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Intangibles assets and goodwill | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Intangibles assets and goodwill |
10 | Intangibles assets and goodwill
Changes in the carrying amount of intangible assets, goodwill, and accumulated amortization for the years ended December 31, 2019 and 2018 are analysed in the following tables.
|  | Trademarks patents and other |  |  | Software |  |  | Goodwill |  |  | Total |
Cost as at December 31, 2017 |  |  | 13,896 |  |  |  | 28,926 |  |  |  | 3,846 |  |  |  | 46,668 |
Additions |  |  | 169 |  |  |  | 711 |  |  |  | — |  |  |  | 880 |
Disposals |  |  | (3 | ) |  |  | (42 | ) |  |  | — |  |  |  | (45 | )
Effect of translation adjustments |  |  | (41 | ) |  |  | 22 |  |  |  | 101 |  |  |  | 82 |
Cost as at December 31, 2018 |  |  | 14,021 |  |  |  | 29,617 |  |  |  | 3,947 |  |  |  | 47,585 |
Additions |  |  | 66 |  |  |  | 847 |  |  |  | — |  |  |  | 913 |
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Effect of translation adjustments |  |  | (1 | ) |  |  | 7 |  |  |  | 121 |  |  |  | 127 |
Cost as at December 31, 2019 |  |  | 14,086 |  |  |  | 30,471 |  |  |  | 4,068 |  |  |  | 48,625 |
Accumulated amortization as at December 31, 2017 |  |  | (13,579 | ) |  |  | (27,252 | ) |  |  | — |  |  |  | (40,831 | )
Amortisation |  |  | (158 | ) |  |  | (752 | ) |  |  | — |  |  |  | (910 | )
Disposals |  |  | 1 |  |  |  | 42 |  |  |  | — |  |  |  | 43 |
Effect of translation adjustments |  |  | 27 |  |  |  | (22 | ) |  |  | — |  |  |  | 5 |
Accumulated amortization as at December 31, 2018 |  |  | (13,709 | ) |  |  | (27,984 | ) |  |  | — |  |  |  | (41,693 | )
Amortisation |  |  | (150 | ) |  |  | (767 | ) |  |  | — |  |  |  | (917 | )
Disposals |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Effect of translation adjustments |  |  | 225 |  |  |  | (219 | ) |  |  | — |  |  |  | 6 |
Accumulated amortization as at December 31, 2019 |  |  | (13,634 | ) |  |  | (28,970 | ) |  |  | — |  |  |  | (42,604 | )
Net book value as at December 31, 2017 |  |  | 317 |  |  |  | 1,674 |  |  |  | 3,846 |  |  |  | 5,837 |
Net book value as at December 31, 2018 |  |  | 312 |  |  |  | 1,633 |  |  |  | 3,947 |  |  |  | 5,892 |
Net book value as at December 31, 2019 |  |  | 452 |  |  |  | 1,501 |  |  |  | 4,068 |  |  |  | 6,021 |
Goodwill in the amount of 2,147 is related to the 2017 acquisition of a Natuzzi Mexico franchisee by the subsidiary Natmex S.DE.R.L.DE.C.V., as previously commented in note 7, and additionally in the amount of 1,921 is related to the 2016 acquisition of four “Divani&Divani by Natuzzi” stores, located in the North East of Italy. The latter acquisition was performed with a related party at arm’s length conditions. Impairment tests have been performed on goodwill in 2019 and 2018. No impairment loss has been recorded as a result of the tests performed. The key inputs and assumptions that were used in performing the 2019 and 2018 impairment tests for goodwill are as follows.
| December | 31, 2019
CGU |  | Net book value after impairment test |  |  | Growth rate |  |  | WACC |  |  | Sales CAGR 2020-2024 |
Italy – retail stores |  |  | 1,921 |  |  |  | 1.0% |  |  |  | 9.05% |  |  |  | 8.5% |
Mexico – retail stores |  |  | 2,147 |  |  |  | 3.4% |  |  |  | 13.92% |  |  |  | 9.3% |
Total goodwill |  |  | 4,068 |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2018
CGU |  | Net book value after impairment test |  |  | Growth rate |  |  | WACC |  |  | Sales CAGR 2019–2023 |
Italy – retail stores |  |  | 1,921 |  |  |  | 0.5% |  |  |  | 11% |  |  |  | 6% |
Mexico – retail stores |  |  | 2,026 |  |  |  | 0.5% |  |  |  | 18% |  |  |  | 8.5% |
Total goodwill |  |  | 3,947 |  |  |  |  |  |  |  |  |  |  |  |  |
Further, the cash flows included specific estimates for five years and a terminal growth rate thereafter. Cash flows projections have been derived from the budget approved by the Board of Directors. The estimated recoverable amount of each CGU significantly exceeded its carrying amount. Research and development costs recognised as an expense for the years ended December 31, 2019, 2018 and 2017 amount to 3,700, 3,362 and 4,508, respectively.

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- Definition The disclosure of intangible assets and goodwill. [Refer: Intangible assets and goodwill] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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- Definition Text block [abstract] + References No definition available. + Details
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