Panalpina Annual Report 2011

98
Consolidated Financial Statements 2011
15
Intangible assets
2011 (in thousand CHF)
Panalpina Annual Report 2011
Goodwill
Software
Brands/
Customer
lists
Other
intangible
assets
Acquisition costs
Balance on January 1 44,549 72,724 22,763 656 140,692
Translation differences (2,701) (901) (1,172) (54) (4,828)
Acquisition of subsidiaries, net of cash acquired 40,869 0 15,927 0 56,796
Additions 0 19,731 0 106 19,837
Disposals 0 (2,635) 0 0 (2,635)
Balance on December 31 82,717 88,919 37,518 708 209,862
Accumulated depreciation or impairment losses
Balance on January 1 1,598 41,499 18,891 613 62,601
Translation differences (260) (670) (250) (50) (1,230)
Additions 0 6,684 2,649 50 9,383
Disposals 0 (2,635) 0 0 (2,635)
Balance on December 31 1,338 44,878 21,290 613 68,119
Net book value on January 1 42,951 31,225 3,872 43 78,091
Net book value on December 31 81,379 44,041 16,228 95 141,743
2010 (in thousand CHF)
Goodwill
Software
Brands/
Customer
lists
Other
intangible
assets
Acquisition costs
Balance on January 1 44,315 63,879 23,651 688 132,533
Translation differences (1,170) (3,831) (1,732) (44) (6,777)
Acquisition of subsidiaries, net of cash acquired 1,404 2 844 0 2,250
Additions 0 13,677 0 21 13,698
Disposals 0 (1,003) 0 (9) (1,012)
Balance on December 31 44,549 72,724 22,763 656 140,692
Accumulated depreciation or impairment losses
Balance on January 1 1,823 39,570 18,755 508 60,656
Translation differences (225) (3,453) (1,433) (45) (5,156)
Additions 0 6,385 1,569 159 8,113
Disposals 0 (1,003) 0 (9) (1,012)
Balance on December 31 1,598 41,499 18,891 613 62,601
Net book value on January 1 42,492 24,309 4,896 180 71,877
Net book value on December 31 42,951 31,225 3,872 43 78,091
The net book value of software is comprised of accumulated, internally generated, capitalized software development costs of CHF 33.4 million
(2010: CHF 22.6 million). All intangible assets with estimable useful lives are amortized over the period of their respective estimated
useful lives to their estimated residual values, and reviewed for impairment. Neither in 2011 nor 2010 there were any impairment charges
on these intangible assets.
Impairment test for goodwill
Goodwill is allocated to the Group’s cash-generating units (CGUs) identified according to the country of operation. The recoverable amount
of a CGU is determined based on value-in-use calculations. These calculations use cash flow projections based on financial budgets
ap proved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated growth
rates stated below. The growth rate does not exceed the long-term average growth rate for the business in which the CGU operates.
Total
Total