23. Acquisitions

The following acquisitions were made in the year under review:

• Completion of the acquisition of the 51% stake in Zhongshan Fortuneway Environmental Technology Co., Ltd. on 28 April 2021 in China. The purchase price is dependent on future profitability. At the end of 2021, EUR 2.6 million was paid. The remaining price will be settled by means of an earn-out within the next 12 months. As a result of the purchase, the Zehnder Group has acquired net assets of EUR 1.1 million. The goodwill recognised amounted to EUR 5.2 million. The transaction resulted in an increase in minority interests in equity of EUR 1.0 million. In the reporting period, Zhongshan Fortuneway Environmental Technology Co., Ltd. contributed EUR 7.3 million to the Group’s sales.
• As of 28 October 2021, the Zehnder Group acquired a majority share of 75% in French companies Caladair International SAS and 100% of the shares in Calihce SCI for EUR 16.3 million. As a result, the Group acquired net assets amounting to EUR 1.0 million. These included liquid assets of EUR 2.8 million, other current assets of EUR 3.3 million, non-current assets of EUR 4.0 million and liabilities of EUR 8.7 million. Net outflow of liquid assets resulting from the acquisition was EUR 13.2 million in 2021, and another EUR 0.3 million was accrued for the final payment in 2022. The resulting goodwill amounted to EUR 6.3 million and was offset against equity. The transaction resulted in an increase in minority interests in equity of EUR 0.4 million. During the reporting period, Caladair Group contributed EUR 1.5 million to the Group’s sales.

No acquisitions were made in the previous year.