Triodos Bank nv - Changemakers 5... · 2020. 12. 10. · TRIODOS BANK - ANNUAL REPORT 2007 5 Sustainable banking Mibanco’s Karen Sáenz León (left) with her customer, Virginia

Triodos Bank nv

A N N U A L R E P O R T 2 0 0 7

TlB

I M P O R TA N T D ATA F O R T R I O D O S B A N K ’ S

S H A R E H O L D E R A N D D E P O S I T O RY R E C E I P T H O L D E R S

Annual General Meeting of Shareholders 16 May 2008

Ex-dividend date 19 May 2008

Dividend payment date 21 May 2008

Cover photograph

The cross-section of the nautilus shell reveals a spiral of small chambers. The nautilus shell

symbolises the connection with one’s self and past, with one’s environment and the cosmos.

The nautilus, a species of squid, produces a shell made of calcium to cover itself. After going

through a 28-day growth period, in line with the lunar cycle, the nautilus crawls out of its shell

and produces a new chamber. The nautilus remains connected to its own beginning in the

centre of the spiral through a small channel.

Contents

5 Sustainable banking

9 Report of the Supervisory Board

11 Board of Management Report

19 Triodos Bank The Netherlands

23 Triodos Bank Belgium

25 Triodos Bank United Kingdom

29 Triodos Bank Spain

33 Triodos Private Banking

37 Triodos Investment Funds

41 Triodos Investment Management

44 Statement of balance sheet totals

45 Risk Management and Compliance

49 Corporate Governance

53 Stakeholder dialogue

56 Key figures by branch and business unit

60 Lending by sector

65 Annual Accounts 2007 of Triodos Bank

109 Report by the SAAT Board of Management

111 Foundation for the Administration of Triodos Bank Shares (SAAT)

113 Triodos Bank Supervisory Board

114 Triodos Bank Board of Management

115 Board of SAAT

117 Co-worker Report

123 Environmental Report

131 About this report

132 GRI Content Index

135 Production

136 Addresses

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Sustainable banking

� Mibanco’s Karen Sáenz León (left) with her customer, Virginia Centeno. The Triodos Fair Share Fund,

Triodos-Doen and Hivos-Triodos Funds are shareholders in the Peruvian microfinance bank.

T riodos Bank finances companies,institutions and projects that addcultural value and benefit people and the

environment, with the support of depositorsand investors who want to encourage sociallyresponsible business and a sustainable society.

Our mission is• To help create a society that promotes people’s

quality of life and that has human dignity at itscore.

• To enable individuals, institutions andbusinesses to use money more consciously inways that benefit people and the environment,and promote sustainable development.

• To offer customers sustainable financialproducts and high quality service.

O U R A M B I T I O N

Triodos Bank wants to promote human dignity,environmental conservation and a focus onpeople’s quality of life in general. Key to thisis a genuinely responsible approach tobusiness, transparency and using money moreconsciously. Triodos Bank puts sustainablebanking into practice. First and foremost, thismeans that we offer products and services thatdirectly promote sustainability. Money plays aleading role in this because using moneyconsciously means investing in a sustainableeconomy. This in turn helps to create a societythat enjoys a better quality of life.

O U R M A R K E T A N D C O R E A C T I V I T I E S

Triodos Bank wants to achieve its mission as asustainable bank in three ways.

A S A S U S T A I N A B L E S E R V I C E P R O V I D E R

Bank customers not only want sustainableproducts and services, but also competitiveprices and a professional service. Triodos Bankbelieves that these key customer values cannotbe seen in isolation. So the Bank tries to offer acollective package of banking services topromote sustainable development. The Bank’saim is to create a broad customer base – a

combination of private and corporate customerswho have made a conscious decision to bankwith Triodos. Exactly how this happens differsin each country; our services have developed indifferent ways in each of the countries wherewe work.

A S A P R O D U C T I N N O V A T O R

A second strategic objective is to developinnovative products and sell them through theBank and third parties. These products directlyreflect the mission and values at the core of theBank’s work. In The Netherlands, products havebeen developed furthest. The Triodos AddedValue Funds, Triodos Green Fund, TriodosSustainable Real Estate Fund and the TriodosCulture Fund are all distributed to the generalpublic via other banks. The launch ofLuxemburg-based funds has also laid thefoundation for European-wide distribution.More than 50% of the growth in these fundsnow comes from distribution via third parties,bringing Triodos Bank products to a broaderaudience.

A S A N O P I N I O N L E A D E R

Triodos Bank wants to stimulate public debateabout issues, including quality of life,corporate social responsibility and sustainablebanking. It also wants to use more than 25years’ experience to encourage society topromote more sustainable development. Theimplications of this public debate extendwell beyond the activities of the Bank itself.And its vision and approach has made it aninternationally-recognised name.

These three strategic goals are closely connected.The Bank’s participation in the public debatemeans people can see what we stand for andhear our opinions about important socialtrends. Triodos Bank’s identity is crucial in thisrespect, strengthening the Triodos brand andreputation. By developing its own products anddistributing them via third parties, TriodosBank can extend its influence beyond its owncustomers. This supports both the Bank’s vision,and contributes to the financial return it

In 2007, on the island of Terschelling, Daan van Zandwijk took over his parents’ company,

Cranberrybedrijf Groenhof. The company sells cranberries to the fresh products market. Using authentic

methods, the berries are turned into products including compotes, chutneys, syrup and vinegar. Finance

was provided by the Triodos Green Fund.


generates. A broader customer base, strengthensthe Bank’s position and independence. Bycontinuing to speak directly with our customers,we can understand and respond to theirconcerns and wishes. Being a Triodos Bankcustomer means more than just choosingfinancial products and services that benefitpeople and the environment. It also meansbecoming part of an active community ofindividuals and organisations that share similarvalues. As such, the Bank becomes the platformfor people searching for a more rewarding andauthentic quality of life.

F U T U R E P R O S P E C T S

Triodos Bank wants to continue to grow in thefuture. And public interest in our work shouldprovide opportunities to do so. The Bank wantsto attract enough deposits to finance the growthof its loan portfolio. We aim to convert 70% ofdeposits into loans. The Bank’s lending willconcentrate on the sectors where it has built upconsiderable expertise over the years. We thinkthese sectors still have significant growthpotential. We aim to further reduce the Bank’sdependence on interest rate margin income.Growth in the investment funds will be animportant contributor to this, but the sameapplies to products and services such as debitand credit cards and private banking. The Bankwill continue to invest in better operationalprocesses so it can offer our existing and newcustomers good quality service and make it aseasy as possible to access and use. Part of thisdrive will involve considering outsourcing ofprocesses that the Bank cannot perform as well,or as cost effectively, itself. Our websites,internet banking and online services provideexcellent opportunities for a bank that does nothave an expensive network of branches. Ourgrowth strategy is therefore based on increaseduse of the internet.

I N T E R N AT I O N A L M A R K E T S

Triodos Bank is an international bank withbranches in The Netherlands (1980), Belgium(1993), the UK (1995) and Spain (2004).The core aspects of our business model andmarketing activities are the same in each ofthese countries.

The Bank continues to look for opportunitiesto open new branches in European Union

countries. In addition to opening officialbranches, we are also looking at other ways towork in countries where people and businessesare interested in our approach to business. Forinstance, in 2005 the Bank set up TriodosFinanz GmbH, an agency in Germany.

S TA K E H O L D E R S

Wherever it is active, Triodos Bank maintainsgood relationships with its stakeholders,including shareholders (depository receiptholders), customers, staff, non-governmentalorganisations (NGOs) and government. It worksclosely with organisations working in theenvironment, organic farming, renewableenergy, art and culture, healthcare, education,human rights and development cooperation.

O R G A N I S AT I O N A N D C O - W O R K E R S

Triodos Bank could not achieve its missionwithout the support, effort and commitment ofits co-workers. Its reputation as a pioneeringforce in sustainable banking depends on peoplewho identify with, and actively contribute to,the Bank’s mission. Co-workers are closelyinvolved in the development of new productsand services, and in the Bank’s financial, socialand environmental performance.

F I N A N C I A L R E S U LT

Triodos Bank aims to deliver reasonable, butabove all stable, earnings growth for itsdepository receipt holders. The Bank’s medium-term target – of between two to five years – is toachieve a structural improvement in its returnon equity from the current 5.6% to 7%. Weexpect to achieve this by growing sufficiently tobenefit from economies of scale and greaterefficiency. We also expect operations in Spainto contribute to the profit in the short term,and in Germany in the longer term.

The Scottish Isle of Eigg’s renewable energy grid combines wind, solar and hydro technology to provide

residents with 95% of their power needs. A total of 45 households, 20 companies and six public

buildings benefit from the continuous supply of clean, green energy. Triodos Bank in the UK provided

working capital during the project’s construction. (photo: Eigg Electric)


Report of the Supervisory Board T O T H E S H A R E H O L D E R A N D D E P O S I T O RY R E C E I P T H O L D E R S

W e hereby present the 2007 AnnualReport and Accounts, consisting ofthe Board of Management Annual

Report, the Annual Accounts, and the Notes andOther Information. The 2007 Annual Accountshave been given an unqualified report by kpmg

Accountants nv. The auditor’s report is includedon page 108 of this Annual Report.

The Supervisory Board’s primary responsibilityis to supervise and discuss the development ofTriodos Bank’s operations on the basis of theBoard of Management’s written quarterlyreports. In addition, the Board is closelyinvolved in important strategic decisions takenby the Bank, such as the expansion of theinternational branches, developing newactivities, acquiring strategic participatinginterests and the issue of depository receiptsfor shares.

The Board has an Audit Committee and aNomination and Compensation Committee.The Audit Committee met on several occasionswith the Triodos Bank’s Board of Managementand Internal Audit department. In addition,meetings were held with the Internal Auditdepartment and the external auditor, withoutmanagement attending. During the past year,there were no particular points of attentionworth mentioning here. The Nomination andCompensation Committee met on twooccasions to discuss, among other things, theremuneration package of the executive boardmembers. Partly on the basis of an externalrecommendation in 2006, the Committeereassessed the executive board’s remunerationlevel. The results of this assessment have beenapproved by the Board.

In 2007, another strategy meeting was attendedby the members of the Supervisory Board, themembers of the Board of saat (Foundation forthe Administration of Triodos Bank Shares) aswell as by the Bank’s senior management.The meeting focussed on mutual expectationsfor the Bank’s future and elements werecontributed to the 2009-2011 business plan.

The Supervisory Board met once without theBoard of Management, to discuss its owneffectiveness, its relationship with, and theeffectiveness of, Triodos Bank’s Board ofManagement. The Supervisory Board isgenerally satisfied, but has also drawn up a listof specific points for improvement concerningits own effectiveness and its cooperation withthe Board of Management. It also decided toprecede each Supervisory Board meeting witha presentation on one area of the Bank’sactivities. This will enable the SupervisoryBoard to gain a better understanding of thevarious activities, and build up better contactswith managers who report directly to theexecutive board members. Given the increasingimportance of our activities in Spain, the Boardacknowledged that it needs more specificexperience of the Spanish market.

The board is very satisfied with the result itachieved with the 2007 share issue. They regardits success as confirmation of the reputation theBank has built up over the years, providing asolid foundation for continued growth. Thesaat proposes discharging the SupervisoryBoard and the Board of Management forfulfilling their duties during 2007.

According to the timetable for resignation,Ms. J.P. Bahlmann’s first term has expired.Tineke Bahlmann has indicated she is availablefor reappointment, and the Board supports this.The Board also nominates Mr. M. EguigurenHuerta for appointment. Marcos Eguiguren isa director of Grupo Inmark and has previousexperience of working for banks as well asadvising them. He was closely involved with thestart-up of Triodos Bank’s Spanish branch. Hisspecific knowledge of the Spanish market is awelcome addition to the qualities the Board hasat its disposal.

Zeist, 27 February 2008

Hans Voortman, Chairman

Ko-Kalf in Elburg, The Netherlands, is an organic farm that delivers meat direct to its customers.

Ko van Twillert is pictured with his French Blonde d’Aquitaine breed cattle. ‘We’re totally committed to

organics. The fence posts around the pastures are made from oak because you don’t have to treat the

wood. The current in the electrified fences comes from solar cells.’


Board of Management Report

I n 2007, the focus on climate changethroughout society lead to more interest inTriodos Bank. Sustainability is an issue that

is generating interest throughout Europe. Morethan ever people want practical solutions toclimate change problems, as part of genuinesustainable development. In this context, itmakes sense that Al Gore and the Inter-governmental Panel on Climate Change (ipcc)received the Nobel Peace Price for their seminalwork. They have forcefully placed the loomingissue of irreversible climate change on theglobal agenda. During the international ClimateChange Conference in Bali, it was not theinnovators but the inactive who felt isolated,because people want to be part of the solution.

Yet despite the importance of this shift inpolitical thinking, real change can only comefrom within society itself. This involveschallenging old ways of understanding andoutdated mechanisms. Until recently, aregulated marketplace was considered in theWest as the mechanism that solves these kindsof problems, but now people are beginning todoubt its effectiveness. Concepts of markets andcompetition are part of a theory which claimsthat the pursuit of short term self-interestbenefits the common good. With sustainabledevelopment however, self-interest and thecommon good, both short and long term, forma seamless whole. When the separation betweenself-interest and the common good is discarded,the dilemma of opting either for ecology oreconomy is exposed as a false one.

G L O B A L I S AT I O N H A S I T S D R A W B A C K S

What challenges will we face in the future?Natural resources are increasingly scarce andcompetition for them is growing as populationsexpand. We are already feeling their impact.The global market is the regulating mechanismwe use to make sure that food, raw materials,water and energy are distributed effectively. Itis based on a belief in globalisation and theconviction that a global market is transparentand will benefit us all. The World TradeOrganisation’s raison d’être comes from thisconviction. However, worldwide differences ineconomies, society and culture are so profoundthat one cannot blindly trust in the expected

Peter Blom, CEO: ‘In 2007, there was

growing media interest in Triodos

Bank and increasing demand for our

sustainable financial products. These changes

show that the future belongs to our policy of

consistently investing in companies and

projects contributing a sustainable society

with a greater quality of life.’

benefits of globalisation. The ways in whichthe public and private spheres relate to oneanother, the differences between rich and poor,between communalism and individualism, theprominent role of religion; all these affect oureconomy. Globalisation does not take sufficientaccount of this diversity and complexity. Theera in which Western democracies had freeaccess to raw materials, because of the market-place mechanism and their own hegemonicposition in the world market, has passed.Access to raw materials is under pressure andtheir extraction is having an enormous impacton the environment.

We need to achieve a just distribution of whatthe planet produces, without this having adetrimental effect on the earth itself. This is notjust a moral issue, but also an economic and asocial one. Controversial questions include thedegree to which agriculture should replace theproduction of food crops with biofuel crops,leading to higher food prices or the over-exploitation and exhaustion of soils. A fewyears ago, biomass seemed the perfect solutionto the increasing need for clean fuels. But todaywe realise that in many cases it displaces foodproduction and is therefore not a sustainablesolution.

T H E R O L E O F M O N E Y A N D T H E B A N K I N G

S Y S T E M

The idea that the market is the only effective

12 T R I O D O S B A N K - A N N U A L R E P O R T 2 0 0 7

way to distribute wealth and resources hasbecome controversial, and with it the goal ofcreating profit at all costs. Within a certaincontext it still has benefits. But in the 21stcentury, the market is too limited to serve asan overall regulatory principle that governs allelse. This touches the roots of our Westernthinking, in which the economy has increasinglybecome an independent force. This approachhas become the yardstick for assessing everysocial issue. Within it, money and banking havetaken up an increasingly significant role. Whilecommercial organisations are to some extentincorporated within social structures, andentrepreneurs understand the importance andthe desires of their various stakeholders, suchlimits have long since gone in the financialworld. Instead, the objective is optimisingprofits, and the source of the value creation,labour and creativity, recede to the background.But when financial products become detachedfrom the real economy, there is a danger ofcomplete alienation. The crisis in the loans andmortgage market, which started in mid-2007,exemplifies this danger. This is not a temporaryphenomenon but a fundamental imbalancewithin our financial system, in which themonetary and the real economies functionentirely separately.

The connection with the underlying market valuehas been lost and can therefore become a sourceof speculation. The complexity and scale offinancial products such as certain derivatives canseem to increase unhindered, until confidencesuddenly collapses. And when it does, a massivecrisis of confidence follows. This should presentan unacceptable risk, particularly to banks. Afterall, banks are founded on trust.

