Untitled - Saxo World

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Design: PARUP’S ART FORCEProduction and print: DatagrafHorizons: Corbis/Polfoto, Getty Images and Piotr & CoPortraits: Piotr Topperzer, Piotr & Co
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annual report2009
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contentsMANAGEMENT REPORT10 | Revie
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cularly in the first half of the ye
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equity offering, an online wealth m
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FINANCIAL REVIEWSaxo Bank Group rep
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Including minority interests, total
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ing impact and likelihood based on
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to increased price competition, whi
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takes.Consequently, incorrect or un
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OBusiness modelThe strategic direct
Page 33 and 34: knowledge and the infrastructure to
Page 35 and 36: Banco BestIn December 2009, the nex
Page 37: the Marbella office that was establ
Page 40: Peloton, Stage 15,Tour de FranceThe
Page 43 and 44: INCOME STATEMENT1 January - 31 Dece
Page 45 and 46: BALANCE SHEETAT 31 DECEMBERSaxo Ban
Page 47 and 48: CAPITAL statementAT 31 DECEMBERSaxo
Page 49 and 50: SolvencyAT 31 DECEMBERSolvency requ
Page 51 and 52: NOTES to the financial statements1
Page 53 and 54: NOTES to the financial statements1
Page 55 and 56: NOTES to the financial statementsSa
Page 61: NOTES to the financial statementsSa
Page 64 and 65: NOTES to the financial statementsNo
Page 66 and 67: NOTES to the financial statementsKE
Page 69 and 70: NOTES - saxo bank risk managementMa
Page 71 and 72: NOTES - saxo bank risk managementCr
Page 73 and 74: NOTES - saxo bank risk managementth
Page 75 and 76: The independent auditors’ reportT
Page 77 and 78: oard of DIRECTORS and board of MANA
Page 80 and 81: COMPANYINFORMATION
Page 82 and 83: AddressesAmsterdamSaxo Bank Nederla
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Untitled - Saxo World

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