as at December 31, 2003 - EFG Bank Group

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40 Notes to the Consolidated Financial Statements (continued) 27. Property, plant and equipment Land, Furniture, buildings, equipment, Computer Total leasehold motor hardware, Investment fixed (All figures in thousands of CHF) improvements vehicles software properties assets Cost At January 1, 2003 669’168 225’403 467’364 320’899 1’682’834 Transfers (7’107) (19) 259 7’107 240 Arising from acquisition 6’648 8’491 7’668 - 22’807 Exchange adjustment 44’615 16’079 26’546 23’309 110’549 Additions 58’528 20’845 158’745 8’151 246’269 Disposals and write-offs (52’148) (15’087) (47’031) (7’948) (122’214) Impairment (64’408) - - - (64’408) Net gains from fair value adjustments - - - 8’621 8’621 At December 31, 2003 655’296 255’712 613’551 360’139 1’884’698 Accumulated depreciation At January 1, 2003 194’022 116’180 230’626 - 540’828 Transfers - 3 (3) - - Arising from acquisition 9’670 5’236 10’011 - 24’917 Exchange adjustment 13’104 8’943 13’229 - 35’276 Provision for devaluation (285) (17) (840) - (1’142) Disposals and write-offs (5’389) (8’208) (17’871) - (31’468) Charge for the year 26’207 23’760 102’317 - 152’284 At December 31, 2003 237’329 145’897 337’469 - 720’695 Net book value at December 31, 2003 417’967 109’815 276’082 360’139 1’164’003 Net book value at December 31, 2002 475’146 109’223 236’738 320’899 1’142’006 The fire insurance value of buildings is CHF 318’070 thousands (2002: CHF 271’335 thousands) and of other tangible assets CHF 170’608 thousands (2002: CHF 89’386 thousands). Leasehold improvements are in respect of premises occupied by the Group for its own activities and include CHF 13’400 thousands (2002: CHF 47’900 thousands) relating to assets under construction. In 2003, an impairment of CHF 64’400 thousands (CHF 47’700 thousands, net of deferred tax) was made against the fixed asset properties of the Group’s subsidiary Banc Post SA (Romania), this impairment was considered to have arisen before the Group’s acquisition and subsequent consolidation of Banc Post SA in November 2002. As a result a goodwill adjustment of CHF 25’100 thousands was recorded in 2003, of which CHF 12’900 thousands was directly written off to the statement of income and minority interests were reduced by CHF 22’600 thousands directly in shareholders’ equity. Investment properties During 2003, a gain from the fair valuation of investment properties of CHF 1’400 thousands (2002: CHF 43’682 thousands) was recognised in other operating income and properties previously classified as land and buildings of CHF 7’100 thousands (2002: CHF16’700 thousands) were reclassified to investment properties as a result of being leased out under an operating lease to third parties. Also during 2003, an amount of CHF 17’600 thousands (2002: CHF 4’800 thousands) was recognised as rental income from investment properties in other operating income. Capital commitments in relation to investment properties as at December 31, 2003 totalled CHF 1’100 thousands (2002: CHF 5’000 thousands). EFG Bank Group
Notes to the Consolidated Financial Statements (continued) 28. Intangible assets Intangible assets consist solely of goodwill: (All figures in thousands of CHF) Goodwill At January 1, 2003 252’977 Exchange adjustment 3’089 Goodwill arising on acquisitions 84’534 Transfer from investments in associated undertakings 28’578 Negative goodwill credited to statement of income 19’580 Amortisation charge (70’042) At December 31, 2003 318’716 Cost 3’736’313 Accumulated amortisation and impairment (3’417’597) Net book value at December 31, 2003 318’716 Cost 3’620’111 Accumulated amortisation and impairment (3’367’134) Net book value at December 31, 2002 252’977 All negative goodwill acquired in the year was credited immediately to other operating income in the statement of income. 29. Other assets (All figures in thousands of CHF) Dec. 31, 2003 Dec. 31, 2002 Accrued income 650’079 641’791 Deferred tax asset (note 13) 79’305 31’456 Repossessed properties 102’352 102’879 Other 775’454 639’885 Total 1’607’190 1’416’011 In 2003, repossessed properties transferred from other assets to investment properties totalled CHF 7’200 thousands (2002: CHF 8’500 thousands). Annual Report 2003 Group 41
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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