Note 7 – Business combinations and acquisitions of non-controlling interests On April 30, 2015 the Group acquired 100% of the share capital of the European tobacco, chocolate confectionary and general packaging operations from MeadWestvaco Corporation for 75 166 TEUR and obtained control. The consideration was paid in cash. The acquired operation includes three plants in Graz (Austria), Krakow (Poland) and Moscow (Russia), and certain additional carton business and related machinery in Svitavy (Czech Republic) which is operated under the A&R Carton brand. The acquisition is a good fit to AR Packaging’s existing operations and it provides strong growth opportunities. The acquisition is expected to yield substantial synergies related to the market position, purchasing opportunities, manufacturing rationalization and administration costs cutting. The net sales included in the consolidated income statement since April 30, 2015 contributed by the acquired operation was 105 666 TEUR. The acquired business contributed with an operational net profit of 10 546 TEUR for the same period. Had the operations been consolidated from January 1, 2015, the executive management estimates that the consolidated income statement would show a pro forma net sales of 153 348 TEUR and an operating profit of around 15 900 TEUR for the acquired business. Effects from acquisition 2015 Recognized amounts of identifiable assets acquired and liabilities assumed: TEUR Intangible assets, customer relations 2 600 Property, plant & equipment 41 156 Inventory 17 788 Trade and other receivables 31 559 Cash and cash equivalents 4 489 Trade and other payables -21 071 Deferred tax liabilities -1 355 Total identifiable net assets 75 166 Goodwill 0 Total consideration transferred 75 166 Acquisition-related costs Acquisition-related costs, consultancy fees for due diligence, of 1 682 TEUR have been charged to administrative expenses in the consolidated income statement for the period ended December 31, 2015. Acquired receivables The fair value of trade receivables is 24 116 TEUR. The gross contractual amount for trade receivables is 24 157 TEUR, of which 41 TEUR is provided for as uncertain. The PPA is to be considered final with regards to the consideration transferred, as the final cash settlement related to working capital adjustments etc. of 8 836 TEUR has been paid.