Annual Report 2005 - Bank am Bellevue

35
Consolidated financial statements
Notes
The individual assets and liabilities of the acquired companies were reported as follows:
CHF 1,000
Note
Bank am Bellevue Bellevue Asset Management Total
Step up to
Step up to
Book value fair value Fair value Book value fair value Fair value Fair value
Assets
Financial investments 21,542 21,542 1,293 1,293 22,835
Fixed assets 50 50 204 204 254
Client relationships 6 0 53,844 53,844 0 24,773 24,773 78,617
Brand 6 0 1,179 1,179 0 0 1,179
Goodwill 0 97,375 97,375 0 62,914 62,914 160,289
All other assets 282,948 282,948 20,495 20,495 303,443
Total assets 304,540 152,398 456,938 21,992 87,687 109,679 566,617
Liabilities and shareholders’ equity
Deferred tax liabilities 0 10,399 10,399 0 4,682 4,682 15,081
Valuation adjustments and provisions 293 293 11 11 304
Contractually agreed dividend payment to the former
shareholders of Bellevue Holding AG, Küsnacht 24,000 24,000 14,700 14,700 38,700
All other liabilities 235,686 235,686 737 737 236,423
Total liabilities 259,979 10,399 270,378 15,448 4,682 20,130 290,508
Equity 44,561 44,561 6,544 6,544 51,105
Excess purchase price 0 141,999 141,999 0 83,005 83,005 225,004
Total liabilities and shareholders’ equity 304,540 152,398 456,938 21,992 87,687 109,679 566,617
The transferred assets and liabilities are all stated at fair value, with the exception of the intangible assets
which were recapitalized on the basis of the multi-period excess earnings method (client base) or the relief
from royalty rate method (brand).
The following unaudited pro-forma details show how the accounts would have looked if the acquisitions
mentioned above had been completed by January 1, 2005:
CHF m
2005
Total income 177.5
Total costs –55.0
Gross operating profit 122.5
Group net profit 104.0
attributable to: – Shareholders of Swissfirst AG 99.9
– Minority interests 4.1
– Performance fees 20.6
Disposals
On July 1, 2005, the Swissfirst Group sold its 53 % majority shareholding in Swissfirst Structured Bonds AG to the
existing management (MBO). The sale price was CHF 1.328 million.
Swissfirst Structured Bonds AG was consolidated in the accounts for the last time on June 30, 2005. At that time
the company’s contribution to the reported profit was CHF 592,000.