28 Acquisitions and Disposals of Subsidiaries

Assets and liabilities from acquisitions
In CHF million 
 


Fair value
Carrying amount
in accordance
with IFRS before
combination



Fair value
Carrying amount
in accordance
with IFRS before
combination
Notes  2009200920082008
Cash and cash equivalents
  22320320
Financial assets at fair value through profit or loss
  33
Financial assets available for sale
  00
Loans and receivables
  22259259
Property and equipment
16  008282
Intangible assets including intangible insurance assets
  4045913
Other assets
  001818
Other financial liabilities
  –1–1–399–399
Employee benefit liabilities
  00
Provisions
25  00
Deferred income tax liabilities
  –1–128–8
Other liabilities
  –1–1–187–187
Net identifiable assets acquired
  52427101
 
Cash used for acquisitions
  151 783
Direct costs relating to the acquisitions
  12
Total purchase consideration
  151 795
Net identifiable assets acquired
  –5–427
Non-controlling interests
  114
Goodwill
  111 382
 
Consideration paid in cash
  –15–1 795
Cash and cash equivalents acquired
  2320
Net cash outflow from acquisitions
  –13–1 4751
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.

In November 2008, the Swiss Life Group acquired Deutsche Proventus AG, Bremen. The purchase price amounted to CHF 82 million.

On 19 March 2008, 96.7% of the AWD Holding shares (including 10.46% shares under option) were acquired by the Swiss Life Group. The acquisition cost amounted to CHF 1713 million.

Assets and liabilities from disposals
In CHF million 
 
Total
Insurance
(Discontinued)
Banking
(Discontinued)

Other

Total
  20092008
Cash and cash equivalents
  01 0503 332124 394
Derivatives (assets)
  78547625
Financial assets at fair value through profit or loss
  3 9572 5516 508
Financial assets available for sale
  2819 72168320 404
Loans and receivables
  71 3595 94927 310
Financial assets held to maturity
  11141152
Investment property
  121080290
Investments in associates
  099
Reinsurance assets
  4747
Property and equipment
  01011381240
Intangible assets including intangible insurance assets
  157742411 002
Other assets
  0463311378
Derivatives (liabilities)
  –2–720–722
Financial liabilities at fair value through profit or loss
  –245–438–683
Investment contracts
  –2 176–2 176
Borrowings
  –65–65
Other financial liabilities
  –2–1 698–11 336–5–13 039
Insurance liabilities
  –15–20 789–20 789
Policyholder participation liabilities
  –427–427
Employee benefit liabilities
  –1–304–307–611
Provisions
  –6–34–40
Other liabilities
  –1–345–55–6–406
Net assets disposed of
  181 2651 115212 401
 
Cash received from disposals
  382 4461 773204 239
Direct costs relating to the disposals
  –58–49–2–109
Total disposal consideration
  382 3881 724184 130
Transfer to financial assets at fair value through profit or loss
  1616
Net assets disposed of
  –18–1 265–1 115–21–2 401
Foreign currency translation differences
  –112–57
Gains/losses recognised directly in equity
  –131–8–139
Treasury shares
  –12–12
Non-controlling interests
  14721
Gain (+)/loss (–) on disposals
  191 034591–31 622


In September 2009, the sale of CEAT, Paris, was completed. The gain realised on the sale amounted to CHF 19 million.

On 12 December 2008, AWD Home Finance Ltd, London, was sold. The loss realised on the sale amounted to CHF 4 million.

In November 2008, Swissville Centers Ltd, Zurich, was sold. The gain realised on the sale was CHF 1 million.

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 has been presented as a separate segment “Banking (Discontinued)”.

 
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