Company acquisitions
Semper Constantia Privatbank AG
As at 4 July 2018, LLB acquired 100 per cent of Semper Constantia Privatbank AG (Semper Constantia) with its registered office in Vienna. The acquisition was made within the scope of a share deal with the shareholders, the Haselsteiner Familien-Privatstiftung, grosso Holding Gesellschaft mbH and the former management of Semper Constantia. The provisional valuation was reported in the 2018 Annual Report. In accordance with IFRS 3 “Business Combinations” it is possible within a period of one year to adjust the provisional valuation to the final valuation. The final assessment of the valuation of a client loan, of which the market value was not known at the end of the year, was completed on 14 June 2019. The final value is reported in the 2019 interim financial reporting, which takes into consideration only important new information in comparison with the provisional valuation (see 2018 Annual Report, “Company acquisitions”).
In comparison with the 2018 Annual Report, current tax obligations have changed, which has led to an adjustment of the assumed liabilities and therefore also to the following positions.
| Download |
Acquired net assets |
in CHF thousands |
|
|---|---|---|
Cash and balances with central banks |
923'871 |
|
Due from banks |
162'122 |
|
Loans |
215'978 |
|
Active derivative financial instruments |
20'763 |
|
Financial investments |
162'139 |
|
Other intangible assets |
71'271 |
|
Equipment |
7'650 |
|
Current tax claims |
214 |
|
Deferred tax assets |
25 |
|
Accrued income and prepaid expenses |
1'296 |
|
Other assets |
1'963 |
|
Acquired assets |
1'567'292 |
|
|
|
|
Due to banks |
47'092 |
|
Due to customers |
1'325'366 |
|
Passive derivative financial instruments |
19'392 |
|
Current tax liabilities |
1'425 |
|
Deferred tax liabilities |
17'924 |
|
Accrued expenses and deferred income |
2'983 |
|
Provisions |
158 |
|
Other liabilities |
30'764 |
|
Assumed liabilities |
1'445'103 |
|
|
|
|
Acquired net assets |
122'189 |
|
|
|
|
Total purchase price |
224'256 |
|
|
|
|
Goodwill |
103'146 |
|
|
|
|
Cash inflow from acquisition |
1'019'631 |
The purchase price for Semper Constantia amounted to CHF 224.3 million as at 4 July 2018. This sum includes an earn-out obligation totalling CHF 49.0 million effective as at 30 June 2019, which will be paid out in the second half of 2019.
The final valuation of the purchase of Semper Constantia Privatbank AG means that the goodwill has increased by CHF 0.7 million. Since the acquired net assets contained minorities, the goodwill does not correspond to the difference between the total purchase price and the acquired net assets.