Annual Report 2006 - Faisal Finance Switzerland SA

Notes to the Financial Statements
as at December 31, 2006 and 2005 35
3.4 Fixed Assets
Cost at
Beginning of
the Year
Accu. Depr.
at Beginning
of the Year
Book Value
at Beginning
of the
Year
Annual Report 2006
Additions
(Disposals)
2006
Depreciation
for the
Year
(in ‘000 CHF)
Book Value
at the End
of the Year
Building 2’683 675 2’008 0 (54) 1’954
Other Fixed Assets 2’801 1’775 1’026 308 (308) 1’026
Total 5’484 2’450 3’034 308 (362) 2’980
Fire insurance value of Bank building. 2’345
3.5 Indication of Pledged or Assigned Assets to Secure Own
Commitments and of Assets Subject to Reservation of Title
The Bank has not pledged or assigned any assets at year end 2006 (year end 2005: pledged assets with
a net book value of CHF 18,408,000 securing own commitments of CHF 16,589,000).
3.6 Pension Fund Obligations
All employees of the Bank are affiliated with the “Fondation de prévoyance en faveur du personnel de DMI
Administrative Services (DMI) SA et des sociétés du groupe”, a Swiss pension fund organised in accordance
with the Law on Pension Funds and providing pension, disability and death coverages under a defined
benefit scheme to three DMI entities.
Actuarial valuations of the Bank’s pension obligations are commissioned yearly by independent actuaries on
the projected unit credit basis. The latest valuation as at December 31, 2006 was based on the following
assumptions and gave the following results:
31/12/2006 31/12/2005
Assumptions underlying the Computation of Pension Obligations
Discount Rate 2.70% 3.10%
Long-Term Rate of Capital Return on Pension Assets 3.70% 3.40%
Anticipated Annual Salary Increases 2.00% 2.00%
Anticipated Pension Increase 0% 0%
31/12/2006 31/12/2005
Status of Pension Obligation
Net Assets of the Pension Fund at Fair Value 11’949 11’581
Net Present Value of Future Pension Obligations 13’576 12’473
Deficit of Pension Obligation (1’627) (892)
Unrecognised Actuarial Gains (Loss) 213 (582)
Liability Recognised under Valuation Adjustments (see Note 3.7) (1’414) (1’474)
Annual Report 2006