15. INTANGIBLE ASSETS

Intangible assets of the Group for fiscal years ended on December 31, 2020 and 2019 are as follows:


	Gross carrying amount					Depreciation
	At the		Additions		At the	At the				At the	Net carrying
	beginning		by business		End of the	beginning		By business		End of the	amount at
Item	of the year	Additions	combinations	Disposals	year	of the year	Disposals	combinations	Of the year	year	12/31/2020
Measurement at cost
Goodwill	3,632,645	7,292	—	—	3,639,937	—	—	—	—	—	3,639,937
Brands	199,999	—	—	—	199,999	—	—	—	—	—	199,999
Other intangible assets(*)	3,913,880	1,739,447	—	(14,279)	5,639,048	(1,827,099)	(71)	—	(869,276)	(2,696,446)	2,942,602
TOTAL	7,746,524	1,746,739	—	(14,279)	9,478,984	(1,827,099)	(71)	—	(869,276)	(2,696,446)	6,782,538


	Gross carrying amount					Depreciation
	At the		Additions		At the	At the				At the	Net carrying
	beginning		by business		End of the	beginning		By business		End of the	amount at
Item	of the year	Additions	combinations	Disposals	year	of the year	Disposals	combinations	Of the year	year	12/31/2019
Measurement at cost
Goodwill	3,613,818	18,827	—	—	3,632,645	—	—	—	—	—	3,632,645
Brands	199,999	—	—	—	199,999	—	—	—	—	—	199,999
Other intangible assets (*)	3,033,287	886,405	—	(5,812)	3,913,880	(1,203,185)	164	—	(624,078)	(1,827,099)	2,086,781
TOTAL	6,847,104	905,232	—	(5,812)	7,746,524	(1,203,185)	164	—	(624,078)	(1,827,099)	5,919,425

(*)mainly include systems and programs.

15.1 Goodwill impairment

Goodwill is assigned to the Group’s cash generating units on the basis of the operating segments.


	12/31/2020	12/31/2019
Supervielle Seguros S.A.	9,686	9,686
Cordial Compañía Financiera S.A.	243,971	243,971
Banco Regional de Cuyo S.A.	50,784	50,784
InvertirOnline S.A.U. / InvertirOnline.Com Argentina S.A.U.	1,846,042	1,846,042
Micro Lending S.A.U.	1,453,519	1,453,519
Others	35,935	28,643
TOTAL	3,639,937	3,632,645

The recoverable amount of a cash generating unit is determined on the basis of its value in use. These method uses cash flow projections based on approved financial budgets covering a period of five years.

The key assumptions are related to marginal contribution margins. These were determined on the basis of historic performances, other external sources of information and the expectations of market development.

The discount rates used are the respective average cost of capital (“WACC”), which is considered a good indicator of the cost of capital. For each cash generating unit, where the assets are assigned, a specific WACC was determined considering the industry, the country and the size of the business.

The main macroeconomic premises used are detailed below:


	Real		Forecast		Forecast		Forecast		Forecast		Forecast
	2020		2021		2022		2023		2024		2025
Inflation (end of period)	35.6	%	46.8	%	29.2	%	19.6	%	18.0	%	18.0	%
Inflation (average)	44.6	%	41.1	%	37.7	%	24.3	%	18.7	%	18.0	%
Cost of funding (average)	31.3	%	40.0	%	26.8	%	21.5	%	18.8	%	18.8	%
Loan’s interest rate (average)	59.4	%	40.0	%	18.4	%	18.2	%	17.5	%	17.1	%

Goodwill has been tested annually for impairment. No impairment adjustments have been determined over these assets as a result of the tests performed.

The sensitivity analysis for the cash-generating unit to which the Goodwill was allocated was based on a 1% increase in the weighted average cost of capital. The Group concluded that no impairment loss would need to be recognized on the Goodwill in the segment under these conditions.