Annual Report 2005 - Bank am Bellevue
Annual Report 2005 - Bank am Bellevue
Annual Report 2005 - Bank am Bellevue
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22<br />
Consolidated financial statements<br />
Notes<br />
6. Intangible fixed assets<br />
CHF 1,000<br />
Customer<br />
base<br />
<strong>Report</strong>ing year<br />
Other<br />
intangible<br />
Brand fixed assets<br />
Total<br />
intangible<br />
fixed assets<br />
Previous year<br />
Total<br />
intangible<br />
fixed assets<br />
At 1.1.<strong>2005</strong>/1.1.2004<br />
Cost 0 0 2,245 2,245 2,405<br />
Accumulated depreciations 0 0 –1,710 –1,710 –1,449<br />
Net book value at 1.1.<strong>2005</strong>/1.1.2004 0 0 535 535 956<br />
Financial year <strong>2005</strong>/2004<br />
Net book value at 1.1.<strong>2005</strong>/1.1.2004 0 0 535 535 956<br />
Net book value added as a result of first-time consolidation (net) 0 0 656 656 0<br />
Investments (net) 78,617 1,179 713 80,509 –29<br />
Depreciations –1,517 –59 –566 –2,142 –392<br />
Net book value at 31.12.<strong>2005</strong>/31.12.2004 77,100 1,120 1,338 79,558 535<br />
At 31.12.<strong>2005</strong>/31.12.2004<br />
Cost 78,617 1,179 4,354 84,150 2,245<br />
Accumulated depreciations –1,517 –59 –3,016 –4,592 –1,710<br />
Balance sheet value at 31.12.<strong>2005</strong>/31.12.2004 77,100 1,120 1,338 79,558 535<br />
7. Goodwill Note 31.12.<strong>2005</strong> 31.12.2004<br />
CHF 1,000<br />
Opening balance 0 0<br />
Additions 28 160,289 0<br />
of which – Investment <strong>Bank</strong>ing (<strong>Bank</strong> <strong>am</strong> <strong>Bellevue</strong> AG) 97,375 0<br />
– Asset Management (Swissfirst Asset Management AG, formerly <strong>Bellevue</strong> Asset Management AG) 62,914 0<br />
Amortization 0 0<br />
Total goodwill 160,289 0<br />
Costs relating to the acquisition of the <strong>Bellevue</strong> Group 276,110<br />
– less fair value of net assets excl. intangibles –51,106<br />
– less fair value of customer base/brand (after deferred taxes) –64,715<br />
Book value of the goodwill at the time of acquisition 160,289<br />
<strong>Annual</strong> impairment testing is performed on the existing goodwill positions for each cash generating unit (CGU),<br />
with the useful value determined for each CGU based on future discounted cash flows.<br />
The budgets serve as a basis here. Subsequent years are taken into account with a perpetual yield. Projections<br />
are based partly on empirical values and partly on the management’s view of how the markets in question are<br />
likely to develop. It is assumed that no major organizational change will occur in any of the business groups.<br />
A perpetual growth rate (inflation) of 1.0 % is assumed. The capital asset pricing model produces an average<br />
capital cost of 9.7 %.
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