14. Intangible assets

NOTE  31/12/2014 31/12/2013
(restated data)
Internally generated intangible assets 14.1 12 20
Other   12 20
Other intangible assets 14.2 691 803
Patents, trade marks and licenses   302 353
Goodwill   38 34
Rights 14.5 189 270
Other   162 146
    703 823

  

14.1. The changes in internally generated intangible assets 

As at 31 December 2014 and as at 31 December 2013, there were no significant changes in internally generated intangible assets. As at 31 December 2014, impairment allowances on internally generated intangible assets amounted to PLN 8 million. For the year 2014, recognition and reversal of impairment allowances amounted to PLN (6) million and PLN 1 million, respectively.

14.2. The changes in other intangible assets

  Patents, trade marks and licenses  Goodwill  Rights  Other  Total 
01/01/2014 
Net carrying amount
         
Gross carrying amount  1 195 371 382 160 2 108
Accumulated depreciation and impairment allowances  (842) (337) (112) (14) (1 305)
  353 34 270 146 803
increases/(decreases), net          
Investment expenditures  28  -   -  38 66
Amortisation  (73)  -   -   -  (73)
Acquisition of subsidiary  3  -   -   -  3
Impairment allowances*  (19)  -  46 (2) 25
Reclassifications  14  -   -   -  14
Sale   -   -  (301)  -  (301)
Government grants - received  (3)  -   -   -  (3)
Other increases/(decreases)  (4) (2) 172 (19) 147
Foreing exchange differences  3 6 2 (1) 10
31/12/2014
Net carrying amount 
302 38 189 162 691
 Gross carrying amount  1,250 374 256 179 2,059
 Accumulated depreciation and impairment allowances  (945) (336) (67) (17) (1 365)
 Government grants  (3)  -   -   -  (3)
  302 38 189 162 691
01/01/2013
Net carrying amount 
         
Gross carrying amount  1,229 374 786 78 2,467
Accumulated depreciation and impairment allowances  (789) (337) (99) (24) (1 249)
  440 37 687 54 1,218
increases/(decreases), net          
Investment expenditures  12  -   -  60 72
Amortisation  (75)  -   -   -  (75)
Impairment allowances*  (9) (3) (15) 5 (22)
Reclassifications  (2)  -  10 135 143
Sale   -   -  (40)  -  (40)
Other increases/(decreases)  3 (2) (367) (106) (472)
Foreing exchange differences  (16) 2 (5) (2) (21)
31/12/2013
Net carrying amount  
353 34 270 146 803
 

Other increases/(decreases) of property rights in the net book value consist mainly of purchases, acquisitions free of charge and settlement of rights for 2014 and 2013. Additional information in note 14.5.

* Impairment allowances include recognition, reversal, usage and reclassification and acquisition of subsidiary.

14.3. Changes in impairment allowances of other intangible asset 

As at 31 December 2014 and as at 31 December 2013, they were no significant changes in impairment allowances of other intangible assets. Therefore the Group do not disclose any detailed information. 

For 2014 and 2013 recognition of impairment allowances amounted to PLN (24) million and PLN (51) million, respectively and reversal of impairment allowances amounted to PLN 4 million and PLN 2 million, respectively.  

14.4. Other information on intangible assets

 31/12/201431/12/2013
(restated data)
The gross carrying amount of all fully amortised intangible assets still in use 489 488
The net carrying amount of intangible assets with indefinite useful life 11 11
The net carrying amount of intangible assets of withdrawn from use and not classified as held for sale 1 1
 

Should the economic useful lives of intangible assets from 2013 be applied in 2014, amotisation expense would be higher by PLN 4 million.

The net book value of intangible assets with indefinite useful life includes expenses related to registration of produced or imported chemicals, so called REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) and goodwill. 

14.5. Rights 

14.5.1. CO2 emission rights 

Change in owned CO2 emission rights in 2014

  Quantitiy (in thous. tonnes)Value
01/01/2014 9 715 258
Granted free of charge for 2013 and 2014 16 994 397
Settlement for 2013 (13 147) (365)
Purchase/(Sale), net (5 976) (161)
Impairment allowances  -  46
Foreign exchange differences  -  2
  7 586 177
CO₂ emission in 2014 12 756 334
 

 

In connection with the forecasted shortage of allowances for the years 2013-2020, the Group entered into transactions to hedge future purchase price of allowances. The concluded transactions cover a substantial part of the expected shortage for the period. As at 31 December 2014 the market value of one EUA amounted to PLN 30.86 (representing EUR 7.24 at exchange rate as at 31 December 2014) (source: www.theice.com).

Additionally, as at 31 December 2014 the Group recognized the rights to so called colorfull energy of PLN 12 million.