talanx group annual report 2011 en
talanx group annual report 2011 en
talanx group annual report 2011 en
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Nature of risks Notes on the balance<br />
sheet – assets<br />
Notes on the balance<br />
sheet – liabilities<br />
(1) Goodwill<br />
Notes on the<br />
statem<strong>en</strong>t of income<br />
Notes on the consolidated<br />
balance sheet – assets<br />
Other information List of shareholdings<br />
<strong>2011</strong> 2010<br />
Figures in EUR million<br />
Gross book value at 31.12. of the previous year 754 741<br />
Curr<strong>en</strong>cy translation at 1.1. of the year under review<br />
Gross book value after curr<strong>en</strong>cy translation<br />
–11 13<br />
at 1.1. of the year under review 743 754<br />
Change in consolidated <strong>group</strong> 116 —<br />
Disposals 5 —<br />
Curr<strong>en</strong>cy exchange rate differ<strong>en</strong>ces 1 —<br />
Gross book value at 31.12. of the year under review 855 754<br />
Accumulated depreciation and accumulated impairm<strong>en</strong>t losses<br />
at 31.12. of the previous year 165 148<br />
Curr<strong>en</strong>cy translation at 1.1. of the year under review<br />
Accumulated depreciation and accumulated impairm<strong>en</strong>t losses<br />
— —<br />
after curr<strong>en</strong>cy translation at 1.1. of the year under review 165 148<br />
Impairm<strong>en</strong>ts<br />
Accumulated depreciation and accumulated impairm<strong>en</strong>t losses<br />
— 17<br />
at 31.12. of the year under review 165 165<br />
Balance at 31.12. of the previous year 589 593<br />
Balance at 31.12. of the year under review 690 589<br />
The change in consolidated <strong>group</strong> (EUR 116 million) relates to goodwill derived from shares purchased<br />
in the year under review in the Saint Honoré Iberia SL holding, Madrid, and its subsidiaries<br />
in Arg<strong>en</strong>tina and Uruguay (100% in each case), in Nassau Verzekering Maatschappij N. V., Rotterdam,<br />
(100%), and from the acquisition of shares in Integra Insurance Solutions Ltd., Bradford, (75%).<br />
Please see the section <strong>en</strong>titled “Acquisitions in the <strong>report</strong>ing period” in the Notes for detailed information<br />
on acquisitions.<br />
In 2010, the goodwill of the CGU “Mexico” (EUR 17 million) in the Retail International segm<strong>en</strong>t was<br />
writt<strong>en</strong> off <strong>en</strong>tirely on the basis of the impairm<strong>en</strong>t test.<br />
Impairm<strong>en</strong>t test<br />
Goodwill is allocated to cash-g<strong>en</strong>erating units (CGUs) pursuant to IFRS 3 in conjunction with IAS 36.<br />
It is allocated to those CGUs which are expected to g<strong>en</strong>erate a value in use (in the form of cash flows)<br />
as a result of the business combination that gave rise to the goodwill. Each CGU to which goodwill<br />
is allocated should repres<strong>en</strong>t the lowest <strong>en</strong>tity level on which goodwill is monitored for internal<br />
managem<strong>en</strong>t purposes.<br />
The Group has allocated all the goodwill to a specific CGU. With regard to the Industrial Lines and<br />
Retail Germany segm<strong>en</strong>ts, the CGUs in primary insurance satisfy the definition of an operating<br />
segm<strong>en</strong>t pursuant to IFRS 8. In the Retail International segm<strong>en</strong>t, each foreign market constitutes a<br />
separate CGU. Cross-company synergistic pot<strong>en</strong>tials (in relation to cash flows) can be realised only<br />
in those countries in which the Group is repres<strong>en</strong>ted by several companies. In this case, we have<br />
allocated the goodwill to individual companies or <strong>group</strong>s of companies. In terms of their products<br />
and sales structures, the individual foreign units otherwise operate largely self-suffici<strong>en</strong>tly.<br />
Talanx Group. Annual Report <strong>2011</strong><br />
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