TlB Annual Report 2009 - Triodos Bank

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stakeholder model, inviting a genuine dialogue with all the individuals and organisations with a direct or sometimes indirect interest in our work. Triodos Bank’s mission is to improve quality of life, putting our stakeholder’s interests above all. And our stakeholder’s are not only driven by profit. They are individuals, institutions and groups, who want to see people, planet and profit in a powerful, sustainable balance. This approach is the basis on which we discuss interest rates, profit and remuneration. Only by being transparent about these things can we find the right balance. TAKING RESPONSIBILITY Triodos Bank is different to, but very much part of, the financial sector. The fact that we contributed around 21% of our profit (before tax) to the Dutch deposit guarantee scheme because of the failure of another bank is proof of that. In the current crisis, the financial industry is struggling to recognise its role in society. It is not a business like any other, and that’s precisely why it has the potential to do so much good. If it is to recover and fulfil its real potential the banking sector has to start by recognising what its role and positive potential is, deal with the mistakes it has made and take responsibility for a better future. The industry should ask itself whether investment banking activity which brings different risks with it, should be separated from retail banking, as has been proposed in the United States. Levels of risk and leverage should be reduced substantially across the board and meaningful transparency demanded as a normal part of everyday banking. At the same time financial products should be simplified and the size of banks scrutinized as part of a comprehensive debate. Last but not least, we are all part of an economic system that has, to date, had only one dominant principle; to make as much money as possible as quickly as possible. If nothing else this idea of profit maximisation has finally been discredited through the pain of the financial crisis. That doesn’t mean that behaviour will necessarily change. There are deep-seated cultures to overcome. But we know from doing what we do, and the growing interest in it, that banking has the potential to be a central part of a new economy that takes real account of people and the environment. Our stakeholders know it too. Not in a vague theoretical sense, but in practise; because they experience and are a central part of it. Triodos Bank delivers through a wide range of banking activities across a number of countries in Europe and around the world. A robust financial performance is essential to maintain this sustainable impact, underpinning and enabling it to happen. Our results are therefore, important, and they follow here: RESULTS Triodos Bank is committed to sustainable development, with a focus on people’s quality of life. Quality of life includes but extends beyond the well-being of individuals, to social relationships and how we treat the environment. It does not contradict entrepreneurship and financial return, but puts them in a broader context. Indeed, this is the added value that Triodos Bank contributes. Social and economic developments underline the interest in Triodos Bank’s focus on quality, people and nature. The Bank is responding to this by broadening and deepening its activities. The following are the main results achieved in 2009: TRIODOS GROUP • The total amount of assets under management including the Bank and the investment funds grew by eur 1.1 billion, or 30%, to eur 4.9 billion. • By the end of 2009, Triodos Group and its climate and energy investment funds were financing over 275 projects across Europe. Together they have a generating capacity of 950 MW of energy. This includes 175 wind farms, 85 solar plant and various biomass (15) and small hydro (19) projects, producing approximately 2.25 billion kWh per annum, or the equivalent of the electricity consumption of around 630,000 European households. This green power avoids CO2 emissions of over 800,000 tonnes per year. • The number of co-workers increased by 21% to 576 in 2009. Sick leave was 2.6% (2008: 2.4%), which is just above the stated maximum of 2.5%. 12 TRIODOS BANK - ANNUAL REPORT 2009
Statement of funds entrusted per branch Amounts in millions of EUR 31.12.2009 31.12.2008 amount % amount % The Netherlands 1,220.3 47 970.2 47 Belgium 708.7 28 572.2 28 United Kingdom 386.5 15 359.0 17 Spain 268.7 10 175.3 8 Germany 0.4 0 — — Total 2,584.6 100 2,076.7 100 Statement of funds entrusted per category Amounts in millions of EUR 31.12.2009 31.12.2008 amount % amount % Saving accounts Deposits and 1,544.9 60 1,039.4 50 time accounts Other funds 417.2 16 595.4 29 entrusted 622.5 24 441.9 21 Total 2,584.6 100 2,076.7 100 • The most important points of attention in the 2009 environmental programme were reducing paper usage per fte and making the environmental management system more efficient. Over 2009 the paper usage per fte decreased by 9%. New roles and functions were taken up within the environmental management system to increase efficiency. TRIODOS BANK • Triodos Bank’s balance sheet total grew by 26% to eur 3.0 billion thanks to a steady growth of the funds entrusted and a successful share issue. Growth of between 15 to 20% was expected. • Triodos Bank increased its share capital by more than eur 100 million, or 51%, thanks to a depository receipt issue, that was so successful it had to be closed early. Triodos Bank attracted a large number of new depository receipt holders reflecting the interest in the Bank’s develop ment among individual and institutional investors. • The funds entrusted increased by eur 508 million, or 24%, against expected growth of eur 400 million. Savers continued to respond to the financial crisis and wider discontent about the way banks have handled their responsibilities and rewarded their employees by turning to Triodos Bank as a positive alternative. This resulted in higher growth than expected, particularly in