Detectores de Calor

OTHER FIXED ASSETS COMPUTERS AND PERIPHERALS FURNISHINGS AND ACONVERSIONS BUILDINGS AND LAND

14 PROPERTY, PLANT AND EQUIPMENT

An amount of € 2,925 (2011: € 4,368) arising from the depreciation of property, plant and equipment has been included in the general and administrative expenses. Lease expenses totaling € 57,915 (2011: € 70,668) relating to cars and property leases are included in the income statement. No assets were financed by

financial lease. Impairments in 2012 of € 1,049 (2011: € 1,005) relate to the downward value adjustment of assets in Spain based on impairment testing. Reference is made to note 15 for more information on the impairment test.

The acquisition of subsidiaries is specified in more detail in note 5. The adjustment of the liability from acquisition of subsidiary in 2012 relates to an adjustment of an earn-out obligation. The respective acquisition took place prior to 2009, for which the adjustment of the additional liability was recognised in accordance with IFRS 3, which applied at the time. The increase resulting from the additional liability from acquisition of subsidiary in 2011 relates to the recognition of an additional payment to be made to the former shareholders of Allgeier DL in Germany in connection with the buyout of minority stakes (see note 25). This additional payment concerns the acquisition of Allgeier DL in 2008 and has been recognised as a value adjustment to a contingent consideration in goodwill.

Goodwill is allocated to groups of cash-generating units. This allocation is based on the segment-focused reporting structure used by the Executive Board to monitor goodwill in 2012 (see table opposite).

In 2012 impairment testing revealed a value reduction which led to a goodwill impairment of € 210,883 (2011: € 15,665 in the cash-generating unit General Staffing Spain). As a result of the persistently low level of economic growth in Europe in the fourth quarter of 2012, General Staffing revenue in the southern European countries is contracting and profitability is not recovering in line with expectations. In addition the expected recovery of revenue at Specialist Staffing Germany did not materialise in the fourth quarter of 2012, with profitability therefore not recovering in line with expectations.

The value reductions concern the cash-generating units General Staffing Luxembourg, General Staffing France, General Staffing Switzerland, General Staffing Poland, Specialist Staffing Germany, Specialist Staffing Italy and Specialist Staffing Switzerland.

2012 2011

General Staffing The Netherlands 48,405 48,405 General Staffing Belgium 138,701 138,701

General Staffing Luxembourg - 4,655

General Staffing France - 62,278

General Staffing Austria 6,143 6,143

General Staffing Switzerland - 710

General Staffing Poland - 6,779

Specialist Staffing The Netherlands 274,431 275,125 Specialist Staffing Belgium 36,717 36,717 Specialist Staffing Germany 96,983 194,145

Specialist Staffing Italy - 35,816

Specialist Staffing Switzerland 1,303 2,751 Professionals The Netherlands 104,822 95,758

Professionals Belgium 11,389 11,389 Professionals France 1,056 1,056 719,950 920,428 2012 2011 Costs 1,003,701 986,723 Impairments -83,273 -67,608

Carrying amount as at 1 January 920,428 919,115

Acquisition of subsidiaries 10,856 10,547

Adjustment or additional liability from acquisition of subsidiary -454 6,423

Impairments -210,883 -15,665

Currency translation differences 3 8

Balance -200,478 1,313

Carrying amount as at 31 December 719,950 920,428

Cost 1,014,103 1,003,701

Impairments -294,153 -83,273

CARRYING AMOUNT AS AT 31 DECEMBER 719,950 920,428

15.1 Impairment for cash-generating units where goodwill is capitalised

Cash-generating units are subject to annual impairment testing. Impairment testing involves comparing the carrying amount (goodwill, property, plant and equipment, intangible assets and working capital) of the cash-generating units concerned with their recoverable value. This recoverable value is determined by calculating their economic value. These calculations are based on future cash flows discounted using a pre-tax discount factor. For the group this resulted in a pre-tax discount factor between 6.9% and 24.0% (2011: between 10.3% and 15.3%). Future cash flows are estimated based on past performance, actual income from operations, budgets for 2013, a seven-year projection and internal and external market expectations. The divergence from the maximum five-year projection required under IAS 36 reflects past experience showing that a full market cycle in this sector lasts around seven years.

The principal assumptions in determining the economic value concern estimates of revenue growth in the divisions in which the cash-generating units operate. The growth projections are based on a cyclical pattern which provides a favourable medium- term growth outlook in most countries due to a low penetration of flexible labour and a low degree of specialisation (specialist staffing). The level of penetration is expected to rise in the future as a result of amendments in European legislation and regulations with regard to temporary staffing. The growth expectations for the countries in which USG People operates are partly based on the long-term expectations for Gross Domestic Product in each country and the associated growth of the temporary staffing market. The impairment test calculations take into account average annual revenue growth in mature markets of 0% to 6% during the first three years and 2% to 7% during the following four years. In the growth markets the calculations take into account average annual revenue growth of 3% to 10% in the first three years and 4% to 10% in the following four years.

The residual value after the projected period of seven years is based on the present value of the cash flow which takes into account infinite growth equal to an expected inflation of 0.5% (2011: 1.5%).

Expected average revenue growth and discount rate of the groups of cash-generating units where a significant part of the goodwill is allocated on an annual basis are as follows:

The growth expectations of a number of cash-generating units are higher than last year based on the expectation that the temporary staffing market is currently at a low point in the cycle. Due to the current economic situation in various European countries and the impact this has on operations and the expected future results of the cash-generating units, total impairments of € 215,042 were recognised with respect to goodwill, property, plant and equipment, and other intangible assets.

A discount rate of 6.9% to 24.0% was applied, depending on the country. These costs of amortisation and depreciation are recognised as selling expenses in the income statement. Sensitivity analyses were performed for possible scenarios which can lead to impairment, taking into account the impairment recognised. The results of the sensitivity analyses for the groups of cash-generating units to which a significant part of the goodwill is attributed reveal the following :

2012

Specialist Staffing The Netherlands 5.2% 12.0% General Staffing The Netherlands 2.7% 12.1%

General Staffing Belgium 4.3% 15.8%

Specialist Staffing Germany 9.2% 12.2% Professionals The Netherlands 4.6% 12.0%

ASSUMED PROJECTED