Triodos Bank consciously chooses to stay closeto the real economy. As a result it is notinvolved in the sub-prime mortgage crisisaffecting the market for insecure mortgagesin the United States. The bank invests itscustomers’ savings directly in sustainablecompanies and stays in direct contact with theentrepreneurs who run them. The Bank choosesnot to invest in loan packages when theindividual loans have been granted by anotherbank, an approach that also promotessustainability.

T H E F R A M E W O R K I S C H A N G I N G

The climate crisis and the credit crunch signifyan important call on everyone to change theprevailing frame of reference. In a sustainableworld, the structures governing our economicactions should be determined by the naturalbasis of our existence and by human dignity,and no longer by maximising profit. Nature andhuman dignity are not for sale and should notbe subjected to the market. Transforming thisframework is usually seen as a task forgovernment. But individuals and the businessworld need to be more actively involved. Arethey capable of changing their frame ofreference and bringing about such a radical seachange? The goal is to produce products andprovide services sustainably, and to see profitas a healthy precondition instead of a goal initself. The realisation of a sustainable societyand this paradigm shift, depend on each other.

I N T E G R AT E D S U S TA I N A B I L I T Y A N D

I N N O VAT I O N

Given the growth the green economy isexperiencing, consumers seem willing to changetheir spending behaviour in line with the latestresearch on climate change. Different patternsof consumption can help make the economymore sustainable, and certainly need not leadto a lower quality of life. Innovation can alsobe sustainable, as the Dutch Cradle to Cradleconcept shows. Within it, production processes,buildings and cities are designed on the basis ofintegrated sustainability. The consumer is nolonger the object, but instead the source of asustainable, fulfilling way of life. Since natureis the foundation for our existence, andproduces no waste (only nutrients for the nextlife and production-cycles) this must also bethe principle that governs our own approach to

Pierre Aeby, CFO ‘Triodos Bank invests its

customers’ savings directly in sustainable

companies and stays in direct contact with

the entrepreneurs that drive it. With this

approach, the Bank addresses its direct and real

relationship with the underlying economy. This is

also a way of achieving sustainability.’


production. Cradle to Cradle is simply the nextstep in the development of a new way ofthinking on sustainable development.

Triodos Bank plays an important role in thisdevelopment. For more than 25 years,sustainable development has been the Bank’score principle. This creates expectations, andobligations. There is a great need for integratedsustainable concepts. Wanting to do good is notenough, as the issue of biofuel has shown.Instead a new foundation, a paradigm shift inthinking, is needed.

T H E S U S TA I N A B L E C O N S U M E R

There are two starting points to betterunderstand an integrated approach tosustainability. Firstly, nature. Nature is notefficient, but neither does it know waste.Nature is cyclical. It doesn’t progress in a linearfashion and is the founding source of humanexistence. Secondly, mankind itself. Ourconsciousness allows us to create, but also todestroy. We create from scratch but we can alsoconsign something of value to oblivion.Mankind exhibits core values such as freedomand responsibility and, despite our heavilyindividualised world, also the need to be partof a larger whole.

Research by American sociologist Paul Ray intoCultural Creatives (people who create their ownculture and cannot be categorised into familiarsocial groups), shows that these people feelresponsible for what is happening to the earth,but also want to achieve personal developmentand bear personal responsibility for their wayof life. According to Ray, this is a group, about15% to 20% of the European population, whoinitiate change and are open to a paradigmshift. These people experience the earth as theecological foundation of their existence, butalso see the personal development of everyperson as a source of inspiration andinnovation.

It is a group which includes existing andpotential customers, co-workers andshareholders of Triodos Bank. Their worldview was exemplified by the issue in June 2007of depository receipts under a slogan in TheNetherlands, reading ‘not for sale’. The issueof depository receipts was a huge success andcontributed to an important social discussion

over the role of shareholders. The Bank hasalso argued that shareholders should play asocially responsible role, and that this is vitalto the long term prospects of sustainabledevelopment.

M E D I U M - S I Z E D B U S I N E S S E S M A R K E T

L E A D E R S I N S U S TA I N A B I L I T Y

Sustainable development is expanding fast.Triodos Bank is no longer the only actorcommitted to it. This welcome growth is alsotainted with more superficial approaches. Attimes, sustainability seems no more than amarketing ploy. Creating a more sophisticatedapproach remains vital, and Triodos Bankremains committed to delivering it in thecoming years.

Not enough attention has been given to theimportant role of medium-sized businesses.Family businesses with 50 to 1,000 employeesnow have the chance to base their businessoperations on integrated sustainability. Nolonger is sustainability only promoted bymultinationals bowing to public pressure andsustainable pioneers involved in small scalesocial entrepreneurship, but also by a newgroup of medium-sized businesses. These areambitious, fast-growing businesses with healthyprofitability, who also want to focus on makinga sustainable impact. They include tradingcompanies who focus on the fast-growingorganic farming and fair trade sectors, thenatural health and cosmetics sector and therenewable energy industry. They epitomiseintegrated sustainable entrepreneurship. Thesemedium-sized, successful sustainable businessesare looking for capital, but they also value theirown identity and want to maintain and protectit. Triodos Bank is itself a good example of thisnew breed of company and is in an excellentposition to expand and strengthen thismovement in the years ahead. The Banktherefore wants to develop instruments thatgive investors opportunities to buy and sellinterests in these companies on a market, while

The Bank has argued that shareholders

should play a socially responsible role, and

that this is vital to the long term prospects

of sustainable development


guaranteeing that these companies can maintaintheir own unique identity.

R E S U LT S

Triodos Bank is committed to sustainabledevelopment, with a focus on people’s qualityof life. Quality of life extends beyond the well-being of individuals, to social relationships andhow we treat the environment, nature andwildlife. Quality of life does not contradictentrepreneurship and financial return, but putsthem in a broader context. Indeed, this is theadded value that Triodos Bank brings. Socialdevelopments have increased the interest inTriodos Bank’s focus on quality, people andnature. And this interest translates into thebank’s approach of broadening and intensifyingactivities, resulting in appropriate growthfigures. The Bank met most of the goals it hadset for 2007.

Michael Jongeneel, COO: ‘Customer

satisfaction is an important

foundation for the realisation of the

Bank’s goals. Customers expect high quality

banking services. Providing the option of

saving, paying and investing through the

internet helps to accelerate our growth.’

Statement of funds entrusted per branch

amounts in millions of euros

31.12.2007 31.12.2006amount % amount %

The Netherlands 678.6 41 559.7 41

Belgium 414.7 26 337.8 25

United Kingdom 414.4 26 397.2 29

Spain 109.1 7 61.5 5

Total 1,616.8 100 1,356.2 100

Statement of funds entrusted per category


31.12.2007 31.12.2006amount % amount %

Savings accounts 959.2 59 867.3 64

Deposits and

time accounts 302.6 19 169.4 12

Other funds

entrusted 355.0 22 319.5 24

Total 1,616.8 100 1,356.2 100

• Growth of the loans portfolio amounted toeur 165 million, lower than the eur 200 milliongrowth expected.

• The funds entrusted grew by eur 261 million,considerably exceeding the eur 220 milliongrowth that was expected.

• The objective of increasing liable equity by atleast eur 30 million was surpassed by somedistance. For the first time in its existence, thebank had to set an upper limit. The broadenedcapital base provides ample opportunity forcontinued growth.

• Across the entire Triodos Group, the number ofcustomers increased by 23%. Expected growthwas between 10% and 15%. The bank has atotal of 153,000 customers. The Dutch branchwas especially successful in attracting newcustomers.

• The net profit for 2007 was eur 9 million, 46%higher than for 2006.

The following are the main results it achieved:

• Triodos Bank’s balance sheet total grew by 23%to eur 1.9 billion. Growth of 15% to 20% wasexpected.

• Triodos investment funds grew by 9%. Growthwas less robust due to the capital market’srising interest rate and the stock market down-turn during 2007.

• The total amount of funds entrusted to theBank and investment funds grew by 17% to eur

3.3 billion. Higher than expected growth at theBank compensated relatively disappointinggrowth in the investment funds.


• The quality of customer service continued toimprove. Extra attention was paid to improveinternet, and private internet banking,services.

• The Triodos Finanz GmbH agency doubled itsloan portfolio in the German market. Goodprogress was made with preparations to open aGerman branch of the Bank. A final decision onthis will be taken during the course of 2008.

• Early in 2007, Triodos Values Pioneer Fundwas introduced and, in July 2007, TriodosVastgoedfonds (sustainable real estate fund)was launched on the Euronext Amsterdam stockexchange. Interest in sustainable real estateincreased markedly. The overall stock marketclimate disrupted the expected growth ofTriodos Vastgoedfonds.

• In 2007 Triodos Ventures increased its interestin consultancy company, facet to 71%. Since14 June 2007, facet’s services have beencontinued under the name Triodos-Facet. Formore than 15 years, facet has specialised inproviding support and advice to entrepreneursand companies, particularly in developingcountries.

• Triodos Sustainable Real Estate Development bv

was launched in 2007. Its first activity, incooperation with ovg Project Development,will be developing the new offices for tnt, theinternational postal and express servicescompany. Five sustainable office buildings willbe developed covering 70,000 square metres.These offices will need to comply with thestrictest sustainability requirements.

• The most important point of attention in the2007 environmental programme continued tobe reducing paper usage. In 2007, paper usageis decreased by 2% per fte.

• The number of co-workers increased by 13% in2007. Absenteeism was 2%, remaining below 4%in line with expectations.

• Triodos Bank received a lot of positive mediaattention during the year. The Dutch branch,in particular, was frequently in the spotlight,attracting large numbers of new current accountholders in particular.

T R A N S PA R E N C Y A N D R E P O R T I N G

Triodos Bank has used the guidelines of theGlobal Reporting Initiative (gri) since 2001.gri was established in 1997 by the UnitedNations and the Coalition for EnvironmentallyResponsible Economics (ceres). gri promotesconsistent reporting on sustainability. TriodosBank is an organisational stakeholder of gri.This annual report uses the g3 (version 3)guidelines.

P R O D U C T S A N D S E R V I C E S

Triodos Bank’s products and services offerinvestors and savers the opportunity to financenew and existing companies and organisationsthat benefit people, the environment or culture.Potential borrowers are first assessed on theadded value they create in these areas. Thiscan be a limited assessment if the potentialborrower is active in a recognised sustainablesector. If not, more detail and advice may besought. Then the commercial feasibility of aproject is assessed and a decision taken aboutwhether to lend. The criteria Triodos Bank usesto assess companies can be viewed on TriodosBank’s websites.

L E N D I N G

The growth of the loan portfolio is animportant indicator of the contributionTriodos Bank makes towards a moresustainable economy. All sectors the Bankfocuses on, are sustainable so the companiesand projects the bank finances in themcontribute to its mission. In 2007 there was noreason to compare the sustainability levels ofthe various sectors and base a core policy onthe outcome of this. The Bank’s main focusremains on the existing sectors in which it hasalready developed considerable expertise.

N A T U R E & E N V I R O N M E N T ( 4 0 % , 2 0 0 6 : 3 7 % )

Projects in the area of renewable energy, suchas wind and hydro projects. In addition,organic and biodynamic agriculture involvingenterprises and projects across the entireagricultural chain, from farms to processors andwholesale companies to macrobiotic healthfood shops. Environmental technology, such asthat used by recycling companies and natureconservation projects, is also represented.


S O C I A L B U S I N E S S ( 2 3 % , 2 0 0 6 : 2 6 % )

Loans to traditional arts and skills andinnovative enterprises and service providerswith clear social goals, including finance tomicrofinance institutions in developingcountries and fair trade with the South.Products such as Max Havelaar coffee, cocoaand bananas, fair trade shops and socialorganisations involved in development aid.

C U L T U R E & W E L F A R E ( 3 5 % , 2 0 0 6 : 3 6 % )

Small loans to artists and organisations activelyinvolved in education, healthcare or providingaid to people with physical and learningdisabilities. In this sector, the criterion is thatpolicy focuses on people.

The lending sectors above indicate the mainareas Triodos Bank is involved in. These sectorsare financed by both Triodos Bank itself and itsinvestment funds.

The quality of the loan portfolio remainedconsistently good. In 2007, the provisions fornew bad debts declined in comparison with2006.

S AV I N G S A N D PAY M E N T S

Savings enable Triodos Bank to financecompanies and organisations that benefitpeople and the environment. An increase inthe funds entrusted is an important indicator ofthe bank’s ability to attract sufficient funds tofinance companies and projects in sustainablesectors. The total amount of funds entrusted,consisting of savings accounts, savings depositsor fixed term deposit accounts and creditbalances on current accounts or depositaccounts, increased by eur 261 million in 2007,a 19% increase (2006: 26%). The anticipatedgrowth was eur 220 million. All branchescontributed to this strong growth. TheNetherlands and Spain in particular generatedsignificant new deposits. By offering our saversthe opportunity to donate part of the interestthey receive to a charity, many organisationsreceive support every year. In 2007, 503organisations (2006:488) received totaldonations of eur 0.6 million (2006: eur 0.6million) in this way.

I N V E S T M E N T

In addition to savings and payments,investment has grown in importance at TriodosBank, a trend that has continued during 2007.Investment takes place through investmentfunds or investment institutions bearing theTriodos name and managed by Triodos Bank,but which are not on the Bank’s balance sheet.The funds publish separate annual reports andeach has its own Annual General Meeting ofShareholders.

There were 12 investment funds in 2007, inwhich individuals and institutions could invest.The total funds entrusted to the joint Triodosinvestment funds grew by 9% in 2007 to eur

1,151 million, compared to eur 1,060 million atthe end of 2006.

F I N A N C I A L R E S U LT S

The Bank’s income grew by 29% to eur 59million in 2007 (2006: eur 46 million more).Triodos Investment Management contributed

� Nature & Environment (40%)

� Culture & Welfare (35%)

� Social business (23%)

� Other (2%)

Outstanding loans per sector in 2007

In 2007, the loans portfolio grew by 19%(2006: 28%) to eur 1,019 million. This eur 165million growth was less than an expectedeur 200 million. The majority of this differencewas due to a decline in the euro value of the uk

loan portfolio as a result of a weakened Britishpound.The economic climate in the countries whereTriodos Bank has branches had a positive effecton growth in 2007. The increase in demand forrenewable energy has been matched by agrowing need for wind turbine and solar panelfinance and, to a lesser degree, small-scalebiomass projects. These latter projects arecritically reviewed and a very carefulassessment made of the extensive social andenvironmental risks that this source of energycan bring with it.The loan portfolio as a percentage of the totalamount of funds entrusted remain unchangedby 63%. Triodos Bank aims for a loan portfolioto funds entrusted ratio of 70%.


eur 7 million to the income, with Triodos FundManagement contributing eur 6 million.

In 2007, commission income was 34% of thetotal income (2006: 33%).

Costs have risen with growth in theorganisation’s activities, the increased pressureof regulations and the continued developmentof ict systems.

The ratio of operating costs to total income is81%, which is relatively high. The aim is toreduce this in the coming years by increasinggrowth and managing costs.

Net profit increased by 46% to eur 9.0 million(2006: eur 6.1 million). Earnings per share,calculated using the average number ofoutstanding shares during the financial year,were eur 3.85 (2006: eur 3.40), a 13% increase.The profit is placed at the disposal of theshareholders. The bank proposes a dividend ofeur 1.95 per share (2006: eur 1.80). This meansthat the pay-out ratio (the percentage of totalprofit distributed as dividends) will be 51%(2006: 53%).

The medium-term profit objective has been setat 7% of the Bank’s liability capital. The maturebranches (The Netherlands, Belgium and theUnited Kingdom) have achieved this level ofprofitability. The Spanish branch has not yetdone so, but it is expected to in a few years.Triodos Fund Management and TriodosInvestment Management contribute to theresults. When the Bank realises the 7% profitobjective depends on the opportunities itchooses to and can take advantage of in amarket where ‘sustainable development’ will behighlighted in the coming two to five years.

From 19 April to 20 July 2007, the Bank set up aspecial campaign to issue depository receiptsfor shares. This resulted in the number ofdepository receipt holders increasing from 9,039to 12,084. Liability assets increased by 61% fromeur 124 million to eur 200 million.

In 2007, maintaining an internal market for thebuying and selling of depository receipts forshares continued to operate effectively. At theend of 2007, the net asset value for eachdepository receipt was eur 70, increasing fromeur 69 at the end of 2006.

