Your client wants to acquire Flaming Delicious a Netherlands based fast food restaurant chain main focus on burgers with 20 restaurants in the Netherlands along with 4 restaurants abroad You are an analyst in the KPMG trans action services team and a number of team members have had various conversations with the management team and read all the monthly man agement accounts including com mentary They have noted a number of items which they think could be debt cash like in nature and could therefore be included in the definition of debt in the SPA Potential adjustments to Net Debt At November 2016 there was an accrual for employee bonuses of 80 000 These were paid in December 2016 Net intercompany loans owed to Unifood and its subsidiaries was 650 000 Accrued interest on the bank loan was 45 000 Prepaid rent at November 2016 was 70 000 Flaming Delicious rents 2 closed sites to third parties It has received 100 000 in deposits from the third parties which are repayable on termination of the lease contract At any time there is approximately 10 000 in tills in the restaurants providing a float Flaming Delicious has made an insurance claim after some kitchen equipment was stolen from one of the restaurants during its refurbish ment It was replaced immediately at a cost of 45 000 which the insurance company has written to confirm that it will pay The payment is likely to come through to Flaming Delicious post completion C A SE S TU D Y 12 KPMG 02 2017 Case Study

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