Income Statement Group
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NOTE 7
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INTANGIBLE ASSETS
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Software og lisenser
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Total intangible assets
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Amounts in NOK million
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Customer portfolios
|
Goodwill
|
||
|
Acquisition cost as of 1 January 2011
|
10
|
246
|
54
|
310
|
|
Accumulated amortization and impairment charges as of 1 January 2011
|
(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)
|
|
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 1 January 2012
|
-
|
222
|
49
|
271
|
|
Acquisition through business combinations
|
-
|
11
|
-
|
11
|
|
Disposals of operations at carrying value
|
-
|
-
|
-
|
-
|
|
Acquisitions
|
-
|
-
|
6
|
6
|
|
Depreciation and impairment charges
|
-
|
-
|
(6)
|
(6)
|
|
Book value as of 31 December 2012
|
-
|
232
|
49
|
281
|
|
Acquisition cost as of 31 December 2012
|
10
|
261
|
66
|
337
|
|
Accumulated amortization and impairment charges as of 31 December 2012
|
(10)
|
(28)
|
(17)
|
(55)
|
|
Book value as of 31 December 2012
|
-
|
232
|
49
|
281
|
|
Rate of depreciation (in %)
|
20-50%
|
-
|
10%
|
|
|
Goodwill impairment testing
|
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|
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 tes. In addition, new goodwill has been established in connection with the acquisitions of WKTS AB and Infratek Mätkontroll AB (see note 25).
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Intangible assets with non-definable useful lives
|
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|
Amounts in NOK million
|
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Kontantgenererende enhet
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Segment
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Goodwill
|
||
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Infratek Norge AS
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Local / Central
|
42
|
||
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WKTS AB
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Local
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7
|
||
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Infratek Mätkontroll AB
|
Local
|
4
|
||
|
Infratek Sverige AB
|
Local / Central
|
60
|
||
|
Infratek Finland AB
|
Central
|
6
|
||
|
Infratek Sikkerhet AS
|
Security
|
98
|
||
|
Infratek Elsikkerhet AS
|
Security
|
-
|
||
|
Infratek Säkerhet Sverige AB
|
Security
|
14
|
||
|
Total
|
232
|
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|
Turnover, margins and investments are based on management budgets for 2013 as well as on projections for the interval 2014 to 2017. The terminal value is further based on the cash flow for year 2017, whereas an annual growth rate equivalent to 2.5 percent for the Swedish subsidiaries, 2.3 percent for the Finnish subsidiaries and 2.1 percent for Norwegian subsidiaries are employed. These considerations are in line with the general expected economic growth (inflation) 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 8.3 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 2012. 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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