TomTom 2013 Annual Report Download - page 76

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(€ in thousands) 2013 2012
Commitments less than 1 year 7,517 11,583
Commitments between 1 - 5 years 11,333 12,287
TOTAL 18,850 23,870
The company has given a guarantee as described in section 479C of the UK Companies Act to TomTom Software Ltd. Accordingly, TomTom
Software Ltd. is exempted from the requirements of the Companies Act 2006 relating to audit by virtue of section 479A.
In addition, a German subsidiary, TomTom Germany GmbH & Co. KG., which is included in these consolidated financial statements, applies
the exemption as described in section 264b of the German Commercial Code (HGB) with regard to the publication of the annual financial
statements and the drawing up of a management report and the notes to the financial statements.
Contingencies
Please refer to note 26 - Provisions for disclosures on tax and legal contingencies.
Based on legal advice, there were no other contingencies that management expects to have a material adverse effect on the group's financial
position as at 31 December 2013.
30. Business combinations
2013
In 2013, the group acquired a 100% equity interest in Coordina (Gestion Electronica Logistica, S.L.) and 51% in mapIT for an aggregated
consideration of €15.1 million. This consideration includes a cash consideration as well as an estimated contingent consideration, which has
been determined based on certain financial and non-financial key performance indicators.
MapIT is a South Africa-based associate company, in which we previously held a 49% interest. With this acquisition, which was effective from
1 June 2013, we gained full control over mapIT. The previously held 49% interest has been remeasured to its fair value, resulting in a gain of
€2.5 million, which is included under the line 'Result of associates' in the income statement.
Coordina, which was acquired on 31 July 2013, is the largest fleet management service provider in Spain and has a broad local sales network
and a well-established local service hub. This acquisition will enable us to deliver our innovative and easy-to-use products in combination with
our TomTom WEBFLEET SaaS services to more Spanish fleets faster.
The main assets and liabilities that arose from both acquisitions combined were intangible assets of €18.3 million, deferred tax assets of €0.7
million and deferred tax liabilities of €5.3 million. Neither acquisition resulted in goodwill.
The acquired businesses contributed a revenue of €3.8 million and a net loss of €0.7 million in 2013. Excluding the impact of the acquisition-
related amortisation from the purchase price allocations, the contributed result in 2013 was a net profit €0.4 million. If we had acquired both
companies from 1 January 2013, the group revenue and net result for 2013 would have been €968 million and €21 million respectively.
Neither transaction is material individually and hence they are not disclosed separately, in accordance with IFRS 3.
2012
No business combination transaction took place in 2012.
Notes to the Consolidated Financial Statements / Continued
ANNUAL REPORT AND ACCOUNTS 2013 / 76