The bis ratio (capital adequacy ratio), animportant measure of a bank’s solvency, rosesubstantially from 13.5% at the end of 2006 to17.8% at the end of 2007. This percentage is wellabove the statutory minimum of 8%. Theseratios are presented in compliance with theBasle i Accord guidelines. New guidelines onthe capital requirements of banks under Basle iicome into force in 2008. The introduction ofthese new guidelines will not have any notableimpact on lending capacity.

There is no share option scheme at TriodosBank for co-workers, members of Board ofManagement, the Supervisory Board or Boardmembers of saat as a matter of principle. TheBank considers that a share option scheme isnot an appropriate instrument for rewardingperformance given its values.

P R O S P E C T S F O R 2 0 0 8

• Triodos Bank’s balance sheet total is expected togrow by between 15% to 20% to approximatelyeur 2.2 billion. The loan portfolio is expected toincrease by eur 295 million and the fundsentrusted by eur 350 million.

• The investment funds are expected to grow by20% to 25% to eur 1.6 billion.

• All branches will try to further broaden theircustomer base. For the Bank as a whole, itexpects the number of customers to grow bybetween 15% and 20% to a total of 180,000.

• Excluding unforeseen circumstances, the Bankexpects the results for 2008 to be a little higherthan those for 2007.

Number of statement of depository receipts per holder


Depository Issuedreceipt holders capital

2007 2006 2007 2006

1 - 50 6,704 5,088 8.3 5.7

51 - 500 4,849 3,571 53.3 37.7

501 - 1,000 363 253 17.7 11.7

1,001 or more 168 127 120.9 69.0

Total 12,084 9,039 200.2 124.1


• The quality of our service will be furtherimproved. Continued attention will be paid tointernal systems and processes, such as internetbanking for private individuals. This work willhelp us continue to provide the service to, andmeet the needs of, our customers.

• A final decision will be made in 2008 onopening a full-fledged branch in Germany.

• In February 2008, the new Triodos SustainableTrade Fund will be launched. This fund willfocus on the trade financing of fair trade andorganic products from developing countries.

• The Bank expects to contribute actively to thedebate about achieving a more sustainablelifestyle. This will involve both words andactions. Triodos will share its knowledge of,and experience with, sustainable finance.


Board of Management Triodos Bank

Pierre Aeby*Peter Blom*, ChairMichael Jongeneel

* Director under the articles of association


2 007 was the year sustainability took offin The Netherlands. Sustained mediaattention for Triodos Bank recognised

what we have been doing for 27 years:exclusively investing in companies and projectsthat contribute towards a society offering abetter quality of life. During the year TriodosBank was identified, by the Dutch Friends ofthe Earth, as one of the most environmentallyfriendly banks in The Netherlands. A highprofile television programme, supported byinternet activity, followed, urging people tomove to a bank that has an active socialand environmental policy. As a result, anunprecedented number of people enquiredabout the Triodos online current account.Triodos Bank’s depository receipt issue wasanother success in 2007, with 2,000 peoplebecoming co-owners of the Bank.

A C H I E V E M E N T O F G O A L S F O R 2 0 0 7

The Dutch branch’s balance sheet rose by 29%to eur 805 million. Lending increased by eur 63million, eur 60 million expected, and fundsentrusted increased significantly by eur 119million against a target of eur 50 million.The new Asset Advice department directlycontributed to this unexpected growth.The expected number of new clients was 10,000,but almost double that number (19,000)joined the Bank during the year. Besidesprivate individuals, an increasing number ofentrepreneurs see banking with Triodos Bank asa logical link in the sustainable business chain.Both the number of private customers and thenumber of corporate customers increased by25%. There are now 92,000 Dutch customers.The introduction of a new investment accountfaced delays and is now scheduled for 2008.

L E N D I N G

The loan portfolio increased slightly aboveexpectations by eur 63 million (17%) to eur 433million. The biggest increase in lending was inthe healthcare and welfare sectors. Growth inthe care for the elderly, and ‘zorgboerderijen’farms specially adapted for people with a rangeof disabilities, was particularly marked. Loansto organic restaurants also increasedsignificantly.

Triodos Bank The Netherlands

Private mortgage lending was slower thanexpected and fell eur 6 million short of a eur 15million target.

S AV I N G S

Growth in private deposits in 2007 far exceededexpectations. The Internet and the Children’sFuture savings account were particularlypopular among new customers. In collaborationwith Hivos, the North-South savings accountwas successfully promoted, with the number ofrelated accounts increasing by 70%. Manydeposit accounts were also opened because ofhigher interest rates. Total funds entrustedincreased by 21% to eur 679 million.

I N V E S T M E N T

At the end of 2007, Dutch customers hadinvested eur 481 million in Triodos investmentfunds, eur 40 million more than at the end of2006. The new Triodos Values Pioneer Fundproved successful. The Triodos Added ValueFund, the Triodos Sustainable Real Estate Fundand the Triodos Fair Share Fund in particular,also contributed to this growth. The TriodosGreen Fund and the Triodos Culture Fund grewmore slowly than expected. The increase incapital market interest rates meant acorresponding decrease in the value of thesefunds, which invest in the form of fixed loans.Following their drop in value, these fundsproduced a low annual return. But thanks to thetax benefit on them, the drop in the return hada minimal impact on the attractiveness of thefunds.

PAY M E N T S

Triodos Online current account, the onlysustainable current account in The Netherlands,

Matthijs Bierman: ‘2007 was the year

sustainability broke through in The

Netherlands. More people than ever

before switched to Triodos Bank.’


made it easier for people to bank with Triodos.And many thousands of private customerstransferred their day-to-day banking affairs toTriodos Bank as a result. The capacity of theoperations department was increased to copewith this continuous influx of new customers.Nevertheless, on occasion it took too long toopen the accounts.

I N S U R A N C E

We focused on non-life insurance for thecorporate sector. Corporate customers increasedby 30% and, as expected, turnover from theseadditional activities increased by 25%. Incomefrom life insurance for personal customers fell,which meant total turnover only increased by7%, prompting an initial drop in TriodosInsurance’s result. Because of this, the focuswill shift to corporate customers and away fromattracting new private insurance customers.

P R O S P E C T S F O R 2 0 0 8

Significant growth is anticipated in 2008.Lending is expected to increase by eur 90million and funds entrusted by eur 120 million.The Bank expects to welcome its 100,000thcustomer in The Netherlands and the totalnumber of customers to increase by about14,000.

The investment account including access toinvestments via the internet, will be introducedin the spring of 2008 and is expected to make iteasier for people to invest with Triodos Bank.Rapid growth means a lot of attention willfocus on the quality of the services andefficiency of processes. The correspondingsystem modifications demand considerableinvestments of resources and time.

The Corporate Customer department willstreamline its pioneering loans (small loansrequested by entrepreneurs who fit the Bank’slending profile well).


Matthijs Bierman, Managing Director


Key figures The Netherlandsin thousands of euros

2007 2006

Funds entrusted 678,648 559,728

Number of accounts 67,172 47,321

Loans 432,827 369,962

Number 4,003 2,283

Balance sheet total 805,038 624,528

Total income 19,539 15,555

Operating expenses -14,006 -11,135

Value adjustments to receivables 399 210

Operating result before taxation 5,932 4,630

Taxation on operating result * -1,513 -1,411

Net profit 4,419 3,219

Number of employees at year-end 88 76

* To provide greater clarity, the amount directly related to the branch is shown under Taxation on operating result, and no longer as a pro rata share of the total

tax liability. 2006 has been adjusted for comparison.

Established in 1982, Hinkelspel is a small cheese maker, producing a wide selection of organic cheeses

for sale in organic shops and supermarkets. The organic dairy farms that supply it with fresh milk

every day are now shareholders in the company. Triodos Bank in Belgium has funded the cooperative

since 2007.


Triodos Bank Belgium

I n Belgium rising oil prices, growingawareness of climate change and the mediaattention that’s followed them have led to a

great demand for sustainable financialproducts. In the first quarter of 2007, theBelgian banks extended their product rangeswith 37 new sustainable investment funds. Inthat same period, sustainable investments grewby 33% to eur 11.3 billion, according the L’investissement socialement responsable enBelgique report (socially responsible investmentin Belgium) by Réseau Financement Alternative.This puts Belgium among the European leadersin sustainable investment. Triodos Bank inBelgium was able to make good use of thesedevelopments during the year.

R E S U LT S F O R 2 0 0 7

The balance sheet total at the Belgian branchrose by 24% to eur 431 million. The loanportfolio grew by 25% to eur 186 million,against expected growth of 21%, while fundsentrusted rose by 23% to eur 415 million,meeting projections. In line with expectations,the Bank managed to register 3,000 newcustomers, passing a milestone of 25,000customers.

The branch worked more closely on a numberof existing partnerships, including those withNatuurpunt, Amnesty International and PlanInternational, investing in recruitment andpromotion.

L E N D I N G

In 2007, the loan portfolio grew by 25% to eur

186 million. Unexpectedly, loans increased inthe solar and biomass energy sectors includingfinancing the largest solar energy park inthe Benelux countries. The ratio betweenoutstanding loans and funds entrusted is 45%,a 1% increase on 2006.

S AV I N G S

For the first time in many years, most Belgianbanks saw a decline in the growth of deposits intheir savings accounts. At Triodos Bank inBelgium, by contrast, deposits grew by 10% toeur 219 million. Balances on notice accounts,

which are much more sensitive to changes ininterest rates on the financial market, grew by54% to eur 164 million.

In 2007 a number of Belgian municipalities andother public bodies again chose Triodos Bankas their professional partner for sustainableinvestments. The municipality of Beerselexpressed its satisfaction at a press conference.More than 66 public bodies are now clients ofTriodos Bank in Belgium.

I N V E S T M E N T S

At year-end, Triodos Bank’s Belgian customershad invested eur 22 million in Triodosinvestment funds. Meeting expectations,Triodos Bank successfully launched its TriodosValues Pioneer Fund on the Belgian market,part of Triodos sicav i (subject to Luxembourglaw). Later in 2007, Triodos launched two newcomponents of sicav i. Managed assets raisedthrough private banking for individuals, andmanaged with Puilaetco-DeWaay private bank,also enjoyed a good year. They generatedgrowth of eur 6 million, totalling eur 17 millionby the year-end.

O T H E R A C T I V I T I E S

Triodos Bank reviewed its 2007 brandrecognition in Belgium. The results confirmedthat there is limited familiarity with the TriodosBank name. To raise its public profile, the Banklaunched an advertising campaign in severalnational newspapers and magazines with theslogan ‘Beware, saving with Triodos Bank canchange the world’. In addition, Triodos Bankimproved awareness and raised its profile by

Olivier Marquet: ‘Belgian

municipalities and public bodies see

Triodos Bank as a professional

partner for their sustainable investments.

This has a positive effect on the bank’s name

recognition in Belgium.’


attending several exhibitions and trade fairs.It is important to note that Triodos Bank inBelgium also actively supports social projects.Vwz Triodos Fonds (a non-profit association towhich customers can donate part of theirinterest and make donations) annually supportsaround twenty sustainable projects providingsocial, cultural or ecological benefits. Inaddition, Vwz Triodos Fonds supports thestichting Toolbox foundation, an organisationof professionals who voluntarily contributetheir expertise in management techniques fornon-profit organisations.

P R O S P E C T S F O R 2 0 0 8

The Belgian branch of Triodos has highambitions for 2008. The bank wants toconvince more savings or loans customers tostart banking sustainably. The Belgian branchexpects to attract 4,000 new clients, achieve 19%

growth in funds entrusted and double themanaged assets of its pension funds. TriodosBank expects its loan portfolio to increase by27%. These prospects can partly be achievedthrough a more customer-oriented approach topromotion and by improving its commercialeffectiveness by increasing co-worker numbers.

Triodos in Belgium expects to intensify theBank’s commitment to sustainability values bydeveloping and stimulating direct contact withpotential and current customers and partners,by contributing to social discussions and widelysharing its understanding and knowledge ofsustainable development.

Brussels, 27 February 2008

Olivier Marquet, Managing Director

Key figures Belgiumin thousands of euros

2007 2006



Loans 185,575 148,458

Number 1,096 803




Value adjustments to receivables 165 -382


Taxation on operating result * -378 -306


Number of co-workers at year-end 40 41




Triodos Bank United Kingdom

C limate change, and fall out from anunsettled global economy, dominated thepolitical and news agenda in the United

Kingdom in 2007. The debate was sustained byefforts to build global consensus around howto deal with our environmental problems,domestic concerns about how our future energyneeds should be met and the impact of thecredit crunch, which prompted the first run ona British bank for 150 years.

Sustainable consumption in general, from theclothes people wear, to the food they eat, alsobecame part of mainstream debate during theyear. While focus was primarily on the prob-lems we face, there was also room for pragmaticsolutions. And in 2007, this meant continuedTriodos Bank growth as we supported the indi-viduals and businesses delivering them.

The uk business benefited from a moreestablished Investment Banking team after itslaunch in 2006. The branch also promoted asuccessful offer to buy depository receipts inthe Bank itself, delivered record gross lendingand created continuing demand for crediblesustainable savings accounts.

Triodos Bank in the United Kingdom played anactive role in the debate about sustainablefinance. This was particularly important in thelight of the impact of ill-advised sub-primelending by financial institutions in the UnitedStates and the credit crunch that followed it.

A C H I E V E M E N T O F G O A L S F O R 2 0 0 7

As part of a European institution we report ourperformance in euros. However, the uk businessoperates in sterling. During 2007 the poundbecame increasingly weak against the euro,declining in value from gbp 1 to eur 1.49 at thestart of 2007, to eur 1.36 by its end. This hashad a significant impact on the reporting of oureuro-denominated final results. To provide aclearer picture of the uk performance, we havepresented our figures in sterling only. Elsewherein the report we publish figures in euros.

The uk branch balance sheet grew by 14% togbp 318 million in 2007. The target was 12%.Lending rose by gbp 19 million, against a target

of gbp 35 million, while deposits rose by 14% togbp 303 million. The Bank also improved itsonline communications and helped prepare theground for expansion in personal bankingproducts in future years.

L E N D I N G

Most areas of our lending performed well in2007, with the social sector and the organicssupply chain posting especially strong growth.Net growth, projected at gbp 35 million, waslower than expected because repayments wereunexpectedly high. This was prompted, in part,by customers responding to the prevailingeconomic conditions and selling property assetsto pay loans back. As a result net lendingincreased by 12% to gbp 183 million (2006: 42%).

The Internet Banking service for businesscustomers, launched in 2006, proved popularduring the year with one in four customerssigning up to it.

S AV I N G S

Total deposits rose again in 2007, this time bygbp 37 million or 14%, against a target of gbp 30million. Significant growth came from a tax-freesavings account supported by promotionalcampaigns, and was bolstered by higher thanexpected business banking deposits and currentaccounts.

In the second half of the year we highlightedsustainable banking’s simple and transparentmodel in the national press. The campaignattracted widespread attention, against abackdrop of considerable anxiety in the uk

market as the high-street banks struggled todeal with the problems of stagnating inter-bank

Charles Middleton: ‘While

mainstream banking was shaken by

the credit crunch in 2007, Triodos

Bank attracted growing numbers of customers

looking for a sustainable alternative.’


lending, or the credit crunch. While wedelivered an active programme of promotionalwork to attract a wider audience, we alsocontinued to focus on meeting the financialneeds of wealthier individuals.

I N V E S T M E N T B A N K I N G

An expanded investment banking teamnegotiated five high-profile deals during theyear – from an investment in a companydeveloping the tidal turbine, to a venture capitalinvestment in a natural health care company.

After strong growth in 2006, the capital ofTriodos Renewable Energy Fund in the UnitedKingdom remained stable during 2007 withcapital of around gbp 8.5 million (eur 11million). This fund prepared the ground for ashare issue in 2008 to support further growth.The fund is a public limited company thatinvests in renewable energy and sustainableenergy projects.

The team also developed a new online ‘consciousinvestment club’ newsletter promoting details ofTriodos Bank’s investment banking activityand the wider world of positive, consciousinvestment.


In addition to the second Women in EthicalBusiness Awards, celebrating the best of theuk’s female-run sustainable enterprises, theimpact away from the base in the South-Westgrew during the year. As well as increasedactivity from our Scottish office, the Bank’sSouth-East representative ran a sustainableOlympics event, creating widespread interest.

