Cash and cash equivalents

The balance sheet value of the cash and cash equivalents as at 31 December can be broken down as follows:

 

2020

2019

 

 

 

On demand deposit Dutch Central Bank

1,961,432

1,406,709

On demand deposit Belgian Central Bank

167,249

228,736

On demand deposit German Central Bank

183,657

100,700

On demand deposit Spanish Central Bank

224,358

247,031

On demand deposit United Kingdom Central Bank

419,467

279,463

Cash in ATM's

16

7,585

Interest receivable

-392

-241

 

 

 

Balance sheet value as at 31 December

2,955,787

2,269,983

Interest payable regarding cash and cash equivalents was recognised as other liabilities but are transferred to cash and cash equivalents. The comparative figure in the amount of EUR 241 are adjusted accordingly.

Loans and advances to banks

 

2020

2019

 

 

 

On demand deposits with banks

126,618

205,048

Deposits with banks

23,948

22,513

Interest receivable

15

72

Allowance for ECL

-18

-42

 

 

 

Balance sheet value as at 31 December

150,563

227,591

An amount of EUR 22.1 million of the deposits is encumbered (2019: EUR 21.7 million). These are on demand deposits at Cecabank in the amount of EUR 1.0 million (2019: EUR 1.0 million), ING Bank EUR 13.0 million (2019: EUR 13.0 million), Banco Cooperativo EUR 7.5 million (2019: EUR 7.0 million) and Mastercard EUR 0.6 million (2019: EUR 0.7 million). A deposit of EUR 1.0 million (2019: EUR 1.0 million) is subordinated. All other deposits can be freely disposed of.

By residual maturity:

 

2020

2019

 

 

 

On demand

126,615

205,078

1 to 3 months

8,948

7,513

3 months to 1 year

15,000

15,000

1 to 5 years

-

-

Longer than 5 years

-

-

 

 

 

Balance sheet value as at 31 December

150,563

227,591

The balance sheet value of the loans and advances to banks as at 31 December can be broken down as follows:

 

2020

2019

 

 

 

ABN AMRO Bank

6,654

-

Banco Cooperativo

8,595

8,131

Caja de Ingenieros

1,062

604

Cecabank

4,000

4,111

DZ Bank

24,304

51,873

Euroclear Bank

2,248

2,595

ING Bank

57,681

103,281

National Westminster Bank (Natwest)

21,897

29,906

Rabobank

15,884

20,790

Other

8,238

6,300

 

 

 

Balance sheet value as at 31 December

150,563

227,591

Loans and advances to customers

Loans and advances to customers at amortised cost

 

2020

2019

 

Gross carrying amount

Allowance for ECL

Carrying amount

Gross carrying amount

Allowance for ECL

Carrying amount

 

 

 

 

 

 

 

Corporate loans

5,987,800

-46,524

5,941,276

5,829,505

-32,093

5,797,412

Mortgage lending

2,739,930

-1,650

2,738,280

1,977,175

-838

1,976,337

Municipality loans

332,713

-

332,713

360,053

-

360,053

Current accounts and credit cards

122,593

-2,796

119,797

54,102

-848

53,254

Fair value hedge accounting

5,286

-

5,286

2,424

-

2,424

Interest receivables

19,358

-

19,358

19,534

-

19,534

 

 

 

 

 

 

 

Balance sheet value as at 31 December

9,207,680

-50,970

9,156,710

8,242,793

-33,779

8,209,014

Loans and advances to customers classified by residual maturity:

 

2020

2019

 

 

 

Payable on demand

132,435

218,894

1 to 3 months

615,256

470,833

3 months to 1 year

832,317

554,765

1 to 5 years

3,202,127

2,311,366

Longer than 5 years

4,374,575

4,653,156

 

 

 

Balance sheet value as at 31 December

9,156,710

8,209,014

EUR 16.9 million (2019: EUR 24.9 million) of the loans are subordinated. EUR 252.7 million (2019: EUR 271.0 million) of the loans relates to loans to local authorities with a maximum original maturity of one year and one day.

