Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Intangible Assets

v3.24.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about intangible assets [abstract]  
Intangible Assets

17. Intangible assets

Changes in intangible assets for the year ended December 31, 2023 are as follows:

 

 

 

Development
costs

 

 

Industrial
patents and
intellectual
property
rights

 

 

Concessions,
licenses,
trademarks
and similar
rights

 

 

Intangible
fixed assets
in process
and
advances

 

 

Other
intangible
assets

 

 

Total

 

 

 

(EUR thousand)

 

Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At January 1, 2022

 

 

16,081

 

 

 

16,923

 

 

 

25,877

 

 

 

4,073

 

 

 

11,306

 

 

 

74,260

 

Additions

 

 

—

 

 

 

4,792

 

 

 

43

 

 

 

2,667

 

 

 

595

 

 

 

8,097

 

Disposals

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Reclassifications

 

 

—

 

 

 

3,435

 

 

 

—

 

 

 

(3,593

)

 

 

158

 

 

 

—

 

Exchange differences

 

 

—

 

 

 

105

 

 

 

(35

)

 

 

—

 

 

 

347

 

 

 

417

 

At December 31, 2022

 

 

16,081

 

 

 

25,255

 

 

 

25,885

 

 

 

3,147

 

 

 

12,406

 

 

 

82,773

 

Additions

 

 

—

 

 

 

3,571

 

 

 

102

 

 

 

5,023

 

 

 

—

 

 

 

8,696

 

Disposals

 

 

—

 

 

 

(402

)

 

 

—

 

 

 

(25

)

 

 

—

 

 

 

(427

)

Reclassifications

 

 

—

 

 

 

2,072

 

 

 

—

 

 

 

(2,072

)

 

 

—

 

 

 

—

 

Exchange differences

 

 

(24

)

 

 

55

 

 

 

(96

)

 

 

(17

)

 

 

(188

)

 

 

(271

)

At December 31, 2023

 

 

16,057

 

 

 

30,550

 

 

 

25,890

 

 

 

6,056

 

 

 

12,218

 

 

 

90,771

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At January 1, 2022

 

 

8,752

 

 

 

11,838

 

 

 

14,502

 

 

 

—

 

 

 

7,240

 

 

 

42,332

 

Amortization

 

 

2,694

 

 

 

3,271

 

 

 

1,483

 

 

 

—

 

 

 

668

 

 

 

8,116

 

Disposal

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exchange differences

 

 

1

 

 

 

59

 

 

 

(8

)

 

 

—

 

 

 

116

 

 

 

168

 

At December 31, 2022

 

 

11,447

 

 

 

15,168

 

 

 

15,977

 

 

 

—

 

 

 

8,024

 

 

 

50,616

 

Amortization

 

 

2,537

 

 

 

5,125

 

 

 

1,314

 

 

 

—

 

 

 

664

 

 

 

9,640

 

Disposal

 

 

—

 

 

 

(402

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(402

)

Exchange differences

 

 

(17

)

 

 

49

 

 

 

(20

)

 

 

—

 

 

 

(79

)

 

 

(67

)

At December 31, 2023

 

 

13,967

 

 

 

19,940

 

 

 

17,270

 

 

 

—

 

 

 

8,609

 

 

 

59,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2023

 

 

2,090

 

 

 

10,610

 

 

 

8,620

 

 

 

6,056

 

 

 

3,609

 

 

 

30,985

 

At December 31, 2022

 

 

4,634

 

 

 

10,087

 

 

 

9,908

 

 

 

3,147

 

 

 

4,382

 

 

 

32,158

 

Development costs are referred to costs for the study, design and prototype development for products which have been or are expected to be commercialized and for which is probable that the expected future economic benefits will flow to the entity. Development expenses are recognized in the consolidated income statement as research and development expenses.

Industrial patents and intellectual property rights increase for EUR 3,571 thousand due to the acquisition of licenses for IT systems and the capitalization of costs associated with upgrading the enterprise resource planning system (ERP) and connecting it with the other software used in the Group.

Concessions, licenses, trademarks and similar rights with a total carrying amount of EUR 8,620 thousand (EUR 9,908 thousand in 2022) mainly includes the tradenames related to Balda companies.

Intangible fixed assets in process and advances refer to ongoing projects which will conclude in subsequent years. Intangible fixed assets and advances increase for EUR 5,023 thousand mainly due to (i) the internally generated costs to support the development of a new packaging platform within the Engineering segment, amounting to EUR 3,334 thousand, and (ii) the costs associated with upgrading the ERP system and other software implementation.

No impairment indicators have been identified for intangible assets and therefore no impairment losses have been accounted for. No changes in the useful life of intangible assets have occurred in all periods presented.