XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.21.1

INTANGIBLE ASSETS, NET | 12 Months Ended
--- | ---
Dec. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract] |
INTANGIBLE ASSETS, NET | NOTE 9 - INTANGIBLE ASSETS, NET
|  | US dollars
|  | December 31, 2018 |  |  | Year ended December 31, 2019 |  |  | December 31, 2019 |
(in thousands) |  | Opening balance |  |  | Impairment (*) |  |  | Amortization |  |  | Additions |  |  | Translation differences |  |  | Closing balance |
Costumer relationship |  |  | 24,133 |  |  |  | (10,914 | ) |  |  | (4,112 | ) |  |  | - |  |  |  | - |  |  |  | 9,107 |
Technology |  |  | 12,100 |  |  |  | (2,948 | ) |  |  | (2,549 | ) |  |  | 6,436 |  |  |  | 14 |  |  |  | 13,053 |
Others |  |  | 4,215 |  |  |  | - |  |  |  | (1,229 | ) |  |  | 1,333 |  |  |  | (158 | ) |  |  | 4,161 |
|  |  | 40,448 |  |  |  | (13,862 | ) |  |  | (7,890 | ) |  |  | 7,769 |  |  |  | (144 | ) |  |  | 26,321 |
|  | US dollars
|  | December 31, 2019 |  |  | Year ended December 31, 2020 |  |  | December 31, 2020 |
(in thousands) |  | Opening balance |  |  | Impairment (**) |  |  | Amortization (***) |  |  | Additions |  |  | Translation differences |  |  | Closing balance |
Costumer relationship |  |  | 9,107 |  |  |  | (3,661 | ) |  |  | (2,115 | ) |  |  | - |  |  |  | - |  |  |  | 3,331 |
Technology |  |  | 13,053 |  |  |  | - |  |  |  | (2,871 | ) |  |  | 2,992 |  |  |  | 243 |  |  |  | 13,417 |
Others |  |  | 4,161 |  |  |  | - |  |  |  | (896 | ) |  |  | - |  |  |  | (631 | ) |  |  | 2,634 |
|  |  | 26,321 |  |  |  | (3,661 | ) |  |  | (5,882 | ) |  |  | 2,992 |  |  |  | (388 | ) |  |  | 19,382 |
(*) | Due to the decline in the results of Road Track (See Note 3) and the current expectation of management for further potential decrease in Road Track anticipated performance, the company performed on December 31, 2019, an impairment analysis of the intangible assets which relate directly to the operation of Road Track. Based on such analysis the company recorded an impairment charge further described below:
| In order to determine the fair value of such intangible assets, the Company, based on a valuation performed by the management, with the assistance of a third-party appraiser, utilized the "Relief from Royalties" valuation method. Accordingly, certain assumptions and judgments were made in order to determine the future income from which royalties will be derived from and in order to determine the appropriate rate of royalties and rate of discount.
| As a result of the above, the Company recorded, an impairment loss in an amount of US$ 10,914 thousand, with respect to Costumer relationship and an amount of US$ 2,948 thousand, with respect to Technology. totaling an aggregate impairment charge of US$ 13,862, that was recorded under "impairment of intangible assets and other expenses" in the consolidated statement of income. See also Note 1N.
(**) | Due to the decline in the results of Road Track (See Note 3) and the current expectation of management for further potential decrease in Road Track anticipated performance, the company performed on June 30, 2020, an impairment analysis of the intangible assets which relate directly to the operation of Road Track. Based on such analysis the company recorded an impairment charge further described below:
| In order to determine the fair value of such intangible assets, the Company, based on a valuation performed by the management, with the assistance of a third-party appraiser, utilized the "Relief from Royalties" valuation method. Accordingly, certain assumptions and judgments were made in order to determine the future income from which royalties will be derived from and in order to determine the appropriate rate of royalties and rate of discount.
| As a result of the above, the Company recorded, an impairment loss in an amount of US$ 3,661 thousand, with respect to Costumer relationship, that was recorded under "impairment of intangible assets and other expenses" in the consolidated statement of income. See also Note 1N.
(***) | As of December 31, 2020, the estimated aggregate amortization of intangible assets for the next five years is as follows: 2021- US$ 5,236 thousand, 2022- US$ 5,088 thousand, 2023- US$ 3,712 thousand, 2024- US$ 3,050 thousand and 2025 – US$ 2,296 thousand.

X
- References No definition available. + Details
Name: | us-gaap_FiniteLivedIntangibleAssetsNetAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration