15. Other Intangible Assets

in thousands of EUR

Notes

Key money

Trademarks

Software

Other

Total

At 1 January 2015

Cost

218,775

274,436

144,253

78,402

715,866

Accumulated amortization and impairment

- 9,063

- 121,476

- 101,080

- 36,007

- 267,626

Carrying amount

209,712

152,960

43,173

42,395

448,240

Movements in 2015

Acquisitions

1,312

16,808

358

10,276

28,754

Adjustment to purchase price allocation & earn-outs

-

- 4,924

-

1,638

- 3,286

Additions

1,485

722

26,759

1,091

30,057

Disposals

- 220

-

- 200

-

- 420

Amortization charge

8

-

- 16,243

- 14,162

- 9,643

- 40,048

Impairment

8

- 1,541

- 3,866

-

-

- 5,407

Reclassification

90

-

42

66

198

Exchange differences

- 2,151

- 1,725

- 474

680

- 3,670

At 31 December 2015

208,687

143,732

55,496

46,503

454,418

At 1 January 2016

Cost

218,061

277,927

172,762

91,433

760,183

Accumulated amortization and impairment

- 9,374

- 134,195

- 117,266

- 44,930

- 305,765

Carrying amount

208,687

143,732

55,496

46,503

454,418

Movements in 2016

Acquisitions

6

1,904

699

11

4,487

7,101

Adjustment to purchase price allocation & earn-outs

6

-

- 2,259

-

5,362

3,103

Additions

1,672

8

33,389

866

35,935

Disposals

- 657

-

- 1,367

- 69

- 2,093

Amortization charge

8

-

- 18,198

- 16,778

- 11,113

- 46,089

Impairment

8

- 1,860

- 3,050

-

-

- 4,910

Reclassification

-

-

275

89

364

Exchange differences

1,539

- 2,363

- 293

- 1,067

- 2,184

At 31 December 2016

211,285

118,569

70,733

45,058

445,645

Cost

221,617

272,571

187,694

99,296

781,178

Accumulated amortization and impairment

- 10,332

- 154,002

- 116,961

- 54,238

- 335,533

Carrying amount

211,285

118,569

70,733

45,058

445,645

Key money

Key money as part of intangible assets has an indefinite useful life, relating to stores in France and Brazil. These assets are not amortized but are subject to an annual impairment test using cash flow projections covering a five-year period and the market value is used based on external valuations. Details as to the cost per square meter and latest key money transactions for the main shopping malls are publicly available.

If the calculated value in use is less than the carrying value of the assets, external valuations are performed to arrive at a fair value less costs of disposal.

During 2016 the impairment test on key money resulted in an impairment in France and Brazil of €1,860 (2015: €1,541) as a result of a decrease in value in use and external valuations performed for each store individually.

The carrying amount of the key money with an indefinite useful life is tested on a store-by-store basis and per country amounts to:

in thousands of EUR

31 December 2016

31 December 2015

France

204,222

202,242

Brazil

7,063

6,445

211,285

208,687

Key assumptions used to determine the recoverable amount:

2016

2015

Revenue growth rate

1.5%-14.0%

2.0% - 13.0%

Discount rate (pre tax)

9.03%-19.30%

9.80%-14.86%

Trademarks

The impairment of trademarks is related to the full impairment of trademark in Brazil €3,050 (2015: €2,573) following the periodic review of the trademarks in use. In 2015 this also related to Mexico to the amount of €1,293.

Software

In 2013, the business project iSynergy was initiated to implement a global ERP system in all countries. In 2016, the Group capitalized €20,008 (2015: €10,158) worth of licenses and expenses related to this global ERP project.

Other

The other intangible assets mainly comprise of customer databases €38,319 (2015: €37,262).