AEG 21604 G Manual de usuario descargar pdf (Pagina 371)

100

101

F-130

The amortisation charge is as follows recognised in the consolidated statement of income:

• Research and development expenses: €2,866 thousand

• Other expenses: €16,239 thousand

Research and development costs

The group has procedures and processes to monitor and capitalise costs on projects designed to develop new

marketable products which meet the capitalisation criteria.

Goodwill

As a result of the acquisition of AEG Power Solutions goodwill has been generated in 2009. Goodwill is not

amortised but will be tested annually for impairment. The goodwill generated has been allocated to cash generat-

ing units ("CGU"):

A summary of the 2009 impairment test together with the CGUs to which goodwill has been allocated is shown

below:

In millions of Euro

Net carrying

amount of goodwill

Difference between value in

use and the carrying

amount of net assets

Protected Power ................................................................

.....

22.3 49

Power Control System and Modules................................

......

76.6 362

Telecom ................................................................

.................

3.5 18

Total ................................................................

......................

102.4

The recoverable amount of the cash-generating units was based on their value in use. The carrying amount of the

units was determined to be lower than their recoverable amount and no impairment loss was recognised.

Value in use was determined by discounting the future cash flows generated from the continuing use of the units.

The calculation of the value in use was based on the key assumptions described below.

Cash flows were projected based on past experience, actual operating results and 5-year business plans.

Terminal growth rates used in the valuations are set at 1% which can be supported by reference to the trading

performance of the Company over a longer period.

In the first year of the business plan revenues was projected taking into account current economic conditions.

The projected revenues included in the cash flow projections for the 5-year plans has been based on the expecta-

tion of some recovery in the economy in 2010 adjusted for factors expected to influence the units' activities such

as growth in renewable markets, changes in order backlog and introduction of new products. The 5 year projec-

tions were also benchmarked against other external data available to management.

A pre-tax discount rate of 14.0% was applied in determining the recoverable amount of the units. The discount

rate was estimated based on past experience, and industry average weighted average cost of capital.

Impairment procedures are performed at least once a year to assess if the carrying value is still appropriate.

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AEG 21604 G Manual de usuario Pagina 371

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AEG 21604 G Manual de usuario Pagina 371

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