as at December 31, 2003 - EFG Bank Group

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64 Review of Parent Bank Activities and Financial Statements Activities During 2003, EFG Bank European Financial Group continued to focus on its role as holding company for the EFG Bank Group, whilst maintaining client relationships. The Bank comprises the Banking Department, Group Finance Department, Group Risk Unit, and Group Control and Regulatory Unit. Results for the year ended December 31, 2003 The profit for the year was CHF 13.3 million versus CHF 13.0 million for the previous year. Net interest income went down to CHF 1.9 million (2002: CHF 2.5 million) due to lower interest rates. Net commission income and service fees increased to CHF 7.6 million (2002: CHF 6.5 million). It included the recharge to Group entities of costs incurred as a result of the performance of monitoring tasks in its capacity as Group parent bank, which amounted to CHF 4.0 million (2002: CHF 3.1 million). A CHF 1.4 million decrease in commissions earned on discretionary management and fiduciary deposits was offset by a CHF 0.4 million increase in brokerage fees, a CHF 0.3 million increase in account fees and a CHF 0.6 million reduction in fees paid to the Bank’s Swiss subsidiary, EFG Private Bank SA, in respect of client accounts that the latter manages on behalf of the Bank. Trading income amounted to CHF 1.1 million (2002: CHF 1.2 million) and consisted essentially of net income on foreign exchange transactions entered into on behalf of clients. Dividend income decreased to CHF 13.0 million (2002: CHF 14.0 million) due to the effect of lower interest rates on income generated by the Bank’s treasury investment subsidiary, EFG Investments (Guernsey) Ltd. Operating expenses remained stable at CHF 10.1 million (2002: CHF 10.5 million). At December 31, 2003, total assets amounted at CHF 653 million (2002: CHF 632 million). There has been no significant change in the Bank’s balance sheet structure compared to the previous year’s closing. Proposal for the appropriation of available earnings as at December 31, 2003 With the inclusion of the balance brought forward of CHF 34’099, the available earnings at December 31, 2003 amounted to CHF 13’288’975. The Board of Directors proposes that this amount be appropriated as follows: CHF Allocation to general legal reserve 700’000 Allocation to other reserves 12’500’000 Retained earnings carried forward 88’975 EFG Bank European Financial Group
Report of the Statutory Auditors to the General Meeting of the Shareholders As statutory auditors, we have audited the accounting records and the financial statements (profit and loss account, balance sheet, and notes set out on pages 66 to 75) of EFG Bank European Financial Group for the year ended December 31, 2003. These financial statements are the responsibility of the Board of Directors. Our responsibility is to express an opinion on these financial statements based on our audit. We confirm that we meet the legal requirements concerning professional qualification and independence. Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession, which require that an audit be planned and performed to obtain reasonable assurance about whether the financial statements are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the financial statements. We have also assessed the accounting principles used, significant estimates made, and the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the accounting records, the financial statements and the proposed appropriation of available earnings comply with Swiss law and the company’s articles of incorporation. We recommend that the financial statements submitted to you be approved. Geneva, April 5, 2004 PricewaterhouseCoopers SA Jean-Christophe Pernollet Anthony Travis Annual Report 2003 65
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Annual Report 2003
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Contents 3 Consolidated financial h
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4 Report of the Board of Directors
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6 Report of the Board of Directors
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8 EFG Bank Group’s Activities The
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10 EFG Bank Group’s Activities (c
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12 Consolidated Statement of Income
Page 16 and 17: 14 Consolidated Statement of Change
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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
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as at December 31, 2003 - EFG Bank Group

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