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INDEX INDEXNotesNotes10. Tax – continuedThe tax expense is primarily attributable to the adjustment of current and deferred tax in China and Norway. Recognition of tax assets in the consolidatedcompanies is based on an assessment of earnings and taking account of the rules on limitation in the individual countries. Tax assets resulted inincome of DKK 1,595k in 2011.As at 31 December 2011, the group had unrecognised tax losses of DKK 52.8m (2010: DKK 45.8m) in foreign companies and DKK 119.0m (2010: DKK124.7m) in the jointly taxed Danish companies, corresponding to a total tax value of DKK 44.2m (2010: DKK 41.9m). A part of the unrecognised tax lossesin the foreign companies is subject to restrictions in use just as periods of limitation sometimes apply.DKK '000 2011 201011. Earnings per shareNet profit/loss for the year 4,278 -43,850Average number of shares 7,190,574 7,190,574Average number of treasury shares -80,526 -80,526Average number of shares in circulation 7,110,048 7,110,048Diluted average number of shares in circulation 7,110,048 7,110,048Earnings per share (EPS) of DKK 10 0.6 -6.2Diluted earnings per share (EPS-D) of DKK 10 0.6 -6.2The calculation of earnings per share for continuing and discontinuing operations, respectively, is based on the same key figures as earnings per share:The Dantherm shareholders' share of:Profit/loss from discontinuing operations -1,423 -1,945Profit/loss from continuing operations 5,701 -41,905Net profit/loss for the year 4,278 -43,85012. Intangible assetsPrepaymentsCompletedand developmentdevelopment Patents projects inDKK '000 goodwill projects and licences progress TotalCost as at 1 January 2010 103,550 54,175 21,484 18,669 197,878Disposal in relation to discontinued operation -8,279 -16,094 -16,130 -17,689 -58,192Foreign currency translation adjustment 0 238 186 0 424Reclassification 0 3,724 0 -3,724 0Additions 0 0 0 3,273 3,273Disposals 0 -56 -546 -335 -937Cost as at 31 December 2010 95,271 41,987 4,994 194 142,446Amortisation and impairment losses as at 1 January 2010 28,678 40,211 9,741 15,716 94,346Disposal in relation to discontinued operation -2,934 -12,216 -5,793 -15,470 -36,413Foreign currency translation adjustment 0 196 165 0 361Amortisation 0 5,166 788 89 6,043Amortisation and impairment losses in respect of disposal 0 -56 -546 -335 -937Amortisation and impairment lossesas at 31 December 2010 25,744 33,301 4,355 0 63,400Carrying amount as at 31 December 2010 69,527 8,686 639 194 79,046Cost as at 1 January 2011 95,271 41,987 4,994 194 142,446Foreign currency translation adjustment 0 92 51 0 143Reclassification 0 2,063 0 -2,063 0Additions 0 483 234 6,222 6,939Disposals 0 -12,145 0 0 -12,145Cost as at 31 December 2011 95,271 32,480 5,279 4,353 137,383Amortisation and impairment losses as at 1 January 2011 25,744 33,301 4,355 0 63,400Foreign currency translation adjustment 0 92 51 0 143Reclassification 0 0 0 0 0Amortisation 0 5,016 515 0 5,531Amortisation and impairment losses in respect of disposal 0 -12,145 0 0 -12,145Amortisation and impairment lossesas at 31 December 2011 25,744 26,264 4,921 0 56,929Carrying amount as at 31 December 2011 69,527 6,216 358 4,353 80,454To be amortised over 3-6 years 3-6 yearsGoodwill:As at 31 December 2011, the management carried out an impairment test of the carrying amount of goodwill.Impairment tests are, as a minimum, carried out once a year if events or changed circumstances indicate that the carrying amount is higher than therecoverable amount.The factors which, according to the group, should result in an impairment test comprise:• Significantly reduced earnings relative to historical and/or expected future results.• Significant changes to the group's use of the assets or to the overall business strategy.• Significant negative developments in the industry or the economy to which the goodwill value is related.In connection with the impairment test, the recoverable amount, corresponding to the discounted value of expected future cash flows, is comparedwith the carrying amount of the individual cash-generating units.64 Dantherm Annual Report 2011 Annual Report 2011 Dantherm 65