The Netherlands and Belgium. This was due to a growing profile, full banking services, and account opening processes that are more efficient and tailored for local audiences. • Growth of the loan portfolio amounted to eur 391 million, or 31%. This is more than the expected growth of eur 300 million. • The Bank’s total number of customers increased by 27%. Expected growth was between 15% and 20%. By the end of 2009, the Bank had a total of 242,000 customers. • The net profit for 2009 is eur 9.5 million, 6% lower than for 2008, below expectations. Without a substantial contribution to the Dutch deposit guarantee scheme, following the collapse of a Dutch bank, the net profit would have increased. • Triodos Bank in The Netherlands enjoyed unprecedented growth in 2009, attracting both business and private customers. It also launched an innovative online transparency tool allowing users to enjoy virtual ‘visits’ to borrowing customers. The loan portfolio also grew, although increases were limited by the transfer of some loans to Triodos Groenfonds and Triodos Cultuurfonds. • Triodos Bank in the United Kingdom grew its loan portfolio significantly, including some high-profile environmental projects. In difficult market conditions, and against a backdrop of aggressive competition for interest rates, deposit growth was only marginal. • Triodos Bank in Belgium combined growth of savings, loans and profit with increasing awareness across the country. The branch competed successfully in a market where many larger players are keen to tap into the sustainability market. TRIODOS BANK - ANNUAL REPORT 2009 13
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Statement of institutions with a pa
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Stakeholder dialogue Triodos Bank m
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TRIODOS BANK - ANNUAL REPORT 2009 6
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Young co-workers in particular were
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salaries. No bonuses were distribut
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▼ Environmental report This repor
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WASTE As a result of the ems evalua
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BASIS OF NOTES AND ENVIRONMENTAL KE
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Environmental key figures absolute
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Consolidated balance sheet as at 31
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Consolidated statement of changes i
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Consolidated cashflow statement for
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GOVERNMENT PAPER AND INTEREST-BEARI
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TAXATION ON OPERATING RESULT Taxes
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The balance sheet value of the bank
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Part of the value of securities is
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The movement in goodwill paid is as
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The movement in equipment is as fol
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The movement of the provisions is a
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Fair values The following table set
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INCOME 20. INTEREST INCOME 2009 200
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EXPENSES 26. CO-WORKER AND OTHER AD
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The salary expenses and reimburseme
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27. DEPRECIATION, AMORTISATION AND
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Segment reporting KEY FIGURES 2009
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KEY FIGURES 2008 BY BRANCH AND BUSI
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LENDING BY SECTOR IN 2009 in thousa
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LENDING BY SECTOR IN 2008 in thousa
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Solvency in thousands of EUR The so
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Risk management in thousands of EUR
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Corporates: 100%; Retail exposures:
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Risk-weighted value per country The
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The following table sets out the ac
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Notes: Interest bearing securities
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Solutions for Biotectura is an inno
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Company balance sheet as at 31 Dece
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Company statement of changes in the
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Notes to the company’s financial
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The movement in goodwill paid is as
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36. PROVISIONS 2009 2008 Pension pr
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Auditor’s fees The table below sp
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TO THE ANNUAL GENERAL MEETING OF DE
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Two years ago, Vincent Remy receive
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helping to make sure that we combin
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Board of SAAT MR. J.C. VAN APELDOOR
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MR. J. LAMERS (1948) Jan Lamers is
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Alara in Camden, London, makes cere
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GRI Content Index Triodos Bank prep
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SOCIAL PERFORMANCE INDICATORS: SOCI
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Production Triodos Bank NV 2009 Ann
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