6. Acquisitions of Subsidiaries, Associates and Non-Controlling Interests

The following acquisitions and adjustments to the purchase price allocation were done in 2015.

For Eyes

On 1 December 2015 the Group acquired 100% of the shares in Aranon Corporation, United States. With this acquisition the Group is entering a new geographical market. Aranon Corporate has a chain named For Eyes that operates 116 own stores mostly in the areas of Chicago, Washington DC, Philadelphia, Florida and California. The Company paid €129,700 (USD 141,289) and based on the initial purchase price allocation an amount of €139,157 is identified as goodwill and represents the future synergies, expected growth and profitability of the business. Due to the limited time between the acquisition and the publication of the financial statements, the purchase price allocation has not yet been finalized.

Other store acquisitions

During 2015 the Group acquired 39 stores in the segments G4 and Other Europe. These acquisitions were recognized using the acquisition method. After the initial allocation of the consideration transferred for the acquisitions of the assets, liabilities and contingent liabilities, an amount of €6,227 was identified as goodwill. The goodwill is attributable to the high profitability of the acquired business and the expected synergies following the integration of the acquired business into our existing organization. The goodwill mainly comprises the skilled employees and the locations of the acquired stores, which cannot be recognized as separately identifiable assets. The purchase price allocation has been completed for most of the stores acquired.

Adjustment to purchase price allocation

The Group finalized the purchase price allocation for the acquisitions done in 2014 in Italy (Randazzo), the United Kingdom and Peru. This resulted in a change in the value of recognized intangibles and recognition and derecognition of certain assets and liabilities and accordingly the recognized goodwill decreased by €3,239.

in thousands of EUR

For Eyes

Other stores

Adjustments to purchase price allocation

Total

Property, plant and equipment

5,177

311

414

5,902

Other intangible assets

25,100

3,654

- 3,286

25,468

Deferred income tax assets

2,129

11

267

2,407

Other non-current assets

261

240

26

527

Inventories

3,073

641

-

3,714

Trade and other receivables

1,708

253

- 814

1,147

Current income tax receivables

28

-

-

28

Cash and cash equivalents

1,917

565

-

2,482

Deferred income tax liabilities

- 9,897

- 260

1,111

- 9,046

Other non-current liabilities

-

-

26

26

Current income tax liabilities

9

- 62

- 8

- 61

Trade and other payables

- 38,115

- 468

- 696

- 39,279

Current borrowings

- 847

- 21

-

- 868

Fair value of acquired net assets and liabilities

- 9,457

4,864

- 2,960

- 7,553

Consideration paid in cash and cash equivalents

129,700

10,861

-

140,561

Consideration to be transferred

-

230

- 6,199

- 5,969

Total consideration transferred or to be transferred

129,700

11,091

- 6,199

134,592

Consideration paid in cash and cash equivalents

129,700

10,861

-

140,561

Cash and cash equivalents and bank overdrafts at acquired subsidiary

- 1,917

- 565

-

- 2,482

Outflow of cash and cash equivalents net of cash acquired

127,783

10,296

-

138,079

Total consideration transferred or to be transferred

129,700

11,091

- 6,199

134,592

Fair value of acquired net assets and liabilities

- 9,457

4,864

- 2,960

- 7,553

Goodwill

139,157

6,227

- 3,239

142,145

The goodwill amortization in United States is not tax-deductable.

The acquisitions contributed the following in revenue and net result for the Group:

in thousands of EUR

For Eyes

Other stores

Adjustment to purchase price allocation

Total

Revenue

6,626

11,768

-

18,394

Net result

- 3,092

2,047

-

- 1,045

Had the acquisitions been consolidated for the full year, revenue and net result would be:

in thousands of EUR

For Eyes

Other stores

Adjustment to purchase price allocation

Total

Revenue

83,126

21,586

-

104,712

Net result

- 18,833

3,426

-

- 15,407

Aquisitions costs for the above acquisitions amount to €2,113 and are included in the general and administrative costs in the Income Statement.