Audited by PwC

Note 10 - Intangible assets

	Completed IT development projects*	Acquired patents, li-censes, and know-how	Goodwill	IT development projects in progress*	Total
	DKK million	DKK million	DKK million	DKK million	DKK million

Cost at January 1, 2008	229	1,011	537	31	1,808
Currency translation	-	(33)	(64)	-	(97)
Acquisition of companies	-	-	(12)	-	(12)
Additions during the year	-	32	-	25	57
Disposals during the year	-	-	-	-	-
Cost at December 31, 2008	229	1,010	461	56	1,756

Amortization and impairment losses at January 1, 2008	205	245	37		487
Currency translation	-	(5)	(2)		(7)
Amortization for the year	12	70	-		82
Impairment losses for the year	-	4	11		15
Amortization and impairment losses at December 31, 2008	217	314	46	-	577

Carrying amount at December 31, 2008	12	696	415	56	1,179


Cost at January 1, 2007	260	792	231	17	1,300
Currency translation	-	(5)	(10)	-	(15)
Acquisition of companies	-	328	316	-	644
Additions during the year	-	-	-	14	14
Disposals during the year	(31)	(104)	-	-	(135)
Cost at December 31, 2007	229	1,011	537	31	1,808

Amortization and impairment losses at January 1, 2007	221	295	15		531
Currency translation	(1)	(3)	-		(4)
Amortization for the year	16	57	-		73
Impairment losses for the year	-	-	22		22
Amortization reversed on disposals for the year	(31)	(104)	-		(135)
Amortization and impairment losses at December 31, 2007	205	245	37	-	487

Carrying amount at December 31, 2007	24	766	500	31	1,321

* Assets developed internally

The carrying amount of intangible assets, including goodwill, was tested for impairment at December 31, 2008. This did not reveal any need to write down the carrying amounts for impairment, although write-downs of DKK 15 million were made during the year based on a concrete assessment of a goodwill asset (DKK 11 million) and a know-how asset (DKK 4 million).

The impairment tests compared the discounted cash flow of the individual cash-generating units to the carrying amounts of the units. Cash flow is based on budgets and business plans for the period 2009–2027.

Material assumptions used in calculating the discounted cash flow are based on an assessment of the individual unit as follows:

			Microorganisms	BPI
Expected sales growth			7.5%		10–15%
Sales growth, terminal value			3.0%		0.6%
Discount factor			8.5%		8.5%

The reason for the change in the discount factor is that as of 2008, risks/probabilities are calculated directly in the cash flows, whereas in 2007 the risk premium was included in the discount factor.