Operating and Financial Results

On January 1, 2014, the Group obtained control over CJSC National Mercantile Exchange (NAMEX), which is a commodity exchange operating in Russia. The acquisition was made following the Group’s strategy to develop its commodity market.

The fair value of identifiable assets and liabilities of NAMEX at the date of acquisition were:
Assets
Cash and cash equivalents 28 911
Due from financial institutions 128 910
Intangible assets 103 063
Current tax prepayments 2 521
Other assets 8 742
Total assets 272 147
Liabilities
Balances of market participants 22 329
Deferred tax liability 19 480
Other liabilities 9 048
Total liabilities 50 857
Net identifiable assets and liabilities 221 290
Non-controlling interest (91 326)
Fair value of previously held equity interest in the acquiree (88 314)
Gain from a bargain purchase (included in other operating income) (18 596)
Consideration transferred 23 054
Cash flow on acquisition
Consideration paid by cash (23 054)
Ñash acquired with the subsidiary 28 911
Net cash flow on acquisition (included in cash flows from investing activities) 5 857

The Group has elected to measure the non-controlling interest in the acquiree at the non-controlling interests’s proportionate share of the acquiree’s identifiable net assets.

The Group recognised a gain of RUB 38 664 thousand as a result of remeasuring to fair value the equity interest in NAMEX held by the Group before the business combination.

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