L`acquisizione di ABN Amro da parte di Royal Bank of Scotland

L’acquisizione di ABN Amro da parte di Royal Bank of
Scotland
Nel 2007 Royal Bank of Scotland e due altre banche europee pagarono più di 71 miliardi di euro
per acquistare la banca olandese ABN Amro.
Il consorzio, formato da Royal Bank of Scotland, Fortis e Banco Santander, pagò tre volte il valore
contabile della banca olandese, un prezzo che all’epoca era già alto per una banca basata in un
mercato europeo maturo.
Poco prima che Royal Bank of Scotland, allora guidata da Sir Fred Goodwin, chiudesse l’accordo,
ABN Amro aveva già venduto l’attività più preziosa per RBS, la sua filiale LaSalle di Chicago.
La banca scozzese non pensò di rivedere il prezzo di acquisizione una volta iniziata la crisi
creditizia dell’estate del 2007, quando diventò evidente ormai che ABN Amro non avrebbe ottenuto
i risultati che RBS si aspettava.
Al momento dell’acquisizione, molte banche erano quotate a valori vicini al loro valore contabile di
capitale netto, facendo apparire il prezzo pagato da RBS ancora più folle. Adesso, soffocata dal
costo dell’acquisizione e dagli asset “tossici” che ABN Amro aveva in carico, RBS è già al suo
secondo salvataggio da parte del governo britannico. Il primo pacchetto di salvataggio, nell’ottobre
del 2008, fu così drastico che lo Stato comprò il 58% del capitale della banca.
Anche la banca Fortis dovette essere salvata dal governo olandese in seguito a questa
acquisizione, per evitare una crisi di liquidità.
Si riporta di seguito un estratto dalla lettera agli azionisti scritta dal nuovo CEO della banca
scozzese, Stephen Hester, inclusa nel bilancio 2008 di Royal Bank of Scotland:
In 2008 the Group’s overall results were bad, with net attributable
losses, before goodwill impairments, of £7.9 billion. This is
particularly disappointing since many parts of our business did
well, serving customers and generating high quality profitability.
All our Divisions were profitable except Global Banking &
Markets (‘GBM’) and Asia Retail & Commercial Banking. Even in
GBM, underlying income reached £10.2 billion on the back of
many strong business performances. Unfortunately, these profits
were more than wiped out by credit and market losses in
concentrated areas around proprietary trading, structured credit
and counterparty exposures. Over 50% of these losses pertained
to ABN AMRO-originated portfolios.
In addition, the change in market outlook and our vulnerability
thereto has required a £16.2 billion accounting write-down of
goodwill and other intangibles relating to prior year acquisitions,
most notably of ABN AMRO in 2007 and Charter One in the US
in 2004. This non-cash item has minimal impact on capital but
does highlight the risk of acquisitions if economic conditions
change adversely.
Consolidated income statement for the year ended 31 December 2008
Note
Interest receivable
Interest payable
Net interest income
Fees and commissions receivable
Fees and commissions payable
(Loss)/income from trading activities
Other operating income (excluding insurance premium income)
Insurance net premium income
Non-interest income
Total income
Staff costs
Premises and equipment
Other administrative expenses
Depreciation and amortisation
Write-down of goodwill and other intangible assets
Operating expenses
(Loss)/profit before other operating charges and impairment
Insurance net claims
Impairment
Operating (loss)/profit before tax
Tax
(Loss)/profit from continuing operations
Profit/(loss) from discontinued operations, net of tax
(Loss)/profit for the year
(Loss)/profit attributable to:
Minority interests
Other owners
Ordinary shareholders
1
2
2
2
2
24
3
24
12
6
20
7
2008
£m
2007
£m
2006
£m
49,522
(30,847)
18,675
9,831
(2,386)
(8,477)
1,899
6,326
7,193
25,868
10,241
2,593
5,464
3,154
32,581
54,033
(28,165)
4,430
8,072
(40,667)
(2,323)
(38,344)
3,971
(34,373)
32,252
(20,183)
12,069
8,278
(2,193)
1,292
4,833
6,087
18,297
30,366
7,338
1,703
2,969
1,932
—
13,942
16,424
4,624
1,968
9,832
2,044
7,788
(76)
7,712
24,688
(14,092)
10,596
7,116
(1,922)
2,675
3,564
5,973
17,406
28,002
6,723
1,421
2,658
1,678
—
12,480
15,522
4,458
1,878
9,186
2,689
6,497
—
6,497
(10,832)
596
(24,137)
(34,373)
163
246
7,303
7,712
104
191
6,202
6,497
Per 25p ordinary share:
Basic earnings
10
(145.7p)
64.0p
54.4p
Diluted earnings
10
(145.7p)
63.4p
53.9p
8
19.3p
27.0p
21.6p
Dividends
The accompanying notes on pages 189 to 266, the accounting policies on pages 178 to 188 and the audited sections of ‘The Business Review: Risk,
Capital and Liquidity Management’ on pages 78 to 144 form an integral part of these financial statements.
