Annual Financial Report for the period from1st of January to the 31st of December 2013
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based on the IAS 8 principles where an entity shall change an accounting policy only if the change results in the
financial statements providing reliable and more relevant information about the effects of transactions, other
events or conditions on the entity’s financial position, financial performance or cash flows.
This accounting policy change, had zero effect on Company’s figures. The effect on consolidated figures is as
follows:
• Possible reductions in Goodwill
The Group test goodwill for impairment annually and whenever events or circumstances make it more likely
than not that an impairment may have occurred, such as a significant adverse change in the business climate
or a decision to sell or dispose of a reporting unit. Determining whether an impairment has occurred requires
valuation of the respective reporting unit, which we estimate using a discounted cash flow method. When
available and as appropriate, we use comparative market multiples to corroborate discounted cash flow
results. In applying this methodology, we rely on a number of factors, including actual operating results, future
business plans, economic projections and market data.
If this analysis indicates goodwill impaired, measuring the impairment requires a fair value estimate of each
identified tangible and intangible asset. In this case we supplement the cash flow approach discussed above
with independent appraisals, as appropriate.
We test other identified intangible assets with defined useful lives and subject to amortization by comparing
the carrying amount to the sum of undiscounted cash flows expected to be generated by the asset. We test
