Annual Report 2008 – Financial Section - Quilvest
Annual Report 2008 – Financial Section - Quilvest
Annual Report 2008 – Financial Section - Quilvest
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Notes to the Consolidated <strong>Financial</strong> Statements (continued)<br />
3) Cash and Cash Equivalents<br />
In $ ‘000 <strong>2008</strong> 2007<br />
Cash in hand (Petty cash) 486 371<br />
Balances with banks 96,397 76,412<br />
Call and fixed term deposits < 3 months 90,457 85,535<br />
Cash and Cash Equivalents 187,340 162,318<br />
4) Loans and Advances to Banks<br />
In $ ‘000 <strong>2008</strong> 2007<br />
Net loans and advances to banks 27,413 -<br />
At end <strong>2008</strong>, the carrying amount of USD 27.4 million corresponds mainly to EUR 19.4 million deposits of <strong>Quilvest</strong><br />
Banque Privée with banks for a maturity higher than three months.<br />
5) Loans and Advances to Bank Customers<br />
In $ ‘000 <strong>2008</strong> 2007<br />
Loans and advances to bank customers 129,246 127,810<br />
Specific allowance for impairment (3,187) (2,290)<br />
Net loans and advances to bank customers 126,059 125,520<br />
The impairment testing undertaken by <strong>Quilvest</strong> Switzerland and <strong>Quilvest</strong> Banque Privée results in a specific allowance for<br />
impairment of CHF 3,334,000 and EUR 30,000 (together USD 3,187,000) at the end of <strong>2008</strong> compared to CHF 2,593,000<br />
(USD 2,290,000) at the end of 2007.This amount covers potential default risk from specific clients.The movement on the<br />
specific allowances for impairment and a foreign exchange loss are recognized in the income statement for USD 745,000<br />
and USD 152,000, respectively.<br />
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