As part of the interest rate risk management Triodos Bank entered into interest rate swaps to hedge the interest risk on fixed interest rate loans. Please see Non-trading derivatives and hedge accounting for additional information.

Debt securities at amortised cost

 

2020

2019

 

 

 

Dutch government bonds

69,983

70,292

Belgian government bonds

141,697

168,222

Spanish government bonds

63,209

72,182

United Kingdom government bonds

63,120

78,068

Other bonds

968,775

634,658

Interest receivable

9,434

9,223

Fair value hedge accounting

1,146

1,680

Allowance for ECL

-63

-34

 

 

 

Balance sheet value as at 31 December

1,317,301

1,034,291

The movement in debt securities at amortised cost is as follows:

 

2020

2019

 

 

 

Balance sheet value as at 1 January

1,034,291

1,270,624

Purchase

527,238

141,558

Repayments

-225,689

-368,610

Sale

-

-

Amortisation difference between acquisition price and redemption value

-10,752

-9,512

Exchange rate results on foreign currencies

-7,435

1,770

Interest receivable movement

211

-2,186

Fair value hedge accounting movement

-534

650

Net movement in allowance for ECL

-29

-3

 

 

 

Balance sheet value as at 31 December

1,317,301

1,034,291

The increase in the debt securities are in the other bonds. The other bonds consists of European regional government and corporate bonds, listed and non-listed. The debt securities including the other bonds are specified below.

The interest bearing securities in the statement below, as at 31 December, are valued at amortised cost. This is the book value without the interest receivable, fair value hedge accounting and the allowance for the ECL.

Issuer

2020

Public sector entities

Listed

Non-listed

Maturity <1 year

Maturity >1 year

Of which Green bond1)

Belgium, government

141,697

-

32,882

108,815

-

Comunidad Autonoma de Madrid, Spain

125,350

-

25,108

100,242

14,486

Hessen, Germany

86,319

-

-

86,319

-

Region Wallonne, Belgium

71,128

20,001

30,001

61,128

-

The Netherlands, government

69,983

-

-

69,983

-

Kingdom of Spain, government

63,209

-

10,038

53,171

-

United Kingdom, government

63,120

-

17,414

45,706

-

European Investment Bank

50,935

-

4,932

46,003

-

Berlin, Germany

41,607

-

-

41,607

-

Autonomous Community of Basque Country, Spain

41,495

-

-

41,495

-

Instituto de Crédito Official (government guaranteed), Spain

37,396

-

31,398

5,998

-

Schleswig-Holstein, Germany

30,080

-

10,004

20,076

-

Xunta de Galicia, Spain

28,027

-

-

28,027

-

Niedersachsen, Germany

24,711

-

-

24,711

-

Junta de Castilla y Leon, Spain

24,127

-

-

24,127

-

Ayuntamiento de Madrid, Spain

23,672

-

8,153

15,519

-

Gemeinsame Deutsche Bundeslaender, Germany

21,920

-

-

21,920

-

Nordrhein-Westfalen, Germany

20,019

-

-

20,019

-

Region Ile de France

17,986

-

-

17,986

17,986

Rheinland-Pfalz, Germany

15,116

-

-

15,116

-

Transport for London, United Kingdom

5,729

-

-

5,729

5,729

Comunidad Autónoma de Andalucía, Spain

3,729

-

-

3,729

-

Deutschsprachige Gemeinschaft Belgiens, Belgium

-

20,005

20,005

-

-

Brussels Region, Belgium

-

17,301

-

17,301

-

Fonds régional bruxellois de refinancement des trésoreries communales, Belgium

-

10,026

-

10,026

-

La Commanauté Francaise de Belgique, Belgium

-

10,000

-

10,000

-

Provincie Vlaams-Brabant, Belgium

-

6,000

6,000

-

-

 

 

 

 

 

 

Total public sector entities

1,007,355

83,333

195,935

894,753

38,201

1 These are Green/sustainable bonds of which the proceeds are invested by the issuer in areas such as sustainable energy, energy efficiency and microfinance.

