19 Acquisitions and Disposals of Subsidiaries

Assets and liabilities from acquisitions
In CHF million  2009 HY2009 HY2008 HY2008 HY
 


Fair value
Carrying amount
in accordance
with IFRS before
combination



Fair value
Carrying amount
in accordance
with IFRS before
combination
Cash and cash equivalents  22287287
Loans and receivables  22191191
Other financial assets  003636
Property and equipment  008181
Customer relationships and other intangible assets  4044513
Other assets  001616
Other financial liabilities  –1–1–343–343
Provisions  00
Deferred income tax liabilities  –1–123–3
Other liabilities  00–166–166
Net identifiable assets acquired  63424112
 
Cash used for acquisitions  151 516
Direct costs relating to the acquisitions  12
Non-cash consideration  182
Total purchase consideration  151 710
Net identifiable assets acquired  –6–424
Non-controlling interests  214
Goodwill  111 300
 
Consideration paid in cash  –15–1 528
Cash and cash equivalents acquired  2287
Net cash outflow from acquisitions  –13–1 2411
1  of which paid in 2007: CHF 264 million


In 2009, a financial advisory business in France was acquired by the Swiss Life Group. The purchase consideration amounted to CHF 15 million.

On 19 March 2008, 96.7% of the AWD Holding shares were acquired by the Swiss Life Group. The AWD Group specialises in personal and holistic financial planning and is one of Europe’s top financial services providers for the medium and high-income customer segments. The acquisition cost amounted to CHF 1713 million (CHF 3 million in the second half of 2008).

Results from discontinued operations
In CHF million  2009 HY2008 HY2009 HY2008 HY2009 HY2008 HY
  Insurance
(Discontinued)
Insurance
(Discontinued)
Banking
(Discontinued)
Banking
(Discontinued)

Total

Total
Income  1 1641031 267
Expenses  –1 095–95–1 190
Gain/loss on disposal of operations  1 034–33591–331 625
Result before income tax  1 103–33599–331 702
Income tax expense on result from ordinary activities from discontinued operations   – –62 – –3 – –65
Income tax expense on the gain/loss on remeasurement to fair value less costs to sell/disposal of operations   – –150 – –2 – –152
Net result from discontinued operations  891–33594–331 485


In the period under review, a settlement payment of CHF 33 million was made with regard to the sale of Banca del Gottardo.

On 29 April 2008, the Swiss Life Group sold the Dutch and Belgian businesses. The disposal consideration amounted to CHF 2388 million. The gain realised on the sale was CHF 1034 million. For the purposes of segment reporting, the Dutch and Belgian businesses have been presented as a separate segment “Insurance (Discontinued)”.

On 7 March 2008, Banca del Gottardo was disposed of for a total consideration of CHF 1724 million. The gain realised on the sale amounted to CHF 591 million. Banca del Gottardo’s figures are presented in the separate segment “Banking (Discontinued)”.

 
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