OVB Allfi nanz s.v.o. Czech Republic, Prague Other O 32.57 100.00 P CZK 16.5 402.3 –/–
OVB Polska Allfi nanz z.o.o., Warsaw Other O 32.57 100.00 P PLN 1.1 19.8 –/–
1 L: Life, NL: Nonlife, B: Banking, O: Other activities / corporate business 2 F: Full consolidation, P: Proportional, E: At equity measurement
In our opinion, the Consolidated Annual Financial Statement represents a true and fair view of the actual asset, fi nance and income situation in compliance with the International Financial Reporting
Annual Financial State-al Financial Statereasonable degree of certainty. Wesonable degree of certainty. We and details of the annual fi nancial statementsand details of the annual fi nancial statements of analyses and random surveys. Moreover, we assessedof analyses and random surveys. Moreover, we assessed ion of relevant accounting principles, materiaon of relevant accounting principles, ma nd the presentations of the Conthe presentations of the Co t as a whole. We s a w bas e Swiss Auditing dit is to be planne ajor errors in the ment can be ide che y m e application of relevant accounting principles, material valuation cisions, and the presentations of the Consolidated Annual Finan-
Annual General Meeting of the subsidiary companies, which are carried in Bâloise Holding as dividend claims.
The valuation of the loans was made at nominal value taking into account the necessary depreciation. Individual impairments were conducted according to the prudence principle for all recognisable risks.
The marketable securities are either recognised at the purchase price or at the market value, with the lower of the two being applied.
Provisions are accrued to cover any risks according to the principles of prudent management.
Deferred income includes revenue already received regarding the new fi scal year and expenses for the current fi scal year, which will only be paid later.
Total other income 2.0 2.8 in CHF million 4. Administrative Expenses
Subordinated loan to Baloise Bank SoBa 30.0 30.0 in CHF million 10. Accruals Due to resolutions of the Annual General Meeting of 14th February 2008 of Baloise Fund Invest Advico, Luxembourg, of 28th February 2008 of Baloise Asset Management Schweiz AG, Basel, and the Baloise Asset Management International AG, Basel, of 29th February 2008 of Haakon AG, Basel, and of 11th March 2008 of Baloise Bank SoBa, Solothurn, the accrued dividend claims (income from participating interests) for the fi scal year 2007 were taken into account as deferred expenses.
Reduction through cancellation of treasury shares as per AGM resolution –/– –0.1
The table below provides information on the current composition of the shareholders as of 31st December 2007.
15. Payments in Accordance with OR (Obligationenrecht) Art. 663b and Art. 663c Information on payments to the Board of Directors or persons entrusted in whole or in part by the Board of Directors with management are carried in the Baloise Group’s Consolidated Annual
In addition, a purchase price retention of EUR 5 million was agreed for any guarantee claims with the sellers in the purchase agreement regarding the acquisition of Osiguranje Zagreb. The sum is deposited in escrow at a bank. Furthermore, an earnout was agreed in this purchase agreement with the sellers, the amount of which depends on the increase in the premium growth and in net profi ts in 2007, 2008 and 2009. However, the back payment is at most EUR 20 million.
Retained Earnings and Appropriation of Earnings The retained earnings amount to CHF 313.5 million.
The Board of Directors proposes to the Annual General Meeting the appropriation of the retained earnings in accordance with the table below.
Retained earnings to be carried forward 0.6 0.7 in CHF million
CHF 4.50 gross or CHF 2.92 net of the withholding tax.
In our function as statutory auditors, we have audited the accounts and the annual fi nancial statements (income statement, balance sheet and notes on the consolidated annual accounts (pages 98 to 104) for Bâloise Holding for the fi scal year ended on 31st December 2007.
The Board of Directors is responsible for the annual fi nancial statements, while our duty is to audit and assess them. We confi rm that we meet the legal requirements concerning qualifi cation and independence.
We conducted our audit in line with the Swiss Auditing Standards, according to which an audit is to be planned and conducted in such a way that major errors in the annual fi nancial statements can be identifi ed with a reasonable degree of certainty. We checked the items and details of the annual fi nancial statements by means of analyses and random surveys. Moreover, we assessed the application of relevant accounting principles, material valuation decisions, and the presentations of the annual fi nancial statements as a whole.
We believe that our audit forms a suffi ciently reliable basis for our opinion.
Moreover, we assessed the applica-eover, we assessed the applicaccounting principles, material valuation decisions,ounting principles, material valuation decisions, sentations of the annual fi nancial statements as a whole.sentations of the annual fi nancial statements as a whole.
A Accounting principles 12, 24 Accounting standards, Bâloise-Holding 100 Acquisition of companies 83 After Balance sheet date events 93 Annual General Meeting, Bâloise-Holding 105, 106 Appropriation of Retained Earnings proposed by the Board of Directors 105 Asset Liability Management 31, 33 Assets, Bâloise-Holding 99 Assets, consolidated 2 Associates 4, 6, 44, 46, 94 Auditors’ Report to the Bâloise-Holding Annual General Meeting 106
B Balance sheet, Bâloise-Holding 99 Balance sheet, consolidated 2 Bonds, Bâloise-Holding 102
E Earnings per share 82 Employee benefi ts 23, 24, 59 Employee Share Ownership Plan 63 Estimation uncertainties 24
N Notes, Bâloise-Holding 100 Notes to the consolidated annual fi nancial statement 10 Notes to the consolidated income statement 76 Number of employees 81
Related party transactions 84 Reserves, Bâloise-Holding 99, 100 Reporting standards 10 Retained earnings, proposal by the Board of Directors for appropriation of 105 Risk management 24
Signifi cant events after the balance sheet date 93 Signifi cant shareholders, Bâloise-Holding 104 Statement of changes in equity, consolidated 8
The 2007 Financial Report includes the audited 2007 annual accounts with detailed information.
Ordering and Finding The 2007 Annual and Financial Reports can be downloaded on the Internet at www.baloise.com/
geschaeftsbericht. They can be ordered in the following manner: on the Internet or from Bâloise-
Information for Shareholders and Financial Analysts On the Internet at www.baloise.com/investors you can fi nd detailed information and data on Baloise shares, the IR agenda, dividend information, ways to contact the Investor Relations Unit and topical presentations. The information is available in German and English.
Information for Media Representatives At www.baloise.com/media you will fi nd current
“media folders” with media communications, presentations, reports, pictures and podcast fi les on various Baloise events and contact with the media offi ce.