Annual Report 2014
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.
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.