Annual report 2008
Binck Bank
- Consolidated Financial Statements
- Notes to the consolidated financial statements
- Notes to the consolidated balance sheet
- 8. Cash and balances with central banks 9. Banks 10. Financial assets held for trading 11. Financial assets at fair value through profit or loss
- 12. Available-for-sale financial assets 13. Loans and receivables
- 14. Held-to-maturity financial assets 15. Investments in associates
- 16. Intangible assets
- 17. Property, plant and equipment
- 18. Tax
- 19. Deferred tax
- 20. Other assets 21. Prepayments and accrued income 22. Derivative positions held on behalf of clients
- 23. Customer deposits 24. Financial liabilities at amortised cost 25. Provisions
- 26. Other liabilities 27. Accruals and deferred income
- 28. Shareholders' equity
- Notes to the consolidated income statement
- 29. Interest 30. Commission
- 31. Other income 32. Result on investments 33. Impairment losses on financial instruments 34. Employee expenses
- 35. Depreciation and amortisation 36. Other operating expenses 37. Earnings per share (euros)
- 38. Diluted earnings per share (euros) 39. Paid and proposed dividend
- 40. Related party disclosures
- 41. Liabilities not shown on the face of the balance sheet
- 42. Post-balance-sheet events 43. Segment information
- 44. Financial risks
- 45. Fair value financial instruments
- Company Financial Statements
- Notes to the company financial statements
- Notes to the company balance sheet
- C. Cash and balances with central banks d. Due from Banks e. Financial assets held for trading f. Financial assets at fair value through profit and loss
- G. Available-for-sale financial assets h. Loans and receivables i. Held-to-maturity financial assets j. Investments in subsidiaries and associates
- K. Intangible assets
- L. Property, plant and equipment
- M. Current tax assets n. Deferred tax o. Other assets
- P. Prepayments and accrued income q. Customer deposits r. Financial liabilities at amortised cost s. Provisions
- T. Other liabilities u. Accruals and deferred income
- V. Shareholders' equity w. Other information
Notes to the company balance sheet
31 December 2008
31 December 2007
x € 1,000
x € 1,000
v. Shareholders' equity
477,641
466,816
Issued share capital
7,709
7,709
A total of 77,093,508 ordinary shares were in issue, each with a
nominal value of € 0.10. The share capital is fully paid up. On 14
December 2007, 46,256,105 shares were issued in connection with a
3-for-2 rights issue at a price of € 8.32 per share.
Number of shares as at 1 January
77,093,508
30,837,403
Issue
46,256,105
Number of shares as at 31 December
77,093,508
77,093,508
Stichting Prioriteit Binck holds 50 priority shares (with a nominal
value of € 0.10 per share).
Share premium
392,395
392,395
The share premium is exempt from tax and in principle freely
distributable.
Treasury shares
(5,628)
(487)
Number
Amount
Number
Amount
Carrying amount as at 1 January
129,137
(487)
253,145
(956)
Issued to Management Board members and employees
(67,477)
254
(19,508)
74
Exercise of options
(34,073)
129
(100,000)
378
Reacquired from employees
1,275
(5)
(4,500)
17
Acquired through treasury share repurchase programme
1,024,580
(5,519)
-
-
Carrying amount as at 31 December
1,053,442
(5,628)
129,137
(487)
As at 1 January 2008, the number of treasury shares held was
129,137, acquired at an average purchase price of € 3.78. In 2008,
101,550 treasury shares were issued. The issued shares were
charged to other reserves at the average purchase price of € 3.78.
In 2008, 1,024,580 shares were repurchased through the share buy
back programme at an average price of € 5.39 and 1,275 shares were
acquired from an employee of Syntel who has left the company at a
price of € 3.78. The carrying amount of the repurchased treasury
shares as at year-end 2008 was measured at the average purchase
price of € 5.34. The change in equity in respect of treasury shares
reflects the amounts bought and sold. The quoted share price as at
year-end 2008 was € 5.45 (2007: € 10.11).
On 7 May 2008, a total of 30,500 shares were granted members of
the Management Board and employees as a variable remuneration
element in respect of performance in 2007. The expense was
recognised in 2007. On the same date, 17,530 shares were granted to
the Management Board and employees under the bonus share
scheme forming part of the long-term remuneration package, the
award of which was made in respect of the 2004 financial year. A
change in remuneration policy resulted in the buy-out in 2008 of
accrued entitlements to bonus shares as part of the long-term
remuneration for the Management Board in respect of the years
2005 - 2007, by the issue of 19,447 shares. The associated costs were
recognised in the years 2004 - 2007.
Unappropriated profit
33,145
32,155
Carrying amount as at 1 January
32,155
24,009
Added to other reserves
(32,155)
(24,009)
Profit for the year
33,145
32,155
Carrying amount as at 31 December
33,145
32,155
Fair value reserve
6,616
(1,342)
Carrying amount as at 1 January
(1,342)
(649)
Unrealised gains on available-for-sale financial assets
8,451
(930)
Unrealised losses on available-for-sale financial assets
(3,050)
Fair value gains and losses recognised through profit and loss
(231)
Tax on unrealised gains and losses on available-for-sale financial
assets
2,788
237
Carrying amount as at 31 December
6,616
(1,342)
The reserve comprises the fair value gains and losses, after tax,
on available-for-sale financial assets.
Other reserves
43,404
36,386
These comprise:
(I) Foreign currency translation reserve
70
209
(II) Revaluation reserve for subsidiaries and associates
2,216
-
(III) Other reserves
41,118
36,177
43,404
36,386
(I) Foreign currency translation reserve
Carrying amount as at 1 January
209
334
Movement
(139)
(125)
Carrying amount as at 31 December
70
209
The foreign currency translation reserve comprises exchange
differences arising on translation of the financial statements of
non-eurozone subsidiaries.
(II) Revaluation reserve for subsidiaries and associates
Carrying amount as at 1 January
-
-
Movement
2,216
-
Carrying amount as at 31 December
2,216
-
This reserve comprises the gains and losses in the fair value of the
equity-accounted investments due to movements in equity as a
result of revaluation of the available-for-sale financial assets in the
subsidiary or associate.
(III) Other reserves
Carrying amount as at 1 January
36,177
24,612
Rights to shares granted
58
535
Issue of shares to Management Board and employees
(254)
(74)
Proceeds from the sale of rights attaching to treasury shares
-
422
Exercise of options
(50)
(154)
Payment of final dividend
(11,560)
(8,874)
Payment of interim dividend
(15,413)
(4,299)
Shares reacquired from employees
5
Appropriation of profit for previous year
32,155
24,009
Carrying amount as at 31 December
41,118
36,177
For details of the option rights, rights to shares and the bonus
scheme for Syntel staff, see note 28 to the consolidated financial
statements.
w. Other information
The total fees charged to the entity during the year for auditing
the 2008 financial statements amounted to € 420,000 (2007:
€ 433,000). The costs for other audit engagements in 2008
amounted to € 90,000 (2007: € 60,000). For audit-related activities
in 2008, charges amounted to € 37,000 (2007: € 496,000). The
audit-related activities in 2007 included activities concerned with
the prospectus in connection with the acquisition of Alex
Beleggersbank.