Income Statement Group
|
NOTE 7
|
INTAGIBLE ASSETS
|
|||||||
|
Amounts in NOK million
|
Customer portfolios
|
Goodwill
|
Software and licenses
|
Total intangible assets
|
||||
|
Acquisition cost as of 1 January 2010
|
10
|
237
|
41
|
287
|
||||
|
Accumulated amortization and impairment charges as of 1 January 2010
|
(5)
|
(36)
|
(1)
|
(42)
|
||||
|
Book value as of 1 January 2010
|
5
|
201
|
39
|
245
|
||||
|
Acquisition through business combinations
|
-
|
13
|
-
|
13
|
||||
|
Acquisitions
|
-
|
-
|
13
|
13
|
||||
|
Depreciation and impairment charges
|
(3)
|
-
|
(4)
|
(7)
|
||||
|
Exchange differences
|
-
|
4
|
1
|
5
|
||||
|
Book value as of 31 December 2010
|
2
|
218
|
49
|
269
|
||||
|
Acquisition cost as of 31 December 2010
|
10
|
246
|
54
|
310
|
||||
|
Accumulated amortization and impairment charges as of 31 December 2010
|
(8)
|
(28)
|
(5)
|
(41)
|
||||
|
Book value as of 1 January 2011
|
2
|
218
|
49
|
269
|
||||
|
Acquisition through business combinations
|
-
|
7
|
-
|
7
|
||||
|
Disposals of operations at carrying value
|
-
|
(3)
|
-
|
(3)
|
||||
|
Acquisitions
|
-
|
-
|
6
|
6
|
||||
|
Depreciation and impairment charges
|
(2)
|
-
|
(6)
|
(8)
|
||||
|
Exchange differences
|
-
|
-
|
-
|
-
|
||||
|
Book value as of 31 December 2011
|
-
|
222
|
49
|
271
|
||||
|
Acquisition cost as of 31 December 2011
|
10
|
250
|
60
|
320
|
||||
|
Accumulated amortization and impairment charges as of 31 December 2011
|
(10)
|
(28)
|
(11)
|
(49)
|
||||
|
Book value as of 31 December 2011
|
-
|
222
|
49
|
271
|
||||
|
Rate of depreciation (in %)
|
20-50%
|
-
|
10%
|
|||||
|
Goodwill impairment testing
|
||||||||
|
The recoverable amount is measured by discounting future cash flows, which are based on plans for the business activities (budgets and forecasts) that have been approved by the Board. The following table shows the Group’s intangible assets that cannot be written down by profit centre (cash-generating unit). The Group’s cash-generating units are unchanged from the previous year’s impairment test. In addition, a new goodwill has been established in connection with the acquisition of Mini Entrepenad AB (see note 25).
|
||||||||
|
Intangible assets with non-definable useful lives
|
||||||||
|
Amounts in NOK million
|
||||||||
|
Cash generating units
|
Segment
|
Goodwill
|
||||||
|
Infratek Entreprenør AS
|
Infrastructure
|
42
|
||||||
|
Mini Entreprenad AB
|
Infrastructure
|
7
|
||||||
|
Veka Entreprenad AB
|
Infrastructure
|
7
|
||||||
|
Infratek Sverige AB
|
Infrastructure
|
29
|
||||||
|
Infratek Öst AB
|
Infrastructure
|
18
|
||||||
|
Infratek Finland AB
|
Infrastructure
|
6
|
||||||
|
Infratek Sikkerhet AS
|
Security
|
98
|
||||||
|
Infratek Elsikkerhet AS
|
Security
|
-
|
||||||
|
Unisec Varularm AB
|
Security
|
13
|
||||||
|
Total
|
222
|
|||||||
|
Turnover, margins and investments are based on management budgets for 2012 as well as on projections for the interval 2013 to 2016. The terminal value is further based on the cash flow for year 2016, whereas an annual growth rate equivalent to 2.5 percent for Swedish and Finish subsidiaries and 1.9 percent for Norwegian subsidiaries are employed. These considerations are in line with the general expected economic growth (KPI) of countries where Infratek is operating. As for the terminal value, the reinvestment corresponds to expected depreciation of the unit`s fixed assets. In order to capture assumed risk, a discount rate of 8.4 percent before taxes is utilized. This rate also reflects the Groups capital cost based on a capital structure considered as representative for the industry in which Infratek is operating. Based on implemented impairment tests, no devaluation have been conducted in 2011. A downward cash flow adjustment of 20 percent in addition to a discount rate based on the Group`s capital structure would not imply an impairment.
|
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