10 Intangible assets
Intangible assets up to an amount of €5,265 million (€5,275 million at 31 December 2015) break down as follows:
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(millions of €) |
Finite |
Indefinite |
Total |
Cost at 31.12.2015 |
9,017 |
9 |
9,026 |
Investments |
168 |
|
168 |
Disposals |
(20) |
|
(20) |
Cost at 30.06.2016 |
9,165 |
9 |
9,174 |
|
|
|
|
Provisions for amortisation and depreciation at 31.12.2015 |
(3,750) |
|
(3,750) |
Amortisation |
(155) |
|
(155) |
Disposals |
11 |
|
11 |
Other changes |
(14) |
|
(14) |
Provisions for amortisation and depreciation at 30.06.2016 |
(3,908) |
|
(3,908) |
|
|
|
|
Provision for impairment losses at 31.12.2015 |
(1) |
|
(1) |
Provision for impairment losses at 30.06.2016 |
(1) |
|
(1) |
Net balance at 31.12.2015 |
5,266 |
9 |
5,275 |
Net balance at 30.06.2016 |
5,256 |
9 |
5,265 |
Intangible assets with a finite useful life (€5,256 million) mainly concern: (i) assets recognised in relation to concession agreements pursuant to IFRIC 12, relating to the natural gas distribution business segment (€4,465 million); and (ii) concessions for natural gas storage (€657 million).
Intangible assets with an indefinite useful life consist only of the goodwill recognised in 2008 following the acquisition by Italgas of 100% of the shares of Siciliana Gas (€9 million, unchanged from 31 December 2015).
Investments10 (€168 million) mainly relates to the construction and upgrading of natural gas distribution infrastructures (€137 million).
Disposals (€9 million) mainly concern to stretches of the network and measuring systems of the distribution sector.
Other changes (-€14 million) essentially consist of grants during the period (-€12 million).
During the semester, there were not detected any impairment indicators, nor significant changes in relation to the assessment regarding the recoverability of the budgeted value for Goodwill and other intangible assets. The considerations are thus hereby confirmed as set out in the Annual Report, to which reference is made.
10 Investments by business segment are shown in the “Business segment operating performance” section of the Interim Directors’ Report.