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Other Intangible Assets
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets

NOTE 5 – OTHER INTANGIBLE ASSETS

The following table analyzes other intangible assets movements in the year:

 

(in millions)

 

2024

 

Gross cost at January 1

 

$

315.1

 

Additions

 

 

11.5

 

Exchange effect

 

 

(2.6

)

Gross cost at June 30

 

 

324.0

 

Accumulated amortization at January 1

 

 

(257.8

)

Amortization expense

 

 

(6.0

)

Exchange effect

 

 

1.2

 

Accumulated amortization at June 30

 

 

(262.6

)

Net book amount at June 30

 

$

61.4

 

 

The amortization expense for the six months ended June 30, 2024 was $6.0 million (six months ended June 30, 2023 – $5.3 million).

 

In relation to the acquisition of QGP in December 2023, management have finalized the valuation of customer lists which has increased the intangible asset capitalized by $3.5 million in the second quarter of 2024. Management have also revised the expected useful life of the customer lists from 10 years to 7 years.

 

In 2024, we have capitalized $8.0 million in relation to our internally developed software for a new Enterprise Resource Planning (“ERP”) system covering our EMEA and ASPAC regions. The expenses capitalized include the acquisition costs for the software as well as the external and internal costs of the development.