Philips 2011 Annual Report Download - page 149
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12 Group financial statements 12.11 - 12.11
Annual Report 2011 149
other intangible
assets
product
development software total
Balance as of
January 1, 2010:
Cost 5,040 820 606 6,466
Accumulated
amortization (1,484) (436) (385) (2,305)
Book value 3,556 384 221 4,161
Changes in
book value:
Additions 64 219 76 359
Acquisitions
and purchase
price allocation
adjustments 131 (13) 1 119
Amortization/
deductions (484) (155) (89) (728)
Impairment
losses (3) (13) − (16)
Translation
differences 268 17 11 296
Other (2) 20 (11) 7
Total changes (26) 75 (12) 37
Balance as of
December 31,
2010:
Cost 5,486 1,046 665 7,197
Accumulated
amortization (1,956) (587) (456) (2,999)
Book value 3,530 459 209 4,198
The additions for 2011 contain internally generated assets of EUR 241
million and EUR 63 million for product development and software
respectively (2010: EUR 219 million, EUR 70 million).
The acquisitions through business combinations in 2011 mainly consist
of the acquired intangible assets of Povos for EUR 138 million, Preethi
EUR 69 million and Sectra EUR 22 million. The acquisitions through
business combinations in 2010 consist of the acquired intangible assets
of Discus for EUR 67 million and several other smaller acquisitions.
The amortization of intangible assets is specified in note 1, Income from
operations.
The impairment charges in 2011 include an impairment charge of EUR
128 million for customer relationships and brand names in Consumer
Luminaires. This charge is based on a Q4 trigger-based test on the
category level in Consumer Luminaires.
As part of the turnaround plan, most brands for Consumer Luminaires
products will be re-branded as Philips, which resulted in the mentioned
impairment charge.
The basis of the recoverable amount used in this test is the value in use
and a pre-tax discount rate of 12.7% is applied.
Other intangible assets consist of:
December 31,
2010
December 31,
2011
gross
accumulated
amortization gross
accumulated
amortization
Brand names 843 (206) 966 (301)
Customer
relationships 2,839 (762) 3,114 (1,165)
Technology 1,743 (948) 1,699 (1,072)
Other 61 (40) 78 (55)
5,486 (1,956) 5,857 (2,593)