| |
|
|
|
|
|
|
| |
Group |
|
Parent company |
| (SEK million) |
Capitalised expenses |
Patents and trademarks |
Licenses and beneficial rights |
Goodwill |
|
Capitalised expenses |
| Acquisitions |
|
|
|
|
|
|
| Opening balance 1 January 2007 |
104 |
504 |
822 |
2,291 |
|
53 |
| Investments during the year |
11 |
0 |
223 |
223 |
|
|
| Acquisitions through business combinations |
|
30 |
37 |
|
|
|
| Divestment/retirement during the year |
-10 |
|
|
|
|
|
| Change in Group structure, reclassifications etc |
16 |
-11 |
-76 |
|
|
|
| Translation differences |
0 |
20 |
13 |
38 |
|
|
| Closing balance 31 December 2007 |
122 |
543 |
1,018 |
2,552 |
|
53 |
| |
|
|
|
|
|
|
| Opening balance 1 January 2008 |
122 |
543 |
1,018 |
2,552 |
|
53 |
| Investments during the year |
39 |
546 |
157 |
|
|
|
| Acquisitions through business combinations |
|
30 |
0 |
5,508 |
|
|
| Divestment during the year |
-1 |
|
-603 |
-82 |
|
|
| Retirement during the year |
|
|
-34 |
|
|
|
| Change in Group structure, reclassifications etc |
-53 |
0 |
-21 |
19 |
|
|
| Translation differences |
1 |
108 |
39 |
943 |
|
|
| Closing balance 31 December 2008 |
107 |
1,227 |
556 |
8,940 |
|
53 |
| |
|
|
|
|
|
|
| Accumulated depreciation and amortisation |
|
|
|
|
|
|
| Opening balance 1 January 2007 |
-75 |
-10 |
-470 |
-56 |
|
-51 |
| Divestment/retirement during the year |
2 |
0 |
0 |
-5 |
|
|
| Amortisation during the year |
-15 |
-2 |
-69 |
0 |
|
-1 |
| Impairment losses |
|
|
-13 |
|
|
|
| Change in Group structure, reclassifications etc |
-5 |
7 |
78 |
|
|
|
| Translation differences |
0 |
-2 |
0 |
|
|
|
| Closing balance 31 December 2007 |
-94 |
-7 |
-473 |
-61 |
|
-52 |
| |
|
|
|
|
|
|
| Opening balance 1 January 2008 |
-94 |
-7 |
-473 |
-61 |
|
-52 |
| Divestment during the year |
1 |
|
289 |
|
|
|
| Retirement during the year |
|
|
3 |
|
|
|
| Amortisation during the year |
-16 |
-5 |
-55 |
|
|
-1 |
| Impairment losses |
-16 |
|
|
-76 |
|
|
| Change in Group structure, reclassifications etc |
52 |
0 |
19 |
|
|
|
| Translation differences |
-1 |
-1 |
-4 |
-4 |
|
|
| Closing balance 31 December 2008 |
-73 |
-13 |
-221 |
-142 |
|
-53 |
| |
|
|
|
|
|
|
| Book value carried forward |
|
|
|
|
|
|
| As 1 January 2007 |
29 |
494 |
352 |
2,235 |
|
2 |
| As 31 December 2007 |
28 |
536 |
545 |
2,491 |
|
1 |
| |
|
|
|
|
|
|
| As 1 January 2008 |
28 |
536 |
545 |
2,491 |
|
1 |
| As 31 December 2008 |
34 |
1,214 |
335 |
8,798 |
|
0 |
| |
|
|
|
|
|
|
| Depreciation by function (SEK million) |
|
|
|
2008 |
|
2007 |
| Cost of goods and services |
|
|
|
33 |
|
85 |
| Administrative expenses |
|
|
|
41 |
|
14 |
| Other operating expenses |
|
|
|
1 |
|
0 |
| Total |
|
|
|
75 |
|
99 |
| |
|
|
|
|
|
|
| Impairment losses by function (SEK million) |
|
|
|
2008 |
|
2007 |
| Cost of goods and services |
|
|
|
16 |
|
- |
| Other operating expenses |
|
|
|
76 |
|
- |
| Total |
|
|
|
93 |
|
- |
| |
|
|
|
|
|
|
| Depreciation by function, parent company (SEK million) |
|
|
|
2008 |
|
2007 |
| Administrative expenses |
|
|
|
- |
|
1 |
| Total |
|
|
|
- |
|
1 |
| |
|
|
|
|
|
|
| Impairment tests for cash-generating units containing goodwill |
| Major cash generating units with significant carrying amounts of goodwill are : |
| (SEK million) |
|
|
|
2008 |
|
2007 |
| TV1000 |
|
|
|
668 |
|
669 |
| Prima Group |
|
|
|
972 |
|
784 |
| P4 Radio |
|
|
|
458 |
|
494 |
| Bulgaria |
|
|
|
6,222 |
|
104 |
| Subtotal |
|
|
|
8,320 |
|
1,948 |
| |
|
|
|
|
|
|
| Other units |
|
|
|
478 |
|
439 |
| Total |
|
|
|
8,798 |
|
2,491 |
| |
|
|
|
|
|
|
| The increase in goodwill in Prima Group and the increase between acquisition value and year-end regarding Nova, Bulgaria, as well as the decrease in goodwill in P4 Radio, are due to translation differences. |
| Impairment testing of the goodwill and other intangible assets with indefinite lives for cash-generating units in the business areas are based on calculations of the recoverable amount, and by use of a discounted cash flow model. The model involves among other factors terminal values, market growth rates, and working capital requirements. These cash flow projections calculated over a five year period are based on actual operating results, forecasts and financial projections, using historical trends, general market conditions, industry trends and other available information. |
| The cash flow projections are based on a sustainable growth rate which is individually estimated based on each unit's outlook. Individual assumptions are also made on cost and capital turnover development. The cash flow is discounted for each unit using an appropriate discount rate considerating the cost of capital and risk with individual consideration taken only in special circumstances. |
| Based on the assessments, the Board and the management concluded that the goodwill relating to the social network community Playahead had an impairment requirement of SEK 76 million in 2008. Playahead is reported in the Online business area. |
| Impairment losses are included in other operating expenses in the income statement. |
| |
|
|
|
|
|
|
| Sensitivity |
| The Board and the management estimates that the units, which do not indicate an impairment requirement, have generally such a margin that reasonably possible adverse changes in individual parameters would not cause the value in use to fall below the book value. However, the major goodwill amount, SEK 6,222 million, comprise Bulgaria, including this year's aquisition of Nova. Given the new general economic environment, and the economic conditions in Bulgaria, the cash flow projections are more uncertain and may also be influenced by factors not in control by the company. |
| |
|
|
|
|
|
|