Annual Report 2008 – Financial Section - Quilvest

Directors’ Report
The directors present their Annual Report and the audited consolidated financial statements of Quilvest S.A. (“the
Company”) and its subsidiaries (all together “the Group”).
Directors
The directors of the Company who held office during the financial year are listed on page 3 of the General section of the
Annual Report.
Principal activities
The Group’s principal activities are Private Equity andWealth Management.
Business review
The business review is presented in the annual report as follows:
- Position of the business at the end of the year (page 4 in “Group Highlights” of the General section of the Annual
Report);
-Trends and factors likely to affect the future development, performance and position of the business and review of
the Company business (page 8 to 11 in the “Chief Executive Officer’s Statement” of the General section in the
Annual Report).
The Corporate Governance report (page 17 of the General section of the Annual Report) includes the sections of the
business review in respect of:
- Duties and activities of the Audit Committee;
- Role of the Remuneration Committee;
- Composition and changes of Share capital and Shareholders.
Result and dividends
The statutory result of Quilvest S.A. for the year is USD 5,972,231 (USD 13,782,365 in 2007).
Taking into account the profit brought forward as at December 31, 2008 amounting to USD 380,453, an allocation to the
legal reserve of USD 118,963 and a reduction of the share premium of USD 11,206,788, the directors are pleased to
recommend a gross dividend of USD 2,6203 per share (USD 2,5223 in 2007).
For a total of shares of 6,656,000, the total amount intended to be distributed is USD 17,440,509.
Going concern
The directors, having made appropriate enquiries, have a reasonable expectation that the Group and the Company have
adequate resources to continue its operational existence in the foreseeable future.
For this reason they continue to adopt the going concern basis in preparing the financial information 2008.
Substantial interests
As at December 31, 2008, two companies declared to hold more than 5% of the voting rights of the Company. Arconas
Holding Limited declared the holding of 15.76% of the voting rights (1,021,023 shares) and Lagel Limited declared the
holding of 5.67% of the voting rights (367,604 shares).
3