Notes to the consolidated financial statements – Note 15     2015 R’000     2014 R’000     15. Goodwill               Carrying value at beginning of year 11 723 176     8 853 973       Acquisition of businesses 1 910 777     1 731 787       Disposal of businesses (20 556)     –       Exchange rate adjustments (46 365)     1 137 416       Carrying value at end of year 13 567 032     11 723 176       Goodwill acquired through business combinations, is allocated for impairment testing purposes to cash-generating units (CGU) which reflect how it is monitored for internal management purposes, namely the various segments of the Group. The carrying amount of goodwill was subject to an annual impairment test using either the fair value less costs to sell method or the discounted cash flow basis.               The carrying amount of goodwill was allocated to cash-generating units as follows:               Bidvest Automotive 229 132     229 132       Bidvest Consumer Products 117 253     117 253       Bidvest Electrical 58 066     39 577       Bidvest Financial Services 117 710     33 811       Bidvest Freight 58 132     40 133       Bidvest Industrial 34 520     34 520       Bidvest Office 65 051     71 201       Bidvest Paperplus 143 605     142 529       Bidvest Rental and Products 113 881     110 714       Bidvest Services 951 339     952 670       Bidvest Travel and Aviation 95 380     62 897       Bidvest Foodservice Australasia 2 536 138     2 448 931       Bidvest Foodservice United Kingdom 2 737 755     2 165 104       Bidvest Foodservice Europe 5 010 493     3 789 125       Bidvest Foodservice Emerging Markets 1 117 707     1 310 643       Bidvest Namibia 123 042     123 042       Bidvest Properties 4 501     142       Bidvest Corporate and Investments 53 327     51 752         13 567 032     11 723 176       The most significant portion of the Group’s goodwill relates to the Bidvest Foodservice Europe, Bidvest Foodservice United Kingdom, Bidvest Foodservice Australasia, Bidvest Foodservice Emerging Markets and Bidvest Services CGUs. The recoverable amount of each of these CGUs was determined using the fair value less costs to sell method. The calculations used projected annualised earnings based on actual operating results. A price earnings multiple was applied to obtain the recoverable amount for each business unit. The earnings yields are considered to be consistent with similar companies within the various industry and geographic segments. A price earnings multiple of 12,8 (2014: 12,4) was used in the valuation of Bidvest Foodservice Europe, 12,8 (2014: 12,8) for Bidvest Foodservice United Kingdom, 13,0 (2014: 13,0) for Bidvest Foodservice Australasia, 11,6 (2014: 10,9) for Bidvest Foodservice Emerging Markets and 9,2 (2014: 8,6) for Bidvest Services. The valuations resulted in significant surpluses over carrying values of the CGUs and thus the directors believe that a reasonably possible change in these multiples would not result in an impairment of the carrying value of goodwill. The valuation method is consistent with that used in the prior years and is considered a level 3 type valuation in accordance with IFRS 13 Fair Value Measurement. The remaining goodwill of R1,2 billion (2014: R1,1 billion) is allocated across multiple CGUs. The recoverable amount for these remaining units was calculated on the aforementioned basis. No impairment was identified for the current financial year (2014: nil). Notes to the consolidated financial statements – Note 15