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
6. Business combination
Customer deposits
1,254,568
1,254,568
Other liabilities
11,201
11,201
On 31 December 2007, BinckBank acquired the
Accruals and deferred
income
activities of Alex Beleggersbank. Alex
13,193
13,193
Derivative positions held
Beleggersbank was a Rabobank Group operation.
on behalf of clients
307,633
-
Trading under the Alex label, the company acts as
an internet broker in shares, options and other
1,586,595
1,278,962
financial instruments, serving private investors. It
also provides additional services such as online
Fair value of the
saving, investment advice and online asset
identifiable assets and
management. Alex is primarily active in the Dutch
liabilities
248,558
market. There were no other acquisitions in 2007
and none in 2008.
The acquisition was funded out of the proceeds of
Purchase price and
the rights issue, totalling € 385 million (before
associated costs
- Purchase price
deduction of the issue costs), and available cash.
386,900
- Transaction costs
The rights issue was completed on 14 December
4,540
2007 (see note 28).
Total
391,440
The fair value of the identifiable assets and
Fair value of the
liabilities and the goodwill as at the acquisition
identifiable assets and
date was as follows:
liabilities
248,558
Alex
Alex
Goodwill (see note 16)
142,882
fair
carrying
value
amount
Cash outflow associated
x € 1,000
x € 1,000
with the acquisition:
Cash and cash equivalents
2
2
Cash paid
(391,440)
Banks
379,429
379,429
Net cash acquired with
Loans and receivables
285,148
285,148
the subsidiary
379,431
Interest-bearing securities
599,598
599,598
Intangible assets
Net cash outflow
(12,009)
- Trading name
31,405
-
- Customer base
The goodwill paid on the acquisition of Alex is
131,058
-
- Deposits taken
attributable to the Retail cash-generating unit. This
84,095
-
- Software
goodwill chiefly represents the value of the staff
3,251
1,251
Property, plant and
and the synergistic gains achievable on completion
equipment
2,137
2,137
of the integration of the business. Of the intangible
Other assets
155
155
assets arising from the acquisition, the following
Prepayments and
categories can be identified as being assets from
accrued income
11,242
11,242
which revenue will be generated: the name Alex,
Derivative positions held
the customer base, the deposits received from
on behalf of clients
307,633
-
clients and the software developed in-house by
Alex.
1,835,153
1,278,962