Issuer

2020

Non-public sector entities

Listed

Non-listed

Maturity <1 year

Maturity >1 year

Of which Green bond1)

Adif Alta Velocidad, Spain

48,125

-

-

48,125

-

Coöperative Rabobank U.A., The Netherlands

24,996

-

24,996

-

24,996

NRW Bank (government guaranteed), Germany

24,939

-

-

24,939

19,891

Kreditanstalt für Wiederaufbau (government guaranteed), Germany

21,820

-

-

21,820

-

Unibail-Rodamco-Westfield, France

15,941

-

-

15,941

-

Landwirtschaftliche Rentenbank, Germany

11,549

-

-

11,549

-

Nationwide Building Society, United Kingdom

11,171

-

-

11,171

-

Anglian Water Services Financing Plc, United Kingdom

10,522

-

-

10,522

10,522

ABN AMRO Bank N.V., The Netherlands

10,497

-

-

10,497

10,497

Bank Nederlandse Gemeenten (BNG), The Netherlands

6,037

-

6,037

-

-

Cofinimmo SA N.V., Belgium

4,999

-

-

4,999

4,999

Ethias Vie, Belgium

500

-

-

500

-

Société Régionale Wallonne du Transport (government guaranteed), Belgium

-

15,000

15,000

-

-

Aquafin NV, Belgium

-

10,000

2,000

8,000

10,000

 

 

 

 

 

 

Total non-public sector entities

191,096

25,000

48,033

168,063

80,905

1 These are Green/sustainable bonds of which the proceeds are invested by the issuer in areas such as sustainable energy, energy efficiency and microfinance.

Issuer

2019

Public sector entities

Listed

Non-listed

Maturity <1 year

Maturity >1 year

Of which Green bond1)

Belgium, government

168,222

-

25,228

142,994

-

Comunidad Autonoma de Madrid, Spain

114,355

-

2,873

111,482

11,107

United Kingdom, government

78,069

-

10,631

67,438

-

Kingdom of Spain, government

72,182

-

28,829

43,353

-

The Netherlands, government

70,292

-

-

70,292

-

Region Wallonne, Belgium

40,000

20,000

10,000

50,000

-

Instituto de Crédito Official (government guaranteed), Spain

38,708

-

6,500

32,208

-

Junta de Castilla y Leon, Spain

24,558

-

-

24,558

-

Ayuntamiento de Madrid, Spain

24,019

-

-

24,019

-

Autonomous Community of Basque Country, Spain

20,629

-

-

20,629

-

Xunta de Galicia, Spain

15,000

-

-

15,000

-

European Investment Bank

11,828

-

11,828

-

11,828

Transport for London, United Kingdom

6,096

-

-

6,096

6,096

Deutschsprache Gemeinschaft Belgiens, Belgium

-

20,017

-

20,017

-

Brussels Region, Belgium

-

10,044

-

10,044

-

La Commanauté Francaise de Belgique, Belgium

-

10,000

-

10,000

-

Provincie Vlaams-Brabant, Belgium

-

6,000

-

6,000

-

 

 

 

 

 

 

Total public sector entities

683,958

66,061

95,889

654,130

29,031

1 These are Green/sustainable bonds of which the proceeds are invested by the issuer in areas such as sustainable energy, energy efficiency and microfinance.

Issuer

2019

Non-public sector entities

Listed

Non-listed

Maturity <1 year

Maturity >1 year

Of which Green bond1)

Landwirtschaftliche Rentenbank, Germany

50,000

-

50,000

-

50,000

Adif Alta Velocidad, Spain

45,305

-

-

45,305

-

ABN AMRO Bank N.V., The Netherlands

26,487

-

15,992

10,495

26,487

Coöperative Rabobank U.A., The Netherlands

24,991

-

-

24,991

24,991

NRW Bank (government guaranteed), Germany

19,872

-

-

19,872

19,872

Kreditanstalt für Wiederaufbau (government guaranteed), Germany

17,165

-

5,907

11,258

5,907

ING Bank N.V., The Netherlands

13,009

-

13,009

-

13,009

Nationwide Building Society, United Kingdom

11,820

-

-

11,820

-

Anglian Water Services Financing Plc, United Kingdom

11,174

-

-

11,174

11,174

Bank Nederlandse Gemeenten (BNG), The Netherlands

6,082

-

-

6,082

-

Cofinimmo SA N.V., Belgium

4,998

-

-

4,998

4,998

Ethias Vie, Belgium

500

-

-

500

-

Société Régionale Wallonne du Transport (government guaranteed), Belgium

-

30,000

15,000

15,000

-

Aquafin NV, Belgium

-

12,000

2,000

10,000

12,000

 

