Several years ago Paris acquired 30% of the equity shares of Dublin paying 2.80 per share when the reserves stood at 100 million. On the 1st July 2019 Paris acquired 80% of the ordinary share capital of Berlin by way of an immediate share exchange of two shares in Paris for five shares acquired in Berlin.The fair value of Paris and Berlin's shares on 1st July 2019 were 4.00 and 2.20 respectively. The directors of Paris also agreed to pay 75p per share acquired deferred until 31st December 2020 the relevant 6 monthly cost of finance was 4%.The investment in Berlin has not yet been recorded in Paris's books. Below are the summarised financial statements

Statements of Profit or Loss for the year to 31st December 2019 Paris Berlin Dublin Revenue E'm f'm E'm Cost of Sales 1,480 500 (1, 170 1,260 Gross profit (380) (1,020) Operating expenses 310 120 240 Operating profit (180) (70) (85) Finance costs 130 50 155 Profit before taxation (10) 120 (10) (5 Taxation 40 150 Profit after taxation (80) (20) (100) 40 20 50 Statements of Financial Position as at 31st December 2019 Paris Berlin Dublin Non-current Assets f'm E'm E'm Property, Plant & Equipment Investments 350 230 250 290 10 20 640 240 270 Current Assets Net assets 270 180 200 910 420 470 Equity and Reserves Share capital f1 ordinary shares 400 Share premium account 150 100 Revaluation Reserves 40 20 50 Revenue Reserves 15 Nil Nil 240 60 695 250 230 400 Non-current Liabilities Current Liabilities 100 50 20 115 140 50 910 420 470