0000912057-01-533876.txt : 20011009
0000912057-01-533876.hdr.sgml : 20011009
ACCESSION NUMBER: 0000912057-01-533876
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20010930
FILED AS OF DATE: 20010928
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: ABN AMRO HOLDING N V
CENTRAL INDEX KEY: 0001038727
STANDARD INDUSTRIAL CLASSIFICATION: FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-14624
FILM NUMBER: 1748212
BUSINESS ADDRESS:
STREET 1: FOPPINGADREEF 22
STREET 2: 1102 BS AMSTERDAM
CITY: NETHERLANDS
STATE: P7
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: ABN AMRO BANK NV
CENTRAL INDEX KEY: 0000897878
STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029]
STATE OF INCORPORATION: P7
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-16519
FILM NUMBER: 1748213
BUSINESS ADDRESS:
STREET 1: FOPPINGADREEF 22
STREET 2: 1102 BS AMSTERDAM, ZUID OOST
CITY: THE NETHERLANDS
STATE: P7
BUSINESS PHONE: 0113120628
MAIL ADDRESS:
STREET 1: FOPPINGADREEF 22
STREET 2: 1102 BS AMSTERDAM, ZUID OOST
CITY: THE NETHERLANDS
STATE: P7
6-K
1
a2060239z6-k.txt
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of September, 2001
ABN AMRO HOLDING N.V.
ABN AMRO BANK N.V.
(Translation of registrant's name into English)
Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands
(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.]
Form 20-F X Form 40-F
----- -----
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.]
Yes No X
---- -----
Schedule of Information Contained in this Report:
1. The Reconciliation of Net Profit and Shareholder's Equity
under the U.S. G.A.A.P. for the first half of 2001 of
registrant.
2. Consolidated Cash Flow Statement for the first half of 2001
of registrant.
The Information contained in this Report is incorporated by reference into
Registration Statement No. 333-49198.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ABN AMRO Holding N.V.
Date: September 28, 2001 By: /s/ R.W.J. GROENINK
-----------------------------------------
Name: R.W.J. Groenink
Title: Member of the Managing Board
By: /s/ T. DE SWAAN
-----------------------------------------
Name: T. de Swaan
Title: Member of the Managing Board
ABN AMRO Bank N.V.
Date: September 28, 2001 By: /s/ R.W.J. GROENINK
-----------------------------------------
Name: R.W.J. Groenink
Title: Member of the Managing Board
By: /s/ T. DE SWAAN
-----------------------------------------
Name: T. de Swaan
Title: Member of the Managing Board
RECONCILIATION OF NET PROFIT AND SHAREHOLDERS' EQUITY UNDER US GAAP (FIRST
HALF-YEAR 2001 AND 2000)
Accounting principles generally accepted in The Netherlands ("Dutch GAAP") vary
in certain significant respects from U.S. generally accepted accounting
principles ("US GAAP"). The following tables summarize the significant
adjustments to ABN AMRO' s consolidated net profit for the first half of 2001
and 2000 and shareholders' equity as of 30 June 2001 and 2000 that would result
from the application of US GAAP instead of Dutch GAAP. For further information,
refer to the consolidated financial statements and footnotes thereto included in
the Form 20-F for the fiscal year ended 31 December 2000.
Net profit for the first half of 2001 in accordance with US GAAP was EUR 2,215
million lower than net profit in accordance with Dutch GAAP. The decrease was
principally the net result of (i) extraordinary revenues of EUR 962 million,
represented by the gain on sale of European American Bank, which will be
realized for U.S. GAAP purposes in the 2nd half of 2001, (ii) changes to
contingencies of EUR 810 million, including the recognition of EUR 793 million
in restructuring charges reported under extraordinary expenses in 2000 under
Dutch GAAP, (iii) a charge of EUR 410 million for goodwill amortization
associated with acquisitions by ABN AMRO, of which EUR 281 million related to
North American acquisitions (in Dutch GAAP, all goodwill is charged to
shareholders' equity at the time of acquisition), (iv) EUR 429 million losses
for mark to market differences from book value on derivatives, including a EUR
45 million transition effect relating to the adoption of FAS 133 (EUR 29
million after tax), (v) higher pension costs of EUR 111 million and (vi)
amortization of capitalized internally developed software of EUR 64 million.
These decreases are offset by recognized gains from the investment portfolio of
EUR 48 million.
Net profit for the first half of 2000 in accordance with US GAAP was EUR 345
million lower than net profit in accordance with Dutch GAAP. The decrease was
principally the net result of (i) a charge of EUR 196 million for goodwill
amortization associated with acquisitions by ABN AMRO, of which EUR 73 million
related to North American acquisitions, (ii) a decrease in net interest revenue
and net gains from securities available for sale of EUR 109 million attributable
to differences in accounting for realized gains and losses in investment
portfolios, (iii) higher pension costs of EUR 98 million and (iv) a decrease in
results from financial transactions of EUR 80 million attributable to
differences in valuation of derivatives transactions, offset in part by (x) an
increase of EUR 77 million due to capitalization of software costs, and (y) the
related tax effect of EUR 51 million.
