Note 26 - Acquired and divested operations

All amounts in SEKm unless otherwise stated

Acquired operations
	2012			2011
	Olympic Group	CTI²⁾	Total	Olympic Group	CTI	Total	CTI final purchase-price allocation
Consideration	—	—	—	2,556	3,804	6,360	3,804
Cash paid¹⁾	—	—	—	2,556	3,804	6,360	3,804

Recognized amounts of identifiable assets acquired and liabilities assumed at fair value
Property, plant and equipment	—	187	187	555	382	937	569
Intangible assets	—	–57	–57	516	1,012	1,528	955
Inventories	—	—	—	577	734	1,311	734
Trade receivables	—	—	—	195	763	958	763
Other current and non-current assets	—	—	—	236	310	546	310
Accounts payable	—	—	—	–223	–189	–412	–189
Other operating liabilities	—	–24	–24	–574	–886	–1,460	–910
Current assets held for sale	—	—	—	537	—	537	—
Total identifiable net assets acquired	—	106	106	1,819	2,126	3,945	2,232
Cash and cash equivalents	—	—	—	34	114	148	114
Borrowings	—	—	—	–723	–499	–1,222	–499
Assumed net debt	—	—	—	–689	–385	–1,074	–385
Non-controlling interests	—	–2	–2	–69	–41	–110	–43
Goodwill	—	–104	–104	1,495	2,104	3,599	2,000
Total	—	—	—	2,556	3,804	6,360	3,804

Acquired non-controlling interest
Cash paid	161	3	164	—	17	17	—

Total cash paid for acquisitions	161	3	164	2,556	3,821	6,377	—

1) Before divestment of assets held for sale in Olympic Group.
2) Refers to the final appraisal of land and buildings.

Acquisitions in 2012

The allocation of acquisition cost for the CTI group acquisition made in 2011 was completed in 2012. Adjustments in 2012 and the final outcome are specified in the table above.

Further, in 2012, non-controlling interest in the Olympic Group in Egypt and the CTI group in Chile was acquired.

In Egypt 929,992 shares in the parent company of the Olympic Group and 4,889,245 shares in the subsidiary, Delta Industrial Company Ideal S.A.E were purchased for a total consideration of SEK 161m.

In Chile, 7,416,743 shares in Compañia Tecno Industrial S.A. (CTI) were purchased for an amount of SEK 3m.

Acquisitions in 2011

On September 8, 2011, Electrolux closed its tender offer for the shares in Olympic Group and acquired in total 59,074,122 shares representing 98.33% of the shares and votes in the company. The total consideration for 98.33% of the shares in Olympic Group is SEK 2,556m, which was paid in cash at the beginning of September 2011.

On October 14, 2011, Electrolux acquired 7,005,564,670 shares in Compañia Tecno Industrial S.A. (CTI) through a cash tender offer on the Santiago Stock Exchange. Electrolux also acquired 127,909,232 shares, representing 96.90% of the voting equity interest in the subsidiary Somela S.A., through a cash tender offer on the Santiago Stock Exchange. The shares acquired represents 97.79% of the voting equity interest in CTI. The total consideration paid for the acquisition of the shares in the CTI group was SEK 3,804m and was paid in cash in October 2011. A further 22,143,092 shares from minority shareholders for a total of SEK 17m were purchased in 2011 subsequent to the initial acquisition.

For a complete description of the transactions in 2011, see Electrolux Annual Report 2011.

Divested operations
	Divestments
	2012	2011
Fixed assets	—	63
Inventories	—	13
Receivables	—	20
Other current assets	—	522
Other liabilities and provisions	—	–4
Net assets	—	614
Sales price	—	821
Net borrowings in acquired/divested operations	—	—
Effect on Group cash and cash equivalents	—	821

No divestments were made in 2012.

The main divestments in 2011 include the sale of the shares in the Egyptian companies Namaa and B-Tech as agreed in connection with the acquisition of the Olympic Group and the sale of the heating element operation in Switzerland, a non-core business in the professional segment, which was divested in the first quarter.