as at December 31, 2003 - EFG Bank Group

More documents

Recommendations

Info

56 Notes to the Consolidated Financial Statements (continued) 48. Outsourcing The Group does not outsource any significant activities and/or operations. 49. Swiss banking law requirements The EFG Bank Group is subject to consolidated supervision by the Swiss Federal Banking Commission. The consolidated financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRS). Set out below are the deviations which would result if the provisions of the Banking Ordinance and the Guidelines of the Swiss Federal Banking Commission governing financial statement reporting, pursuant to Article 23 through Article 27 of Banking Ordinance, were applied in the preparation of the consolidated financial statements of the Group. (a) Financial investments Under IFRS, available-for-sale financial investments (note 23) are carried at fair value. Changes in the fair value of available-for-sale financial investments are recorded as increases or decreases to shareholders’ equity (see consolidated statement of changes in equity) until an investment is sold, collected or otherwise disposed of, or until an investment is determined to be impaired. At the time an available-for-sale investment is determined to be impaired, the cumulative unrealised gain or loss previously recognised in shareholders’ equity is included in net profit or loss for the period. On disposal of an available-for-sale investment, the difference between the net disposal proceeds and carrying amount, including any previously recognised unrealised gain or loss arising from a change in fair value reported in shareholders’ equity, is included in the statement of income for the period. Under Swiss law, financial investments are carried at the lower of cost or market value. Reductions, as well as gains or losses on disposals, are included in gains and losses from other securities. (b) Derivative financial instruments Under the specific rules of IAS 39, the majority of the Group’s derivative financial instruments are classified as trading and reflected on the balance sheet at fair values. Changes in fair values are reflected in net trading income. Under Swiss law, the majority of the Group’s derivative instruments qualify for hedge accounting and are recorded on balance sheet at their fair values (gross positive and negative replacement values). Changes in fair values are accounted for in accordance with the accounting treatment of the item being hedged. (c) Extraordinary income and expense Under IFRS, items of income and expense can only be classified as extraordinary if they are clearly distinct from the ordinary activities and their occurrence is expected to be rare. Under Swiss law, income and expense items related to other accounting periods, as long as they are attributable to corrections or mistakes from previous periods, and/or not directly related with the core business activities of the enterprise (e.g. realised gains on sale of investments in associated undertakings or property, plant and equipment) are recorded as extraordinary income or expense. In 2003, there were no material reclassifications with respect to extraordinary income and expense items. EFG Bank Group
Principal Offices Parent Bank EFG Bank European Financial Group 24 quai du Seujet 1211 Geneva 2 Switzerland Telephone (+41) 22 906 72 72 Facsimile (+41) 22 906 72 73 Website www.efggroup.com e-mail office@efggroup.com Pericles Petalas: Chief Executive Officer Principal subsidiaries - Private banking and asset management EFG Private Bank SA Bahnhofstrasse 16 P.O. Box 2255 8001 Zurich Switzerland Telephone (+41) 1 226 17 17 Facsimile (+41) 1 226 17 26 Website www.efgprivatebank.com Lawrence D. Howell: Chief Executive Officer Markus Caduff: Head of Private Banking EFG Private Bank SA (Hong Kong Branch) 41st Floor, Two Exchange Square 8 Connaught Place, Central Hong Kong China Telephone (+852) 2298 3000 Facsimile (+852) 2298 3300 e-mail info_HK@efgbank.com Robert Chiu: Chief Executive EFG Investment Bank AB (former EFG Fondkommission AB) Engelbrektsgatan 9-11 114 32 Stockholm Sweden Telephone (+46) 8 459 64 00 Facsimile (+46) 8 662 21 50 Website www.efgib.com e-mail info@efgib.com Martin Nilsson: Managing Director (EFG Investment Bank AB also has offices in Gothenburg, Malmö and Helsinki) Annual Report 2003 EFG Private Bank SA (Geneva Branch) 24 quai du Seujet P.O. Box 2391 1211 Geneva 2 Switzerland Telephone (+41) 22 906 71 71 Facsimile (+41) 22 906 71 72 Website www.efgprivatebank.com Paul Imison: Head of Private Banking EFG Private Bank SA (Singapore Branch) 1 Raffles Place #42-00 OUB Centre Singapore 048616 Telephone (+65) 6438 2668 Facsimile (+65) 6438 1108 e-mail info_sg@efgbank.com George So: Chief Executive EFG Capital International Corp. 777 Brickell Avenue Suite 1150 Miami, FL 33131 USA Telephone (+1) 305 777 2400 Facsimile (+1) 305 777 2600 e-mail info@efgcapitalmiami.com Víctor M. Echevarría: Chief Executive Officer Group 57
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
show all

as at December 31, 2003 - EFG Bank Group

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?