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Annual Report 2002 ABN AMRO Holding N.V

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Annual Report 2002 ABN AMRO Holding N.V Annual Report 2002 ABN AMRO Holding N.V. Profile ABN AMRO • is a prominent international bank with origins going back to 1824 • conducts banking, fund management, insurance and leasing business • ranks eighth in Europe and seventeenth in the world based on tier 1 capital • has over 3,000 branches in 66 countries and territories, a staff of about 105,000 full time equivalents and total assets of EUR 556 billion (as of year-end 2002) • is listed on, among other exchanges, the Euronext Amsterdam, London and New York Stock Exchanges. Our goal is to create value for our clients. We strictly follow a relationship approach which keeps clients’ requirements clearly in focus and provides excellent service through the professionalism and motivation of our employees across the globe. Adhering to the principles of Managing for Value – allocating resources to where they earn the best long-term returns and measuring the results – and exploiting synergies between the bank’s businesses maximises economic value for our shareholders. The ABN AMRO Values and Business Principles are the framework within which we conduct all our business. Leadership in our chosen markets is critical to our long-term success as well. We have three principal client segments: Consumer & Commercial Clients, Wholesale Clients and Private Clients & Asset Management. Within ABN AMRO’s organisational structure, these are also core global Strategic Business Units. We strive to maximise the value of each of these businesses and the synergies between them: • Consumer & Commercial Clients – for individuals and small to medium-sized enterprises requiring day-to-day banking. We serve approximately 15 million clients, mainly through ABN AMRO’s major presence in three home markets: the US Midwest, the Netherlands and Brazil. The Business Unit New Growth Markets is expanding consumer and commercial operations in selected countries. • Wholesale Clients – for major international corporations and institutions. This is one of the largest Europe-based wholesale banking businesses with around 10,000 clients, 20,200 employees and operations in over 45 countries. • Private Clients & Asset Management – for high net-worth individuals and institutional investors. Rapidly growing, with Assets under Management of EUR 150 billion, Assets under Administration of EUR 96 billion and strong positions in several markets. The specially shot photos in this Annual Report illustrate some of the essential qualities we believe ABN AMRO brings to serving its stakeholders. The cover photo conveys transparency, precision, clarity of focus. Far from being abstractions or aspirations, such qualities find concrete expression in our actions. The text explores this relationship further. Annual Report 2002 ABN AMRO Holding N.V. Contents Chairman’s letter 5 ABN AMRO at a glance 6 Supervisory Board 8 Audit Committee 11 Nomination & Compensation Committee 11 Corporate governance 16 Group strategy 20 Corporate citizenship 22 Sustainable development 22 Community activities 23 Sponsorship 24 Human resources 26 Core businesses 27 Business in brief 28 Consumer & Commercial Clients 30 Wholesale Clients 36 Private Clients & Asset Management 40 Other businesses 44 LeasePlan Corporation (ABN AMRO Lease Holding) 44 Corporate Centre 46 Regulatory capital 47 Risk Management 50 Shareholder information 63 ABN AMRO from 1993 64 ABN AMRO shares 66 ABN AMRO peer group 71 2 Financial statements 73 Accounting policies 76 Consolidated financial statements 82 Notes to the consolidated financial statements 86 Company financial statements 131 Notes to the company financial statements 132 Major subsidiaries and participations 134 Other information 137 Auditors’ report 138 Stipulations of the articles of association with respect to profit appropriation 138 Stipulations of the articles of association with respect to shares 138 Shareholders’ equity and net profit under US GAAP 142 ABN AMRO Holding N.V. 145 Organisation of ABN AMRO Bank N.V. 146 Shareholders’ Committee 148 Stichting Administratiekantoor ABN AMRO Holding 149 Dutch Central Staff Council 150 Profile for Supervisory Board membership 151 Curricula vitae 154 Glossary 156 3 Managing Board From left to right: Rijkman Groenink, Wilco Jiskoot, Hugh Scott-Barrett, Tom de Swaan, Joost Kuiper, Dolf Collee. Chairman’s letter Dear Shareholder, On behalf of the Managing Board, I am writing to you about how your bank performed in 2002. We delivered a strong performance, even though the global economy was weak. In line with guidance given earlier in the year, revenues were relatively stable at EUR 18,280 million while expenses fell substantially. Consequently, the