P R O S P E C T S F O R 2 0 0 8

We plan to increase our lending by gbp 40million, and total deposits by gbp 40 million.We also expect to open 3,500 new accounts,equivalent to 13% of our existing base of 27,000accounts. We will take steps to broaden ourpersonal banking offering to attract largernumbers of new customers in future years.

Bristol, 27 February 2008

Charles Middleton, Managing Director


Key figures United Kingdomin thousands of euros

2007 2006



Loans 249,806 243,887

Number 675 634




Value adjustments to receivables 62 -98


Taxation on operating result * -1,227 -839





Asociación Trashumancia y Naturaleza supports the interests Spain’s migrant shepherds. The

organisation monitors the traditional nomadic way of life, which works in harmony with nature, and

strives to preserve it for future generations. Triodos Bank in Spain funded the first meeting of the

country’s nomads and shepherds.


Triodos Bank Spain

T he Spanish economy developed well in2007 and, with predicted growth ofGross National Product of between 2.7%

to 3.3%, the macroeconomic outlook remainsgood. 2007 was again dominated by publicdebate on climate change and by uncertaintiesin the financial markets because of thesubprime mortgage crisis. The constructionsector, one of the driving forces behind theSpanish economy, also suffered fromdisappointing growth during the year.

Coupled with solid growth in lending andsaving, two aspects in particular characterisedthe third financial year of Triodos Bank in Spain.First, a successful initial issue of depositoryreceipts for shares in Triodos Bank, whichsurpassed all expectations. Secondly, the start ofthe Triodos Foundation’s activities in Spain.

Other important developments included anincrease in day-to-day customer contact, the startof new venture capital investment activities, theintroduction of Triodos investment funds toinstitutional investors, and new joint ventureswith related organisations, such as SociedadEspañola de Agricultura Ecológica (seae), theSpanish society for organic farming.

R E S U LT S F O R 2 0 0 7

The balance sheet total of Triodos Bank inSpain grew by 57% to eur 165 million. Its loanportfolio grew by 64% to eur 150 million,meeting expectations. The funds entrusted roseby 78% to eur 109 million. A doubling of thefunds entrusted was expected. The number ofcustomers rose by 56% to 8,400.

In 2007, the activities and efforts of TriodosBank in Spain were mainly focused on copingwith numerous new requests for information,opening new accounts, processing largevolumes of transactions, improving processesand developing new products and services.

L E N D I N G

Lending rose by 64% to eur 150 million. Netgrowth in 2007 was eur 59 million in line withambitious expectations of eur 60 million. In2007, growth in lending in the renewable

energy and organic farming sectors made surethere was an improved spread across the loanportfolio.

S AV I N G S

Funds entrusted rose by 78% to eur 109 millionin 2007, which represented net growth of eur 48million. This means that an ambitious growthtarget of eur 60 million was not met. Thenumber of new customers was also lower thanexpected. Triodos Bank Spain registered 3,000new customers. Despite a 56% increase, this islower than a projected 5,000. The focus ondeveloping the regional offices in Spain andgrowing competition led to this weaker growth.

The initial issue of depository receipts forshares in Triodos Bank in Spain was successful.The Bank increased its liability capital by eur 4million. This exceeded expectations, especiallysince the Bank only opened its doors in Spainthree years ago, and particularly consideringdepository receipts for shares are a newfinancial product in the Spanish market.


Triodos Bank in Spain continues to worktogether with important organisations in thesectors it operates in. The Bank signed anagreement with seae to encourage thedevelopment of the organic farming sector, forinstance. It also signed an agreement with theSpanish branch of Amnesty International tointroduce a new savings product (DepósitoActúa) which promotes responsible saving andis linked to the protection of human rights.

2007 saw the renewal of current agreementswith Intermón Oxfam, setem en ideas

Esteban Barroso: ‘The participation

of Spanish customers in Triodos

Bank’s successful initial issue of

depository receipts for shares surpassed our

expectations.’


concerning the fair trade savings account(Cuenta Justa), and with Friends of the Earth,Ecologistas en Acción, Greenpeace, seo/BirdLifeand wwf/Adena in connection with a greensavings account (Ecodepósito).

Positive media interest and participating insustainable trade fairs and events, thealternative economy, sustainable banking andcorporate social responsibility have reinforcedTriodos Bank’s profile and increased awarenessof its name.In 2007, Triodos Bank in Spain continued topromote the development of sustainableinvestment in cooperation with AnalistasInternacionales en Sostenibilidad (ais). ais isthe Spanish joint shareholder of SiRi Company,the global network of sustainable researchinstitutions. At the end of the year, the branchstarted to distribute the Triodos Values PioneerFund in the Spanish market. Triodos ValuesEquity Fund and Triodos Values Bond Fundwere also offered to institutional investors forthe first time. And the Bank started financingcompanies with venture capital from TriodosBank’s venture funds.In 2007, Fundación Triodos (TriodosFoundation) started converting donations fromCuenta Justa’s customers into gifts to benefitfair trade projects. The Foundation also helpedset up the International Conference on OrganicFarming and Financing, held in Madrid inDecember. The conference was attended byboth national and international organisationsfrom the organic farming sector, who debatedthe future of the sector in Spain.

P R O S P E C T S F O R 2 0 0 8

Triodos Bank in Spain intends to increase itsloan portfolio by eur 100 million and its assetsunder management by eur 94 million. Weexpect to welcome 6,000 new customers. TheBank wants to achieve these goals by makingits processes more efficient, by improving itsrelations with current customers as much aspossible, and by expanding its marketingactivities based on Triodos Bank’s uniqueprofile in Spain.

In 2008, the Spanish branch expects to breakeven for the first time. It expects to expand thecurrent products and services offering to retailand other customers, in combination with theintroduction of Triodos investment funds. The

Bank will also continue to expand and improveits services to private individuals andcompanies. Finally, Triodos Bank in Spain willcooperate even more closely with like-mindedorganisations active in the sectors it works in.

Triodos Bank in Spain expects to take a decisionearly in 2008 about opening new local brancheselsewhere in the country. The Bank will alsoinvestigate new distribution channels for itsproducts.

Madrid, 27 February 2008

Esteban Barroso, Managing Director


Key figures Spainin thousands of euros

2007 2006



Loans 150,438 91,798

Number 407 257




Value adjustments to receivables – -30

Operating result before taxation -1,390 -2,274

Taxation on operating result * 398 556

Net profit -992 -1,718




The monumental St Paul’s Church in Oestgeest, The Netherlands, has found a new lease of life. With a

loan from the Triodos Culture Fund, the building was thoroughly renovated in 2007 and transformed

into a vibrant cultural centre.


Triodos Private Banking

T riodos Bank has offered private bankingservices since 2005. Private bankingmeans offering a broad range of services

to wealthier people and institutions who want asustainable alternative to mainstream banking.Within this, sustainable asset management isthe Bank’s core product.

Triodos Research selects which sustainableinvestments to make. Portfolios are thenmanaged by Triodos MeesPierson SustainableInvestment Management, a joint venturebetween Triodos Bank and FortisMeesPierson.This partnership combines the broad assetmanagement expertise of FortisMeesPierson andTriodos’ sustainable banking experience.

R E S U LT S F O R 2 0 0 7

Growth in assets under management acceleratedin 2007, rising by 33% to almost eur 104 millionin The Netherlands. In Belgium, the same figurerose to eur 17 million. Triodos Bank does notyet offer stand-alone private banking services inthe uk, Spain and Germany.

In 2007, Triodos Private Banking Netherlandsacquired 31 new customers, a growth of morethan 60% on 2006. These new customersinclude spiritual organisations, equity fundsand charities. The charities group has seendifficult questions about investment decisionsincrease in recent years: risk-free investmentsonly generate a small return and income is notfixed. At the same time, the idea that a charity’sinvestment policy should be an integrated partof its social mission is growing. This makessustainable investment an option that must, atthe very least, be considered. In view of itssustainability objectives, Triodos Bank is anatural partner for many values-drivenorganisations.

Triodos Private Banking managed to sustainthe relatively good yields of 2006 in assetmanagement; shares in our key portfoliosreturned more than 8.5%. Assets under ourmanagement again performed better than theregular msci world index, which produced aslightly negative yield in 2007. Detailed analysisshows that this extra yield primarily came fromsuccessfully selecting appropriate investments,

and was not the result of risky investments.It showed that Triodos Bank’s investmentprinciples, such as transparency, corporatesocial responsibility and avoiding compositeinvestments, produced benefits during a volatileyear. With a return of 2.3% on the fixed-incomeportfolio, the Bank was able to performhealthily. However, fixed-income portfolioshave only generated a modest return over thepast two years. In addition to securities andfixed income, the Bank also introduced analternative investment portfolio during the yearto meet the customer demand for sustainableinvestments in funds that are less vulnerable tostrong market fluctuations. This portfolio madean exceptionally good start, producing 8.5% perannum, and exceeding a target of 5% to 7%.


During 2007, Triodos Private Banking organisedmeetings for its customers to explore importantcontemporary themes. In January, the Bankshowed Nobel laureate Al Gore’s film, Theinconvenient truth. A detailed discussion withKlaas van Egmond, director of ‘Natuur enMilieu Planbureau’ (nature and environmentalplanning agency) about the film’s impact onour behaviour followed the screening. In theAutumn, the Bank staged a fashion show withexclusively sustainable clothing. Sustainabilityacross the entire manufacturing chain is gainingground rapidly, and is reflected in the activitiesof major retail chains, such as h&m, as well assmaller, more exclusive shops.

Triodos Private Banking Netherlands hosted aroundtable meeting with a number of charitiesto discuss more sustainable financial business

Albert van Zadelhoff: ‘The realisation

that a charity’s investment policy is

an integrated part of its social

mission is growing rapidly. Triodos Bank is a

natural partner for these values-driven

organisations with a social objective.’


management. This meeting will be followed upin 2008. Needless to say, the customer eventsare always linked to the Bank’s mission andpromoted to customers which the Bank believeshave a particular interest in the discussion topic.

T R I O D O S M E E S P I E R S O N

Triodos MeesPierson Sustainable InvestmentManagement had a very successful year. Totalassets under management rose by almost eur

200 million to eur 720 million. The demand forsustainable private banking also increasedamong FortisMeesPierson customers.The Bank has decided to make an adjustment inthe consolidation of the managed assets ofTriodos MeesPierson in its figures. With effectfrom 2007, the Bank only includes the assetsunder management of Triodos MeesPierson tothe extent that the sustainability criteria ofTriodos Bank are applied. The consolidatedassets under management for 2006 have alsobeen adjusted so the two years can be compared.

P R O S P E C T S F O R 2 0 0 8

In 2008, we expect Triodos Private Banking toat least continue the current growth rate.Sustainable private banking is rapidly beingaccepted in the institutional investment sectoras a mature investment practice offering clearadded value. There is also a clear increase indemand among wealthier individuals for ourservices, among which the Bank also accountssustainable private equity and venture capital.Triodos Private Banking expects to offerinvestors a more extensive range of alternativeinvestments in 2008.

In Belgium, Triodos Private Banking willimplement further steps to expand itsoperations. The Bank realises that setting upa proper organisation for clearing securitiesorders and reporting results requires a lot ofeffort. It is vital that the same sustainableinvestment model is maintained in all thecountries where the Bank is active. Rolling outprivate banking services across all the branchesof Triodos Bank will become a reality in thelong term.


Albert van Zadelhoff, Managing Director


Key figures Triodos Private Bankingin thousands of euros

2007 2006

Assets under management* 133,473 93,876



Operating result before taxation -205 -182

Taxation on operating result ** 53 54

Net profit -152 -128

Number of co-workers at year-end *** 5 6

* Including 50% of assets managed by the joint venture Triodos MeesPierson Sustainable Investment Management, insofar as they are invested according to

Triodos investment criteria. The 2006 amount has been adjusted.

** To provide greater clarity, the amount directly related to the branch is shown under Taxation on operating result, and no longer as a pro rata share of the total


*** Excluding co-workers employed by Triodos MeesPierson Sustainable Investment Management (2007: 5, 2006: 4 co-workers).

36 T R I O D O S B A N K - J A A R V E R S L A G 2 0 0 7

Key figures Triodos Fund Managementin thousands of euros*

2007 2006

Funds under management** 1,151,059 1,059,555



Operating result before taxation 684 1,372

Taxation on operating result *** -174 -416

Net profit 510 956


* The figures in this statement may differ from those in the financial statements of Triodos Fund Management BV, due to the processing of elimination items

during the consolidation with Triodos Bank.

** From 2007, the balance sheet total of Funds under management is shown here. The 2006 amount has been adjusted.

*** To provide greater clarity, the amount directly related to the branch is shown under Taxation on operating result, and no longer as a pro rata share of the total



Triodos Investment Funds

T riodos Fund Management is responsiblefor the Triodos investment funds, whichallow individuals and institutions to

invest directly in a number of sustainablesectors. These range from microfinance,renewable energy and organic farming, tocultural institutions, sustainable real estate andlisted companies with above average social andenvironmental performance, that activelycontribute to sustainable development.

Triodos Fund Management and TriodosInvestment Management are closely relatedto each other, but a clear distinction existsbetween their activities. Triodos FundManagement offers Triodos investment funds tothe private market, while Triodos InvestmentManagement focuses on institutional investors.The investment funds’ competitive edge comesfrom a focus on specific themes, sectors or riskprofiles. They all comply with Triodos’ strictand clearly defined sustainability criteria.

In 2007, Triodos Investment Funds continuedto attract considerable interest from investors,thanks to both the sustainable profile andreturns, which were higher than the marketaverage in most cases. In 2007, the investmentfunds grew by 9% to a total of eur 1.2 billion.Partly due to the unfavourable stock marketclimate throughout Europe, particularly forfixed-income securities such as bond funds,growth was lower than had been anticipated atthe end of 2006.

R E S U LT S F O R 2 0 0 7

In February 2007 we launched the TriodosValues Pioneer Fund. The Fund invests in sharesin small and medium-sized enterprises thatcontribute directly to a sustainable society.The Fund focuses on four key themes: cleanearth, climate control, a healthy lifestyle andcorporate social responsibility. The share issuetook place simultaneously in The Netherlandsand Belgium, raising eur 35 million. The fundachieved an excellent return of 13.5% for theperiod from March until the end of December2007.

Triodos Values Bond Fund and Triodos ValuesEquity Fund, which are both based in

Bas Rüter: ‘The stock exchange

listing of Triodos Sustainable Real

Estate Fund, has further improving

Triodos Bank’s profile as market leader in the

field of sustainable construction.’

Luxemburg but distributed internationally, werelaunched in July 2007. In the Autumn, Triodosinvited investors in the Belgium-based TriodosValues Fund to switch over to these two newfunds. This transfer was successfully completed.At year-end 2007, the Equity Fund had fundsunder management of eur 13 million and theBond Fund eur 9 million. The two Belgianfunds were discontinued in December 2007.

In the Autumn of 2007, more than 1,000 peopleinvested in a bond loan for an Egyptiancompany, sekem. The business leads theEgyptian market as manufacturers of organicfoods products, clothing and natural remedies,and are viewed globally as frontrunners insustainable business practice. The issue raisedeur 5 million, closing early because of the highlevel of interest in subscribing, and mediainterest in the issue helped to raise sekem’sprofile.

T R I O D O S C U LT U R E F U N D

Despite an unfavourable bond market, TriodosCulture Fund grew by 26% to eur 67 million.During the year, the fund financed 12 newprojects and made a follow-up payment to theMunicipality of Amsterdam for four high-profile projects. The fund's yield was 0.4%,excluding a 2.5% tax credit. Triodos CultureFund is the first Dutch investment fund to makeloans under the Regeling Cultuurprojecten, thetax scheme for the promotion of culture and thearts. This regulation is comparable to theRegeling Groenprojecten, a tax scheme whichhas successfully raised funds for green projects.Triodos Culture Fund invests in organisationsincluding museums, concert halls, theatres,


galleries, creative hubs, and artists’ studios.The Culture Fund invests at least 70% of itsassets in projects recognised as cultural by theDutch Ministry of Education, Culture andScience. These projects are eligible for veryfavourable loans. At the end of 2007, 81% of thefund’s assets were invested in cultural projectsrecognised by the Dutch Government.

T R I O D O S G R E E N F U N D

Triodos Green Fund, the largest Triodosinvestment fund in The Netherlands, saw a 5%fall in its total net assets to eur 466 million.This development was in line with the markettrend of declining interest in bond-likeinvestments. Despite the rising capital marketinterest rate, the fund achieved a return of 1.4%,excluding a 2.5% tax credit.

