164 CSE GLOBAL LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 5. INVESTMENT IN SUBSIDIARIES AND AMOUNTS DUE FROM/(TO) SUBSIDIARIES (CONT’D) Acquisition of businesses in 2022 (cont’d) Acquisition of business in New Zealand, Australia and United Kingdom (cont’d) The purchase price allocation of the acquisition was provision in the Group’s financial statement for the year ended 31 December 2022. Subsequent to the completion of the purchase price allocation in the current financial year, the Group made certain adjustments to the valuations of the business recorded the adjustments in the current financial year as follows: Fair value Adjustments Fair value recognised $’000 $’000 $’000 Customer relationships 4,970 188 5,158 Property, plant and equipment 943 – 943 Right-to-use assets 357 – 357 Inventories 5,396 – 5,396 Trade and other receivables 4,378 – 4,378 Cash and bank balances 564 – 564 Total assets 16,608 188 16,796 Trade and other payables (5,686) – (5,686) Lease liabilities (334) – (334) Loans and borrowings (648) – (648) Tax payables (203) – (203) Deferred tax liabilities (1,391) (156) (1,547) Total liabilities (8,262) (156) (8,418) Total identifiable net assets at fair value 8,346 32 8,378 Goodwill arising from acquisition 12,915 647 13,562 Cash paid on acquisition 21,261 679 21,940 Less: cash and bank balances (564) – (564) Less: deferred cash consideration (2,125) 1,107 (1,018) Cash paid on acquisition, representing net cash outflow on acquisition 18,572 1,786 20,358 Transaction costs Transaction costs relating to the acquisition of NZD 288,000 (approximately $241,000) were recognised in the “administrative expenses” line item in the Group’s profit or loss for the year ended 31 December 2022.
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