5.5 Goodwill
In accordance with IFRS 3 “Business Combinations” scheduled amortisation is not taken on goodwill. Goodwill was subject to an impairment test.
| Development of goodwill in EUR thousand |
2011 | 2010 |
|---|---|---|
| Net book value at 31 December of the previous year | 45,773 | 44,393 |
| Currency translation at 1 January | (1,563) | 1,663 |
| Net book value after currency translation | 44,210 | 46,056 |
| Corporate changes | — | (283) |
| Additions | 14,487 | — |
| Currency translation at 31 December | 592 | — |
| Net book value at 31 December of the year under review | 59,289 | 45,773 |
This item principally included the goodwill from the acquisition of E+S Rückversicherung AG as well as from the acquisition of a 75% interest in Integra Insurance Solutions Ltd. For further information on the method used to test impairment the reader is referred to our explanatory remarks in Section 3.2 “Summary of major accounting policies”.