 

 

 

 

 

Total non-public sector entities

231,403

42,000

101,908

171,495

168,438

1 These are Green/sustainable bonds of which the proceeds are invested by the issuer in areas such as sustainable energy, energy efficiency and microfinance.

Part of the value of securities is used as collateral for a possible debit balance, amounting to EUR 177.5 million at the Dutch Central Bank (2019: EUR 89.4 million).

As part of the interest rate risk management Triodos Bank entered into interest rate swaps to hedge the interest risk on fixed interest rate bonds. Triodos Bank changed its risk management strategy by using portfolio fair value hedging. The remaining fair value hedge accounting movement will amortise over the remaining lifetime.

Investment securities

 

2020

2019

 

 

 

Shares S.W.I.F.T. SCRL

80

20

Participating interests designated at fair value through OCI

26,673

19,542

Participating debt at mandatory fair value through profit and loss

4,461

4,737

 

 

 

Balance sheet value as at 31 December

31,214

24,299

The shares in S.W.I.F.T. SCRL are held in the framework of the Bank's participation in S.W.I.F.T. payment transactions.

 

2020

2019

Balance sheet value as at 1 January

20

20

Purchase

60

-

Sales

-

-

 

 

 

Balance sheet value as at 31 December

80

20

As part of its mission, Triodos Bank wishes sustainable banking to create more and more impact over the world. In this respect, Triodos Bank provides equity funding to like minded financial institutions in order to increase growth of the sustainable banking sector. No significant influence can be exercised on our participating interests. The value of these interests is based on the published share price. In absence of a public share price or if such a public share price is established in a non active stock exchange market (low trading activity) Triodos Bank estimates the fair value through the net asset value. The other participating interests can be broken down as follows.

 

2020

2019

 

Participating interest

Amount in thousands of EUR

Participating interest

Amount in thousands of EUR

 

 

 

 

 

Participating interests at fair value through OCI

 

 

 

 

Amalgamated Bank, New York1)

2.3%

8,156

2.3%

12,569

Merkur Bank KGaA, Copenhagen1)

6.2%

3,150

3.0%

1,210

Cultura Bank Sparebank, Oslo1)

1.2%

95

1.2%

102

GLS Gemeinschaftsbank eG, Bochum1)

1.8%

10,050

0.0%

50

Banca Popolare Etica Scpa, Padova1)

0.2%

133

0.2%

133

Ekobanken Medlemsbank, Järna1)

0.6%

52

0.6%

49

Social Enterprise Finance Australia Limited, Sydney

4.5%

1

4.5%

1

Bpifrance Financement S.A., Maisons-Alfort.

0.0%

140

0.0%

140

Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden N.V. (FMO), The Hague1)

2.0%

702

2.0%

861

Thrive Renewables Plc, Bristol

5.8%

3,275

5.7%

3,434

Transactie Monitoring Nederland BV, Purmerend

3.0%

210

0.0%

-

La Société d’Investissement France Active (SIFA), Montreuil

0.1%

300

0.1%

302

Visa Inc, San Francisco1)

0.0%

309

0.0%

591

La Bolsa Social, plataforma de financiación participativa, S.A., Madrid

6.0%

100

6.0%

100

 

 

 

 

 

Balance sheet value as at 31 December

 

26,673

 

19,542

Participating debt at fair value through profit and loss

 

 

 

 

Sustainability – Finance – Real Economies SICAV-SIF public limited liability company, Luxembourg

12.8%

4,150

13.0%

4,737

Visa Inc, San Francisco1)

0.0%

311

0.0%

-

 

 

 

 

 

Balance sheet value as at 31 December

 

