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SAAT statement of shares

Statement of the shares taken in trust and the issued depository receipts of Triodos Bank N.V. as at 31 December 2016.

Download XLS

 

 

 

in thousands of EUR

31.12.2016

31.12.2015

 

 

 

 

 

 

Triodos Bank NV shares taken in trust,
having a nominal value of EUR 50 each

554,415

484,329

 

 

 

Issued depository receipts of Triodos Bank NV,
having a nominal value of EUR 50 each

554,415

484,329

 

 

Basis of preparation

The SAAT statement of shares as at 31 December 2016 of Stichting Administratiekantoor Aandelen Triodos Bank ('SAAT') is based on the nominal value of the total number of issued shares by Triodos Bank N.V. that are held in custody by SAAT, versus the total number of issued depository receipts on the shares of Triodos Bank by SAAT to the depository receipt holders.

The purpose of this statement is to provide the depository receipts holders insight to whether the total issued shares by Triodos Bank reconcile to the total issued depository receipts by SAAT.

Zeist, 24 March 2017

Board
Josephine de Zwaan, Chair
Marjatta van Boeschoten
Sandra Castaneda Elena
Frans de Clerck
Willem Lageweg
Mike Nawas

Independent auditor’s report

To: the board of Stichting Administratiekantoor Aandelen Triodos Bank (‘SAAT’)

Report on the SAAT statement of shares

Our opinion

In our opinion, the above SAAT statement of shares as at 31 December 2016 is prepared, in all material respects, in accordance with the accounting principles as included in the basis of preparation note to the SAAT statement of shares.

What we have audited

We have audited the SAAT statement of shares as at 31 December 2016 of Stichting Administratiekantoor Aandelen Triodos Bank, Zeist (‘the Foundation’).

The financial reporting framework that has been applied in the preparation of the SAAT statement of shares is the number of shares and certificates respectively times the nominal value as set out in the basis of preparation note to the SAAT statement of shares.

The basis for our opinion

We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the section ‘Our responsibilities for the audit of the SAAT statement of shares’ of our report.

Independence

We are independent of Stichting Administratiekantoor Aandelen Triodos Bank in accordance with the ‘Verordening inzake de onafhankelijkheid van accountants bij assuranceopdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence requirements in the Netherlands. Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics).

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter – Basis of accounting and restriction on use

We draw attention to the basis of preparation note to the SAAT statement of shares, which describes the basis of accounting. The SAAT statement of sharers as at 31 December 2016 is prepared by the board of SAAT to report to the depository receipt holders . As a result, it may not be suitable for another purpose. Our report is addressed to the board of SAAT, to whom we own a duty of care. Our opinion is not modified in respect of this matter.

Responsibilities for the SAAT statement of shares and the audit

Responsibilities of the board for the SAAT statement of shares

The board is responsible for:

  • the preparation of the SAAT statement of shares in accordance with the accounting principles as
    included in the basis of preparation note to the SAAT statement of shares; and for
  • such internal control as the board determines is necessary to enable the preparation of the SAAT
    statement of shares that are free from material misstatement, whether due to fraud or error.

Our responsibilities for the audit of the SAAT statement of shares

Our responsibility is to plan and perform an audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence to provide a basis for our opinion. Our audit opinion aims to provide reasonable assurance about whether the SAAT statement of shares is free from material misstatement. Reasonable assurance is a high but not absolute level of assurance which makes it possible that we may not detect all material misstatements. Misstatements may arise due to fraud or error. They are considered to be material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the SAAT statement of shares.

Materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.

A more detailed description of our responsibilities is set out in the appendix to our report.

Amsterdam, 24 March 2017
PricewaterhouseCoopers Accountants N.V.

G.J. Heuvelink RA

Appendix to our auditor’s report on the SAAT statement of shares as at 31 December 2016 of Stichting Administratiekantoor Aandelen Triodos Bank

In addition to what is included in our auditor’s report we have further set out in this appendix our responsibilities for the audit of the SAAT statement of shares and explained what an audit involves.

The auditor’s responsibilities for the audit of the SAAT statement of shares

We have exercised professional judgement and have maintained professional scepticism throughout the audit in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our objectives are to obtain reasonable assurance about whether the SAAT statement of shares as a whole is free from material misstatement, whether due to fraud or error. Our audit consisted, among other things of the following:

  • Identifying and assessing the risks of material misstatement of the SAAT statement of shares, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the intentional override of internal control.
  • Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
  • Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board.
  • Evaluating the overall presentation, structure and content of the SAAT statement of shares, including the disclosures, and evaluating whether the SAAT statement of shares represents the underlying transactions and events free from material misstatement.

We communicate with the board regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.