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## Notes to the Consolidated Financial Statements 

Cardno Limited and its Controlled Entities for the year ended 30 June 2010 

## 34. BUSINESS COMBINATIONS CONTINUED 

(b) On 10 June 2010, the Group acquired 100% of ENTRIX, a US based consultancy specialising in water resources management, environmental risk management, facility permitting and compliance, and natural resource economics. The effective date of acquisition was 1 June 2010. 

For the period 1 June 2010 – 30 June 2010, the acquired business contributed revenue of $16,845,375 and net profit after tax of $3,005,122. 

If the acquisition had occurred on 1 July 2009 revenue and NPAT for the Group would have been $584,149,348 and $41,702,922.respectively. 

## Details of acquisitions 

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* The acquisition of ENTRIX was completed on 10 June 2010. Accordingly, the accounting for this acquisition has been completed on a provisional basis. Further analysis will be performed to determine the existence and fair value of any identifiable intangible assets acquired as part of the acquisition. 

At the time of purchase the vendors of ENTRIX subscribed for shares in Cardno Limited to the value of $4,428,168. The fair value of the ordinary shares issue was based on the 10 day VWAP of Cardno Limited shares. The fair value price was $3.71 for the purchase of shares by vendors of ENTRIX issued 10 June 2010. 

The goodwill is attributable to the skills and technical talent of the employee’s of ENTRIX, the synergies expected to be achieved from integrating the Company into the Group’s existing operations. 

The Group incurred acquisition related costs of $752,730 relating to external legal fees and due diligence costs. These legal fees and due diligence costs have been included in administrative expenses in the Group’s consolidated statement of comprehensive income. 

The assets and liabilities arising from the acquisitions are as follows: 

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