14. Goodwill

in thousands of EUR

Notes

2014

2013

Opening balance

726,321

740,993

Acquisitions

5

164,022

14,009

Adjustment to purchase price allocation & earn-outs

-

- 44

Reclassification

15

4,266

- 3,955

Impairment

- 3,458

- 8,406

Disposals

- 225

-

Exchange differences

- 5,073

- 16,276

885,855

726,321

Costs

925,250

762,258

Accumulated impairment

- 39,395

- 35,937

Carrying amount

885,855

726,321

The impairment charge in 2014 mainly relates to the impairment of Mexico’s Sunglass Island (€3,149), which operates in the Latin America & Asia segment. The triggering event was a decline in revenue as a result of a loss of a contract. The recoverable amount, being the fair value less costs of disposal, has been estimated using the average sales of the last 3 years (adjusted for any known revenue developments) multiplied by a sales multiple.

The impairment charge in 2013 of €8,406 relates to the impairment of Brazil (€5,492) and Mexico’s Sunglass Island (€2,914), both operating in the Latin America & Asia segment. The recoverable amount, being the fair value less costs of disposal, has been estimated using the average sales of the last 3 years (adjusted for any known revenue developments) multiplied by a sales multiple.

The difference between the goodwill from acquisitions of €164,022 and the amount specified in note 5 on acquisitions of subsidiaries of €158,239 is caused by the goodwill obtained from the acquisitions in Turkey and China, which is accounted for based on predecessor accounting.

In 2014 €4,266 is reclassed from key money to goodwill.

The table below shows goodwill per segment:

in thousands of EUR

31 December 2014

31 December 2013

G4

420,345

387,466

Other Europe

368,993

263,904

Latin America & Asia

96,517

74,951

885,855

726,321