as at December 31, 2003 - EFG Bank Group

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44 Notes to the Consolidated Financial Statements (continued) 33. Other liabilities (All figures in thousands of CHF) Dec. 31, 2003 Dec. 31, 2002 Taxation 35’664 19’547 Due to associated undertakings - 60 Accruals 798’282 371’636 Pension and other post-retirement obligations (note 34) 40’915 28’297 Other liabilities 464’585 640’355 Total 1’339’446 1’059’895 34. Retirement obligations The Group’s employees participate in a number of pension schemes covering substantially all employees. These schemes are valued by independent actuaries. (All figures in thousands of CHF) 2003 2002 Statutory severance indemnities at December 31 40’915 28’297 The movement in the liability recognised in the balance sheet is as follows: Balance as at January 1 28’297 31’286 Exchange adjustment 2’055 (643) New subsidiaries - 52 Additions 15’477 5’724 Indemnities paid (4’914) (8’122) Balance as at December 31 40’915 28’297 The principal actuarial assumptions used were: discount rate 4.7% 5.6% future salary increases 4% 4% Certain of the Group’s employees participate in multi-employer defined benefit schemes for which the Group has no constructive liability. Based on an independent actuarial study conducted in 2003, the scheme’s obligations towards the Group’s employees are fully funded. 35. Called-up share capital Dec. 31, 2003 Dec. 31, 2002 Number Total Number Total (All figures in thousands of CHF) of shares nominal value of shares nominal value Authorised, issued and fully paid Ordinary share capital 900’000 250’000 900’000 250’000 Total share capital 900’000 250’000 900’000 250’000 EFG Bank Group
Notes to the Consolidated Financial Statements (continued) 36. Treasury shares of quoted subsidiary A quoted subsidiary of the Group, EFG Eurobank Ergasias SA , has received the approval of its shareholders to purchase its own shares under a special treasury share purchase scheme. As at December 31, 2003, EFG Eurobank Ergasias SA held its own shares representing 2.98% (2002: 4.4%) of the Bank’s share capital. The shares were acquired at a total cost of CHF 201’716 thousands (2002: CHF 315’079 thousands). The Group’s shareholders’ equity has been reduced by the total cost of own shares purchased. 37. Geographical concentration Dec. 31, 2003 Total Total Credit Capital expenditure and foward (All figures in thousands of CHF) assets liabilities commitments placements Geographical concentrations of assets, liabilities and off balance sheet items Switzerland 830’297 1’611’023 88’189 - Greece 37’691’804 37’694’494 1’908’409 9’344 United Kingdom 2’156’958 1’645’234 9’649 - Luxembourg 426’905 312’136 17’481 12’633 Other Western European countries 4’671’777 1’411’370 5’710 361 Canada and USA 774’471 194’205 3’446 - Africa and Middle East 89’345 219’629 2’656 - Asia and Oceania 1’219’105 786’267 105’600 63’765 Eastern European and other countries 3’140’924 3’394’137 54’409 736 Total 51’001’586 47’268’495 2’195’549 86’839 Dec. 31, 2002 Total Total Credit Capital expenditure and foward (All figures in thousands of CHF) assets liabilities commitments placements Geographical concentrations of assets, liabilities and off balance sheet items Switzerland 368’963 966’633 95’457 17’608 Greece 30’884’804 21’689’979 1’672’359 14’689 United Kingdom 1’462’301 755’769 9’649 8’306 Luxembourg 182’881 494’262 317 122 Other Western European countries 4’902’253 11’439’686 8’532 - Canada and USA 767’631 111’904 1’627 - Africa and Middle East 110’059 266’070 1’481 - Asia and Oceania 642’707 625’250 2’767 693 Eastern European and other countries 1’846’133 1’581’229 96’660 5’180 Total 41’167’732 37’930’782 1’888’849 46’598 Annual Report 2003 Group 45
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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