Annual report 2012 - Comrod

Annual report 2012 42/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesNote 11 - Intangible assetsComrod Communication Group has the following intangible assets:Intangible assets(NOK 1000)CostGoodwillPatentesandlicencesTechnologyCustomerrelationshipsDevelopmentcostsOpening balance 41 981 470 10 714 18 593 36 176 107 935 102 358Additions from purchase of companies 0 0 0 0 0 0 4 436Additions 0 44 0 0 541 585 1 518Translation differences -1 648 -25 -33 -624 -452 -2 782 -3782012Total2011TotalAcquisition cost 31 Dec 40 333 489 10 681 17 969 36 266 105 738 107 935Accumulated amortization andimpairmentOpening balance 20 908 439 4 721 10 153 17 067 53 288 27 288Amortization and impairment for the year 11 802 40 851 1 920 3 897 18 510 26 153Translation differences -1 241 -24 -2 -353 -122 -1 741 -153Accumulated depreciation and impairments 31 469 455 5 571 11 720 20 843 70 056 53 28831 DecNet carrying amount 8 864 35 5 110 6 249 15 423 35 681 54 647Deprectiation rate None 5-50% 12,5-20% 10-50% 12,5-33%Useful life Indefinite 2-17 yrs 5 - 8 yrs 2-10 yrs 3 - 8 yrsDepreciation method None StraightlineStraight-line StraightlineStraightlineAddition for the year of Development cost is related to product developments on the Antenna, Mast and Power Supply products. Thedepreciation of the costs will start once the development of the assets have been finalized and the assets are ready for use.The opening balance on goodwill is related to;Comrod AS’ purchase of Power supply division of Eltek on 1 March 2006. This acquisition also added Technology and Customerrelationships. Comrod France SAS (prior Lerc SAS) in September 2006. This acquisition also added intangible assets relating to customerrelationships.Comrod AS’ purchase of 100% of the shares in the Hungarian company Norworks Kft on 07 May 2008. (renamed to Comrod Hungary Kft)Purchase of 80% of the shares of WIBE Telescopic Mast AB in Sweden (renamed to Comrod Sweden). This acquisition also addedTecnology and Trade Marks (Included into Customer Relationship).In November 2012 Comrod Communication ASA acquired the remaining 20% of the shares in Comrod Sweden.Impairment testingGoodwill is not amortised but is subject to annual impairment testing to determine whether the recoverable amountis lower than the carrying amount.The goodwill amounts of the following cash-generating entities are subject to impairment testing as of December 31;42