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7. Intangible assets
As in the previous year, no interest for building finance on qualifying property, plant and equipment
was capitalized in the Group in fiscal 2004.
Property, plant and equipment of 2,406 thousand euros (2003: 2,463 thousand euros) less
accumulated depreciation of 809 thousand euros (2003: 848 thousand euros) was capitalized
under capital leases. The residual book value accordingly amounts to 1,597 thousand euros
(2003: 1,615 thousand euros).
No individual assets were assigned as collateral in the past fiscal year.
‘000 euros Dec. 31, 2004 Dec. 31, 2003
Licenses, software and patents 7,354 9,831
Goodwill 86,351 82,302
Payments on account 46 510
Total 93,751 92,643
The goodwill comprises 73,252 thousand euros (2003: 69,203 thousand euros) for the Business
Segment Engineered Wood and 13,099 thousand euros (2003: 13,099 thousand euros) for the
Business Segment Infrastructure Technology.
Amortization on intangible assets amounted in fiscal 2004 to 3,048 thousand euros (2003:
3,246 thousand euros). Additions to intangible assets amounted altogether to 1,789 thousand
euros (2003: 2,274 thousand euros).
The Company has tested the impairment of the goodwill reported in the consolidated financial
statements. The impairment tests performed in 2004 did not result in any need to recognize impairment
losses in the consolidated financial statements.
The estimated future amortization on intangible assets, which are still subject to systematic
amortization, is as follows:
‘000 euros
2005 1,993
2006 1,674
2007 1,232
2008 1,123
2009 1,114
Thereafter 218
85
FINANCIAL STATEMENTS/NOTES PFLEIDERER GROUP