.5 %, €22 million in acquisition costs
