35. Consolidation of LLC "Metachem"
Back to the listIn November 2012, the Company reached an agreement with other participants in LLC “Metachem” to increase the charter capital of LLC “Metachem” and the Company’s ownership in LLC “Metachem” by way of a new cash contribution from the Company in the amount of RUB 1,200 million in the charter capital of LLC “Metachem”.
In December 2012, the official state registration of an increase of the authorised capital of LLC “Metachem” by way of a new contribution from the Company was completed. As a result the Company’s direct ownership in LLC “Metachem” increased to 66.79%, while the Group’s total ownership increased to 74.76%.
The provisionally determined fair value of the identifiable assets and liabilities of LLC “Metachem” at the date of consolidation is as follows:
| RUB Million | |
|---|---|
| Property, plant and equipment | 1,280 |
| Intangible assets | 8 |
| Inventories | 400 |
| Current income tax receivable | 17 |
| Trade and other receivables | 973 |
| Cash and cash equivalents | 1,284 |
| Assets held for sale, net | 346 |
| Current loans and borrowings | (603) |
| Deferred tax liabilities | (15) |
| Trade and other payables | (629) |
| Net identifiable assets and liabilities | 3,061 |
| Non-controlling interest | (773) |
| Company’s share in net identifiable assets and liabilities acquired | 2,288 |
| Less additional cash contribution | (1,200) |
| Less fair value of the investment in associate at the date of consolidation | (410) |
| Negative goodwill on consolidation | (678) |
| Cash and cash equivalents acquired | 1,284 |
| Additional cash contribution | (1,200) |
| Net cash inflow | 84 |
If consolidation of LLC “Metachem” took place on 1 January 2012 the Group’s revenues and profit for the year ended 31 December 2012 would have been RUB 112,320 million and RUB 24,971 million, respectively.