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## ESTIMA TES 

The assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the value of assets and liabilities within the next period, are discussed below: 

## Impairment of assets 

In testing for impairment of intangible assets with indefinite useful lives and goodwill, value in use and fair value less costs of disposal are estimated using the discounted future cash flows model, the capitalized excess earnings before financial costs and taxes (EBIT) and royalty-free licence methods. These methods are based on various assumptions, such as the future cash flows estimate, excess EBIT , royalty rates, discount rate, earnings multiples and growth rate. The key assumptions are disclosed in notes 16 and 17 . 

## Pension plans and other plans 

Defined pension plans, ancillary retirements and other long-term benefits obligations and costs associated to these obligations are determined from actuarial calculations according to the projected credit unit method. These calculations are based on management's best assumptions relating to salary escalation, retirement age of participants, inflation rate and expected health care costs. The key assumptions are disclosed in note 25. 

## Non-controlling interests 

The non-controlling interest-related liability is calculated in relation to the price to be paid by the Corporation for the non- controlling interest, which price is based mainly on the future earnings of Adonis, Phoenicia and Première Moisson at the date the options will become exercisable. Given the uncertainty associated with the estimation of these future earnings, the Corporation used, at the end of the fiscal year, its most probable estimate and various other assumptions, including the discount rate, growth rate and capital investments. Additional information is presented in note 30. 

## 5. BUSINESS ACQUISITIONS 

## Première Moisson and stores from a competitor 

In 2014, the Corporation acquired 75% of the net assets of Première Moisson, which has 23 stores and three production centres in Québec, and 100% of the net assets, including real estate, of two food stores from a competitor in Ontario. The purchase price of these interests totalled $101.6. The acquisitions were accounted for using the purchase method. The Corporation controls the acquired businesses and consolidated their earnings as of their respective acquisition dates. The preliminary total purchase price allocations were as follows: 

Net assets acquired at their fair value 

<img src='content_image/234240.jpg'>

Management is currently carrying out more detailed analysis and, in the next fiscal year , changes may be made to the value of net assets acquired. The related operating results may also vary from the amounts initially recorded . 

