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Integrated Report 2016
ANNUAL FINANCIAL STATEMENTS
(continued)
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
1.
DISPOSAL OF BUSINESS AND ACQUISITION OF ADDITIONAL INTERESTS IN
AYRTON
1.1 DISPOSAL OF BUSINESS
On 11 May 2015 the Group disposed of its 51% holding in Bioswiss Proprietary Limited (Bioswiss). Refer to note 26.5 for cash flow
on disposal.
1.2 ACQUISITION OF ADDITIONAL SHARES IN AYRTON
On 1 April 2010, Adcock Ingram International Proprietary Limited, a wholly-owned subsidiary of Adcock Ingram Holdings
Limited, acquired a 65.59% stake in a listed Ghanaian pharmaceutical company, Ayrton Drug Manufacturing Limited (Ayrton) for
R121 million, to establish a presence in West Africa. The fair value of the net assets of Ayrton (excluding goodwill on the original
acquisition) was R63 million. Goodwilll, intangible assets and certain plant and equipment were subsequently impaired.
Following the initial transaction, Adcock Ingram International Proprietary Limited acquired the following additional shares in
Ayrton:
% shares
Cash
consideration
paid to non-
controlling
shareholders
Carrying
value
Recognised in
retained
earnings
within
equity
On acquisition
65.59
33 636
33 636
–
2011
5.76
10 336
5 294
5 042
2012
6.79
11 060
8 912
2 148
2013
0.18
342
223
119
2014
0.14
241
175
66
2015
0.11
132
101
31
2016
*
2
1
1
Total
78.57
55 749
48 342
7 407
* < 0.01
Refer to note 2