Annual Report 2008 – Financial Section - Quilvest

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Significant Accounting Policies (continued) 2) New interpretations IFRIC 13 Customer Loyalty Programmes Effective July 1, 2008 IFRIC 15 Agreements for the Construction of Real Estate Effective January 1, 2009 IFRIC 16 Hedges of a Net investment in a Foreign Operation Effective October 1, 2008 IFRIC 17 Distributions of Non-cash Assets Effective July 1, 2009 IFRIC 18 Transfers of Assets from Customers Effective July 1, 2009 Assessment Interpretations IFRIC 13, 15, 16, 17 and 18 do not apply to the Group. 23
Notes to the Consolidated Financial Statements 1) Changes in the scope of consolidation and ownership interests Compared to year-end 2007, the following changes in the scope of consolidation were integrated in these financial statements. In the Private Equity business segment, several new private equity vehicles were incorporated during the year 2008 and their investments integrated at cost in these financial statements. The new active Group vehicles are QPE PEP 2008, QS Cash, QS Treatment, QS Drilling, QS Hosting, QS Distribution and QS Sushi. A new company was incorporated in Dubai in May 2008, Quilvest Dubai Ltd, which is 100% owned by the Group and is fully consolidated. Quilvest Participation Ltd, incorporated in 2007, was liquidated in June 2008 and exited out of the consolidation scope. Purchase of minority interests On July 18, 2008, the Group acquired an additional 20% of the issued share capital of QLB Holding for EUR 6 million, increasing the Group participation to 85%.The Group recognized a decrease in minority interest of EUR 0.1 million (USD 0.2 million) and a goodwill of EUR 2.8 million (USD 4.1 million). On October 31, 2008 the Group acquired an additional 25% of the issued share capital of Quilvest Switzerland for CHF 9.4 million, increasing the Group participation to 100%.The carrying amount of Quilvest Switzerland net assets in the consolidated financial statements on the date of acquisition was CHF 31.4 million.The Group recognized a decrease in minority interest of CHF 7.8 million (USD 7.3 million) and a goodwill of CHF 1.5 million (USD 1.4 million). During 2008, the Group acquired an additional 8.3% of the issued shares in capital of QS PEP 2002 for USD 1.9 million and 19.8% of the issued shares in capital of QS Candy for USD 1.5 million.The consideration paid equals the fair value of the net assets acquired, thus no additional goodwill resulted from the transactions. Business combinations On March 10, 2008 the Group acquired 100% of the issued share capital of YO!Sushi Group via new created subsidiaries QS Sushi and Sushi Holding Limited 1.The shareholders of the Parent Company have an economic interest onYO!Sushi Group of 38.9%. On January 1, 2008, the Group obtained control over Hill andValley Inc. via the subsidiary QS Bakery.The shareholders of the Parent Company have an economic interest on Hill andValley of 36.6%. 24
Page 1 and 2: 2 Table of Contents Directors’ re
Page 3 and 4: Directors’ Report (continued) Cap
Page 5 and 6: Consolidated Balance Sheet for the
Page 7 and 8: Consolidated Income Statement for t
Page 9 and 10: Consolidated Statement of Changes i
Page 11 and 12: Significant Accounting Policies (co
Page 21: Significant Accounting Policies (co
Page 25 and 26: Notes to the Consolidated Financial
Page 65 and 66: Report of the Réviseur d’Entrepr
Page 67 and 68: Profit and Loss Account as of Decem
Page 69 and 70: Notes to the Annual Accounts (conti
Page 71: Earnings and Allocations Proposal -

Annual Report 2008 – Financial Section - Quilvest

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