ICICI Bank 2003 Annual Report Download - page 141

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F77
Continued
notes to the consolidated financial statements
All the designated hedges entered into by the Company qualify as fair value hedges under SFASNo.133. There are
no cash flow hedges or hedges of net investments in foreign operations. For fair value hedges, changes in the fair
value of the hedged asset or liability due to the risk being hedged are recognized in the statement of operations
along with changes in the fair value of the derivative. The Company assesses the effectiveness of the hedge
instrument at inception and continually on a quarterly basis. The ineffectiveness, to the extent to which offsetting
gains or loss are not achieved, is recorded through the statement of operations.
The table below summarizes certain information relating to the Company’s hedging activities:
(Rs. in millions)
As of March 31,
2002 2003
Fair value hedges 1,161 1,836
Hedge ineffectiveness recognized in earnings 77 128
14. Property and equipment
A listing of property and equipment by asset category is set out below:
(Rs. in millions)
As of March 31,
2002 2003
Land 1,336 1,535
Buildings 7,208 11,194
Equipment and furniture 5,304 4,068
Capital work-in-progress 469 1,077
Others 423 8,593
Gross value of property and equipment 14,740 26,467
Accumulated depreciation (2,163) (5,252)
Property and equipment, net 12,577 21,215
As of March 31, 2003, land and buildings include certain assets of Rs. 622million (2002:Rs. 397 million), which
have not yet been registered in the Company’s name pending regulatory transfer approvals.
15. Assets held for sale
As of March 31, 2003, assets held for sale represent certain assets of Rs. 2,306million (2002:Rs. 2,029million)
acquired through foreclosure of loans.
16. Goodwill and intangible assets, net
A listing of goodwill and intangible assets by category is set out below:
(Rs. in millions)
As of March 31,
2002 2003
Goodwill 2,304 4,841
Accumulated amortization (54) (54)
Goodwill, net 2,250 4,787
Customer-related intangibles —5,635
Accumulated amortization —(590)
Customer related intangibles, net 5,045
Other intangibles —76
Accumulated amortization —(3)
Other intangibles, net —73
Goodwill and intangible assets, net 2,250 9,905