Annual report 2005 - Xeikon
Annual report 2005 - Xeikon
Annual report 2005 - Xeikon
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The movement table of 2004 is as follows :<br />
Development costs<br />
Software licenses<br />
Goodwill<br />
Intangibles<br />
Acquisition value € '000<br />
€ '000<br />
€ '000<br />
€ '000<br />
At January 1, 2004<br />
5,167<br />
981<br />
10,163<br />
16,311<br />
Additions - acquisitions<br />
199<br />
2,943<br />
3,142<br />
Additions - internally generated<br />
4,846<br />
4,846<br />
Currency translation adjustments<br />
(25)<br />
At December 31, 2004<br />
10,013<br />
1,155<br />
13,106<br />
24,274<br />
Amortisation<br />
At January 1, 2004<br />
(340)<br />
(1,809)<br />
(2,149)<br />
Charge for the year<br />
(907)<br />
(241)<br />
(497)<br />
(1,645)<br />
Disposals<br />
22<br />
22<br />
Currency translation adjustments<br />
(62)<br />
(19)<br />
1<br />
(80)<br />
At December 31, 2004<br />
(969)<br />
(577)<br />
(2,306)<br />
(3,852)<br />
10. Goodwill<br />
At December 31, <strong>2005</strong>, goodwill can be allocated to the group's business segments as follows:<br />
CtP<br />
Digital Printing<br />
Other<br />
Total<br />
31/12/05<br />
€ '000<br />
9,699<br />
3,317<br />
15<br />
13,031<br />
Management have assessed the carrying value of this goodwill on a value in use basis, using cash flow projections from<br />
formally approved budgets covering a five year period to 2010. The discount rate applied to the cash flow projections is the<br />
weighted average cost of capital. The projected gross profit margin is a key assumption and is based on the management’s past<br />
experience. Forecast profit margins have been set in a conservative manner. The impairment test demonstrated that no loss<br />
should be recognised.<br />
48
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