Annual Report 2015
147
32 BUSINESS COMBINATIONS
(continued)
a) Acquisition of HFC Bank (Ghana) Limited
(continued)
The fair values of the identifiable assets and liabilities of HFC Bank (Ghana) Limited as at the date of acquisition were:
Fair value recognised
on acquisition
May 2015
Assets
Cash resources
339,331
Investment securities
265,761
Advances
1,277,584
Other assets
385,844
2,268,520
Liabilities
Customer deposits and due to banks
1,269,624
Debt securities and other fund raising instruments
499,806
Other liabilities
58,001
1,827,431
Purchase consideration transferred
Total identifiable net assets at fair value
441,089
Non-controlling interests
(191,970)
Goodwill arising on acquisition (provisional)*
284,084
533,203
Purchase consideration
Amount settled in cash
165,987
Fair value of previously held investment
367,216
533,203
Analysis of cash flows on acquisition
Net cash acquired (included in cash flows from investing activities)
339,331
Consideration transferred
(533,203)
Net cash outflow
(193,872)
*The fair value of net assets is provisional pending receipt of final valuations for those assets and liabilities. These balances are
subject to adjustment, with a corresponding adjustment to goodwill up to May 2016 (one year after the transaction).
