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The values assigned to the key assumptions represent management’s assessment of future trends in the industry
and are based on both external and internal sources (historical data). With the exception for UK, the recoverable
amounts of the units were determined to be higher than their carrying values and accordingly no impairment charges
have been recognized. The impairment of EUR 2,067,000 in the UK is mainly caused by a reduced expected growth
of our activities in the local market. In 2009 EUR 975,000 was impaired in Poland.
Sensitivity analysis
If the undiscounted cash flow per cash­generating unit had been 10% lower than management’s estimates,
that would have led to an additional reduction in the UK of the book value of goodwill by EUR 4.7 million at
December 31, 2010. If the estimated pre­tax discount rate applied to calculate the present value of future cash
flows had been one percentage point higher than management’s estimates, then that would have led to an
additional reduction of the book value of goodwill in UK by EUR 4.2 million and in Poland by EUR 0.4 million at
December 31, 2010.
4.3 Other investments
Non­current investments
The composition as at December 31 was as follows:
EUR’000
2010 2009
note
Securities and bonds 6.2 1,155 1,320
Current investments
The composition as at December 31 was as follows:
EUR’000
1,155 1,320
2010 2009
note
Derivatives used for hedging 6.2 4,139 2,541
4,139 2,541
The exposure to credit, currency and interest rate risks related to other investments is disclosed in notes 3 and 6.2.
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