Rangatira Annual Report 2023 - Flipbook - Page 75
Ra n g a t i ra An n u a l Re p ort 2023
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2023
The following are the results and adjustments against the provision amounts included in the 2022 comparative information (where
applicable):
Purchase price
There was no change to the fair value of the purchase price reported in the 2022 financial statements:
$000
Cash paid on completion
19,745
External debt funding
11,632
Total fair value of the purchase price
31,377
Assets acquired and liabilities assumed
The following summarises changes to the provisional amounts reported in the 2022 financial statements, following the completion of
the valuation. Revisions are were mainly for the lease liability and right-of-use asset, the recognition of intangible assets being trade
names ($6.800m) and specialist relationships ($5.600m), and associated impacts to deferred tax balances.
Provisional
$000
Adjustment
$000
Final
$000
Cash and cash equivalents
1,228
-
1,228
Trade receivables
2,729
(20)
2,709
Inventories
785
-
785
Deferred tax asset
999
(890)
109
1,876
-
1,876
23,499
10,590
34,089
-
12,400
12,400
17
-
17
(23,546)
(10,543)
(34,089)
(2,562)
-
(2,562)
-
(3,020)
(3,020)
5,025
8,517
13,542
Goodwill on acquisition
26,352
(8,517)
17,835
Value of assets acquired attributable to the Group
31,377
-
31,377
Property, plant and equipment
Right-of-use assets
Intangible assets
Investments
Lease liabilities
Trade and other payables
Deferred tax liability
Total identifiable net assets attributable to the Group
(b) Disposal of Non-Controlling Interest in Boulcott Holdco Ltd
On 19 August 2022 Rangatira Limited sold 31 % of the share capital of Boulcott Holdco Ltd to medical specialists who work at the
hospital for a consideration of $7,900,000. This resulted in NCI of $1,925,000 being recorded at the disposal date, representing the
non controlling interest’s share of identifiable net assets (excluding goodwill).
(c) Acquisition of Jazz Print
On 1 December 2021, Auckland Packaging Company Ltd acquired the net assets of Jazz Print, an Auckland based manufacturer of
signage and supplier of merchandising solutions for $4.584m. Goodwill of $2.994m was recognised based on provisional information
in the 2022 financial statements. Following the valuation of the Jazz Print, the goodwill was revised to $1.151m, mainly due to the
recognition of intangible assets being trademarks and trade names ($0.483m) and customer relationships ($2.042m).
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