174
RBS Group Annual Report and Accounts 2008
Balance sheets at 31 December 2008
Company
Group
2008
£m
Restated
2007
£m
2008
£m
2007
£m
12,400
138,197
874,722
80,576
186,973
267,549
26,330
—
17,832
992,559
20,049
18,949
7,082
24,402
1,581
2,401,652
17,866
219,460
828,538
107,651
187,005
294,656
53,026
—
16,589
277,402
49,916
18,745
3,119
15,662
45,850
1,840,829
—
27,031
—
—
—
—
—
42,196
—
1,168
—
—
3
489
—
70,887
—
7,686
307
—
—
—
—
43,542
—
173
—
—
—
127
—
51,835
11
11
11
21
13
22
4
23
24
25
20
258,044
639,512
300,289
54,277
971,364
31,482
2,032
4,165
9,976
49,154
859
2,321,154
312,294
682,363
274,172
91,021
272,052
34,208
460
5,400
10,162
38,043
29,228
1,749,403
1,802
26
14,179
—
361
47
—
—
—
10,314
—
26,729
5,572
—
13,453
—
179
8
—
3
—
7,743
—
26,958
26
27, 28
21,619
58,879
80,498
38,388
53,038
91,426
—
44,158
44,158
—
24,877
24,877
2,401,652
1,840,829
70,887
51,835
Note
Assets
Cash and balances at central banks
Loans and advances to banks
Loans and advances to customers
Debt securities subject to repurchase agreements
Other debt securities
Debt securities
Equity shares
Investments in Group undertakings
Settlement balances
Derivatives
Intangible assets
Property, plant and equipment
Deferred taxation
Prepayments, accrued income and other assets
Assets of disposal groups
Total assets
Liabilities
Deposits by banks
Customer accounts
Debt securities in issue
Settlement balances and short positions
Derivatives
Accruals, deferred income and other liabilities
Retirement benefit liabilities
Deferred taxation
Insurance liabilities
Subordinated liabilities
Liabilities of disposal groups
Total liabilities
Minority interests
Equity owners
Total equity
Total liabilities and equity
11
11
11
30
14
15
16
13
17
18
23
19
20
The accompanying notes on pages 189 to 266, the accounting policies on pages 178 to 188 and the audited sections of ‘The Business Review: Risk,
Capital and Liquidity Management’ on pages 78 to 144 form an integral part of these financial statements.
The accounts were approved by the Board of directors on 25 February 2009 and signed on its behalf by:
Philip Hampton
Chairman
Stephen Hester
Group Chief Executive
Guy Whittaker
Group Finance Director
RBS Group Annual Report and Accounts 2008
175
Statements of recognised income and expense for the year ended 31 December 2008
Company
Group
2008
£m
2007
£m
2006
£m
2008
£m
2007
£m
2006
£m
Available-for-sale investments
Net valuation (losses)/gains taken direct to equity
Net loss/(profit) taken to income
(8,096)
690
(776)
(513)
4,792
(313)
—
—
—
—
—
—
Cash flow hedges
Net losses taken direct to equity
Net losses/(gains) taken to earnings
(1,618)
162
(426)
(138)
(109)
(140)
—
2
—
3
—
3
15,425
(2,287)
4,276
2,786
7,062
(34,373)
(27,311)
2,210
2,189
2,546
(170)
2,376
7,712
10,088
(1,681)
1,781
4,330
(1,173)
3,157
6,497
9,654
—
—
2
(1)
1
(9,602)
(9,601)
—
—
3
(1)
2
2,499
2,501
—
—
3
(1)
2
3,499
3,501
(22,979)
(4,332)
(27,311)
8,610
1,478
10,088
7,707
1,947
9,654
(9,601)
—
(9,601)
2,501
—
2,501
3,501
—
3,501
Exchange differences on translation of foreign operations
Actuarial (losses)/gains on defined benefit plans
Income before tax on items recognised direct in equity
Tax on items recognised direct in equity
Net income recognised direct in equity
(Loss)/profit for the period
Total recognised income and expense for the year
Attributable to:
Equity owners
Minority interests
The accompanying notes on pages 189 to 266, the accounting policies on pages 178 to 188 and the audited sections of ‘The Business Review: Risk,
Capital and Liquidity Management’ on pages 78 to 144 form an integral part of these financial statements.