The growth in the number of projects financedin the wind and biomass energy sectors wasless than expected, after the Dutch governmentfroze all payments of the MilieukwaliteitElektriciteitsproductie (mep) subsidy, whichpromoted environmentally-friendly electricityproduction. In contrast to this, there was goodprogress in the number of loans to organicfarming projects.Because Triodos Green Fund has been approvedas a green organisation it can benefit from theGroenregeling, a Dutch tax scheme for greenprojects. Since 1995, the Dutch government hasused the scheme to promote investments thatcontribute directly the preservation andprotection of wildlife and the environment.The fund has to invest at least 70% of its assetsin officially approved green projects. At the endof 2007, 79% of the fund’s total assets wereinvested in government approved greenprojects.

T R I O D O S A D D E D VA L U E F U N D S

The Triodos added value funds achievedcombined growth of 2% to eur 361 million.The increase was mainly due to the share fund’sexcellent performance. The fund achieved areturn of 5.4%, beating the reference index,the msci World Index, by more than 6%.Since its launch in July 2007, Triodos ValuesEquity Fund posted a return of minus 0.8%.Triodos Added Value Mix Fund stabilised invalue and Triodos Added Value Bond Funddecreased to a limited extent, but compared

well to the market as a whole.Triodos Added Value Bond Fund suffered fromthe rising capital market interest rate and thefact that its investment is limited to businessloans, which were under pressure from thecredit crunch. The bond fund achieved a returnof minus 2.2%. Triodos Values Bond Fundposted a return of 0.5%. Triodos Added ValueMix Fund combined a good return on shareswith disappointing results on the bond marketand closed the year with a return of 0.7%.

The universe of sustainable companies thatTriodos Added Value Funds and TriodosValues Funds can invest in, expanded to atotal number of 359 in 2007. In particular,the number of sustainable pioneers rosesubstantially. This means that it is now viableto select a sustainable alternative to the limitedinvestment opportunities in sectors such as oil,gas and pharmaceuticals. In addition, dialoguewith the companies we review for theirsustainability increased in intensity andfrequency. As a result of our research,proxy voting at shareholders’ meetings andconsultation with the companies we invest in,we are having a real impact on improvingsustainable business practices.

T R I O D O S S U S TA I N A B L E R E A L E S TAT E F U N D

In June 2007, three years after its establishment,Triodos Sustainable Real Estate Fundsuccessfully launched on the EuronextAmsterdam exchange and achieved faster thanexpected growth to eur 32 million (year-end2006: eur 17 million). The fund managed toexpand its portfolio by three buildings to 13buildings in total worth a combined eur 59million. The direct return of 5.3% and the valuedevelopment of 1.9% were higher than expected.The fund was able to avoid the malaise thataffected the rest of the office market, byacquiring attractive buildings with good tenantsand by managing them sustainably.

T R I O D O S FA I R S H A R E F U N D

Triodos Fair Share Fund grew strongly inThe Netherlands during 2007. The fund’s assetsrose by 53% to eur 37 million (2006: eur 24million). Its investments also grew substantially,from eur 17 million to eur 28 million. The fundrealised a return of 5.7%, excluding a 2.5 % taxcredit. Triodos Fair Share Fund invests in


microfinance organisations in developingcountries. These provide inclusive financialservices to people in the developing world, suchas small loans to help start or expand abusiness. In developing countries, setting up asmall business is often the only way to startearning an income. The fund has been granted asocio-ethical investment fund status, whichmeans it must invest at least 70% of its assets inapproved socio-ethical projects. At the end of2007, 82% of the Fund’s assets were invested ingovernment approved projects of this type.

T R I O D O S R E N E W A B L E E N E R G Y F U N D

After strong growth in 2006, the capital ofTriodos Renewable Energy Fund in the UnitedKingdom remained stable during 2007 withcapital of around eur 11 million (gbp 8.5million). In 2007, preparations were madetowards a planned share issue in 2008. Thefund is a public limited company that investsin renewable energy and sustainable energyprojects since 1995.

T R I O D O S E U R O P E A N R E N E W A B L E S F U N D

Triodos Renewables Europe Fund, which waslaunched in 2006, grew by eur 9 million toeur 19 million in 2007. The fund providesventure capital for European sustainable energyprojects. In 2007, the fund invested in two newprojects and approved proposals for a numberof others. The fund’s return over 2007 was5.9%, meeting expectations.

P R O S P E C T S F O R 2 0 0 8

Triodos Fund Management expects that theTriodos investment fund’s total assets undermanagement will grow by 10% to 20% in 2008to eur 1.3 billion. About half this growth isexpected to come from Triodos Bank clients and

the other half from other European banks’customers through third party agreements. Thegrowth of Triodos Culture Fund, Triodos GreenFund, Triodos Value Bond Fund and TriodosAdded Value Bond Fund will depend heavily ondevelopments in the capital market.

In the Spring of 2008, the Bank will launch anew microfinance investment fund inLuxemburg. This fund will focus on Europeaninstitutional investors and private investorsoutside The Netherlands. In addition, theLuxemburg based funds will be introduced in anumber of European countries.


Management of Triodos Fund Management bv

Diane GriffioenBas Rüter

Diane Griffioen: ‘In 2008, Triodos Fund

Management will continue to set high

standards for monitoring processes and

transparency. By doing so we’ll maintain Triodos

Bank’s values and aim for qualitative growth.’


Key figures Triodos Investment Managementin thousands of euros*

2007 2006

Funds under management** 141,105 125,648

Total income *** 6,512 2,274


Operating result before taxation 980 1.088

Taxation on operating result **** -250 -329

Net profit 730 759


* The figures in this statement may differ from those in the financial statements of Triodos Investment Management BV, due to the processing of elimination

items during the consolidation with Triodos Bank.

** From 2007, the balance sheet total of funds under management is shown here. The 2006 amount has been adjusted.

*** 2006 results start from October 2006, because the activities are included in the consolidated figures of Triodos Bank from that date.

**** To provide greater clarity, the amount directly related to the branch is shown under Taxation on operating result, and no longer as a pro rata share of the

total tax liability. 2006 has been adjusted for comparison.


Triodos Investment Management

T riodos Investment Management isresponsible for managing a number ofinternational funds that invest in both

developing countries and Europe. In LatinAmerica, Africa, Asia and Eastern Europe,Triodos Investment Management is active inmicrofinance, fair trade finance and renewableenergy. The funds aim to help to developsustainable financial sectors in these countries.In Europe, their emphasis is on venture capitalfor fair trade, organic food and renewableenergy enterprise. These funds, which act asinvestors in unlisted institutions andcompanies, make a significant contribution tothe achievement of Triodos Bank’s goals.Triodos Investment Management is a wholly-owned subsidiary of Triodos Bank and worksclosely with Triodos Fund Management.

M I C R O F I N A N C E

The Triodos Fair Share Fund, Triodos-DoenFund and Hivos-Triodos Fund offer finance tosmall banks and microfinance institutions indeveloping countries and Eastern Europe.Triodos Fair Share Fund provides an alternativeinvestment option for private individuals andinstitutions that want to invest in this sector.

The three funds are shareholders in fifteen ofthe world’s leading microfinance banks. SeniorTriodos Bank co-workers are members of thesebanks’ Supervisory Boards and contributesustainable banking expertise to help themprogress. In total, the Funds have lent to 77microfinance institutions, working in 35countries. These Funds also provide tradefinance for fair trade products such as MaxHavelaar coffee and organic vegetables andherbs.

The funds grew 26% in total in 2007 to eur 125million (2006: eur 99 million). The Triodos FairShare Fund in particular performed well,increasing assets under management by 53%.Investor interest in this sector is enormous.Both microfinance and fair trade are highlyeffective tools in the war on poverty indeveloping countries. Experience shows thatimproving access to financial servicesstrengthens local economies. One of the mainaims of the microfinance funds is to encourage

the mutual exchange of knowledge andexpertise between microfinance institutions allover the world. To this end, in October 2007Triodos Investment Management hosted itsfourth annual international workshop withrepresentatives from microfinance banksin Africa, Latin America and Asia. Themicrofinance funds are shareholders in all ofthese banks. The workshop focused onbranchless banking and banking on values. Thislast theme follows on from the ‘Transparency

and Sustainability in Finance’ project thatTriodos initiated in 2004 in collaboration withthe gri (Global Reporting Initiative). In it,participating microfinance banks are helped toreport in line with the gri guidelines (see alsopage 131) when they present their financial,social and environmental results. The project asa strong example of where we can contributeour own sustainable banking experience with aspecial focus on people, planet and profit. Thenext step is to use this sustainability reportingto draw up an integrated concept for ‘bankingon values’. A number of participating banks,including Acleda Bank in Cambodia, Basix inIndia, Centenary Bank in Uganda, Findesa inNicaragua, and xac Bank in Mongolia publishgri annual reports. And, they are usually thefirst organisations in their respective countriesto do so.

R E N E W A B L E E N E R G Y

The Triodos Renewable Energy for DevelopmentFund provides funding to regional funds indeveloping countries that finance companiesand projects providing renewable energyservices and products, including solar energy,

Marilou van Golstein Brouwers:

‘Microfinance continued to show

strong development in 2007.

Triodos Bank’s international funds actively

contribute to this trend.’


wind energy, hydro energy and biomass. Atyear-end 2007, the Triodos Renewable Energyfor Development Fund had a balance sheet totalof eur 5 million.

Under a mandate from the EuropeanCommission, Triodos Investment Management,together with E+Co, an us investment fundwith renewable energy expertise, worked onestablishing a new fund in 2006 and 2007. Thecapital for this Global Energy Efficiency andRenewable Energy Fund (geeref) will comefrom European institutions, governments andcommercial investors. The project wascompleted at the end of 2007.

R E N E W A B L E E N E R G Y I N E U R O P E

Triodos Renewables Europe Fund (Triodos sicav

ii) was launched in 2006 with a registered officein Luxembourg, so European private andprofessional investors have the chance to invest.The fund increased to eur 19 million in 2007and has investments in eight projects. Thefund invests in high-risk, unlisted, small andmedium-sized renewable energy producers. It isan active investor in European private sectorpower plants – including windpower, solarenergy, hydropower and biomass – and drawson Triodos’ 25 year’s experience in the sector.

A M P E R E E Q U I T Y F U N D

The Ampere Equity Fund was established atthe end of 2007 with institutional investors,including pension funds such as abp, DeltaLloyd and Stichting Pensioenfonds Zorg enWelzijn (formerly pggm) as shareholders.The fund aims to grow to eur 500 millioncommitted capital in 2008. The fund invests inwindfarms on land and at sea, and in biomasspower plants in Western Europe, both duringthe development phase and operation. EvelopInternational from Utrecht, a division of therenewable energy company Econcern, willimplement the bulk of these projects. The fundwas created from the need for an appropriate

funding source for the Evelop Internationalportfolio, but it can also invest in otherprojects. Because of its long-term experience inEuropean renewable energy finance and in fundmanagement, Triodos Bank was asked toprovide independent management for theAmpere Equity Fund. This new fund offersthe Bank access to the market for financinglarge-scale European projects.

C L I M AT E

The activity of the Triodos Climate ClearingHouse, an independent registration and tradingplatform for CO2 credits, were extended in 2007from sustainable (fsc certified) forestry projectsto include renewable energy projects indeveloping countries. This responds to anincreasing demand for a mix of forest andenergy credits for voluntary compensation.When organisations and private individualsvoluntarily buy CO2 credits to compensate fortheir carbon emissions, they provide theseforestry and renewables projects with additionalincome. This money is used to plant andmaintain bio diverse forests, or contributestowards the costs of small-scale solar energy,hydro electricity or biomass projects.

As an investor in the Klimaatneutraal Groep inThe Netherlands and the Carbon NeutralCompany in the United Kingdom, Triodosis also involved in the sale of climatecompensation products. Private individualsand companies can make their activitiesclimate neutral via websites, including www.klimaatneutraal.nl, www.greenseat.comand www.carbonneutral.com.

V E N T U R E C A P I TA L

Triodos Venture Capital Fund was launched in2001 for a planned period of 10 years. At year-end 2007 it still had two projects on its books,and expects to exit both of these successfully inthe coming years.

The Triodos Innovation Fund was launched atthe beginning of 2005 and focuses on providingventure capital investment during the expansionstage of unlisted sustainable companies,particularly working in fair trade and organicfood. It focuses on European markets and aimsto help increase the size of the market for fairtrade products in particular.

Hans Schut: ‘The Triodos Bank sustainable

energy funds offer project developers the

risk capital and expertise they need.’


The fund is also shareholder in the Start GreenFund, a techno starter fund aimed at start-upinvestments in sustainable hydro, farming andenergy technology. At year-end 2007, TriodosInnovation Fund had extended eur 22 millionin funding, guarantees included, to more than20 companies and will continue with limitednew investments in the future.

Triodos Ventures has made a series ofinvestments in affiliated banks in Europe. Inaddition, Triodos Ventures invests, usually viaseed capital, in a range of sustainable initiativesthat aim to make break new ground in specificfields. At year-end 2007, the fund has investedin 30 projects. In 2007, Triodos Venturesplaced a strong emphasis on developingsustainable real estate, including investing inan engineering firm. Together with ovg

Projectontwikkeling, the fund was awarded acontract to invest in, manage and maintain70,000m2 of sustainable office premises for thetnt group.

P R O S P E C T S F O R 2 0 0 8

Triodos-Doen, Hivos-Triodos Fund and TriodosFair Share Fund expect total growth of at leasteur 20 million. Triodos Renewable Energy forDevelopment Fund expects its portfolio toincrease by eur 5 million.

A new fund will be launched in 2008. TheTriodos Sustainable Trade Fund, will concentrateon trade finance for certified organic or fairtrade organisations. Work is also underway toset up a subfund for microfinance under Triodossicav ii.

Triodos Renewables Europe Fund expects toachieve further growth to eur 35 million.

The Ampere Equity Fund expects to realise itsfirst four investments in 2008. The intention isto launch a successor to the Triodos InnovationFund in 2008. Management is still consultingabout the focus and scale of this fund.


Management of Triodos InvestmentManagement bv

Marilou van Golstein BrouwersHans Schut

In 2007, Triodos Ventures placed

a strong emphasis on developing

sustainable real estate


Statement of balance sheet totals O F T R I O D O S G R O U P A N D A S S E T S U N D E R M A N A G E M E N T B Y T R I O D O S B A N K P R I VAT E B A N K I N G


31.12.2007 31.12.2006

Triodos Bank NV 1,885 1,539

Triodos Cultuurfonds NV 68 53

Triodos Fair Share Fund 37 25

Triodos Groenfonds NV 493 503

Triodos Meerwaardefonds NV 362 355

Triodos Renewable Energy Fund Plc 48 52

Triodos Sicav I 56 –

Triodos Sicav II 19 9

Triodos Vastgoedfonds NV 68 38

Triodos Values Fund – 25

Investment funds 1,151 1,060

Triodos Bank Private Banking

(total assets under management) 134 94

Stichting Triodos Foundation 3 3

Stichting Triodos-Doen 47 43

Stichting Hivos-Triodos Fonds 39 31

Triodos Innovation Fund BV 30 14

Stichting Triodos Renewable Energy for

Development Fund 5 6

Triodos Venture Capital Fund BV 4 11

Triodos Ventures BV 13 18

Other activities 3 2

International funds 141 125

Total 3,314 2,821

This statement does not include any committed amounts. Overlaps may have occurred. Note that at the time this

statement was prepared, the Annual Accounts of a number of institutions had not yet been approved.

To avoid ambiguities, balance sheet totals from 2007 are included in this statement, except for Triodos Bank

Private Banking, where assets are managed according to Triodos criteria. For comparison reasons, the results over

2006 are restated accordingly.


Risk Management and Compliance

T riodos Bank uses and maintains aframework of systems, procedures, limitsand checks to manage the risks it faces.

The structure and organisation of its businessprocesses comply with the relevant laws andregulations for financial institutions. Its maindepartments are responsible for riskmanagement, and senior management’sinvolvement is embedded in the organisation.Aspects of risk management are monitored ona day-to-day basis by the Risk Managementdepartment. The head of this departmentreports directly to the Board of Managementof Triodos Bank.

