as at December 31, 2003 - EFG Bank Group

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28 Notes to the Consolidated Financial Statements (continued) 13. Deferred income tax Deferred income taxes are calculated on all temporary differences under the liability method using an expected effective tax rate of 32.5% (2002: 32.5%). (All figures in thousands of CHF) 2003 2002 The movement on the deferred income tax account is as follows: At January 1 31’456 60’084 Exchange adjustment 2’790 (1’465) Effect of adopting IAS 40 fair value model 2’356 (14’425) Fair value hedges - equity reserves (71’166) 86’473 Income statement credit/(charge) 44’299 (29’512) Cash flow hedges 2’331 (3’738) Equity reserve credit 67’239 (65’961) At December 31 79’305 31’456 (All figures in thousands of CHF) Dec. 31, 2003 Dec. 31, 2002 The deferred income tax assets and (liabilities) are attributable to the following items: Valuation temporary differences accounted for directly to reserves (81’800) (129’456) Valuation temporary differences 97’724 128’288 Valuation temporary differences - IAS 40 (24’933) (29’376) Cash flow hedges (458) 5’505 Depreciation temporary differences 284 4’099 Pensions and other post retirement benefits 18’090 9’801 Loan provisions 56’926 39’261 Interest temporary differences 22 299 Other temporary differences 13’450 3’035 Deferred income tax asset 79’305 31’456 (All figures in thousands of CHF) 2003 2002 The deferred income tax (credit)/charge in the statement of income comprises the following temporary differences: Valuation temporary differences (23’324) 2’472 Depreciation temporary differences 2’723 (353) Valuation temporary differences - IAS 40 (4’912) 15’081 Pensions and other post retirement benefits (7’470) (37) Loan provisions (14’489) 13’568 Interest temporary differences 293 1’452 Other temporary differences 2’880 (2’671) Deferred income tax (credit)/charge (44’299) 29’512 14. Cash and balances with central banks (All figures in thousands of CHF) Dec. 31, 2003 Dec. 31, 2002 Cash in hand 389’144 386’614 Balances with central banks 1’489’506 1’146’148 Total 1’878’650 1’532’762 Mandatory reserve deposits with central banks 1’130’593 341’732 EFG Bank Group
Notes to the Consolidated Financial Statements (continued) 15. Cash and cash equivalents (All figures in thousands of CHF) For the purpose of the statement of cash flows, cash and cash equivalents comprise the following balances with less than 90 days maturity: Dec. 31, 2003 Dec. 31, 2002 Cash and balances with central banks 1’878’650 1’532’762 Treasury bills and other eligible bills 138’758 379’620 Due from other banks 3’453’607 3’246’065 Trading securities 1’276’408 272’814 Total 6’747’423 5’431’261 16. Treasury bills and other eligible bills (All figures in thousands of CHF) Dec. 31, 2003 Dec. 31, 2002 Treasury bills 97’085 662’912 Other eligible bills 505’305 378’357 Total 602’390 1’041’269 Credit facility with central banks secured by the above - 178’326 Treasury bills are debt securities issued by the Greek Government for a term of three months, six months, or a year and are carried at their fair value. 17. Due from other banks (All figures in thousands of CHF) Dec. 31, 2003 Dec. 31, 2002 Items in course of collection from other banks 744’705 268’542 Placements with other banks 2’765’704 3’122’787 Total 3’510’409 3’391’329 Unsubordinated amounts due from settlement balances with banks 445’402 476’743 Unsubordinated amounts due from associated undertakings 15’789 150’469 Subordinated receivables 515 202 Pledged deposits with banks 294’747 251’084 18. Trading securities (All figures in thousands of CHF) Dec. 31, 2003 Dec. 31, 2002 Issued by public bodies: government 4’281’092 3’965’771 other public sector securities 176’258 539’925 Sub-total 4’457’350 4’505’696 Issued by other issuers: banks 63’854 22’023 other 252’800 211’490 Sub-total 316’654 233’513 Total 4’774’004 4’739’209 Equity securities 225’535 22’782 Debt securities 4’548’469 4’716’427 Total 4’774’004 4’739’209 Securities acceptable by central banks as collateral or for discount 1’542’315 1’586’308 Credit facility with central banks secured by the above 562’952 573’082 Annual Report 2003 Group 29
Page 1: Annual Report 2003
Page 4 and 5: Contents 3 Consolidated financial h
Page 6 and 7: 4 Report of the Board of Directors
Page 8 and 9: 6 Report of the Board of Directors
Page 10 and 11: 8 EFG Bank Group’s Activities The
Page 12 and 13: 10 EFG Bank Group’s Activities (c
Page 14 and 15: 12 Consolidated Statement of Income
Page 16 and 17: 14 Consolidated Statement of Change
Page 18 and 19: 16 Notes to the Consolidated Financ
Page 60 and 61: 58 Principal Offices (continued) Pr
Page 62 and 63: 60 Principal Offices (continued) Pr
Page 64 and 65: Contents 64 Review of Parent Bank a
Page 66 and 67: 64 Review of Parent Bank Activities
Page 68 and 69: 66 Statement of Income for the year
Page 70 and 71: 68 Off Balance Sheet Positions at D
Page 72 and 73: 70 Notes to the Financial Statement
Page 78: 76 Board of Directors and Advisory

as at December 31, 2003 - EFG Bank Group

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