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104
JOHN DANIEL HOLDINGS LIMITED AND ITS SUBSIDIARIES
INTEGRATED ANNUAL REPORT 2011
Notes to the Annual Financial Statements
- Continued
Annual Financial Statements for the 15 months ended 30 September 2011
Net cash outflow on acquisition
Group
Company
2011
2010
2011
2010
Cash consideration paid
(2 153 615)
-
(2 153 615)
-
Cash acquired
96 349
-
-
-
(2 057 266)
-
(2 153 615)
-
Cryo-Save SA
On 01 July 2011 the group acquired 50% of the voting equity interest of Rexisource (Pty) Limited trading as Cryo-Save
SA which resulted in the group obtaining control over Cryo-Save SA. Cryo-Save SA is principally involved in the health-
care industry focussing on stem cell processing and storage. As a result of the acquisition, the group is expecting to be
the leading provider of stem cell services in the South African and other African markets.
The 50% held by the non-controlling shareholder gives rise to an increase in the non-controlling interest of R1.8 mil-
lion after allocation of the income attributable to non-controlling interest.
Fair value of assets acquired and liabilities assumed
Group
Company
2011
2010
2011
2010
Property, plant and equipment
2 152 045
-
-
-
Other financial assets
2 000 050
-
-
-
Cost of investment
-
-
2 152 045
-
Total identifiable net assets
4 152 095
-
2 152 045
-
Non-controlling interest
(2 000 000)
-
-
-
2 152 045
-
2 152 045
-
Non-controlling interest
Non-controlling interest is measured at the non-controlling interests proportionate share of the acquiree’s identifi-
able net assets.
Acquisition date fair value of consideration paid
Group
Company
2011
2010
2011
2010
Cash
(152 045)
-
(152 045)
-
Liabilities assumed
(2 000 000)
-
(2 000 000)
-
(2 152 045)
-
(2 152 045)
-