TlB Annual Report 2009 - Triodos Bank

Fair values
The following table sets out the fair value of the financial instruments held as at 31 December 2009. The fair
value of interest-bearing securities is the market value. The fair value of banks, loans, funds entrusted with a
fixed interest term and the subordinated loan has been determined by calculating the net present value of
interest and redemption, taken into account market interest rates as at the end of the year. The fair value of the
other items is assumed to be equal to the balance sheet value.
The fair value of the remaining assets also includes the deferred tax item for the difference between the balance
sheet value and fair value. The premium and discount not yet written off for the interest-bearing securities has
been included on the balance sheet value of the interest-bearing securities.
2009 2009 2008 2008
Balance sheet Fair value Balance sheet Fair value
value
value
Assets
Cash 49,073 49,073 40,074 40,074
Banks 663,079 663,458 687,399 690,280
Loans
Interest-bearing securities including
1,660,935 1.684,869 1,270,121 1,285,776
premiums/discounts 519,584 532,382 274,934 282,295
Shares 3 3 3 3
Participating interests 2,532 2,532 3,020 3,020
Other 91,550 84,730* 86,571 81,461*
2,986,756 3,017,047 2,362,122 2,382,909
Liabilities
Banks 9,560 9,560 10,469 10,469
Funds entrusted 2,584,617 2,593,196 2,076,679 2,082,536
Other 78,341 80,131 70,823 70,823
Equity 314,238 314,238 204,151 204,151
Revaluation — 19,922 — 14,930
2,986,756 3,017,047 2,362,122 2,382,909
* The fair value is negatively impacted by the tax effect of all fair value adjustments which has been posted as other.
2009
Contract value
2009
Fair value
2008
Contract value
2008
Fair value
Derivatives
Currency forward contracts
(sale of foreign currencies)
Currency forward contracts
141,447 141,592 89,361 91,608
(purchase of foreign currencies) 137,408 138,065 88,120 90,535
278,855 279,657 177,481 182,143
The estimated fair values provided by financial institutions are not comparable on an individual basis, due to the major differences in valuation methods
and the many estimated values. The lack of an objective method of valuation means that estimated fair values are highly subjective in respect of the
assumed lives and interest rates used. This is why readers should be wary of using the information in this part of the Notes to compare the fair values
of different financial institutions with one another.
104 TRIODOS BANK - ANNUAL REPORT 2009