Annual Report 2006 – Financial Section - Quilvest

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Notes to the Consolidated Financial Statements (continued) 3) Cash and Cash Equivalents in $ '000 2006 2005 Cash in hand (Petty cash) 329 217 Balances with banks 36,369 28,892 Call and fixed term deposits < 3 months 121,939 52,958 Treasury bills and similar securities - 70 Cash in transit 1,245 113 Cash and Cash Equivalents 159,882 82,250 The significant increase of cash is due to the important investment exits of the year of which an amount of USD 62 million is invested in short-term deposits at year end. 4) Loans and Advances to Bank Customers in $ '000 2006 2005 Loans and advances to bank customers 104,227 82,862 Allowances for doubtful loans and advances (930) - Net loans and advances to bank customers 103,297 82,862 The valuation undertaken by SIF resulted in a global allowance for doubtful loan of CHF 1,135,000 (USD 930,000) at the end of 2006.This amount covers potential default risk from a specific client. The loans are represented by USD 80.3 million at an average interest rate of 6.2% and EUR 17.5 million at an average rate of 5.4%. Secured loans to bank customers (in $ '000) 2006 2005 Loans secured by real estate 3,855 3,477 Lombard loans 94,017 75,714 Other warranties 4,285 1,497 Not collateralized 1,140 2,174 Total 103,297 82,862 20
Notes to the Consolidated Financial Statements (continued) 5) Other Receivables, Accrued Income and Prepaid Expenses in $ '000 2006 2005 Interest receivable 11 65 Other assets and receivables 21,899 19,022 Loans to employees 849 - Other loans 2,208 60 Accrued interest 2,714 1,599 Other accrued income 4,484 2,192 Prepaid expenses 326 228 Other Receivables,Accrued Income and Prepaid Expenses 32,491 23,166 6) Investments and Financial Liabilities held for Trading According to Quilvest's strategy, all equity and debt instruments of the Group are recognized at fair value and designated upon initial recognition at fair value through profit and loss. Any transaction costs are expensed as incurred. Subsequently, any changes in fair value (revaluation) or impairments are recognized as well in the income statement. Changes in fair value due to currency gains or losses are not separately recognized, but included in the change in fair value on the income statement. The fair value of private equity investments is determined on an item-by-item basis by the investment manager and approved by the Board of Directors. At disposal, gains and losses are included in realized gains or losses in the income statement. Investments in which the investor has control over the investee or considers the investee as a subsidiary are not included. Debt securities designated at fair value through profit and loss These include bonds and treasury bills. Equity securities designated at fair value through profit and loss Only non-derivative equity securities are considered here. Private equity investments in venture capital may be included when they are measured at fair value in accordance with IAS 39. Third-party funds designated at fair value through profit and loss In the case of third party funds, capital calls must be analyzed such that the amounts called for expenses or dividends and capital gains amounts distributed must be recorded in the income statement. Increases of investments and returns of capital will be recorded as an increase to assets. 21
Page 1 and 2: Financial Information 2006 Ordinary
Page 3 and 4: Report of the Group Auditors to the
Page 5 and 6: Consolidated Balance Sheet (continu
Page 7 and 8: Consolidated Cash flow Statement fo
Page 9 and 10: Significant Accounting Policies Qui
Page 11 and 12: Significant Accounting Policies (co
Page 19: Notes to the Consolidated Financial
Page 23 and 24: Notes to the Consolidated Financial
Page 53 and 54: Balance Sheet as of December 31 in
Page 55 and 56: Notes to the Annual Accounts 1. Bas
Page 57 and 58: Notes to the Annual Accounts (conti
Page 60: 84, Grand-Rue L-1660 Luxembourg R.C

Annual Report 2006 – Financial Section - Quilvest

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