176
RBS Group Annual Report and Accounts 2008
Cash flow statements for the year ended 31 December 2008
Company
Group
2007
£m
2006
£m
(40,667)
4,208
9,832
68
9,186
—
3,154
32,581
1,932
—
1,678
—
2,144
490
(810)
592
(41,874)
8,603
(31,579)
(42,219)
(73,798)
(1,540)
(75,338)
1,518
489
(599)
62
(10,282)
(3,235)
(215)
28,261
28,046
(2,442)
25,604
53,390
(55,229)
—
—
2,228
(5,757)
20,113
2,252
—
—
16,997
Financing activities
Issue of ordinary shares
Placing and open offer
Rights issue
Issue of other equity interests
Issue of paid up equity
Issue of subordinated liabilities
Proceeds of minority interests issued
Redemption of minority interests
Repurchase of ordinary shares
Shares purchased by employee trusts
Shares issued under employee share schemes
Repayment of subordinated liabilities
Dividends paid
Interest on subordinated liabilities
Net cash flows from financing activities
Effects of exchange rate changes on cash and cash equivalents
49
19,741
12,000
—
—
2,413
1,427
(13,579)
—
(64)
2
(1,727)
(3,193)
(1,967)
15,102
29,209
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents 1 January
Cash and cash equivalents 31 December
(14,030)
148,955
134,925
Note
Operating activities
Operating (loss)/profit before tax
Operating profit before tax on discontinued activities
Adjustments for:
Depreciation and amortisation
Write-down of goodwill and other intangible assets
Write-down of investment in subsidiaries
Interest on subordinated liabilities
Charge for defined benefit pension schemes
Cash contribution to defined benefit pension schemes
Elimination of non-cash items on discontinued activities
Elimination of foreign exchange differences
Other non-cash items
Net cash (outflow)/inflow from trading activities
Changes in operating assets and liabilities
Net cash flows from operating activities before tax
Income taxes (paid)/received
Net cash flows from operating activities
Investing activities
Sale and maturity of securities
Purchase of securities
Investment in subsidiaries
Disposal of subsidiaries
Sale of property, plant and equipment
Purchase of property, plant and equipment
Proceeds on disposal of discontinued activities
Net investment in business interests and intangible assets
Loans to subsidiaries
Repayments from subsidiaries
Net cash flows from investing activities
33
34
2008
£m
2007
£m
2006
£m
(10,017)
—
2,372
—
3,486
—
1,386
580
(536)
—
4,516
(1,120)
15,690
3,980
19,670
(2,229)
17,441
—
—
14,321
499
—
—
—
1,778
(478)
6,103
(22,254)
(16,151)
119
(16,032)
—
—
—
470
—
—
—
(58)
1
2,785
15,562
18,347
6
18,353
—
—
—
520
—
—
—
(22)
18
4,002
(508)
3,494
154
3,648
63,007
(61,020)
—
—
5,786
(5,080)
(334)
13,640
—
—
15,999
27,126
(19,126)
—
—
2,990
(4,282)
—
(63)
—
—
6,645
—
—
(10,349)
700
—
—
—
—
—
—
(9,649)
—
—
(18,510)
6
—
—
—
—
—
469
(18,035)
—
—
(1,097)
—
—
—
—
—
—
547
(550)
77
—
—
3,600
1,073
1,018
31,095
(545)
—
(65)
79
(1,708)
(3,411)
(1,522)
29,691
6,010
104
—
—
671
—
3,027
1,354
(81)
(991)
(254)
108
(1,318)
(2,727)
(1,409)
(1,516)
(3,468)
49
19,741
12,000
—
—
—
—
—
—
—
—
(2,908)
(466)
28,416
761
77
—
—
3,600
1,073
—
—
—
—
—
—
(469)
(3,290)
(455)
536
62
104
—
—
671
—
399
—
—
(991)
—
7
(547)
(2,661)
(497)
(3,515)
(52)
19,102
52,549
71,651
3,496
1,573
5,069
916
657
1,573
(469)
1,126
657
77,304
71,651
148,955
2008
£m
The accompanying notes on pages 189 to 266, the accounting policies on pages 178 to 188 and the audited sections of ‘The Business Review: Risk,
Capital and Liquidity Management’ on pages 78 to 144 form an integral part of these financial statements.
RBS Group Annual Report and Accounts 2008
177