16. Intangible assets
| 2016 | Cost €000 |
Accumulated amortisation €000 |
Net book value €000 |
|---|---|---|---|
| Opening balance at 1 January 2016 | 576 | (71) | 505 |
| Acquisitions during the financial year | 368 | - | 368 |
| Amortisation for the financial year | - | (88) | (88) |
| Balance at 31 December 2016 | 944 | (159) | 785 |
| 2015 | Cost €000 |
Accumulated amortisation €000 |
Net book value €000 |
|---|---|---|---|
| At the beginning of the period | - | - | - |
| Acquisitions during the financial period | 576 | - | 576 |
| Amortisation for the financial period | - | (71) | (71) |
| Balance at 31 December 2015 | 576 | (71) | 505 |
Intangible assets relate to IT software purchased by the Company during the financial year. Amortisation charged during the financial year is included in operating expenses in the Income Statement. Assets to the value of €506k were under development at financial year end and, therefore, amortisation had not commenced on these assets.
There were no impairment losses incurred on the software assets during the financial year.