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13. Goodwill      
       
€ ('000)   2011 2010
       
Acquisition cost at 1 January   13,371 13,371
Disposals   -202 0
Acquisition cost at 31 December   13,169 13,371
       
Accumulated impairment at 1 January   -6,965 -3,126
Impairment   0 -3,839
Accumulated impairment at 31 December   -6,965 -6,965
       
Book value on 31 December   6,204 6,406
       
Impairment testing of goodwill      
       
The majority of goodwill consists of CapMan's acquisition on 27 August 2008 of private equity house Norum, whose goodwill was €5.7 million as at 31 December 2011.
The management of the Russian funds form a cash generating unit. Cash flow projections have been prepared for ten years with no residual value consideration. The cash flow is based on a long term contract, whereby the cash flows for the current fund can be reasonably reliable estimated. The discount percentage used is 13.50%. There is no significant country risk attached to these cash flows, as they relate to management fees received from international investors. The future carried interest potential from the existing fund is limited and therefore has not been considered.
The carrying amount of goodwill is generally sensitive to the success of fundraising. The goodwill may be impaired in future in the event that new funds are not established, the funds' size is less than estimated or in case of delays in the fundraising process. Carried interest income is taken into consideration only when the funds has entered into carry or it can be reliably be estimated to generate carried interest.
In the end of the year 2010 it was announced that CapMan will reorganise its technology investment operations and not to establish any new, independent technology funds in future. Based on the impairment test as at 31 December 2010, the remaining goodwill amounting to €3.8 million was written down, due to future cash flow estimates.