4,461

 

4,737

1 Credit institution

The movement of the participating interest at fair value through OCI is as follows:

 

2020

2019

 

 

 

Balance sheet value as at 1 January

19,542

19,018

Acquisitions

210

-

Increase of capital

12,099

349

Revaluation

-4,138

-279

Repayment of capital

-

-

Divestments

-

-

Conversion*

-292

-

Exchange rate results on foreign currencies

-748

454

 

 

 

Balance sheet value as at 31 December

26,673

19,542

The movement of the participating debt at fair value through profit and loss is as follows:

 

2020

2019

 

 

 

Balance sheet value as at 1 January

4,737

3,430

Acquisitions

-

-

Increase of capital

-

877

Revaluation

-208

352

Repayment of capital

-

-

Divestments

-

-

Conversion*

292

-

Exchange rate results on foreign currencies

-360

78

 

 

 

Balance sheet value as at 31 December

4,461

4,737

* A portion of the shares held in Visa were converted and are therefore derecognised as participating interest at fair value through OCI and recognised as participating debt at fair value through profit and loss.

Intangible assets

 

2020

2019

 

 

 

Development costs for information systems

43,274

38,212

Management contracts

1,159

1,360

Computer software

1,330

1,971

 

 

 

Balance sheet value as at 31 December

45,763

41,543

The development costs for information systems

The development costs for information systems contain costs for the development of the Bank’s ICT systems in The Netherlands, Spain and Germany.

The movement in the development costs for the information systems item is as follows:

 

2020

2019

 

 

 

Purchase value as at 1 January

70,628

58,524

Cumulative amortisation as at 1 January

-32,416

-24,416

 

 

 

Balance sheet value as at 1 January

38,212

34,108

Internal development

14,732

12,901

Acquisitions

-

-

Amortisation

-9,577

-7,931

Impairments

-

-891

Exchange rate results on foreign currencies

-93

25

 

 

 

Balance sheet value as at 31 December

43,274

38,212

 

 

 

Purchase value as at 31 December

69,830

70,628

Cumulative amortisation as at 31 December

-26,556

-32,416

 

 

 

Balance sheet value as at 31 December

43,274

38,212

Management contracts

The management contracts relate to contracts for the management of funds by Triodos Investment Management. When it acquired its participating interest in Triodos Investment Management in 2006, Triodos Bank paid EUR 4 million for this to Stichting Triodos Holding. No impairment was recognised based on the remaining usefulness of the contracts.

The movement in management contracts is as follows:

 

2020

2019

 

 

 

Purchase value as at 1 January

4,030

4,030

Cumulative amortisation as at 1 January

-2,670

-2,468

 

 

 

Balance sheet value as at 1 January

1,360

1,562

Amortisation

-201

-202

 

 

 

Balance sheet value as at 31 December

1,159

1,360

 

 

 

Purchase value as at 31 December

4,030

4,030

Cumulative amortisation as at 31 December

-2,871

-2,670

 

 

 

Balance sheet value as at 31 December

1,159

1,360

Computer software

Computer software relate to software that has been purchased. The movement in computer software is as follows:

 

2020

2019

 

 

 

Purchase value as at 1 January

4,573

5,256

Cumulative amortisation as at 1 January

-2,602

-2,502

 

 

 

Balance sheet value as at 1 January

1,971

2,754

Internal development

-

-

Acquisitions

245

514

Amortisation

-882

-1,260

Impairment

-

-37

Exchange rate results on foreign currencies

-4

-

 

 

 

Balance sheet value as at 31 December

1,330

1,971

 

 

 

Purchase value as at 31 December

3,903

4,573

Cumulative amortisation as at 31 December

-2,573

-2,602

 

 

 

Balance sheet value as at 31 December

1,330

1,971

Property and equipment

 

2020

2019

 

 

 

Property for own use

72,537

86,150

Equipment

28,953

34,546

 

 

 

Balance sheet value as at 31 December

101,490

120,696

The movement in the property for own use is as follows:

 

2020

2019

 

 

 

