Annual report - HSE

5.5.8 Notes to the consolidated financial statements
5.5.8.1 Consolidated statement of financial position
Intangible assets (1)
in €
Intangible assets 31 December 2012 31 December 2011
Long-term property rights 34,212,762 35,365,667
Goodwill 12,387,056 12,387,056
Other intangible assets 5,855 64,423
Intangible assets 46,605,673 47,817,146
The majority of long-term property rights are comprised of emission coupons and
computer software.
The Group received emission coupons for the period from 2008 to 2012, on the basis
of the Environment Protection Act, Ordinance on the National Plan for the Allocation of
Emission Coupons and Decision on Emission Coupons. The coupons are disclosed in value
1 EUR/coupon, while on the other hand long-term deferred revenue is disclosed in the
same amount. The Group also purchased emission coupons for the purposes of electricity
production in the Group in the next years.
The opening balance of the Group’s emission coupons amounts to 10,654,119 coupons
or EUR 26,128,868 coupons. In 2012, 1,273,888 emission coupons were purchased and
5,510,545 coupons were sold or used. As a result, the Group had 6,417,462 emission
coupons in the amount of EUR 26,585,736 at the end of 2012.
During consolidation, EUR 1,057,216 of emission coupons was eliminated on account of
intra-group sales.
The Group determined no reasons for impairment of long-term property rights in 2012.
Goodwill was created in 2007 in the amount of EUR 12,387,056 as a result of the historical
cost of a long-term investment exceeding the carrying amount of equity of a subsidiary. So
far, no reason for impairment of goodwill has arisen.
In 2012, useful lives of important software items were reviewed; it was determining
that the useful lives of majority of assets was appropriately assessed, given the current
expectations regarding the usability of these assets. Due to extended useful life of some
software, the amortisation charge in 2012 totalled EUR 59,061, which is EUR 42,426 less
than the amortisation of the initially determined useful life.
In 2012, the Group companies did not allocate interest from purchase before making
available for use to the cost of intangible assets.
5 Financial Report of HSE Group
Annual Report HSE 2012
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