Page 28 - Kitron Annual Report 2011

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Notes to the consolidated financial statements
28
Kitron annual report 2011
(Amounts in NOK 1000)
ERP System
MES System
Total
At 1 January 2010
Acquisition cost
14 845
-
14 845
Accounting carrying amount
14 845
-
14 845
Fiscal 2010
Opening balance
14 845
-
14 845
Additions
16 593
-
16 593
Closing balance
31 438
-
31 438
At 31 December 2010
Acquisition cost
31 438
-
31 438
Accounting carrying amount
31 438
-
31 438
Fiscal 2011
Opening balance
31 438
-
31 438
Conversion differencies
(152)
-
(152)
Additions
9 109
4 046
13 147
Depreciation
(3 686)
(4)
(3 690)
Closing balance
36 701
4 042
40 743
At 31 December 2011
Acquisition cost
40 526
4 046
44 433
Accumulated depreciation
3 621
4
3 690
Accounting carrying amount
36 906
4 042
40 743
The software (MES system) is under implementation and is not yet fully operational. Therefore there is limited
depreciation in 2011. The MES system will be depreciated over 7 years when fully operational, the same
number of years as for the ERP system. Remaining amortisation period for the ERP system is 6 years.
Investment in shares
Group
Business office Shareholding
Voting share Acquisition cost
Book value
Company’s name
Let’s train AS
Oslo
20%
20%
150
1
Total 2010
150
1
Let’s train AS
Oslo
20%
20%
150
1
Total 2011
150
1
Note 12 Other intangible assets
Note 13 Available-for-sale financial assets