Purchase value as at 1 January

95,495

96,365

Cumulative revaluation as at 1 January

-1,596

-1,596

Cumulative depreciation as at 1 January

-7,749

-6,629

 

 

 

Balance sheet as at 1 January

86,150

88,140

Purchase

152

3,724

Depreciation

-2,322

-1,043

Revaluation

-

-

Impairment

-4,971

-

Transfer to equipment *

-

-4,663

Transfer to held for sale

-5,764

-

Exchange rate differences

-708

-8

 

 

 

Balance sheet value as at 31 December

72,537

86,150

 

 

 

Purchase value as at 31 December

79,196

95,495

Cumulative revaluation as at 31 December

-1,596

-1,596

Cumulative depreciation as at 31 December

-5,063

-7,749

 

 

 

Balance sheet value as at 31 December

72,537

86,150

* With the realisation of a new office building in The Netherlands in 2019 a part of the development cost of this building in the amount of EUR 4,663 has been transferred to equipment.

The Executive Board of Triodos Bank decided in December 2020 to sell the buildings located at the Nieuweroordweg 1 and Utrechtseweg 60 in Zeist and related to Triodos Head Office. The decision to sell the buildings was made in December 2020 and is a consequence of the new way of working within Triodos Bank during 2020 resulting from the COVID-19 pandemic. This way of working entails a combination of working from home and working from the office. Triodos Bank believes that this is a more efficient way of working and it is in line with the Triodos Bank values of lowering the carbon footprint which will be continued after the COVID-19 pandemic such that less office space is required.

This decision triggered an impairment because the carrying value of the buildings will no longer be recovered through its continuing use, but through the sale of the property. An impairment loss of EUR 5.1 million for property and equipment related to Triodos Head Offices combined is recorded in profit or loss statement. The impairment is recognised to adjust the carrying value to the fair value less cost of disposal.

An external valuation report is used to estimate the fair value less cost of disposal. Therefore the fair value less cost of disposal is categorised as a level 3 valuation within the fair value hierarchy. This valuation report estimated a market price of EUR 6.2 million for the buildings. Disposal costs are costs that are incremental an directly attributable to the disposal of the buildings and are estimated at 4% of the market price and an additional EUR 90 thousand moving costs need to be taken into account . The buildings are expected to be sold during 2021, such that the buildings located at the Nieuweroordweg 1 and Utrechtseweg 60 in Zeist will be reclassified to assets held for sale. Refer to note 12 Non-current Assets Held for Sale for further details.

The movement in equipment is as follows:

 

2020

2019

 

 

 

Purchase value as at 1 January

60,460

36,982

Cumulative depreciation as at 1 January

-25,914

-24,085

 

 

 

Balance sheet value as at 1 January

34,546

12,897

Purchase*

2,856

21,638

Sale**

-1,226

-4

Depreciation**

-6,954

-4,614

Impairment

-83

-60

Transfer from property for own use ***

-

4,663

Transfer to held for sale

-97

-

Exchange rate differences

-89

26

 

 

 

Balance sheet value as at 31 December

28,953

34,546

 

 

 

Purchase value as at 31 December

56,736

60,460

Cumulative depreciation as at 31 December

-27,783

-25,914

 

 

 

Balance sheet value as at 31 December

28,953

34,546

* The purchase in 2019 mainly relates to the investment in the installation and the inventory of the new office building in The Netherlands.
** Excluding disposal in the amount of EUR 4.1 million (2019: EUR 3.0 million).
*** With the realisation of a new office building in The Netherlands in 2019 a part of the development cost in the amount of EUR 4,663 has been transferred from property for own use to equipment.

Investment property

Triodos Bank sometimes repossesses assets which come from acquisition in public auctions. These assets are collaterals of an executed loan. A part of the repossessed assets however will not be sold immediately because Triodos Bank has opted to add value by renting out these assets and are therefore presented as investment property.

