"Not significant" is the impact on the results and the effect on revenue is "nihil".
That's how the "Naes" acquisition is described in the annual report of Tessenderlo (p. 95).
So nobody looks any further.
Tessenderlo paid 700k euro "cash consideration" for it.
But found 1.8m euro cash on the accounts...
The impact of the acquisition is summarized as follows:
"Net cash inflow" : 1,1m euro.
That makes the Naes deal a nice deal, doesn't it?
+++++++
But you're a first level thinker. You totally missed the impact.
Since the deal took place, the EBITDA of the new owner (T-Power) went up by 500k euro PER MONTH, or 6m/year.
Moreover, the additional EBITDA passes on unchanged to EBIT (since NAES obviously had no material assets that could be depreciated).
Bonus: on the latest conference call, they said that this 6m euro was "structural".
Let me rephrase that for you:
Tessenderlo received 1,1m in cash for the pleasure of yearly receiving an additional 6m of operating earnings (EBIT) ... and cash, of course.
+++++ ++++++++
Or the original owners of NAES sold 6m of ebitda a year for 700k.
Where do I find such patsy's?
********
Why look for free lunches when there are much better things...
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