135 Cloudberry Annual report 2022 Financial statements Note 17 Intangible assets and goodwill Accounting principle Intangible assets acquired separately are measured on initial recognition at cost, while the cost of intangible assets acquired in a business combination is the fair value at the date of the acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisations and accumulated impairment losses. Intangible assets with an indefinite useful life, such as goodwill are not amortised on a regular basis, but instead tested annually for impairment or more frequently if there are circumstances indicating that the carrying value may be impaired. The Group’s goodwill derives from business combinations, the Group has no other intangible assets with indefinite useful life than goodwill as of 31 December 2022. Intangible assets with a finite lifetime are amortised over the useful life of the assets and assessed for impairment whenever there is an indication that the intangible asset may be impaired. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of the acquired business at the date of acquisition. Goodwill is carried at cost less accumulated impairment losses. Intangible assets and goodwill NOK million Goodwill Intangible assets Accumulated cost 1.1.2022 38 - Additions from business combinations and acqusitions during the year 105 76 Additions during the year - 19 Accumulated cost at 31.12.2022 143 95 Accumulated amortizations and impairment losses at 1.1.2022 - - Accumulated amortizations acquired assets during the year - 1 Amortizations for the year - 8 Impairment losses - - Accumulated amortizations and impairment losses at 31.12.2022 - 9 Carrying amount at end of period 143 86 Estimated useful life (years) N/A 5-10 There are no comparable figures for 2021. Intangible assets are related to inhouse developed software systems in Captiva (Operations). The main software systems are Captiva’s digital platform, “The Portal”, and Tyde hydro analytics system. Goodwill additions of NOK 105m from business combinations in 2022 is related to the Operations segment and the acquisition of Captiva (NOK 98m) and further investment in Enestor AS (NOK 7m) which was an associated company in the Captiva acquisition, but is now a subsidiary. In the acquisition of Captiva, goodwill was determined to be related to development know-how within hydro projects, a record of accomplishments, operational intelligence business systems integrated in the Captiva Group of other companies to benefit from each other, and the competence and experience of consultants within the industry.
RkJQdWJsaXNoZXIy NTYyMDE=