The movement in the investment property is as follows:

 

2020

2019

 

 

 

Acquisition value as at 1 January

12,630

12,589

Cumulative depreciation as at 1 January

-1,618

-1,265

 

 

 

Balance sheet as at 1 January

11,012

11,324

New foreclosed assets

158

41

Depreciation

-234

-239

Impairments

-22

-114

 

 

 

Balance sheet value as at 31 December

10,914

11,012

 

 

 

Purchase value as at 31 December

12,788

12,630

Cumulative depreciation as at 31 December

-1,874

-1,618

 

 

 

Balance sheet value as at 31 December

10,914

11,012

Leases as lessor

Triodos Bank leases out its investment properties for the purpose of adding value to the repossessed assets. Triodos Bank has recognised the following items in the profit and loss account.

 

2020

2019

 

 

 

Rental income

181

246

Operating expenses

-46

-262

 

 

 

Total result on investment properties

135

-16

Leases

Triodos Bank leases many assets including land and buildings, vehicles, and IT equipment. Information about leases for which Triodos Bank is a lessee is presented below.

Right-of-use assets

 

2020

2019

 

Property

Vehicles

Other

Total

Property

Vehicles

Other

Total

 

 

 

 

 

 

 

 

 

Balance at 1 January

19,357

1,656

342

21,355

19,260

1,674

14

20,948

Depreciation

-2,541

-687

-68

-3,296

-3,633

-579

-8

-4,220

Additions

859

433

174

1,466

3,653

561

336

4,550

Exchange rate difference

-119

-

-

-119

77

-

-

77

Disposals

-18

-42

-

-60

-

-

-

-

 

 

 

 

 

 

 

 

 

Balance at 31 December

17,538

1,360

448

19,346

19,357

1,656

342

21,355

Lease liabilities

 

2020

2019

Maturity analysis – contractual undiscounted cash flows

Property

Vehicles

Other

Total

Property

Vehicles

Other

Total

 

 

 

 

 

 

 

 

 

Less than one year

2,418

397

72

2,887

2,336

435

62

2,833

One to five years

8,042

1,041

242

9,325

8,097

1,199

244

9,540

More than five years

12,082

-

144

12,226

13,649

34

54

13,737

 

 

 

 

 

 

 

 

 

Total undiscounted lease liabilities at 31 December

22,542

1,438

458

24,438

24,082

1,668

360

26,110

 

 

 

 

 

 

 

 

 

Current

1,912

463

72

2,447

1,611

453

59

2,123

Non-current

16,207

929

380

17,516

18,429

1,242

284

19,955

 

 

 

 

 

 

 

 

 

Lease liabilities included in the statement of financial
position at 31 December

18,119

1,392

452

19,963

20,040

1,695

343

22,078

Amounts recognised in profit or loss

 

2020

2019

 

 

 

Interest on lease liabilities

216

465

Expenses of short-term leases

61

111

Expenses of low-value assets

212

392

Sub-lease income

48

42

Amounts recognised in the statement of cash flows

 

2020

2019

 

 

 

Total cash outflow for leases

3,578

4,297

Real estate leases

Triodos Bank leases land and buildings for its office space. Some leases include an option to renew the lease for an additional period of the same duration after the end of the contract term. Some leases provide for additional rent payments that are based on changes in local price indices.

Other leases

Triodos Bank leases vehicles and equipment, with lease terms of generally three to five years. Triodos Bank also leases IT equipment with contract terms of generally one to three years. Leases with a contract term of less than one year and/or a value of less than EUR 5.000 are considered short-term and/or leases of low-value items.

Triodos Bank has elected not to recognise right-of-use assets and lease liabilities for these leases.

Non-trading derivatives

Additional hedge accounting disclosures are part of the financial risk management paragraph, please see note Non-trading derivatives and hedge accounting for additional information.

As part of the interest rate risk management Triodos Bank entered into interest rate swaps to hedge the interest risk on fixed interest rate loans. The fair value of the interest rate swaps with a positive value at the end of the year is represented on the asset side of the balance sheet and the interest rate swaps with a negative value on the liability side.