The Risk Management department’s primary taskis to identify risks and analyse them, preparepolicies and coordinate the management of theoperational, credit, market and liquidityrisks facing Triodos Bank. Another majorresponsibility is to make sure that all thebranches pursue a coherent risk policy, and toguarantee that professional knowledge in anumber of relevant fields is properly managed.To support this role, the organisation started toset up a European risk management organisationat the end of 2007.

The level of risk we are prepared to take andthe proposed profile for each type of risk aredocumented and elaborated in the policies ofall Triodos Bank’s divisions. Policy issues anddecisions about risk management are made byTriodos Bank’s Board of Management on theadvice of the Risk Management department.The Board of Management has delegated jointresponsibility for balance sheet management tothe Assets and Liabilities Committee.

O P E R AT I O N A L R I S K

In the course of its normal business, TriodosBank runs operational risks. These risks relateto losses the Bank could incur as a result ofincorrect or inadequate internal processesand/or systems, human behaviour or externalevents. Triodos Bank tries to limit these risks asmuch as possible by making sure there are clearpolicies and procedures in place. Numerouscontrol measures are embedded in it systemsand recorded in procedures and workinstructions, which support the training and

involvement of co-workers.Line management is fed information to identifyoperational risks and implement adequatemeasures after their effectiveness has beenanalysed and assessed, via the incidentmanagement system. Another tool is risk self-assessment used in projects, products, systemsand processes, mapping out risks systematically.The usefulness and the effectiveness of thesetools will be scrutinised further in 2008.

A relevant structure was set up in 2007 for thecentral head office departments to deal withbusiness continuity issues, and a number ofcontinuity plans were implemented as a result.This means the Bank can guarantee thecontinuity of its information systems in theevent of equipment failure.

C R E D I T R I S K

Credit risk relates primarily to a borrower’spotential inability to meet its obligations to theBank. It concerns both payment arrears andnegative value changes due to an organisation’slower credit rating.

Credit risk also includes concentration risk inthe credit portfolio, or the risk the Bank facesthat a particular event may lead to a company,or a group of associates, failing to meet theirobligations to the Bank.

Triodos Bank manages credit risk andconcentration risk from two perspectives.

• At portfolio level in order to manage theconcentration of risks at the following levels:per sector, per country or region

• At individual level per event or debtor

Corporate loans are extended to companies andprojects in sectors that contribute to the Bank’smission. Given that this involves a smallnumber of sectors, higher sector concentrationis inherent to the loan portfolio. Concentrationon the existing sectors is acceptable because theBank has considerable expertise in them andactively invests in increasing knowledge aboutthem within the organisation. Risk is alsoreduced by making sufficient provisions assecurity against outstanding loans.


Investments with banks and in interest-bearingsecurities are aimed at recognised organisationsin the financial markets with sound externalcredit and substantive assessment.

The high quality of the loan portfolio remainsunchanged. Provisions formed by the differentbranches in 2007 remained limited. Provisionsas a percentage of the loans portfolio was 0.4%in 2007 (2006: 0.6%).

M A R K E T R I S K

Market risk is the risk that a Bank’s investmentportfolio drops in value due to fluctuations inprices on the financial markets (interest rates,exchange rates or share prices). This risk arisesfrom trade on behalf of clients as well as ownaccount trading. Triodos Bank does not assumea trading-book position for own accounttrading. Interest rate risk is the most importantmarket risk connected to activities not takingplace for trade purposes.

I N T E R E S T R AT E R I S K

The interest rate risk is the danger that thevalue of assets or liabilities are negativelyaffected by interest rate changes in the financialmarkets. This risk mainly arises because thereare different (fixed-rate interest periods) forassets and liabilities. It’s also a risk inherent tothe banking business. Triodos Bank’s positionis closely monitored and assessed by the Assetsand Liabilities Committee. The interest rate riskis managed using a system of guidelines andlimits and by simulating various interest ratescenarios. Limits are agreed by the Board ofManagement based on a proposal from the Riskmanagement department. The earnings at riskand value changes in liability capital arecalculated in combination with a balance sheet

� The Netherlands (37%)

� United Kingdom (23%)

� Belgium (17%)

� Spain (15%)

� Germany (5%)

� Denmark (1%)

� France (1%)

� Ireland (1%)

Summary of outstanding loans per country

� Nature & Environment (40%)

� Culture & Welfare (35%)

� Social business (23%)

� Other (2%)

Lending by sector Triodos Bank 2007

Provisions as a percentage of outstanding loans

1,6

1,4

1,2

1,0

0,8

0,6

0,4

0,2

0,0

% P

rovi

sio

ns

2003 2004 2005 2006 2007

The main sectors are:• Nature & Environment (40%, 2006: 37%).

This sector comprises renewable energy andenvironmental technology projects, andcompanies and projects from the entire organicfarming industry.

• Social business (23%, 2006: 26%). Loans tocraftspeople, innovative entrepreneurship andservices with a clear social aim, includingmicrofinance institutions in developingcountries, fair trade with the South anddevelopment cooperation NGOs make up mostof this sector.

• Culture & Welfare (35%, 2006: 36%). Loansare made to institutions active in education,care for people with physical and learningdisabilities, healthcare, artists (both individualsand groups) and cultural institutions.

Limits are imposed and regular reports agreedto manage the risk concentration in thesesectors. Limits are also considered and agreedon a case-by-case basis, such as the authority tomake lending decisions.

Lending decisions are made by local creditcommittees in each of the Bank’s branches.Each local credit committee is authorised tomake its own decisions within agreedparameters. The relevant Board assesses creditsthat exceed these parameters. Credit details arerecorded in the system and linked to a riskclassification system. The borrowers’creditworthiness, and the economic value ofsecurities, are also assessed at regular intervals.


simulation model. The Bank’s interest rate riskremained within agreed norms throughout2007.

L I Q U I D I T Y R I S K

Liquidity risk refers to the risk that at aparticular time the Bank may be unable torelease sufficient funds to fulfil its obligationsto its customers. Funds entrusted are raised sothe Bank can lend to sustainable organisations.The surplus – money that’s not lent out – isdeposited with other banks or invested intransferable government bonds. Triodos Bank’spolicy is to have sufficient funds available so itcan meet its obligations at all times. TriodosBank’s balance sheet is characterised by a highdegree of liquidity, and low liquidity risk.During 2007, the Bank’s liquidity risk remainedwithin the agreed norms.

The structure and operation of the internal riskmanagement and control systems are evaluatedannually and take account of the targets andrisk profile. Triodos Bank constantly developsand maintains its internal risk management andcontrol systems.

B A S L E I I

In June 2004, the Basle Committee on BankingSupervision published the final text of the newcapital framework known as Basle ii. Detailedpreparations for its implementation have beenworked on ever since, and Triodos Bankconverted to the Basle ii framework on 1January 2008. In parallel to the report underBasle i, reporting on the basis of Basle iirequirements took place for the first time on 30June 2007 in accordance with the objectives.

Basle ii has different approaches to theimplementation of requirements regardingcredit, market and operational risks. In view ofits size and stage of development, Triodos Bankhas opted to implement the less advancedmethods under Pillar 1 of Basle ii. TheStandardised Approach is used for calculatingthe credit risk, and the Basic Indicator Approachis used for calculating operational risks.

The options chosen by Triodos will not slowdown its efforts to continue to improve andfine-tune its internal risk management system.As part of Pillar 2 of Basle ii, and in accordance

with its objectives for 2007, the Bank made aninventory of all its risk areas in 2007 and, whererelevant, agreed internal capital targets.

Triodos Bank developed and has largelyimplemented the required infrastructure forBasle ii internally at policy and operationallevel, as planned. The capital requirement for2007 was calculated using the capital regimemethod of Basle i. Triodos Bank will implementthe Basle ii method for calculating andreporting the required and desired capital in2008.

C A P I TA L M A N A G E M E N T

Strategic objectives determine Triodos Bank’srisk policy, and our readiness to take risks is oneof the aspects in the capital planning process. Itindicates the maximum risk that Triodos Bankconsiders acceptable to implement its businessstrategy to protect itself against events thatcould have an adverse effect on profitability,liability capital or the depository receipt price.

Capital serves as the buffer to absorb theimpact of losses inherent in business risks andtherefore risk is an important element of thecapital framework. One of the yardsticks forexpressing and quantifying risk-taking readinessis economic capital, which represents theinternal demand for capital within TriodosBank. In addition, the Bank must also satisfythe capital requirements imposed bysupervisory bodies.

Risk-taking readiness and capital planning formthe basis for the process of:

• Capital measurement: measuring the risks,resulting in an estimate of the demand forcapital;

• Capital allocation: allocating capital to theseparate business units;

• Capital management: managing the supply ofand demand for capital.

This enables Triodos Bank to quantify the totalrisk-taking readiness at group level, to thenallocate this risk-taking readiness to thedifferent business units and, as a result,consistently measure and manage theperformance and the risk levels for eachbusiness unit. The capital requirements from thefirst and second pillars of the Basle ii CapitalAccord are managed using this framework.


C A P I T A L M E A S U R E M E N T

The capital measured by Triodos Bank concernsboth the internal demand for capital (economiccapital) and the capital requirement. Economiccapital is a risk standard that indicates howmuch capital the Bank wishes to have at itsdisposal to be able to cover unexpectedoperational risks. Economic capital is broadlydetermined by the following risks:

• Credit risk (counter party risk andconcentration risk)

• Interest rate risk (positions in the Bank book)• Market risk (positions in the trade book)• Operational risk• Strategic and reputational risk

C A P I T A L A L L O C A T I O N

Triodos Bank considers capital to be a scarceresource. Capital allocation to the differentbusiness units of the Bank is decided centrally.Capital allocation is governed by a capitalallocation policy, as a result of which budgetsare divided and allocated to the business unitsand related to the capital requirement. From2008, budgets will be allocated to the businessunits with reference to the economic capitaland the capital requirement and in line with theresults of Pillar 2 of Basle ii.

C A P I T A L M A N A G E M E N T

The aim of capital management is to guaranteethat sufficient capital is available to meetTriodos Bank’s capital needs, given itsunderlying business strategy. The Assets andLiabilities Committee manages the capitalwithin the Bank.

C O M P L I A N C E A N D I N T E G R I T Y

Triodos Bank has internal policy rules andprocedures to guarantee that managementcomplies with relevant laws and regulationsregarding customers, corporate customers andbusiness partners. The Bank’s compliancefunction contributes to managing andfurther developing relevant policy rules andprocedures. In addition, the Legal andCompliance department independentlymonitors the extent to which the bank complieswith its rules and procedures.

External aspects of the Legal and Compliancedepartment mainly concern client acceptance,monitoring financial transactions and

preventing financial services that enable moneylaundering. Internal aspects primarily concernchecking private transactions by co-workers,preventing and, where necessary, transparentlymanaging conflicts of interest, and safeguardingconfidential information.

Triodos Bank has a European compliance teamled from the head office in Zeist, includingcompliance officers in every branch. The headof the Legal and Compliance department isdirectly accountable to Triodos Bank’s Board ofManagement.

C O M P L I A N C E

There were no significant compliance andintegrity incidents in 2007.


O R G A N I S AT I O N A N D S T R U C T U R E

Triodos Bank is a European bank with offices inThe Netherlands (Zeist), Belgium (Brussels), theuk (Bristol) and Spain (Madrid). In addition, arepresentative agency in Germany (Frankfurt).The head office is in The Netherlands.

F O U N D A T I O N F O R T H E A D M I N I S T R A T I O N O F

T R I O D O S B A N K S H A R E S ( S A A T )

Triodos Bank believes it’s crucial that its missionand identity is protected. As a result, all TriodosBank’s shares are held in trust by the Foundationfor the Administration of Triodos Bank Shares.saat then issues depository receipts for TriodosBank shares to the public and institutions. Thesedepository receipts embody the economic aspectsof the shares of Triodos Bank nv. In addition, itexercises the voting rights for the Triodos Banknv shares. saat’s Board of Management’s votingdecisions are guided by the Bank’s ethical goalsand mission, its business interests, and theinterests of the depository receipt holders.Triodos Bank depository receipts are not listedon any stock exchange. Instead, it maintains aninternal market.

D E P O S I T O R Y R E C E I P T H O L D E R S

Depository receipt holders are entitled to vote atthe Annual General Meeting of depository receiptholders. Each one is limited to a maximum of1,000 votes. The Annual General Meeting ofdepository receipt holders appoints the membersof saat’s Board of Management, based on therecommendation of saat’s Board of Management.These recommendations must be approved byTriodos Bank’s Board of Management. Nodepository receipt holder may hold more than7.5% of all depository receipts in issue.

S U P E R V I S O R Y B O A R D T R I O D O S B A N K

Supervisory Board Triodos Bank has aSupervisory Board, which monitors the Bank’sbusiness operations and advises and assists itsBoard of Management, to benefit its businessinterests. New members of it are appointedat the Annual General Meeting, usingrecommendations from the Supervisory Board.

T R I O D O S B A N K ’ S B O A R D O F M A N A G E M E N T

Triodos Bank is run by the Board ofManagement under the Articles of Association,and is appointed by the Supervisory Board.

S T I C H T I N G T R I O D O S H O L D I N G

Stichting Triodos Holding is legally separate butorganisationally integrated with Triodos Banknv. It is a 100% shareholder of Triodos Venturesbv, an investment fund for higher risk butstrategically important new activities that reflectTriodos Bank’s mission and activities. TheBoard of Management of Stichting TriodosHolding and the Board of Management ofTriodos Ventures are made up of members ofTriodos Bank’s Board of Management under theArticles of Association. Stichting TriodosHolding has a Supervisory Board appointedon the recommendation of saat’s Board ofManagement. The Board of Management mustsubmit to the Supervisory Board to approvedecisions specified in the Articles ofAssociation.

Corporate Governance

Number of depository receipts per country

Depository Depository receipt holders receipts x 1.000

2007 2006 2007 2006

The Netherlands 8,334 6,660 2,208 1,362

Belgium 2,358 1,939 533 436

United Kingdom 1,048 440 78 23

Spain 344 – 53 –

Total 12,084 9,039 2,872 1,821

Number of statement of depository receipts

per holder


Depository Issuedreceipt holders capital

2007 2006 2007 2006

1 - 50 6,704 5,088 8.3 5.7

51 - 500 4,849 3,571 53.3 37.7

501 - 1,000 363 253 17.7 11.7

1,001 or more 168 127 120.9 69.0

Total 12,084 9,039 200.2 124.1


S T I C H T I N G T R I O D O S F O U N D A T I O N

Triodos Foundation is a sister institution ofTriodos Bank nv that’s legally separate butorganisationally related to it. Currently, theBoard of Management of Stichting TriodosFoundation is made up of Triodos Bank nv

co-workers. It agrees donations that are donatedto initiatives that help Triodos Bank nv todeliver its ethical goals. Similar foundationshave been set up in Belgium, the uk and Spain.

B U S I N E S S P R I N C I P L E S A N D T H E D U T C H

C O R P O R A T E G O V E R N A N C E C O D E

Triodos Bank uses its business principles tohelp it carry out its mission. These businessprinciples have been drawn up in consultationwith saat’s Supervisory Board and Board ofManagement. The Dutch Corporate GovernanceCode does not apply directly to Triodos Banknv, as Triodos Bank’s depository receiptsare not listed on any regulated market.Nevertheless, Triodos Bank endorses the basicprinciples of the Corporate Governance Codeand complies with it in a general sense.However, it has also made a deliberate decisionto deviate from it on a number of specificpoints.

The most important relates to voting rights onshares. To protect Triodos Bank’s mission andobjectives as much as possible, depositoryreceipt holders are not allowed to exercisevoting rights on the underlying shares, whichare instead exercised by saat, the Foundationfor the Administration of Triodos Bank Shares,

as outlined above. In addition, a number ofprovisions of the Corporate Governance Codedo not apply to Triodos Bank, as it does nothave any share plans or option schemes.Triodos Bank’s business principles can befound at www.triodos.com/about_triodos/corporate_governance.

S U P E R V I S I O N

Triodos Bank is supervised by dnb (the DutchCentral Bank) and afm (The NetherlandsAuthority for the Financial Markets), as well asby the regulatory authorities in Belgium, the uk

and Spain in respect of local matters.

