(7) Goodwill

The table below shows individual changes to goodwill in the reporting period as well as its allocation to both cash generating units.

To date, impairment tests on goodwill in accordance with IAS 36 have not shown a need for a write-down either for the “IT system house & managed services” cash-generating unit or for the “IT e-commerce” cash-generating unit.

The values in use calculated as part of the impairment test for goodwill were based on discount rates of between 8.4 and 8.8 per cent (prior year: 7.9 to 8.8 per cent), which correspond to the required return on investment and/or capital costs in the Bechtle Group. The applied cash flow forecasts are based on individual revenue and cost budgets approved by the management. To be on the safe side, the growth rates for years in the more distant future have been calculated in a very riskaverse way with values close to 0 per cent. The values in use determined in the reporting period exceed the balanced goodwill by a wide margin. By means of sensitivity analyses we have established that, even in the event of key assumptions differing within a realistic framework, there would be no need for an impairment of goodwill.

Further details on the goodwill generated in the fiscal year from acquisitions as well as the detailed purchase price allocations can be found in Item VIII “Acquisitions”.

Furthermore, a statement of changes in goodwill is given in Appendix B and C to the notes.