23 Goodwill and other intangible assets
in CHF 1,000 | Software | Customer relationships | Goodwill | Total 2025 |
Acquisition cost | ||||
Balance on 01.01.2025 | 241,314 | 56,720 | 53,670 | 351,704 |
Additions | 12,747 | 12,747 | ||
Disposals/derecognitions | –1,781 | –1,781 | ||
Foreign-currency translation | –554 | –554 | ||
Balance on 31.12.2025 | 251,726 | 56,720 | 53,670 | 362,116 |
Accumulated amortisation | ||||
Balance on 01.01.2025 | –195,639 | –51,123 | –35,302 | –282,064 |
Depreciation and amortisation | –15,712 | –1,204 | –16,916 | |
Impairment | 0 | |||
Disposals/derecognitions | 1,781 | 1,781 | ||
Foreign-currency translation | 514 | 514 | ||
Balance on 31.12.2025 | –209,056 | –52,327 | –35,302 | –296,685 |
Net book values on 31.12.2025 | 42,670 | 4,393 | 18,368 | 65,431 |
in CHF 1,000 | Software | Customer relationships | Goodwill | Total 2024 |
Acquisition cost | ||||
Balance on 01.01.2024 | 236,095 | 56,720 | 53,670 | 346,485 |
Additions | 13,132 | 13,132 | ||
Disposals/derecognitions | –8,224 | –8,224 | ||
Foreign-currency translation | 311 | 311 | ||
Balance on 31.12.2024 | 241,314 | 56,720 | 53,670 | 351,704 |
Accumulated amortisation | ||||
Balance on 01.01.2024 | –186,483 | –46,514 | –35,302 | –268,299 |
Depreciation and amortisation | –17,071 | –4,609 | –21,680 | |
Impairment | 0 | |||
Disposals/derecognitions | 8,224 | 8,224 | ||
Foreign-currency translation | –309 | –309 | ||
Balance on 31.12.2024 | –195,639 | –51,123 | –35,302 | –282,064 |
Net book values on 31.12.2024 | 45,675 | 5,597 | 18,368 | 69,640 |
No other intangible assets with an indefinite useful life are capitalised in the consolidated balance sheet of VP Bank Group.
Goodwill impairment test
The goodwill of CHF 18.4 million results from the existing goodwill of CHF 10.8 million from the acquisition of VP Bank (Luxembourg) SA in 2001, which is allocated to the cash-generating unit (CGU) VP Bank (Luxembourg) SA. Since 2019, there has been further goodwill of CHF 6.8 million from the acquisition of the Luxembourg private banking activities of Catella Bank by VP Bank (Luxembourg) SA. Further goodwill of CHF 0.8 million was added in the 2021 financial year from the acquisition of the client business of Öhman Bank S.A., which has its registered office in Luxembourg. Both instances of goodwill are also allocated to the CGU VP Bank (Luxembourg) SA.
The determination of the realisable amount in connection with the impairment test in the 2025 financial year was based on the fair value (Level 3) less costs to sell. The carrying value of existing goodwill as well as intangible assets is tested using the market multiples method from comparable listed enterprises or from comparable transactions. The multiple used is the so-called goodwill multiple, which is defined as the ratio of the difference between the market capitalisation and the carrying value of equity capital to the existing assets under management and is used for the valuation of companies in the wealth management sector. The realisable amount exceeded the carrying value (posted equity capital plus carrying value of acquired intangible assets after deferred taxes plus carrying value of goodwill) of the CGU to such an extent that an impairment of goodwill could be considered unlikely. An additional calculation of the realisable amount, based on the value in use, as well as a sensitivity analysis was therefore waived.