90 Dialog Semiconductor Plc | Annual report and accounts 2012  |  Section 4 | Consolidated financial statements and notes Notes to the consolidated financial statements 12. Goodwill and other intangible assets continued Hire purchase  13. Trade and other payables  14. Other financial liabilities  The Group is exposed to currency risks in the course of its operating activities. These risks are reduced by the use of forward currency exchange  contracts. Other financial liabilities comprise:  Terms and conditions of the above trade and other payables:  Trade and other payables comprise:  The carrying value of intangible assets held under hire purchase leases at 31 December 2012 was US$21,315,000 (31 December 2011: US$851,000).  Additions during the year were US$23,173,000 (2011: US$668,000). As of the reporting date future minimum payments under those hire purchase  contracts were US$19,177,000 (2011: US$662,000). The present value of the net minimum payments was US$15,462,000 (2011: US$602,000).  Customer related intangible assets comprise intangible assets acquired in a business combination containing key customers, other customer relationships  and order backlog. Intangible assets from internal development represent capitalised development costs of individual projects. We refer to Note 2 for a  description of applied accounting policies.  A key element of the 2011 additions was the acquisition of SiTel Semiconductor B.V. In connection with this acquisition the company acquired goodwill,  internally developed intangible assets, patents and customer related intangible assets, such as customer relationship and order backlog. For further  information, please refer to note 4. Dialog paid an initial amount of US$6 million in Q3-2012. In addition to this payment 24 subsequent quarterly payments of US$850,000 will be made  by Dialog amounting to a total investment of US$26,4 million. Upon initial recognition, the license agreement was capitalised with its net present value  of US$22,077,000. The discount rate used for this calculation represents the imputed interest rate which consists of a credit- and risk spread component  reflecting the business risk of the entity. The useful life has been determined being 6 years.  A key element of the 2012 additions relates to a new a US$26,4 million, 6 years licensing agreement (with the option to extend the term of the  agreement by a period of two years) which the Company entered into during the third quarter of 2012 as part of the Company’s on-going strategy to  invest in R&D. This agreement allows Dialog to access patents in the area of portable power management and battery charging technology. For the year ended 31 December 2012   other payables are non-interest bearing and have a term of less than three months.   trade payables are non-interest bearing and are normally settled on 30-60-day terms; and  At 31 December 2012  US$000  At 31 December 2011 US$000 Trade accounts payable  100,616  46,567 Other payables  5,600  3,890 106,216  50,457 At 31 December 2012  US$000  At 31 December 2011 US$000 Hire purchase agreements and finance lease obligations  3,645  661 Fair value of derivative financial instruments  472  6,552 4,117  7,213