On 1 June 2007, the Group acquired a 100% interest in a number of the rental locations of an Avis licensee in Germany, Otto Kazenmaier GmbH & Co. KG. On 1 November 2007 and 1 December 2007, the Group acquired a 100% interest in a number of rental locations of two Avis licensees in Holland, Duinkerken Beheer BV and VOFL Hessing BV. The businesses acquired provide vehicle rental services and the cash consideration for the acquisitions was paid during the year. The results and cash flows arising subsequent to the acquisitions (even if they had occurred on the first day of 2007) are not considered material and accordingly are not disclosed separately. The details of the net assets acquired, goodwill and consideration are set out below:
| Book value
- German licensee €m |
Book value - other €m |
Total Book value €m |
Fair value and accounting policy adjustments €m |
Provisional fair value €m |
||||||
| Other property, plant and equipment | 0.6 | 0.1 | 0.7 | – | 0.7 | |||||
| Net assets acquired | 0.6 | 0.1 | 0.7 | – | 0.7 | |||||
| Goodwill arising on acquisition | 4.0 | 0.3 | 4.3 | – | 4.3 | |||||
| Consideration | 4.6 | 0.4 | 5.0 | – | 5.0 | |||||
| Consideration satisfied by: | ||||||||||
| Cash for acquisition of businesses | 4.4 | 0.4 | 4.8 | 4.8 | ||||||
| Associated costs of acquisition | 0.2 | – | 0.2 | 0.2 | ||||||
| 4.6 | 0.4 | 5.0 | 5.0 |
The goodwill arising upon acquisition of the German licensee was subsequently fully impaired (see Note 5).
