Service-oriented - Die Schweizerische Post

130 Annual Report | Financial Report | Financial statements of Swiss Post Group
The following parameters were applied per country in determining the recoverable amount of goodwill relating
to subsidiaries and associates at 31 December 2006, based on the discounted cash flow method. A market
risk premium of 4.5 percent, and depending on the assessment of the risks, a small cap premium and a debt
premium of 0 – 2 percent were also used for the calculations.
Interest rate 1 Tax rate 2 WACC 3
Switzerland 2.0% 21% 5.1 – 7.4 %
Italy 3.5% 37% 7.6 %
United Kingdom 4.1% 30% 8.4 %
Netherlands 3.3% 30% 8.7 %
France 3.3% 33% 7.6 %
Germany 3.3% 38% 7.5 %
USA 4.4% 40% 8.2 %
Singapore 3.5% 20% 8.2 %
1 Yield on 10­year government bonds issued by the country in question.
2 Tax rate in the acquiree’s country.
3 Weighted average cost of capital.
On the basis of the impairment tests performed, impairment losses were recognized on two goodwill items
in the International segment totalling 1 million francs (2005: two items in the International segment totalling
2 million francs).
The goodwill paid on investments in associates is included in the book value of these equity stakes as carried in
the financial statements (see Note 23, Investments in associates).