6.3.13Intangible Assets

2015

Development costs

Goodwill

Software

Patents

Total

Cost

9

25

4

13

51

Accumulated amortisation and impairment

(4)

-

(2)

(11)

(17)

Book value at 1 January

5

25

2

1

34

Additions

12

-

4

-

17

Amortisation

-

-

(1)

(1)

(3)

Impairment

-

-

-

-

-

Other movements/deconsolidation

(3)

-

0

-

(3)

Exchange rate differences

-

-

0

-

0

Total movements

9

-

3

(1)

11

Cost

19

25

8

19

71

Accumulated amortisation and impairment

(4)

-

(3)

(19)

(26)

Book value at 31 December

15

25

5

1

45

2014

Development costs

Goodwill

Software

Patents

Total

Cost

5

25

2

13

45

Accumulated amortisation and impairment

(4)

-

0

(11)

(14)

Book value at 1 January

1

25

2

2

30

Additions

5

-

1

-

6

Amortisation

0

-

(2)

(1)

(3)

Impairment

-

-

-

-

-

Other movements/deconsolidation

-

-

1

-

1

Exchange rate differences

0

0

0

0

0

Total movements

4

0

0

(1)

4

Cost

9

25

4

13

51

Accumulated amortisation and impairment

(4)

-

(2)

(11)

(17)

Book value at 31 December

5

25

2

1

34

Amortisation of development costs is included in ‘Cost of sales’ in the income statement in 2014 for US$ 0.4 million and nil in 2015.

Goodwill relates to the acquisition of the Houston based subsidiaries. The recoverable amount is determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on financial budgets approved by management covering a three-year period. Cash flows beyond the three-year period are extrapolated using an estimated growth rate of 2%. Management determined budgeted gross margin based on past performance and its expectations of market development. The discount rates used are pre-tax and reflect specific risks (9.0%).