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13. Acquisition of a subsidiary

On 26 May 2014 an agreement between the Municipality of Białystok and Enea Wytwarzanie S.A. concerning the acquisition of 85% shares of Miejskie Przedsiębiorstwo Energetyki Cieplnej in Białystok ("MPEC Białystok") for an amount of PLN 260,000 thousand was signed. The President of the Office of Competition and Consumer Protection has consented for the concentration on 8 September 2014. On 16 September 2014 the acquisition price has been paid and on the same date the Enea Group took control over Miejskie Przedsiębiorstwo Energetyki Cieplnej in Białystok.

Acquisition of shares in the company allows to take control on the heating system in Białystok and optimizing production.

In the period from 16 September to 31 December 2014 MPEC Białystok earned revenues of PLN 70,934 thousand and net income of PLN 2,354 thousand. If the merger had taken place on 1 January 2014, according to the Management Board estimates, consolidated net sales revenues for the twelve month period ended 31 December 2014 would have amounted to PLN 9,876,624 thousand and consolidated net income would have amounted to PLN 943,284 thousand.

The following table presents fair values of the identifiable assets acquired and liabilities assumed at the acquisition date:

Acquisition price of 85% shares 260 002
Non-controlling interests 32 477
Implied acquisition price of 100% of equity 292 479
Intagible assets 11 584
Tangible fixed assets 258 111
Trade and other receivables 17 892
Cash and cash equivalents 777
Inventory 6 710
Deferred income tax (10 037)
Liabilities (71 972)
The fair value of the net assets at the acquisition date 213 065
Goodwill 79 414

In the agreement for the acquisition of shares of MPEC Białystok an irrevocable put option for remaining shares was included and is valid for a period of 4 years from the date the ownership of shares transferred to the Acquirer. The Group recognized financial liability arising from this option in correspondence with other equity (PLN 45,883 thousand).