Statement of institutions with a participating interest of 5% or more

in percentage

2007 2006

Delta Lloyd Levensverzekering NV 7.2 7.3

Friesland Bank NV 5.7 5.8

Coöperatieve Centrale Raiffeisen-Boerenleenbank BA 5.2 5.4

Hooge Huys Levensverzekering NV – 5.5

Stichting Pensioenfonds ABP 5.0 1.6

PGGM Pensioenfonds 5.4 2.6

Beheersmaatschappij Breesaap BV 5.1 –

NAGRON Nationaal Grondbezit BV 6.9 –

The above institutions are the largest (with a participating interest of 5% or more) of the total of 14 (2006: 13)

institutions that each hold more than 10,000 depository receipts. Their total participating interest is 49.0%

(2006: 42.0%).


Branches Investment Banking Private Banking

Triodos Group Structure at 1 January 2008

Foundation for the Administration

of Triodos Bank Shares

Triodos Bank NV

The Netherlands

Belgium

Spain

Triodos Assurantiën BV

Triodos Renewable

Energy Fund plc.

70% Analistas

Internacionales en

Sostenibilidad SA (AIS)

Triodos Fonds

Management BV

Triodos Investment

Management BV

50% Triodos MeesPierson

Sustainable Investment

Management BV

Triodos Groenfonds NV

Triodos

Meerwaardefonds NV

Triodos

Vastgoedfonds NV

Triodos

Cultuurfonds NV

Triodos Fair Share Fund

Triodos Values Pioneer

Fund SICAV I

Triodos Renewables

Europe Fund SICAV II

Stichting Triodos Doen

Stichting Hivos Triodos

Triodos Renewable Energy

for Development Fund

Triodos Ventures BV

Triodos Venture

Capital Fund BV

80% Dutch Sustainability

Research (DSR)

Ampere Equity Fund BV

Triodos Innovation

Fund BV

Triodos Private Banking

100% subsidiary of Triodos Bank NV, unless otherwise stated.

100% independent (investment) funds that are managed directly or indirectly by Triodos Bank NV.

100% subsidiary of Triodos Ventures BV, unless otherwise stated.

United Kingdom

Stichting Triodos Climate

Clearing House

71% Triodos Facet BV

Triodos Real Estate

Development BV

Germany

(representative office)

Triodos Finanz GmbH

The Geuren en Kleuren shop in Haarlem, The Netherlands, works with people with learning disabilities

to produce soap and candles. Triodos Bank’s Dutch branch finances the social enterprise. Pictured:

co-worker Rick Spiering (left) and managing director Maarten Teunissen.


Stakeholder dialogue

T riodos Bank maintains good relationshipswith all its stakeholders, includingshareholders (holders of depository

receipts), customers, co-workers, NGOs andgovernments. Triodos Bank works closely withorganisations working for the environment,organic farming, renewable energy, arts andculture, education, human rights anddevelopment cooperation.

Triodos Bank defines its stakeholders as all thepeople, groups and organisations that it has abusiness or other relationship with, andidentifies three discrete groups in particular:

C U S T O M E R S , D E P O S I T O R Y R E C E I P T H O L D E R S ,

C O - W O R K E R S A N D S U P P L I E R S

Dialogue with these stakeholders mainlyinvolves exploring issues around money – aseach has a financial relationship with the Bank– weighing up long-term and short-terminterests, and balancing self and public interest.

N G O S A N D G O V E R N M E N T

Discussions with this group are predominantlyfocussed on the social context in which theBank operates. These stakeholders do not havea financial interest, but do have an interestin the Bank’s development from a socialperspective.

A D V I S O R S A N D I N S P I R E R S

People who make a range of, and sometimesunexpected, contributions to the developmentof the Bank’s vision and mission. This groupincludes external advisors with innovative ideaswho respond to requests or provide advicespontaneously, and inspirers with new visionsand insights. Dialogue with these stakeholdersis an important source of inspiration for newideas.

Since its foundation, transparency has been oneof Triodos’ main objectives. We believe thatdepositors and investors should know whattheir bank is doing with their money, so we tellthem who we’re financing with their savingsand investments. Transparency also meansstakeholders can ask the Bank importantquestions about our policy. The Annual GeneralMeeting and public meetings with customersand depository receipt holders are used to

discuss the Bank’s progress, strategy and policy,and help to highlight the companies the Bankinvests in and finances. In 2007, these meetingsfocused on the international issue of depositoryreceipts of Triodos Bank shares, and the Bank’sgovernance structure.

Since its foundation, the Bank has opted for astructure where shares are managed by StichtingAdministratiekantoor Aandelen Triodos Bank(saat), in order to protect its independence andidentity. This structure is widely appreciated,and particularily relevant given the debateabout hostile takeovers of companies,encouraged by the speculative behaviour ofhedge funds and investors chasing profit in theshort-term.

In 2007, there was an international review ofthe imagery used in Triodos’ communicationand marketing materials, which differ fromcountry to country. The review examined whichimages best suit the Bank’s mission on the onehand, are most effective at attracting newcustomers on the other. These target groupshave been described as Cultural Creatives bythe American sociologist, Paul Ray. The extentto which imagery should be allowed to differfrom country to country was also investigated.

In all the countries where the Bank operates, anexternal advisory firm led group discussionswith customers and potential customers aboutthe visual aspects of the Bank’s advertising andother marketing communications. The initialfindings have helped shape a list of criteriathat visual communications have to satisfy.These aspects will be defined in detail andelaborated in 2008. The guidelines for all visualcommunication will be documented andupdated annually.

Triodos Bank’s Annual Reports and othermaterials provide information about the sectorsit’s active in. Stakeholders are also provided

Triodos Bank believes that depositors and

investors should know what their bank is

doing with their money

SEKEM produces organic foodstuffs, clothing and natural medicines and is seen as a leader in the field

of sustainable entrepreneurship. SEKEM is Egypt’s market leader in organic products.


with details of specific projects and companiesfinanced by the Bank and invested in bythe investment funds, through its regularnewsletter, Triodosnews. The newsletter is a keytool demonstrating the Bank’s commitment totransparency. Customers particularly value it,finding it a useful and well-presented source ofinformation about Triodos.

The website offers visitors three types ofinformation: product information, details of thecompanies and projects the Bank finances, andgeneral information about Triodos Bank,including its mission, history, key figures andorganisational structure. Both the number ofvisitors to the website, and the average numberof pages they view, continues to grow. Thewebsite’s Content Management System (cms)was renewed in 2007, enabling the Bank torespond better to the increasing needs existingand potential customers.

All co-workers attend weekly meetings at eachTriodos Bank branch, which include regulardiscussions about the Bank’s strategy for thecoming years. Co-workers are encouraged tocontribute to the policy-making process in thesemeetings.

Triodos Bank sponsors a number of carefullyselected organisations and events in line withits mission, but in other ways than its corebusiness. Each year, Triodos Bank supports alimited number of initiatives through itscharitable foundations. Money is donated to anumber of causes including organic farmingand renewable energy projects, and economicdevelopment in developing countries. In 2007 itgave eur 0.9 million (2006: eur 0.9 million) tothese good causes.

The Bank wants to encourage dialogue aboutits reporting, and organises meetings withstakeholders to discuss what they like anddislike about the Annual Report. They continueto rate the Report’s layout and content veryhighly, in particular its tone and integratedapproach.

Triodos Bank, along with more than 200international institutional investors, signed theCarbon Disclosure Project Four (cdp 4) appealagain, which calls on the 500 largest listedcompanies in the world to publicly disclosetheir CO2 emissions. Investors want to use this

information to encourage companies to reducetheir carbon footprint.

Triodos Bank is co-founder and a member ofSocial Venture Network Europe, EuropeanSocial Investment Forum (Eurosif) and theInternational Association of Investors in theSocial Economy (inaise). In addition, TriodosBank is a member of the Global ReportingInitiative (gri), Carbon Disclosure Project (cdp)and the United Nations EnvironmentalProgram-Finance Initiative (unip-fi).

In 2008, the Bank expects to contributeactively to the debate about achieving a moresustainable lifestyle. This will involve bothwords and actions. Triodos will share itsknowledge of, and experience with, sustainablefinance.


Key figures 2007 by branch and business unit

in thousands of euros

Bank Bank Bank BankNetherlands Belgium United Spain

Kingdom

Funds entrusted 678,648 414,698 414,355 109,121

Number of accounts 67,172 24,324 26,754 12,394

Loans 432,827 185,575 249,806 150,438

Number 4,003 1,096 675 407

Balance sheet total 805,038 431,125 432,979 164,747

Funds under management 0 0 0 0

Total assets under management 805,038 431,125 432,979 164,747

Total income 19,539 8,010 14,162 3,931

Operating expenses -14,006 -6,250 -9,931 -5,321

Value adjustments

to receivables 399 165 62 0

Operating result 5,932 1,925 4,293 -1,390

Taxation on operating result -1,513 -378 -1,227 398

Net profit 4,419 1,547 3,066 -992

Average number of co-workers

on a full-time basis 73.6 37.2 69.1 45.7

Operating expenses/total income 72% 78% 70% 135%

* Because elimination items of the total profit and loss account are recognised under 'other', there is no need to state the cost ratio.

Total banking Fund Investment Private Other Totalactivities Management Management Banking

1,616,822 0 0 0 0 1,616,822

130,644 0 0 0 0 130,644

1,018,646 0 0 0 0 1,018,646

6,181 0 0 0 0 6,181

1,833,889 0 0 0 51,170 1,885,059

0 1,151,059 141,105 133,473 3,326 1,428,963

1,833,889 1,151,059 141,105 133,473 54,496 3,314,022

45,642 6,014 6,512 1,180 -135 59,213

-35,508 -5,330 -5,532 -1,385 2 -47,753

626 0 0 0 0 626

10,760 684 980 -205 -133 12,086

-2,720 -174 -250 53 -40 -3,131

8,040 510 730 -152 -173 8,955

225.6 13.6 29.7 7.2 64.8 340.9

78% 89% 85% 117% * 81%



Key figures 2006 by branch and business unit


Bank Bank Bank BankNetherlands Belgium United Spain

Kingdom

Funds entrusted 559,728 337,825 397,228 61,435

Number of accounts 47,321 20,778 25,492 8,727

Loans 369,962 148,458 243,887 91,798

Number 2,283 803 634 257

Balance sheet total 624,528 347,725 414,198 104,978

Funds under management* 0 0 0 0

Total assets under management 624,528 347,725 414,198 104,978

Total income** 15,555 7,415 11,634 1,881

Operating expenses -11,135 -5,395 -8,673 -4,125

Value adjustments

to receivables 210 -382 -98 -30

Operating result 4,630 1,638 2,863 -2,274

Taxation on operating result*** -1,411 -306 -839 556

Net profit 3,219 1,332 2,024 -1,718

Average number of co-workers

on a full-time basis 65.4 36.1 59.2 34.7

Operating expenses/total income 72% 73% 75% 219%

* The amounts have been adjusted to the method of calculation used since 2007.

** Investment Management results are since October 2006, because the activities are included in Triodos Bank's consolidated figures since that date.

*** The amounts of tax per country or business unit have been adjusted.

**** Because elimination items in the total profit and loss account are recognised under 'other', there is no need to state the cost ratio.

Total banking Fund Investment Private Other Totalactivities Management Management Banking

1,356,216 0 0 0 0 1,356,216

102,318 0 0 0 0 102,318

854,105 0 0 0 0 854,105

3,977 0 0 0 0 3,977

1,491,429 0 0 0 47,156 1,538,585

0 1,059,555 125,648 93,876 3,207 1,282,286

1,491,429 1,059,555 125,648 93,876 50,363 2,820,871

36,485 5,904 2,274 1,170 131 45,964

-29,328 -4,532 -1,186 -1,352 -406 -36,804

-300 0 0 0 0 -300

6,857 1,372 1,088 -182 -275 8,860

-2,000 -416 -329 54 -30 -2,721

4,857 956 759 -128 -305 6,139

195.4 10.6 6.6 6.1 58.6 277.3

80% 77% 52% 116% **** 80%



Lending by sector in 2007


Total Netherlandsamount % number amount % number

Nature & Environment

Organic farming 51,604 5.1 434 19,996 4.6 195

Organic food 50,588 5.0 421 19,861 4.6 267

Renewable energy 221,739 21.8 293 35,025 8.1 60

Ecological development 68,165 6.7 259 53,065 12.3 167

Environmental technology 12,480 1.2 92 4,499 1.0 22

404,576 39.8 1,499 132,446 30.6 711

Social business

Retail trade - non-food 14,614 1.4 113 3,447 0.8 67

Production 9,417 0.9 93 5,823 1.3 66

Professional services 41,010 4.0 195 14,018 3.2 108

Leisure 48,313 4.7 107 29,380 6.8 65

Housing associations 39,514 3.9 246 27,680 6.4 185

Social projects 43,778 4.3 178 1,436 0.3 16

Fair trade 9,134 0.9 49 5,657 1.3 11

Development cooperation 30,175 3.0 43 24,666 5.7 16

235,955 23.1 1,024 112,107 25.8 534

Culture & Welfare

Education 57,904 5.7 238 31,310 7.2 85

Day nursery 22,235 2.2 109 20,652 4.8 94

Healthcare 186,572 18.3 563 97,050 22.5 337

Arts and culture 50,128 4.9 520 27,639 6.4 350

Philosophy of life 39,034 3.8 147 5,345 1.2 27

355,873 34.9 1,577 181,996 42.1 893

Other (including private) 22,242 2.2 2,081 6,278 1.5 1,865

Total 1,018,646 100.0 6,181 432,827 100.0 4,003

The way to report loans by sector has changed. Social projects have been moved from Culture & Welfare to

Social business, as have loans to fair trade enterprises and microfinance institutions. Residential mortgages are

now included under Other, not Ecological development (part of Nature & Environment). Comparative figures for

2006 have been restated accordingly.

Belgium United Kingdom Spainamount % number amount % number amount % number

3,024 1.6 65 25,440 10.2 160 3,144 2.1 14

6,895 3.7 47 9,241 3.7 55 14,591 9.7 52

81,142 43.6 119 75,564 30.2 31 30,008 20.0 83

8,459 4.6 59 5,099 2.0 16 1,542 1.0 17

3,288 1.8 49 2,460 1.0 13 2,233 1.5 8

102,808 55.3 339 117,804 47.1 275 51,518 34.3 174

1,739 0.9 25 9,356 3.7 19 72 0.0 2

1,275 0.7 12 983 0.4 8 1,336 0.9 7

1,990 1.1 33 21,673 8.7 29 3,329 2.2 25

1,335 0.7 16 2,813 1.1 9 14,785 9.8 17

2,532 1.4 26 9,302 3.7 35 — 0.0 —

7,547 4.1 88 9,404 3.8 50 25,391 16.9 24

1,331 0.7 12 1,383 0.6 18 763 0.5 8

856 0.5 21 — 0.0 — 4,653 3.1 6

18,605 10.1 233 54,914 22.0 168 50,329 33.4 89

8,077 4.4 94 10,948 4.4 40 7,569 5.0 19

722 0.4 10 634 0.3 3 227 0.2 2

35,049 18.9 115 26,591 10.6 60 27,882 18.6 51

11,169 6.0 125 6,593 2.6 28 4,727 3.1 17

1,264 0.7 14 26,119 10.5 96 6,306 4.2 10

56,281 30.4 358 70,885 28.4 227 46,711 31.1 99

7,881 4.2 166 6,203 2.5 5 1,880 1.2 45

185,575 100.0 1,096 249,806 100.0 675 150,438 100.0 407



Lending by sector in 2006


Total Netherlandsamount % number amount % number

Nature & Environment

Organic farming 41,939 4.9 399 11,872 3.2 194

Organic food 38,588 4.5 383 16,147 4.4 256

Renewable energy 163,857 19.1 185 24,989 6.8 61

Ecological development 61,389 7.2 228 45,191 12.2 164

Environmental technology 12,672 1.5 87 4,565 1.2 24

318,445 37.2 1,282 102,764 27.8 699

Social business

Retail trade - non-food 15,114 1.8 110 2,612 0.7 72

Production 10,392 1.2 103 5,504 1.5 77

Professional services 34,186 4.0 182 10,536 2.8 111

Leisure 39,677 4.6 111 26,509 7.2 77

Housing associations 37,953 4.4 255 29,492 8.0 205

Social projects 54,310 6.4 164 1,994 0.5 18

Fair trade 9,847 1.2 48 6,710 1.8 15

Development cooperation 20,222 2.4 23 19,235 5.2 14

221,701 26.0 996 102,592 27.7 589

Culture & Welfare

Education 48,664 5.7 203 27,349 7.4 81

Day nursery 22,205 2.6 140 20,927 5.7 127

Healthcare 139,919 16.4 482 72,722 19.7 312

Arts and culture 60,486 7.1 591 38,322 10.3 442

Philosophy of life 35,411 4.1 147 5,286 1.4 33

306,685 35.9 1,563 164,606 44.5 995

Other (including private) 7,274 0.9 136 — — —

Total 854,105 100.0 3,977 369,962 100.0 2,283

The way we report loans by sector has changed. Social projects have been moved from Culture & Welfare to

Social business, as have loans to fair trade enterprises and microfinance institutions. Residential mortgages are

now included under Other, not Ecological development (part of Nature & Environment).

