as at December 31, 2003 - EFG Bank Group

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38 Notes to the Consolidated Financial Statements (continued) 25. Shares in subsidiary undertakings Direct Indirect voting voting Country of Issued share capital (In thousands of currency units) % % incorporation Line of business Dec. 31, 2003 Dec. 31, 2002 EFG Private Bank SA 67 - Switzerland Bank CHF 56’410 55’000 EFG Fondkommission AB 100 67 Sweden Financial company SEK 100’000 100’000 EFG Capital International Corp 100 67 USA Broker-dealer USD 12’200 14’700 EFG Financial Consulting Co Ltd 100 67 Taiwan Consulting services TWD 18’000 8’000 SIF Swiss Investment Funds SA 100 67 Switzerland Funds administration CHF 2’500 - BEC Universal Advisory Company SA 100 67 Luxembourg Investment advisory EUR 76 - EFG Trust Company (BVI) Limited 100 67 Virgin Islands Trust company USD 500 500 BEC Thema Advisory Company SA 100 67 Luxembourg Investment advisory USD 90 - EFG Investments (Guernsey) Ltd 100 100 Guernsey Investment company CHF 250’224 246’224 EFG Eurofinancière d’Investissements SAM 100 100 Monaco Bank EUR 16’000 16’000 EFG Private Bank Ltd 95 95 United Kingdom Bank GBP 111’215 111’212 EFG Private Bank (Channel Islands) Ltd 100 95 Guernsey Bank GBP 5’000 5’000 EFG Reads Trust Company Ltd 100 95 Jersey Trust company GBP 9 9 EFG Asset Management Ltd 100 95 United Kingdom Asset management GBP 4’000 4’000 EFG Platts Flello Ltd 100 98 United Kingdom Financial planning GBP 181’000 - EFG Eurobank Ergasias SA 41 41 Greece Bank EUR 930’680 865’262 EFG Private Bank (Luxembourg) SA 100 56 Luxembourg Bank EUR 70’000 70’000 EFG Eurobank Ergasias Leasing SA 100 41 Greece Leasing company EUR 47’000 47’000 EFG Eurobank Securities SA 100 41 Greece Securities company EUR 12’000 12’000 Eurobank Cards SA 100 41 Greece Credit card company EUR 3’082 587 EFG Telesis Finance SA 100 41 Greece Investment banking EUR 15’807 15’807 EFG Life Insurance SA 100 41 Greece Insurance services EUR 1’468 1’468 EFG Property and Casualty Insurance SA 100 41 Greece Insurance services EUR 352 352 EFG Mutual Fund Management Company SA 100 41 Greece Asset management EUR 1’115 1’115 EFG Factors SA 100 41 Greece Factoring company EUR 9’000 6’000 Banc Post SA 53 22 Romania Bank ROL 2’460’509’000 2’460’509’000 EFG Business Services SA 100 41 Greece Payroll and advisory services EUR 3’816 3’816 EFG Eurobank Properties SA 50 21 Greece Real estate services EUR 14’991 14’693 ELDEPA SA 50 21 Greece Property rental EUR 3’721 3’721 EFG Eurobank Ergasias International (C.I.) Ltd 100 41 Guernsey Offshore banking GBP 10’000 10’000 OPEN 24 SA 100 41 Greece Sundry services EUR 2’989 2’989 EFG Insurance Services SA 90 37 Greece Insurance brokerage EUR 300 88 EFG Eurobank Asset Management SA (ex. Telesis M/F) 100 41 Greece Asset management EUR 1’465 1’465 EFG Autorental SA 100 41 Greece Vehicle leasing and rental EUR 588 588 be-Business Exchanges SA 71 29 Greece Business-to-business electronic commerce EUR 11’010 6’000 EFG Euroinvestment Development SA 51 21 Greece Closed-end mutual fund EUR 29’300 29’300 EFG Internet Services SA 100 41 Greece Internet and electronic banking EUR 4’403 4’403 Q-Quality Management Services SA 100 41 Greece Quality monitoring and improvement services EUR 294 294 Bulgarian Retail Services JSC 100 41 Greece Asset management BGN 700 700 EFG Hellas Plc 100 41 United Kingdom Special purpose financing vehicle GBP 13 13 EFG Hellas Cayman Islands Plc 100 41 Cayman Islands Special purpose financing vehicle USD 15 15 Telesis Direct SA 100 41 Greece Electronic brokerage EUR 63 63 Hellas on Line SA (formerly Comquest SA)100 41 Greece Internet and telecom services EUR 6’000 6’000 EFG Eurobank AD Beograd 92 38 Serbia Bank YUM 519’200 - Berberis Investments Ltd 100 41 Channel Islands Holding company USD 100 100 Eurocredit Retail Services Ltd 100 41 Cyprus Credit card company EUR 503 - Bulgarian Post Bank AD 92 38 Bulgaria Bank BGN 107’969 107’969 Alico/CEH Balkan Holdings Ltd 100 41 Cyprus Holding company USD 55’111 55’111 Private Financial Holdings Ltd 100 100 United Kingdom Holding company GBP 93’000 93’000 Private Financial Investments Holding Ltd 100 100 Jersey Holding company GBP 130’381 130’381 EFG Bank Group
Notes to the Consolidated Financial Statements (continued) 25. Shares in subsidiary undertakings (continued) Direct Indirect voting voting Country of Issued share capital (In thousands of currency units) % % incorporation Line of business Dec. 31, 2003 Dec. 31, 2002 EFG Ora Funding Ltd - - Cayman Islands Special purpose financing vehicle USD 1 1 EFG Exchange Holdings Ltd 100 100 Cayman Islands Holding company EUR 2’935 2’935 EFG Consolidated Holdings SA 100 100 Luxembourg Holding company EUR 220’000 220’000 EFG Audit & Consulting Services SA 100 100 Switzerland Internal audit services CHF 200 200 Direct voting % represents the voting power of companies’ immediate parent(s). Indirect voting % represents the voting power of the ultimate parent company EFG Bank European Financial Group. EFG Eurobank Ergasias SA and its material subsidiaries have been fully consolidated on the basis that the EFG Bank Group exercises control over the Board of Directors, management, policies and strategies of the bank. Shares representing 4% of EFG Eurobank Ergasias SA are pledged. 26. Investments in associated undertakings (All figures in thousands of CHF) 2003 2002 At January 1 140’693 189’616 Exchange adjustment 11’235 (6’292) Goodwill arising on acquisitions (net of credit amortisation CHF 3’587) 6’241 - Goodwill transferred from intangible assets, net of amortisation - 2’337 Establishment of new associates 11’729 2’220 Disposals of associates - (3’972) Absorptions (78’593) - Transfer to available-for-sale investment securities (37) (4’083) Transfer to subsidiaries fully consolidated (60’611) (1’576) Dividends collected (2’726) (7’028) Participation in capital increase of associates (see below) - 4’440 Share of associates’ available-for-sale investment securities revaluation losses (IAS 39 net fair value results) (13’267) (40’466) Provision for valuation losses transferred to net profit 494 - Share of current year’s profit before tax 5’675 8’293 Share of current year’s tax (654) (2’796) At December 31 20’179 140’693 Principal associates: Direct voting Country of Dec. 31, 2003 (All figures in thousands of CHF) % incorporation Line of business Balance sheet value TEFIN SA 50.0 Greece Motor vehicle sales financing 9’168 Zinon Akinita SA 25.1 Greece Investment property company 2’030 Kydon SA 100.0 Greece Investment property company 1’173 Sofitel SA 20.2 Greece Hotel 3’172 Unitfinance SA 40.0 Greece Financing company (879) Global Finance SA 49.9 Greece Financing company 1’455 Global Finance International Ltd 49.9 Greece Financing company 3’030 Global AEPEY 44.4 Greece Investment advisors 1’030 Total 20’179 The indirect voting percentage represents the voting power of the ultimate parent company, EFG Bank European Financial Group. Associates are accounted for in the consolidated financial statements using the equity method of accounting. Annual Report 2003 Group 39
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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