kbc annual report | 2008
KB C
Contents
Main events in 2008 ...................................................................................................................................... 1
annual
Statement by the Chairman of the Board of Directors and the President of the Executive Committee ....................................................................... 2 Structure, strategy and shareholder information ................................................................... 5 Group results for 2008 ............................................................................................................................. 13 Belgium Business Unit ........................................................................................................................... 24 Central & Eastern Europe and Russia Business Unit (CEER) .................................... 31
repor t
Merchant Banking Business Unit .................................................................................................. 39 European Private Banking Business Unit ................................................................................ 45 Shared Services & Operations Business Unit . ..................................................................... 50 Value and risk management ................................................................................................................. 55 Corporate social responsibility ............................................................................................................ 77 Corporate governance . ............................................................................................................................. 83 Consolidated annual accounts . .......................................................................................................... 93
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Auditor’s report .......................................................................................................................................... 94 Consolidated income statement ................................................................................................... 95
2 00 8
Consolidated balance sheet . ............................................................................................................ 96 Consolidated statement of changes in equity ................................................................... 97 Consolidated cashflow statement ............................................................................................... 99 Notes on the accounting policies . ............................................................................................ 101 Notes on segment reporting ........................................................................................................ 105 Notes to the income statement . ................................................................................................ 109 Notes to the balance sheet ............................................................................................................ 116 Other notes ................................................................................................................................................. 135 Company annual accounts . ................................................................................................................. 141 Glossary of ratios used ........................................................................................................................... 147 Where can I find information about … • the group’s shareholder structure: Structure, strategy and shareholder information, under ‘Shareholders’ • the capital-strengthening transaction with the Belgian State: Consolidated annual accounts, Note 35 • the capital-strengthening transaction with the Flemish Regional Government: Consolidated annual accounts, Note 42 • the group’s credit ratings: Structure, strategy and shareholder information, under ‘Credit ratings’ • the group’s exposure to structured investments: Value and risk management under ‘Investments in structured credit products’ • the group’s solvency: Value and risk management, under ‘Solvency and economic capital’ • the remuneration granted to the members of the Executive Committee: Corporate governance, under ‘Remuneration granted to members of the Executive Committee’