La banque d'un monde qui change 2004 - BNP Paribas

NOTE 12GOODWILLIn millions of euros 2004 2003 2002Net amount at 1 January 5,578 6,547 4,489Goodwill on acquisitions made during the year 1,354 50 2,988Translation adjustment (236) (559) (397)Amortisation for the year (408) (417) (388)Exceptional amortisation of goodwill (44) (43) (145)Unamortised goodwill at 31 December 6,244 5,578 6,547Net amortisation of goodwill totalled EUR 384 millionfor 2004 (EUR 399 million for 2003 and EUR 366 millionfor 2002), after deducting EUR 24 million in amortisation ofbadwill (EUR 18 million in 2003 and EUR 22 million in 2002).Exceptional amortisation of goodwill on investmentssold includes EUR 20 million (EUR 43 million in 2003 andEUR 95 million in 2002) corresponding to goodwill recordedon acquisition of minority interests in the Cobepa sub-group.An additional EUR 24 million in exceptional amortisationwas recorded following the sale of 75% of Cobepa toa non-consolidated entity. The exceptional amortisationwas deducted from “gains on long-term investmentsand changes in provisions”.Badwill amounted to EUR 15 million at 31 December 2004(EUR 18 million at 31 December 2003 and EUR 22 millionat 31 December 2002), including EUR 13 million concerningFinaxa.Goodwill recognised in 2004 primarily concerns theacquisition of shares in Community First Bankshares andUnion Safe Deposit Bank in an amount of USD 1,149 million,as well as the purchase of shares in Atis Real Internationaland Verner Investissements.234BNP PARIBAS - ANNUAL REPORT 2004