Page 1
RECONCILIATION OF NET PROFIT
1ST HALF 2001 1ST HALF 2000
(IN MILLIONS OF EUR EXCEPT PER
SHARE DATA)
Net profit under Dutch GAAP 2,316 1,625
Goodwill and other acquired intangibles (410) (196)
Extraordinary revenues (sale of European American
Bank) (962) --
Investment portfolio securities 48 (109)
Property (reversal of depreciation on property
revaluation) 10 7
Pension costs (111) (98)
Post-retirement benefits (3) 1
Post-employment benefits 3 6
Contingencies (810) (4)
Derivatives (429) (80)
Internal use software (64) 77
Taxes 513 51
------- -------
Net profit under US GAAP 101 1,280
Basic net profit per Ordinary Share under
US GAAP 0.05 0.84
Diluted net profit per Ordinary Share under
US GAAP 0.05 0.84
RECONCILIATION OF SHAREHOLDERS' EQUITY
30 JUNE 2001 30 JUNE 2000
(IN MILLIONS OF EUR EXCEPT PER
SHARE DATA)
Shareholders' equity under Dutch GAAP 11,545 12,393
Goodwill and other acquired intangibles 9,964 6,435
Extraordinary revenues - deferred (962) --
Debt restructuring (151) (194)
Investment portfolio securities 900 446
Property (reversal of property revaluation) (141) (165)
Pension costs (355) (147)
Post-retirement benefits (75) (54)
Post-employment benefits (26) (33)
Contingencies 70 135
Derivatives (172) (156)
Internal use software 276 234
Taxes (1,060) (442)
Dividend payable 289 218
------- -------
Shareholders' equity under US GAAP 20,102 18,670
Shareholders' equity per Ordinary Share under
US GAAP 12.68 12.02
Page 2
COMPREHENSIVE INCOME UNDER US GAAP
1ST HALF 2001 1ST HALF 2000
(IN MILLIONS OF EUR)
Net profit under US GAAP 101 1,280
Other comprehensive income, net of tax:
|X| Currency translation differences 321 306
|X| Net unrealized gains / (losses) on
available-for-sale securities (202) 70
---- ---
Other comprehensive income 119 376
--- -----
Comprehensive income under US GAAP 220 1,656
Comprehensive income under US GAAP consists of Net profit under US GAAP and
other comprehensive components: currency translation differences and net
unrealized gains/ (losses) on available for sale securities. The currency
translation difference, amounting to EUR 321 million, is mainly explained by the
appreciated USD rates in the first six months of 2001.
Page 3
CONSOLIDATED CASH FLOW STATEMENT FOR THE FIRST HALF 2001
(in millions of Euros)
1ST HALF 1ST HALF
2001 2000
Group profit 2,459 1,797
Depreciation of property and equipment 489 450
Provision for loan losses - release from fund for general banking risks 520 247
Movement in provisions (154) 4
Movement in interest receivable (513) 471
Movement in interest payable (983) 231
Movement in current tax (121) 89
Other accruals and deferrals (349) (10)
Government paper and securities, trading (2,998) (4,864)
Other securities 3,141 (326)
Banks, other than demand deposits 16,932 (17,405)
Loans 11,193 (12,798)
Professional securities transactions (included in loans) (23,490) (8,947)
Total client accounts (5,980) 18,593
Professional securities transactions (included in total client accounts) 2,873 14,146
Debt securities, excluding debentures and notes (1,387) 1,176
Other assets and liabilities 12,655 4,018
------- -------
NET CASH FLOW FROM OPERATIONS/BANKING ACTIVITIES 14,287 (3,128)
Purchase of securities for investment portfolios (61,021) (35,672)
Sale and redemption of securities from investment portfolios 36,150 30,597
------- -------
NET OUTFLOW (24,871) (5,075)
Investments in participating interests (4,633) (2,029)
Sale of investments in participating interests 23 3
------- -------
NET OUTFLOW (4,610) (2,026)
Capital expenditure on property and equipment (398) (600)
Sale of property and equipment 179 90
------- -------
NET OUTFLOW (219) (510)
Net cash flow from investment activities (29,700) (7,611)
Increase in group equity 436 977
Issue of subordinated debt 2,935 926
Repayment of subordinated debt (570) (219)
Issue of debentures and notes 3,146 1,450
Repayment of debentures and notes (2,531) (2,960)
Cash dividends paid (495) (564)
------- -------
NET CASH FLOW FROM FINANCING ACTIVITIES 2,921 (390)
------- -------
NET CASH FLOW BEFORE EXCHANGE RATE DIFFERENCES (12,492) (11,129)
Exchange rate differences in liquid funds 375 (1,073)
------- -------
Increase (decrease) in liquid funds (12,117) (12,202)
Opening balance 16,105 12,471
Closing balance 3,988 269
------- -------
Increase (decrease) in liquid funds (12,117) (12,202)
The semi-annual figures are unaudited
Page 4