An analysis of the Group’s general funding requirements has been carried out. Taking into account the undrawn available credit lines, the Group has sufficient liquidity to meet its needs for the next 12 months.
It should also be noted that the Group preventatively drew its euro 2 billion (dollars 2.2 billion) revolving credit line in response to any potential short-term impact of the global pandemic on its activities: for a 3-month period beginning on March 20 for the whole line, then a second 3-month period beginning on June 20 for only half of this amount, i.e. dollars 1.1 billion (see Note 15).
Where the Group has benefited from governmental support measures, these have been recognized either as a reduction of personnel costs (furlough measures), or a reduction of other operating expenses. Only the products for which an application has been made to the relevant authority and the eligibility conditions have been met have been recognized at June 30, 2020. The government grants received are not significant at Group level.
There were no major acquisitions during the period.
The fair value, at the acquisition date, of the consideration paid (excluding cash and cash equivalents acquired) for all consolidated entities taken as a whole with an exclusive takeover during the period , totaled euro 31 million. This amount mainly includes:
The amount paid out in the first half of 2020 for acquisitions (net of cash and cash equivalents acquired) totaled euro 37 million and includes:
Taken as a whole, all acquisitions made over the period represented less than 1% of consolidated revenue in the first half of 2020 and less than 1% of net income attributable to equity holders of the parent company.
There were no major disposals during the period.
The Group finalized the disposal of Matomy Media Group, in which the Group had a 24.9% interest (under the equity method).