Breakdown of derivatives by remaining term to maturity and fair value:

Non-trading derivative assets

 

Notional amount

Fair value

2020

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

4,908

-

4,908

-

176

Non deliverable forwards

9,191

5,013

4,178

-

1,595

Swap

-

-

-

-

-

 

 

 

 

 

 

Other OTC contracts:

 

 

 

 

 

Interest rate swaps

70,000

-

-

70,000

24

 

 

 

 

 

 

Total derivatives

84,099

5,013

9,086

70,000

1,795

Average IRS rates:

 

 

 

0.00%

 

 

 

 

 

 

 

 

Notional amount

Fair value

2019

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

14,206

8,863

5,343

-

1,965

Non deliverable forwards

43,380

33,079

10,301

-

5,840

Swap

387

387

-

-

9

 

 

 

 

 

 

Other OTC contracts:

 

 

 

 

 

Interest rate swaps

33,500

-

-

33,500

908

 

 

 

 

 

 

Total derivatives

91,473

42,329

15,644

33,500

8,722

Average IRS rates:

 

 

 

-0.25%

 

Triodos Bank entered into currency contracts with Triodos Investment Management in order to manage the currency risk of the investment funds. Triodos Bank hedges these positions directly in the market. Therefore the long and short position are almost the same. The decline of the nominal amount from 2019 to 2020 relates to the fact that at the end of 2017 Triodos Bank stopped entering into new currency contract with Triodos Investment Management because of new regulation.

Non-trading derivative liabilities

 

Notional amount

Fair value

2020

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

206,008

201,100

4,908

-

2,584

Non deliverable forwards

9,191

5,013

4,178

-

1,524

Swap

-

-

-

-

-

 

 

 

 

 

 

Other OTC contracts:

 

 

 

 

 

Interest rate swaps

295,175

24,975

187,500

82,700

6,344

 

 

 

 

 

 

Total derivatives

510,374

231,088

196,586

82,700

10,452

Average IRS rates:

 

-0.12%

0.24%

0.18%

 

 

 

 

 

 

 

 

Notional amount

Fair value

2019

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

206,726

201,383

5,343

-

4,460

Non deliverable forwards

43,380

33,079

10,301

-

5,583

Swap

387

387

-

-

8

 

 

 

 

 

 

Other OTC contracts:

 

 

 

 

 

Interest rate swaps

270,975

6,500

208,475

56,000

5,012

 

 

 

 

 

 

Total derivatives

521,468

241,349

224,119

56,000

15,063

Average IRS rates:

 

 

0.21%

0.55%

 

The forward currency contracts relates mainly to GPB contracts that Triodos Bank entered for a notional amount of EUR 201.1 million (2019: EUR 192.5 million) for hedging the currency risk of the UK subsidiary equity participation of Triodos Bank. The other currency contracts relates to contracts that Triodos Bank entered into with Triodos Investment Management in order to manage the currency risk of the investment funds. Triodos Bank hedges these positions directly in the market. Therefore the long and short position of these contracts are almost the same.

Other assets

The balance sheet value of the other assets as at 31 December can be broken down as follows:

 

2020

2019

 

 

 

Receivable regarding the deposit guarantee scheme

3,916

3,916

Other prepayments and accrued income

22,702

44,596

Other

35,296

38,275

 

 

 

Balance sheet value as at 31 December

61,914

86,787

Non-current Assets Held for Sale

The balance sheet value of the assets held-for-sale as at 31 December can be broken down as follows:

 

2020

2019

 

 

 

Repossessed assets

10,343

10,197

Own property held for sale

5,860

-

Shares in investment funds held for sale

2,769

-

 

 

 

Balance sheet value as at 31 December

18,972

10,197

Triodos Bank can acquire the collateral under non performing loans, all assets acquired are real estate. It is the intention of Triodos Bank to dispose of these assets as they are not part of the primary business of the Bank. If permitted by the underlying contracts of the acquired assets, these assets are presented as real estate for sale, using a realtor.

Triodos Investment Management has provided seed capital to a new investment fund in November 2020 to improve the product offering and with the intention to exit within a year.

The disclosure regarding the addition to the assets held for sale as required by IFRS 5 is included in note 7, Property and Equipment, on page Property and equipment of the financial statements.

 

2020

2019

 

 

 

Impairments recorded in other income

-594

-135

 

 

 

Total for the year

-594

-135