9 Intangible assets
Intangible assets of €5,180 million (€5,076 million at 31 December 2014) break down as follows:
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|
(€ million) |
With a finite useful life |
With an indefinite useful life |
Total |
|
Cost at 31.12.2014 |
8,505 |
9 |
8,514 |
|
159 |
|
159 |
|
|
Change in scope of consolidation |
131 |
|
131 |
|
Disposals |
(13) |
|
(13) |
|
Other changes and reclassifications |
2 |
|
2 |
|
Cost at 30.06.2015 |
8,784 |
9 |
8,793 |
|
|
|
|
|
|
Provisions for amortisation and depreciation at 31.12.2014 |
(3,437) |
|
(3,437) |
|
Amortisation and depreciation |
(145) |
|
(145) |
|
Change in scope of consolidation |
(33) |
|
(33) |
|
Disposals |
8 |
|
8 |
|
Other changes and reclassifications |
(5) |
|
(5) |
|
Provisions for amortisation and depreciation at 30.06.2015 |
(3,612) |
|
(3,612) |
|
|
|
|
|
|
Provision for impairment losses at 31.12.2014 |
(1) |
|
(1) |
|
Provision for impairment losses at 30.06.2015 |
(1) |
|
(1) |
|
Net balance at 31.12.2014 |
5,067 |
9 |
5,076 |
|
Net balance at 30.06.2015 |
5,171 |
9 |
5,180 |
Intangible assets with a finite useful life (€5,171 million) mainly concern: (i) assets recognised in relation to concession agreements pursuant to IFRIC 12 relating to the natural gas distribution business segment (€4,288 million); and (ii) concessions for natural gas storage (€655 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 2014).
Investments9 (€159 million) relate mainly to the construction and upgrading of natural gas distribution infrastructure (€122 million).
Changes in the scope of consolidation of €98 million relate to the acquisition by Italgas S.p.A. of control of Acam Gas S.p.A.10
Disposals (€5 million) related mainly to sections of network and metering facilities pertaining to the distribution segment.
Other changes and reclassifications (-€3 million) relate to: (i) grants for the period (-€18 million); (ii) the effects of the merger by incorporation of Metano Arcore S.p.A. and SETEAP S.p.A. into Italgas S.p.A. and Napoletanagas S.p.A. respectively, with effect from 1 January 2015 (+€15 million).
No impairment indicators or significant changes to the valuation of the recoverability of the book value for goodwill and other intangible assets were recorded during the half-year. The considerations set out in the annual report were therefore confirmed.
9 Investments by business segment are shown in the “Business segment operating performance” section of the directors’ report.
10 For further information, see Note 17 “Business combinations”.