ANNUAL REPORT 2009 - GAM Holding AG

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2009 2008 CHF 1000 CHF 1000 Cash and cash equivalents at beginning of the year 17 947 712 12 719 069 Cash flow from operating activities 2 267 946 7 679 025 Cash flow from investing activities -1 409 111 -320 280 Cash flow from financing activities -141 721 -2 326 084 Changes in cash and cash equivalents due to separation -17 637 781 - Effects of exchange rate changes -52 844 195 982 Cash and cash equivalents at the end of the year 974 201 17 947 712 Cash and cash equivalents are structured as follows: 31.12.2009 31.12.2008 CHF 1000 CHF 1000 Cash 18 1 987 643 Money market instruments - 8 137 989 Due from banks (original maturity of less than three months) 974 183 7 822 080 Total 974 201 17 947 712 Additional information 31.12.2009 31.12.2008 CHF 1000 CHF 1000 Interest received 16 732 1 067 995 Interest paid -3 097 -676 406 Dividends on equities (including associates) received 198 660 36 195 Total 212 295 427 784 GAM Holding Ltd. Annual Report 2009 35 GROUP FINANCIAL REPORT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GAM Holding Ltd., formerly Julius Baer Holding Ltd., is a Swiss corporation. The consolidated financial statements as of 31 December 2009 comprise those of GAM Holding Ltd. and all its subsidiaries. The Board of Directors approved these financial statements on 26 February 2010. In addition, they must be approved by the Ordinary Annual General Meeting on 13 April 2010. Amounts in the annual financial statements are stated in Swiss francs. The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). Generally, the historical cost principle is applied, with the exception of financial assets at fair value through profit or loss, derivative financial instruments and financial investments available-for-sale, as well as certain financial liabilities, which are measured at fair value. USE OF ESTIMATES IN PREPARING THE CONSOLIDATED FINANCIAL STATEMENTS In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect reported income, expenses, assets, liabilities and disclosure of contingent liabilities. Actual results in future periods could differ from such estimates. Estimates and assumptions are used mainly in the following areas of the consolidated financial statements and are discussed in the corresponding notes: determining fair values of financial instruments, provisions and valuation allowances, pension assets and liabilities, deferred taxes assets, share-based payments, goodwill and other intangible assets. ACCOUNTING POLICIES All Group companies apply uniform accounting and valuation principles, which remained the same as in the previous year, except as outlined at the end of this summary of significant accounting policies. Subsidiaries and associates Subsidiaries in which GAM Holding Ltd. directly or indirectly owns a majority of the voting shares or in which it exercises control in some other way are fully consolidated. A complete list of these companies is provided in Note 24. The financial statements of the subsidiaries are included in the consolidated financial statements from the date that control is transferred to the Group until the date that control ceases. The effects of all intercompany transactions and balances are eliminated on consolidation. Foreign currency translation The Group companies prepare their financial statements in the respective functional currency. The balance sheets of Group companies that are denominated in foreign currencies are translated into Swiss francs at the closing exchange rates on the balance sheet date. Average exchange rates for the reporting period are used for the income statements. Exchange differences arising from consolidation using closing and average exchange rates for the reporting period are recognised in other comprehensive income. In the individual financial statements of the Group companies, income and expenses denominated in foreign currencies are translated at the exchange rate on the date of the respective transaction. Assets and liabilities are translated at the closing exchange rate on the balance sheet date. The resulting gains and losses on monetary assets and liabilities are recognised in the income statement as foreign exchange gains/losses. Unrealised exchange differences on equity securities available-for-sale are a component of the change in their entire fair value and are recognised in other comprehensive income. 36 GAM Holding Ltd. Annual Report 2009
Page 1 and 2: ANNUAL REPORT 2009
Page 3 and 4: 2 GAM Holding Ltd. Annual Report 20
Page 5 and 6: As we emerge from the financial cri
Page 9 and 10: 1. GROUP STRUCTURE AND SHAREHOLDERS
Page 11 and 12: 2. CAPITAL STRUCTURE 2.1 CAPITAL As
Page 13 and 14: 3. BOARD OF DIRECTORS All the membe
Page 15 and 16: Attendance of the members of the Bo
Page 17 and 18: Committee oversees the compensation
Page 19 and 20: 4. SENIOR MANAGEMENT 4.1 MEMBERS OF
Page 21 and 22: from the Group Head of Human Resour
Page 23 and 24: 5.4 COMPENSATION OF THE BOARD OF DI
Page 25 and 26: 6. SHAREHOLDERS’ PARTICIPATION RI
Page 27 and 28: 9. INFORMATION POLICY GAM Holding L
Page 31 and 32: CONSOLIDATED STATEMENT OF COMPREHEN
Page 33 and 34: CONSOLIDATED STATEMENT OF CHANGES I
Page 35: CONSOLIDATED STATEMENT OF CASH FLOW
Page 39 and 40: The recoverable amount equals the p
Page 41 and 42: financial liability, any gain or lo
Page 43 and 44: Debt issued Issued bonds are initia
Page 45 and 46: CHANGES IN ACCOUNTING POLICIES The
Page 47 and 48: Classification of Rights Issues (am
Page 49 and 50: COMMENT ON RISK AND CAPITAL MANAGEM
Page 51 and 52: The following tables show the credi
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Page 57 and 58: Capital risk management In managing
Page 59 and 60: NOTES TO THE CONSOLIDATED INCOME ST
Page 61 and 62: 6 INCOME TAXES 2009 2008 CHANGE CHF
Page 63 and 64: 7 REPORTING BY SEGMENT TOTAL CONSOL
Page 65 and 66: 8 EARNINGS PER REGISTERED SHARE AND
Page 67 and 68: 9C ALLOWANCE FOR CREDIT LOSSES 2009
Page 69 and 70: 11 OTHER FINANCIAL INVESTMENTS AND
Page 71 and 72: 11C OTHER FINANCIAL LIABILITIES Tra
Page 73 and 74: Goodwill BALANCE ON ADDITIONS/ DISP
Page 75 and 76: Brand impairment testing Whenever t
Page 77 and 78: 16A DEFERRED TAX ASSETS 31.12.2009
Page 79 and 80: 17 PROVISIONS 2009 2008 RESTRUCTURI
Page 81 and 82: Distribution of dividend In 2009 an
Page 83 and 84: For Information on compensation, lo
Page 85 and 86: 3. Income statement 2009 2008 CHF 1
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21 SECURITIES TRANSACTIONS 31.12.20
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23A FINANCIAL INSTRUMENTS BY CATEGO
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23B FINANCIAL INSTRUMENTS - FAIR VA
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The following table presents the ch
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DOMICILE CURRENCY SHARE CAPITAL EQU
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Name changes in the companies conso
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26 ACQUISITIONS Purchase of Creinve
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Out of the total option grant to ma
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GAM Holding Ltd. Share Option Schem
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104 GAM Holding Ltd. Annual Report
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BALANCE SHEET Assets Current assets
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NOTES CONTINGENT LIABILITIES 31.12.
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COMPENSATION, LOANS AND SHARE AND O
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NUMBER OF SHARES NUMBER OF VESTED O
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Loans to the members of the Senior
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PROPOSED APPROPRIATION OF RETAINED
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GAM HOLDING LTD Klausstrasse 10 P.O
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ANNUAL REPORT 2009 - GAM Holding AG

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