4.2 Intangible assets

CHF million

Energy purchase rights 1

Other intangible assets

Assets under development and prepayments

Total

Net carrying amount at 1 January 2023

25

49

6

80

Investments

 

 

4

4

Own work capitalised

 

 

3

3

Reclassifications

 

10

– 10

 

Amortisation

– 1

– 10

 

– 11

Impairment

 

– 1

 

– 1

Currency translation differences

– 1

– 1

 

– 2

Net carrying amount at 31 December 2023

23

47

3

73

Of which, cost value

1,484

521

3

2,008

Of which, accumulated amortisation

– 1,461

– 474

 

– 1,935

1 Include prepayments for rights to purchase energy in the long term, including capitalised interest, as well as long-term energy purchase agreements acquired in business combinations.

CHF million

Energy purchase rights 1

Other intangible assets

Assets under development and prepayments

Total

Net carrying amount at 1 January 2022

26

62

4

92

Investments

 

 

5

5

Own work capitalised

 

 

6

6

Reclassifications

 

8

– 8

 

Reclassified to “Assets held for sale”

 

– 8

 

– 8

Amortisation

– 1

– 15

 

– 16

Impairment

 

– 2

– 1

– 3

Reversals of impairment

 

5

 

5

Currency translation differences

 

– 1

 

– 1

Net carrying amount at 31 December 2022

25

49

6

80

Of which, cost value

1,490

523

6

2,019

Of which, accumulated amortisation

– 1,465

– 474

 

– 1,939

1 Include prepayments for rights to purchase energy in the long term, including capitalised interest, as well as long-term energy purchase agreements acquired in business combinations.

Impairment and reversals of impairment

Impairment losses of CHF 1 million (previous year: CHF 3 million) were recognised in the Trading segment, because internally developed software could not be used as originally planned.

More information on reversals of impairment losses is disclosed in note 4.1 and note 5.2.

Accounting policies

Intangible assets are stated at cost, net of accumulated amortisation and any impairment losses. Assets with a limited useful life are generally amortised on a straight-line basis over their estimated useful economic lives. The amortisation period and amortisation method are reviewed at each financial year end. The useful life of the intangible assets recognised ranges from 1 to 74 years. Assets under development and prepayments are not subject to amortisation but are tested annually for impairment.

For significant estimation uncertainties and assumptions, see note 4.1.