Note 21 - Intangible assets
Group | Parent Company | ||||||
SEK m | 2013 | 2012 | 2013 | 2012 | |||
Goodwill | |||||||
Acquisition values | |||||||
Opening acquisition values | 1 199 | 1 199 | 2 053 | 2 053 | |||
Investments | - | - | - | - | |||
Increase through business acquisition | 50 | - | - | - | |||
Sales and disposals | - | - | - | - | |||
Translation differences | - | - | - | - | |||
Closing accumulated acquisition values | 1 249 | 1 199 | 2 053 | 2 053 | |||
Amortization | |||||||
Opening accumulated amortization | - | - | -1 653 | -1 553 | |||
Amortization for the year | - | - | -100 | -100 | |||
Sales and disposals | - | - | - | - | |||
Translation differences | - | - | - | - | |||
Closing accumulated amortization | 0 | 0 | -1 753 | -1 653 | |||
Closing book value | 1 249 | 1 199 | 300 | 400 | |||
Group | Parent Company | ||||||
SEK m | 2013 | 2012 | 2013 | 2012 | |||
Other intangible fixed assets, customer relations | |||||||
Acquisition values | |||||||
Opening acquisition values | - | - | - | - | |||
Investments | - | - | - | - | |||
Increase through business acquisition | 25 | - | - | - | |||
Sales and disposals | - | - | - | - | |||
Translation differences | - | - | - | - | |||
Closing accumulated acquisition values | 25 | 0 | 0 | 0 | |||
Amortization | |||||||
Opening accumulated amortization | |||||||
Amortization for the year | - | - | - | - | |||
Sales and disposals | - | - | - | - | |||
Reclassifications | - | - | - | - | |||
Translation differences | - | - | - | - | |||
Closing accumulated amortization | 0 | 0 | 0 | 0 | |||
Closing book value | 25 | 0 | 0 | 0 | |||
Group | Parent Company | ||||||
SEK m | 2013 | 2012 | 2013 | 2012 | |||
Trademarks and licences | |||||||
Acquisition values | |||||||
Opening acquisition values | 45 | 66 | 43 | 64 | |||
Investments | 0 | 0 | 0 | - | |||
Sales and disposals | - | -23 | - | -23 | |||
Reclassifications | 4 | 2 | 4 | 2 | |||
Translation differences | 0 | 0 | - | - | |||
Closing accumulated acquisition values | 49 | 45 | 48 | 43 | |||
Amortization | |||||||
Opening accumulated amortization | -42 | -65 | -41 | -63 | |||
Amortization for the year | -1 | -1 | -1 | -1 | |||
Sales and disposals | - | 23 | - | 23 | |||
Reclassifications | - | - | - | - | |||
Translation differences | 0 | 0 | - | - | |||
Closing accumulated amortization | -44 | -42 | -42 | -41 | |||
Closing book value | 6 | 3 | 5 | 2 | |||
Group | Parent Company | ||||||
SEK m | 2013 | 2012 | 2013 | 2012 | |||
Capitalized development expenditures | |||||||
Acquisition values | |||||||
Opening acquisition values | 126 | 116 | 103 | 96 | |||
Investments | 7 | 5 | - | 1 | |||
Sales and disposals | - | - | - | - | |||
Reclassifications | 5 | 5 | 5 | 5 | |||
Translation differences | 0 | 0 | - | - | |||
Closing accumulated acquisition values | 138 | 126 | 108 | 103 | |||
Amortization | |||||||
Opening accumulated amortization | -75 | -60 | -63 | -48 | |||
Amortization for the year | -13 | -14 | -12 | -14 | |||
Sales and disposals | - | 0 | - | - | |||
Reclassifications | - | - | - | - | |||
Translation differences | 0 | 0 | - | - | |||
Closing accumulated amortization | -87 | -75 | -75 | -63 | |||
Impairment | |||||||
Opening accumulated impairment | -3 | - | -3 | - | |||
Impairment for the year | - | -3 | - | -3 | |||
Translation differences | - | - | - | - | |||
Closing accumulated impairment | -3 | -3 | -3 | -3 | |||
Closing book value | 48 | 48 | 30 | 37 | |||
Intangible assets, total | 1 327 | 1 250 | 335 | 439 |
In 2005, the EU introduced an emission rights system as a method for restricting carbon dioxide emissions. For the period 2008 up to and including 2012, Rexcell Tissue & Airlaid AB was allocated a total of 84,665 tonnes: Dals Långed 2,779 tonnes per year and Skåpafors 14,154 tonnes per year. The allocation for 2013 is 2,318 tonnes for Dals Långed and 19,840 tonnes for Skåpafors. The allocation will gradually diminish up to 2020. The 2020 allocation is 2,027 tonnes/year for Dals Långed and 17,349 tonnes/year for Skåpafors. In total, 14,104 tonnes were consumed in 2013 and 14,696 tonnes in 2012. Received emission rights are reported as intangible assets booked at an acquisition value of zero.
Tests for impairment of goodwill
Tests for impairment of goodwill were carried out at the end of the financial year on December 31, 2013 and December 31, 2012. With the implementation of IFRS, allocation of the Group's goodwill items has taken place through the use of allocation ratios; see Note 4.2.
During 2013, Duni acquired the assets of Song Seng Associates Pte Ltd and an acquisition goodwill of SEK 50 m arose. For more information, see Note 38 Acquisition Analysis.
Goodwill is allocated on the Group's cash-generating units identified per business area as follows:
SEK m | 2013 | 2012 | |
Professional | 1 249 | 1 199 | |
1 249 | 1 199 |
Tests for impairment of goodwill take place annually and where there are indications of impairment. Recoverable amounts for cash-generating units are determined based on estimated use values. The calculations are based on estimated future cash flows before tax, based on financial forecasts approved by company management and which cover the current year as well as a five-year period. Cash flows beyond this period are extrapolated using an assessed growth rate. The growth rate does not exceed the long-term growth rate for the industry as a whole. During the period covered by the forecast, the growth rate for the Professional business area is estimated at an average of 2.0% (2012: 2.2%) per year and at 1.0% (2012: 1.0%) as a weighted average rate of growth beyond the period covered by the forecast.
Important assumptions which are used for calculations of use values are primarily profit margin, growth rate and a nominal discount rate of 11.4% (2012: 11.4%). The discount rate before tax is used in conjunction with present value calculation of estimated future cash flows.
Company management has established profit margin and growth rate based on previous results and its expectations as regards market growth. The discount rates used are stated before tax and reflect specific risks in the business area.
Company management believes that reasonable possible changes in the significant assumptions used in the calculations would not have such a major impact as to reduce per se the recovery value to a value which is below the reported value.
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