Annual Report 2006 – Financial Section - Quilvest

Notes to the Consolidated Financial Statements (continued)
31) Income from Associates
in $ '000 2006 2005
Share in the profits of associated companies 696 207
Total Income from Associates 696 207
32) Income Tax Expense
in $ '000 2006 2005
Total current year expense (2,389) (4,275)
Total deferred tax expense (172) 2,474
Total Income Tax Expense (2,561) (1,801)
All entities of the wealth management business segment of the group are domiciled in France and Switzerland and thus
fully taxable, whereas some entities within the group's private equity business segment are not subject to income tax due
to their domicile.
33) Explanatory notes to the Cash flow statement
In 2006 the company changed the presentation of the consolidated cash flow statement from the indirect method to the
direct method.The comparatives for 2005 were reperformed accordingly.
Cash flows from operating activities include the acquisitions and disposals of financial assets of the private equity segment.
Cash flows relating to the financial assets held by the wealth management segment are classified as investing cash flows.
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