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 consolidated income statement
42. Post-balance-sheet events
In February 2009, agreement was reached on the disposal of the remaining interest in Florint B.V. to the other
shareholders. This transaction will be effected at the fair value of the interest as at 31 December 2008.
43. Segment information
A segment is a part of BinckBank that either supplies specific products or services (i.e. a business segment) or
supplies products or services in a specific economic area (i.e. a geographical segment) and is exposed to
different risks and generates different revenues from other segments. The primary segmentation is based on
activity and the following business segments are identified: Retail and Professional Services. The Retail business
unit is a broker for private clients (mainly online brokerage). The Professional Services business unit provides
professional services in securities and derivatives transactions for professional investors in the Netherlands and
other countries, including much of the administrative effort. The secondary segmentation is geographical, with
a distinction being made between the operations in the Netherlands and those in other countries. Syntel
charged BinckBank € 4,690,000 in connection with services rendered. These costs have been eliminated in the
segment information presented below.
Business segmentation
(x € 1,000)
Continuing operations
Discontinued
Total
operations
Note
Retail
Professional services
Total
2008
2007
2008
2007
2008
2007
2008
2007
2008
2007
Interest income
86,808
21,290
8,692
6,780
95,500
28,070
(286)
441
95,214
28,511
Interest expense
(49,621)
(5,626)
(5,239)
(4,499)
(54,860)
(10,125)
19
(475)
(54,841)
(10,600)
Net interest income
29
37,187
15,664
3,453
2,281
40,640
17,945
(267)
(34)
40,373
17,911
Commission income
122,653
52,721
16,924
15,885 139,577
68,606
-
-
139,555
68,606
Commission expense
(29,672)
(14,259)
(8,724)
(8,350) (38,396)
(22,609)
-
-
(38,374)
(22,609)
Net commission income
30
92,981
38,462
8,200
7,535
101,181
45,997
-
-
101,181
45,997
Other income
31
960
-
5,202
5,504
6,162
5,504
-
-
6,162
5,504
Investment results
32
933
286
297
-
1,230
286
3,139
11,148
4,369
11,434
Impairment losses (reversals)
on financial instruments
(205
(1.089)
-
-
(205)
(1.089)
-
-
(205)
(1.089)
Total income from
operating activities
131,856
53,323
17,152
15,320
149,008
68,643
2,872
11,114
151,880
79,757
Employee expenses
34
(30,992)
(9,360)
(7,451)
(8,090)
(38,443)
(17,450)
(1,475)
(7,094)
(39,918)
(24,544)
Depreciation and
35
(31,157)
(966)
(632)
(733)
(31,789)
(1,699)
(96)
(185)
(31,885)
(1,884)
amortisation
Other operating expenses
36
(34,686)
(12,434)
(2,630)
(1,756)
(37,316)
(14,190)
(1,159)
(1,746)
(38,475)
(15,936)
(96,835)
(22,760)
(10,713)
(10,579) (107,548) (33,339)
(2,730)
(9,025) (110,278) (42,364)
Total operating activities
Result from operations
35,021
30,563
6,439
4,741
41,460
35,304
142
2,089
41,602
37,393
Share in profits of associates
15
520
80
-
-
520
80
Result before tax
41,980
35,384
142
2,089
42,122
37,473
Tax
18
(8,941)
(4,785)
(36)
(533)
(8,977)
(5,318)
Result after tax
33,039
30,599
106
1,556
33,145
32,155
Carrying amount of assets
2,355,483 2,473,285
222,911
271,110 2,578,394 2,744,395
-
12,031 2,578,394 2,756,426
Liabilities
1,901,643 2,047,105
199,110
236,358 2,100,753 2,283,463
-
6,147 2,100,753 2,289,610
Investments assets
3,193
3,285
3,563
3,003
6,756
6,288
-
621
6,756
6,909
Geographical segmentation
(x € 1,000)
Netherlands
Other countries
Total
2008
2007
2008
2007
2008
2007
Total income from operating activities
145,013
63,739
3,995
4,904
149,008
68,643
Carrying amount of assets
2,191,231
2,372,269
387,163
372,126
2,578,394
2,744,395
Investment assets
6,599
6,111
157
177
6,756
6,288
Depreciation and amortisation
31,686
1,624
103
75
31,789
1,699