Annual Report 2006 – Financial Section - Quilvest
Annual Report 2006 – Financial Section - Quilvest
Annual Report 2006 – Financial Section - Quilvest
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Notes to the Consolidated <strong>Financial</strong> Statements (continued)<br />
9) Intangible Assets<br />
9.1) Schedule of changes in Intangible assets for the year <strong>2006</strong> :<br />
in $ '000 Goodwill Other Total<br />
At cost<br />
Balance as of January 1, <strong>2006</strong> 11,464 3,442 14,906<br />
Additions 633 847 1,480<br />
Disposals and derecognized assets - (260) (260)<br />
Adjustment of goodwill due to subsequent recognition of deferred tax assets 56 - 56<br />
Currency differences 1,359 300 1,659<br />
Balance as of December 31, <strong>2006</strong> 13,512 4,329 17,841<br />
Accumulated depreciation and impairment losses<br />
Balance as of January 1, <strong>2006</strong> - 1,838 1,838<br />
Amortization charge for the year - 296 296<br />
Disposals and derecognized assets - (260) (260)<br />
Currency differences - 164 164<br />
Balance as of December 31, <strong>2006</strong> - 2,038 2,038<br />
Net book value (carrying amount)<br />
Balance as of January 1, <strong>2006</strong> 11,464 1,604 13,068<br />
Balance as of December 31, <strong>2006</strong> 13,512 2,291 15,803<br />
The goodwill relates to Copagest (USD 8,706,000) and Gestor (USD 4,806,000) in <strong>Quilvest</strong> Banque Privée.The good<br />
health of the respective portfolios lead to no impairment loss at the end of <strong>2006</strong>.<br />
The other intangible assets relate to IT internal developments for the Swiss subsidiaries, specifically a new banking system<br />
for SIF and a front-office software package for the tracking of the private equity investments.<br />
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