Annual Report 2008 – Financial Section - Quilvest

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Notes to the Consolidated Financial Statements (continued) 9) Investment Property Schedule of changes in Investment Property In $ ‘000 2008 2007 At fair value Balance at January 1 9,834 8,049 Revaluation gains/ (losses) (498) 890 Currency differences (303) 895 Balance at December 31 9,033 9,834 Carrying amount Balance at January 1 9,834 8,049 Balance at December 31 9,033 9,834 The investment property relates to offices rented to third parties within the building located at 241 and 243, Boulevard Saint- Germain in Paris. Rental income related to this invesment amounts to USD 851,000 (EUR 602,000) in 2008, compared to USD 432,000 (EUR 295,000) in 2007. The operating expenses related to the buildings amount to USD 193,000 (EUR 131,000) in 2008, compared to USD 98,000 (EUR 67,000) in 2007. 35
Notes to the Consolidated Financial Statements (continued) 10) Intangible Assets 10.1) Schedule of changes in Intangible assets for the year 2008 In $ ‘000 Goodwill Other Total At cost Balance at January 1, 2008 16,761 5,412 22,173 Additions 47,886 739 48,625 Disposals and derecognized assets - (126) (126) Currency differences (9,519) 80 (9,439) Balance at December 31, 2008 55,128 6,105 61,223 Accumulated depreciation and impairment losses Balance at January 1, 2008 - 2,640 2,640 Amortization charge for the year - 705 705 Currency differences - (2) (2) Balance at December 31, 2008 - 3,343 3,343 Carrying amounts Balance at January 1, 2008 16,761 2,772 19,533 Balance at December 31, 2008 55,128 2,762 57,890 The breakdown of goodwill at reporting date is as follows : Quilvest Banque Privée increased its goodwill in QLB sub-group to EUR 10.6 million (USD 15 million) by the addition of EUR 2.8 million (USD 4.1 million, refer to note 1) as a result of the acquisition of an additional 20% of the issued share capital of QLB sub-group and the revaluation of the existing put options by EUR 1.6 million (USD 2.4 million).The goodwill in QuilvestAlternative Investments is EUR 1.8 million (USD 2.6 million) increasing by EUR 0.1 million (USD 0.2 million) due to the revaluation of put options. Goodwill on Gestor remained unchanged to EUR 3.6 million (USD 5.2 million). The goodwill as the result of business combinations is equal to USD 30.9 million at year end 2008, compared to USD 39.7 million at acquisition date (refer to note 1). The acquisition of additional 25% of the issued share capital of Quilvest Switzerland results in a goodwill of CHF 1.5 million (USD 1.4 million) at year end 2008, compared to USD 1.4 million at acquisition date (refer to note 1). The other intangible assets relate to IT developments for the Swiss subsidiaries, specifically a banking system, a front-office software package for the tracking of the private equity investments and a group reporting software. No impairment losses had to be accounted for intangible assets at end of 2008 and 2007. 36
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 23 and 24: Notes to the Consolidated Financial
Page 33: 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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