group operating result improved significantly to EUR 5,457 million – the best in our history. The full year dividend was unchanged at EUR 0.90. Our provisions for the year were high. Nevertheless, net profit (excluding extraordinary items) of EUR 2,412 million was higher than in the preceding year. Capital ratios also improved, despite depreciation of the Brazilian real and pension-related adjustments. Overall, our performance is testimony to the success of our business model and restructuring, and to the sheer determination of our employees. Significant corporate failures drew attention to corporate governance and sustainability. One result was the Sarbanes-Oxley Act in the United States. Full compliance with Sarbanes-Oxley entailed minimal changes to our existing corporate governance, which has the necessary checks and balances to reconcile the needs of stakeholders while promoting long-term shareholder value. Moreover, we plan to change our position under Dutch company law to allow shareholders a greater say in the governance of the company and to strike a better balance between the shareholders, the Supervisory Board and the Managing Board. Likely changes will include how the Supervisory Board and the Managing Board are nominated and appointed, and the abolition of the priority share. We will put the plan to you at the annual shareholders’ meeting. However, we should go beyond rules and structures. It is also essential that we live by our Corporate Values and Business Principles. We have therefore initiated a corporate branding process to ensure that all employees live our values and principles in their daily work and that these are evident to the outside world. Despite the momentum in our businesses, we believe that given the geo-political uncertainties at this point and the potential impact of these uncertainties on the global economy, a net profit outlook based on economic assumptions only is not very realistic. We, therefore, refrain from giving an outlook for the year at this point in time. Sincerely, Rijkman Groenink, Chairman of the Managing Board 5 14 March, 2003 ABN AMRO at a glance Total revenue Operating result (in millions) (in millions) 6,000 20,000 2002 18,280 2002 5,457 2001 18,834 5,000 2001 5,063 15,000 4,000 2000 18,469 2000 5,267 10,000 3,000 1999 15,527 1999 4,918 2,000 5,000 1998 12,538 1,000 1998 3,834 0 0 '98'99 '00 '01 '02 '98'99 '00 '01 '02 Revenues Operating result 2002 per SBU 2002 per SBU (in %) 2002 2002 (in%) 57 C&CC 67 29 WCS 14 8 PC&AM 6 4 AALH 5 2 CC 8 Net provisioning as a % of average risk- weighted assets 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Average RWA (in billions) 129 134 143 163 193 212 231 255 279 257 Net provisioning (in millions) 681 681 328 569 547 941 653 617 1,426 1,695 Net provisioning as a % of average RWA 0.53 0.51 0.23 0.35 0.28 0.44 0.28 0.24 0.51 0.66 400 0.80 350 0.70 Average RWA 300 0.60 Net provisioning as a % 250 0.50 (in EUR billion, l.s.) of average RWA (r.s.) 200 0.40 150 0.30 100 0.20 50 0.10 0 0 '93'94 '95 '96 '97'98 '99 '00 '01 '02 6 ABN AMRO at a glance Net profit Return on equity (in millions) (in %) 30 4,000 2002 2,412 2002 22.6 2001 2,363 25 2001 20.5 3,000 20 2000 3,097 2000 26.5 2,000 15 1999 2,570 1999 23.7 10 1,000 1998 1,828 5 1998 16.9 0 0 '98'99 '00 '01 '02 '98'99 '00 '01 '02 Earnings per share Market capitalisation (in euros) (in billions) 2.5 2002 1.52 40 2002 25.5 2.0 2001 1.53 2001 28.6 30 1. 5 2000 2.04 2000 37.2 20 1. 0 1999 1.72 1999 37.4 10 0.5 1998 1.23 1998 26.8 0 0 '98'99 '00 '01 '02 '98'99 '00 '01 '02 Share price movements January 2002-December 2002 (in euros) (MSCI and AEX indices restated on the basis of ABN AMRO Holding N.V. ordinary share price on 2 January 2002) 25 20 15 10 5 0 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec ABN AMRO Holding N.V. MSCI European Banking Index AEX 7 Supervisory Board Supervisory Board Markets were generally weak throughout Supervisory Board for a new term of four 2002 in the absence of a global economic years each. recovery. But ABN AMRO performed solidly both absolutely and relative to its chosen Willem Overmars will step down from the peer group. Revenues were relatively stable Supervisory Board with effect from the and targets for cost reductions were met. General Meeting of Shareholders on 29 April A strong performance in parts of the retail 2003, having reached 70. Mr Overmars will and asset gathering business, notably the then have served 12 years on our Board, United States and the Netherlands, which is also the maximum permissible term underpinned the bank’s results. The overall of membership. In his calm way, Mr outcome for the year demonstrated once Overmars has contributed a great deal to our again the success of the restructuring plan Board’s discussions.
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