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

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1 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 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 This non-cash item has minimal impact on capital but does highlight the risk of acquisitions if economic conditions change adversely.

2 Consolidated income statement for the year ended 31 December Note m m m Interest receivable 49,522 32,252 24,688 Interest payable (30,847) (20,183) (14,092) Net interest income 1 18,675 12,069 10,596 Fees and commissions receivable 2 9,831 8,278 7,116 Fees and commissions payable 2 (2,386) (2,193) (1,922) (Loss)/income from trading activities 2 (8,477) 1,292 2,675 Other operating income (excluding insurance premium income) 2 1,899 4,833 3,564 Insurance net premium income 24 6,326 6,087 5,973 Non-interest income 7,193 18,297 17,406 Total income 25,868 30,366 28,002 Staff costs 10,241 7,338 6,723 Premises and equipment 2,593 1,703 1,421 Other administrative expenses 5,464 2,969 2,658 Depreciation and amortisation 3,154 1,932 1,678 Write-down of goodwill and other intangible assets 32,581 Operating expenses 3 54,033 13,942 12,480 (Loss)/profit before other operating charges and impairment (28,165) 16,424 15,522 Insurance net claims 24 4,430 4,624 4,458 Impairment 12 8,072 1,968 1,878 Operating (loss)/profit before tax (40,667) 9,832 9,186 Tax 6 (2,323) 2,044 2,689 (Loss)/profit from continuing operations (38,344) 7,788 6,497 Profit/(loss) from discontinued operations, net of tax 20 3,971 (76) (Loss)/profit for the year (34,373) 7,712 6,497 (Loss)/profit attributable to: Minority interests (10,832) Other owners Ordinary shareholders (24,137) 7,303 6,202 (34,373) 7,712 6,497 Per 25p ordinary share: Basic earnings 10 (145.7p) 64.0p 54.4p Diluted earnings 10 (145.7p) 63.4p 53.9p Dividends p 27.0p 21.6p 174

3 Balance sheets at 31 December 2008 Restated Note m m m m Assets Cash and balances at central banks 11 12,400 17,866 Loans and advances to banks , ,460 27,031 7,686 Loans and advances to customers , , Debt securities subject to repurchase agreements 30 80, ,651 Other debt securities 186, ,005 Debt securities , ,656 Equity shares 15 26,330 53,026 Investments in undertakings 16 42,196 43,542 Settlement balances 17,832 16,589 Derivatives , ,402 1, Intangible assets 17 20,049 49,916 Property, plant and equipment 18 18,949 18,745 Deferred taxation 23 7,082 3,119 3 Prepayments, accrued income and other assets 19 24,402 15, Assets of disposal groups 20 1,581 45,850 Total assets 2,401,652 1,840,829 70,887 51,835 Liabilities Deposits by banks , ,294 1,802 5,572 Customer accounts , , Debt securities in issue , ,172 14,179 13,453 Settlement balances and short positions 21 54,277 91,021 Derivatives , , Accruals, deferred income and other liabilities 22 31,482 34, Retirement benefit liabilities 4 2, Deferred taxation 23 4,165 5,400 3 Insurance liabilities 24 9,976 10,162 Subordinated liabilities 25 49,154 38,043 10,314 7,743 Liabilities of disposal groups ,228 Total liabilities 2,321,154 1,749,403 26,729 26,958 Minority interests 26 21,619 38,388 Equity owners 27, 28 58,879 53,038 44,158 24,877 Total equity 80,498 91,426 44,158 24,877 Total liabilities and equity 2,401,652 1,840,829 70,887 51,835 The accounts were approved by the Board of directors on 25 February 2009 and signed on its behalf by: Philip Hampton Stephen Hester Guy Whittaker Chairman Chief Executive Finance Director 175

4 Statements of recognised income and expense for the year ended 31 December m m m m m m Available-for-sale investments Net valuation (losses)/gains taken direct to equity (8,096) (776) 4,792 Net loss/(profit) taken to income 690 (513) (313) Cash flow hedges Net losses taken direct to equity (1,618) (426) (109) Net losses/(gains) taken to earnings 162 (138) (140) Exchange differences on translation of foreign operations 15,425 2,210 (1,681) Actuarial (losses)/gains on defined benefit plans (2,287) 2,189 1,781 Income before tax on items recognised direct in equity 4,276 2,546 4, Tax on items recognised direct in equity 2,786 (170) (1,173) (1) (1) (1) Net income recognised direct in equity 7,062 2,376 3, (Loss)/profit for the period (34,373) 7,712 6,497 (9,602) 2,499 3,499 Total recognised income and expense for the year (27,311) 10,088 9,654 (9,601) 2,501 3,501 Attributable to: Equity owners (22,979) 8,610 7,707 (9,601) 2,501 3,501 Minority interests (4,332) 1,478 1,947 (27,311) 10,088 9,654 (9,601) 2,501 3,

5 Cash flow statements for the year ended 31 December Note m m m m m m Operating activities Operating (loss)/profit before tax (40,667) 9,832 9,186 (10,017) 2,372 3,486 Operating profit before tax on discontinued activities 4, Adjustments for: Depreciation and amortisation 3,154 1,932 1,678 Write-down of goodwill and other intangible assets 32,581 Write-down of investment in subsidiaries 14,321 Interest on subordinated liabilities 2,144 1,518 1, Charge for defined benefit pension schemes Cash contribution to defined benefit pension schemes (810) (599) (536) Elimination of non-cash items on discontinued activities Elimination of foreign exchange differences (41,874) (10,282) 4,516 1,778 (58) (22) Other non-cash items 8,603 (3,235) (1,120) (478) 1 18 Net cash (outflow)/inflow from trading activities (31,579) (215) 15,690 6,103 2,785 4,002 Changes in operating assets and liabilities (42,219) 28,261 3,980 (22,254) 15,562 (508) Net cash flows from operating activities before tax (73,798) 28,046 19,670 (16,151) 18,347 3,494 Income taxes (paid)/received (1,540) (2,442) (2,229) Net cash flows from operating activities 33 (75,338) 25,604 17,441 (16,032) 18,353 3,648 Investing activities Sale and maturity of securities 53,390 63,007 27,126 Purchase of securities (55,229) (61,020) (19,126) Investment in subsidiaries (10,349) (18,510) (1,097) Disposal of subsidiaries Sale of property, plant and equipment 2,228 5,786 2,990 Purchase of property, plant and equipment (5,757) (5,080) (4,282) Proceeds on disposal of discontinued activities 20,113 (334) Net investment in business interests and intangible assets 34 2,252 13,640 (63) Loans to subsidiaries Repayments from subsidiaries Net cash flows from investing activities 16,997 15,999 6,645 (9,649) (18,035) (550) Financing activities Issue of ordinary shares Placing and open offer 19,741 19,741 Rights issue 12,000 12,000 Issue of other equity interests 3, , Issue of paid up equity 1,073 1,073 Issue of subordinated liabilities 2,413 1,018 3, Proceeds of minority interests issued 1,427 31,095 1,354 Redemption of minority interests (13,579) (545) (81) Repurchase of ordinary shares (991) (991) Shares purchased by employee trusts (64) (65) (254) Shares issued under employee share schemes Repayment of subordinated liabilities (1,727) (1,708) (1,318) (469) (547) Dividends paid (3,193) (3,411) (2,727) (2,908) (3,290) (2,661) Interest on subordinated liabilities (1,967) (1,522) (1,409) (466) (455) (497) Net cash flows from financing activities 15,102 29,691 (1,516) 28, (3,515) Effects of exchange rate changes on cash and cash equivalents 29,209 6,010 (3,468) (52) Net (decrease)/increase in cash and cash equivalents (14,030) 77,304 19,102 3, (469) Cash and cash equivalents 1 January 148,955 71,651 52,549 1, ,126 Cash and cash equivalents 31 December 134, ,955 71,651 5,069 1,