Belgium United Kingdom Spainamount % number amount % number amount % number

1,886 1.3 47 25,286 10.4 146 2,895 3.2 12

6,400 4.3 38 6,636 2.7 50 9,405 10.2 39

50,203 33.8 64 85,424 35.1 36 3,241 3.5 24

9,244 9.5 39 6,165 2.5 14 789 0.9 11

5,226 3.5 45 2,799 1.1 15 82 0.1 3

72,959 52.4 233 126,310 51.8 261 16,412 17.9 89

1,920 1.3 23 10,537 4.3 14 45 0.0 1

1,648 1.1 11 1,852 0.8 9 1,388 1.5 6

2,000 1.4 24 20,529 8.4 28 1,121 1.2 19

1,363 0.9 14 829 0.3 4 10,976 12.0 16

2,437 1.6 23 6,024 2.5 27 — — —

6,690 4.5 73 8,143 3.4 52 37,483 40.9 21

1,233 0.8 11 1,205 0.5 14 699 0.8 8

774 0.5 8 — — — 213 0.2 1

18,065 12.1 187 49,119 20.2 148 51,925 56.6 72

8,170 5.5 67 11,998 4.9 41 1,147 1.2 14

369 0.3 6 707 0.3 4 202 0.2 3

31,266 21.1 81 22,213 9.1 59 13,718 14.9 30

11,347 7.6 112 6,064 2.5 24 4,753 5.2 13

1,032 0.7 9 26,883 11.0 96 2,210 2.4 9

52,184 35.2 275 67,865 27.8 224 22,030 23.9 69

5,250 0.3 108 593 0.2 1 1,431 1.6 27

148,458 100.0 803 243,887 100.0 634 91,798 100.0 257



� This fisherman is a customer of Reliance Financial Services, a microfinance institution in Gambia. Triodos-Doen

is one of the founding shareholders of this rapidly growing institution. (photo: Geert-Jan Schuite)

Annual Accounts 2007 of Triodos Bank

66 Consolidated balance sheet as at 31 December 2007

67 Consolidated profit and loss account for 2007

68 Consolidated statement of changes in equity for 2007

69 Consolidated cash flow statement for 2007

70 Notes to the consolidated financial statements

98 Company balance sheet as at 31 December 2007

99 Company profit and loss account for 2007

100 Notes to the company’s financial statements

107 Other information


Consolidated balance sheet as at 31 December 2007before appropriation of profit

(in thousands of euros)

31.12.2007 31.12.2006

A S S E T S

Cash 22,568 17,161

Government paper – 5,000

Banks 472,952 386,105

Loans 1,018,646 854,105

Interest-bearing securities 291,743 203,336

Shares 3 2,302

Participating interests 841 940

Intangible fixed assets 12,004 10,856

Property and equipment 20,980 21,686

Other assets 1,615 914

Prepayments and accrued income 43,707 36,180

Total assets 1,885,059 1,538,585

L I A B I L I T I E S

Banks 7,587 1,145

Funds entrusted 1,616,822 1,356,216

Other liabilities 4,003 6,459

Accruals and deferred income 27,601 22,707

Provisions 6,017 5,141

Subordinated liabilities 22,800 22,800

Liability capital 200,229 124,117

Total liabilities 1,885,059 1,538,585

Contingent liabilities 16,621 54,751

Irrevocable facilities 235,705 165,312

252,326 220,063


Consolidated profit and loss account for 2007in thousands of euros

2007 2006

I N C O M E

Interest income 81,301 59,584

Interest expense -43,591 -29,090

Interest 37,710 30,494

Commission income 20,823 15,373

Commission expense -479 -406

Commission 20,344 14,967

Result on financial transactions 401 -15

Other income 758 518

Other income 1,159 503


E X P E N S E S

Staff and other administrative expenses 44,404 33,761

Depreciation 3,349 3,043

Operating expenses 47,753 36,804

Value adjustments to receivables -626 300

Total expenses 47,127 37,104


Taxation on operating result -3,131 -2,721



Consolidated statement of changes in the liability capital for 2007in thousands of euros

2007 2006

Liability capital as at 31 December of previous

financial year 124,117 119,898


Revaluation of property and equipment -1 -5

Exchange rate results from business operations abroad -519 50

Total result 8,435 6,184

Increase in equity 68,619 80

Payment of cash dividend -1,167 -1,194

Reverted dividend 1 4

Purchases and re-issue of own depository receipts 224 -855

Movements in the liability capital in relation

to shareholders 67,677 -1,965

Liability capital as at 31 December 200,229 124,117


Consolidated cashflow statement for 2007in thousands of euros

2007 2006

Cashflow from operating activities


Adjustments for:

• depreciation, adjusted for

depreciation charged on 3,362 3,046

• value adjustments to receivables -626 300

• exchange rate differences on property and equipment 22 -8

• movements in provisions 876 -237

• other movements in accrued and deferred items -2,634 -1,526

Cashflow from business operations 9,955 7,714

Movement in government paper 5,000 5,000

Movement in banks, deposits not on demand -87,310 -122,142

Movement in loans -163,915 -189,517

Movement in shares 2,299 -2,302

Movement in banks, liabilities not on demand 6,442 1,145

Movement in funds entrusted 260,606 284,088

Other movements from operating activities -3,576 6,421

Cashflow from operating activities 29,501 -9,593

Cashflow from investment activities

Net investments in:

• interest-bearing securities -88,407 -25,246

• participating interests – -964

• intangible fixed assets -2,434 -5,556

• property and equipment -1,392 -10,878

Cashflow from investment activities -92,233 -42,644

Cashflow from financing activities

Movement in subordinated liabilities – 22,800


Payment of cash dividend -1,167 -1,194

Purchases of own depository receipts 224 -855

Cashflow from financing activities 67,676 20,831

Net cashflow 4,944 -31,406


Notes to the consolidated financial statementsin thousands of euros

G E N E R A L N O T E S

The Annual Accounts were prepared in accordance with the legal requirements for the Annual Accounts of

banks contained in Chapter 14 Title 9 Book 2 of The Netherlands Civil Code. The Annual Accounts relate to the

27th financial year of Triodos Bank NV.

N O T E S T O T H E C O N S O L I D AT I O N P R I N C I P L E S

The financial data for Triodos Bank NV and group companies have been fully consolidated. The financial data for

joint ventures have been consolidated pro rata to the participating interest held, if consolidation is necessary in

order to provide a transparent overview of the assets and result of Triodos Bank NV.

In accordance with Article 2:402 of The Netherlands Civil Code, the parent company profit and loss account just

contains a breakdown of the net result into the result on participating interests and the Other result.

Statement of equity participations in accordance with sections 2:379 and 2:414 of the Netherlands Civil Code:

• Kantoor Buitenzorg BV in Zeist, participating interest 100%, group company, fully consolidated;

• Kantoor Nieuweroord BV in Zeist, participating interest 100%, group company, fully consolidated;

• Triodos Assurantiën BV in Zeist, participating interest 100%, group company, fully consolidated;

• Triodos Custody BV in Zeist, participating interest 100%, group company, fully consolidated;

• Triodos Finanz GmbH, Frankfurt am Main, participating interest 100%, group company, fully consolidated;

• Triodos Fonds Management BV, Zeist, participating interest 100%, group company, fully consolidated;

• Triodos Global Custody BV, Zeist, participating interest 100%, group company, fully consolidated;

• Triodos Investment Management BV, Zeist, participating interest 100%, group company, fully consolidated;

• Triodos MeesPierson Sustainable Investment Management BV, Zeist, participating interest 50%, joint venture

with joint control, consolidated pro rata to the participating interest held,

N O T E S T O T H E A C C O U N T I N G P R I N C I P L E S

G E N E R A L

Unless stated otherwise, assets are stated at nominal value, whereby in the case of receivables a provision for

anticipated non-recovery is made.

T R A N S A C T I O N S I N F O R E I G N C U R R E N C I E S

Assets and liabilities related to transactions denominated in foreign currencies are converted at the spot rate on

the balance sheet date. Transactions and the resulting income and charges in foreign currencies are converted at

the rate applicable on the transaction date. The resulting exchange rate differences are accounted for in the

profit and loss account under ‘Results on financial transactions’.

B U S I N E S S O P E R A T I O N S A B R O A D

Assets and liabilities relating to activities in business units abroad located outside the Eurozone are converted at

the spot rate as at balance sheet date. Income and expenses for activities in foreign business units outside the

Eurozone will be converted at the exchange rate as at transaction date. Any exchange rate differences arising

from this will be charged or credited directly to the liability capital.

B A N K S A N D L O A N S

Receivables on banks and the loans are valued at the nominal value, after deduction of a provision for doubtful

debts. The value adjustment for doubtful debts is determined per item, with the value of the security provided

being taken into account.


G O V E R N M E N T P A P E R A N D I N T E R E S T - B E A R I N G S E C U R I T I E S

All government paper and interest-bearing securities are held in the investment portfolio. They are stated at

redemption value after deduction of provisions for doubtful debts. Differences between the acquisition price

and the redemption value are written off across the remaining life of the securities. Results on sales made

before the final maturity date are written off over the remaining lifetime of the securities sold.

S H A R E S

Shares are not held in the trading portfolio and are valued at fair value. However, shares in Triodos investment

funds purchased by Triodos Bank at year-end 2006 and for which repurchase agreements against acquisition

price were entered into will be stated at the acquisition price or lower market value.

P A R T I C I P A T I N G I N T E R E S T S

Participating interests where significant influence can be exercised will be valued at net asset value.

Participating interests where no significant influence can be exercised will be carried at current value. In the case

of a participating interest that is listed on an active stock exchange, the current value will be deemed to be

equal to the most recently published stock exchange price. In the case of a participating interest not listed on an

active stock exchange or where there is no regular price quotation, the current value will be determined to the

best of one’s ability using all available date, including an annual report approved by an external auditor, interim

financial information from the institution and any other relevant data provided by Triodos Bank.

Unrealised changes in the value of participating interests where no significant influence can be exercised will be

added or deducted respectively directly to or from the equity via the revaluation reserve, with the exception of

changes in value below the acquisition price, which will be recognised directly in the profit and loss account.

Realised changes in the value will be recognised in the profit and loss account.

Exchange rate differences resulting from the conversion of foreign currencies will be charged or credited directly

to the equity.

I N T A N G I B L E F I X E D A S S E T S

Intangible fixed assets are stated at acquisition price or cost of manufacture minus depreciation.

The depreciation will be determined in line with the estimated useful life.

Goodwill that Triodos Bank has paid for the establishment of the branch in Spain will be written off over a

period of ten years. Goodwill paid by Triodos Fonds Management for the acquisition of management activities

and research activities will be written off over five years.

The development costs for the new banking system will be written off over a period of time to commence at the

time the system is implemented and to end on 31 December 2013.

Management contracts paid by Triodos Bank when acquiring the participating interest in Triodos Investment

Management BV will be written off over a period of 20 years.

P R O P E R T Y A N D E Q U I P M E N T

Property under development is valued at the lower of the expenditure and the expected replacement cost upon

completion. The expenditure consists of payments made to third parties.

Property for own use is stated at the current cost, which is derived from the replacement cost. A valuation is

carried out at least every five years by an external appraiser. The buildings in use by the Bank are depreciated

according to a straight-line method on the basis of an estimated useful economic life of 40 years. Land for own

use is not depreciated.

Equipment is stated at acquisition price less straight-line depreciation on the basis of estimated useful economic

life. The depreciation periods vary from 3 years to 10 years.

P R O V I S I O N S

The provisions consist of a pension provision for defined pension schemes. The valuation is carried out in


accordance with the accounting principles for pensions. In addition, provisions are made for Major building

maintenance and an Insurance provision.

P U R C H A S E S O F D E P O S I T O R Y R E C E I P T S F O R O W N S H A R E S

The purchasing and reissuing of depository receipts for own shares is charged or credited respectively to the

Other reserves. Any balance remaining after the re-issuing of all own depository receipts purchased shall be

placed at the disposal of the Annual General Meeting.

Own depository receipts may be purchased up to 2% of the issued and paid-up share capital. A decision to

purchase own depository receipts may be made if the supply of existing depository receipts exceeds the demand

for new depository receipts. For this, authority has been given to management by the Annual General Meeting.

D E R I V A T I V E S

Triodos Bank arranges risk cover for clients by means of derivatives. Valuation and determination of results for

derivatives used to cover risks (i.e. hedging) is carried out using the same principles used for the underlying

securities. Income and expenses arising from the financial instruments are charged or credited to the profit and

loss account during the lifetime of the contract.

I N C O M E A N D E X P E N S E S

Income and expenses are attributed to the period to which they relate or to the period in which the service was

provided.

Interest income and commissions from lending are not accounted for in the result if the collection of the interest

and commission is doubtful.

Results on the sale of government paper and interest-bearing securities before the final maturity date are

written off over the remaining life of the securities sold and are accounted for under interest income.

P E N S I O N S

For defined pension schemes, the difference is calculated between the present value of the future pension rights

and the fair value of the invested pension contributions as a balance sheet date. A favourable difference is

accounted for under the provisions. An unfavourable difference is accounted for under prepayments and accrued

income, in so far as there is a right to reclaim the difference.

The value of the future pension rights is based on contractual agreements, economic assumptions (including in

respect of wage and price inflation) and demographic assumptions (including likelihood of disability and dis-

missal, and career opportunities). The value of the invested contributions is based on realised investment results

and expected future returns.

Actual results arising from changes in the above assumptions and expectations are accounted for in the result

over the expected average remaining period of service for the active participants in the pension scheme, in so

far as these results exceed the larger amount that is 10% of the present value of the future pension rights or

10% of the fair value of the invested pension contributions as at balance sheet date.

The pension expenses of defined pension schemes are calculated actuarially based on the movement in the

present value of the future pension rights, the fair value of the invested pension contributions and the actuarial

results.

The pension expenses of defined contribution schemes consist of the contributions owed for the financial year.

T A X A T I O N O N O P E R A T I N G R E S U L T

Taxes are calculated on the pre-tax result on the basis of the applicable profit tax rates, taking into account

exempted profit items, deductible items, additions and differences between the balance sheet value and the

fiscal value of particular assets and liabilities.


Deferred tax items arising from differences between the balance sheet value and the fiscal value are valued at

nominal value.

C A S H F L O W S T A T E M E N T

The cashflow statement sets out the movement in Triodos Bank’s funds, broken down into operating activities,

investment activities and financing activities. The funds consist of cash and the on demand deposits with banks.

The cashflow statement is produced using the indirect method.


A S S E T S

C A S H

This item consists of the on demand deposits with central banks.

G O V E R N M E N T P A P E R

2007 2006

Belgian treasury bonds – 5,000

The movement in the government paper is as follows:

Balance sheet value as at 1 January 5,000 10,000

Purchase – 5,000

Sale – -5,000

Repayments -5,000 -5,000

Balance sheet value as at 31 December – 5,000

B A N K S

2007 2006

On demand deposits with banks 21,033 21,496

Deposits with banks 451,919 364,609

472,952 386,105

The on demand deposits can be freely disposed of.

L O A N S

2007 2006

Loans 1,022,702 858,938

Provision for doubtful debts -4,056 -4,833

1,018,646 854,105

This relates to loans to the private sector, excluding those to banks and those securitised in bonds and other

fixed-income securities.


Loans classified by remaining lifetime:

2007 2006

Payable on demand 56,186 65,114

1 to 3 months 31,333 39,631

3 months to 1 year 40,916 38,697

1 to 5 years 228,214 220,633

Longer than 5 years 666,053 494,863

1,022,702 858,938

Loans classified by type of security:

2007 2006

Pledge of funds entrusted 44,093 26,441

Government guarantee 14,720 14,773

Guarantee from other credit institutions 7,937 155

Loans fully secured by mortgages on housing 152,166 134,674

Other mortgages on housing 13,569 9,591

Other 790,217 673,304

1,022,702 858,938

The security is classified according to increasing level of risk, according to the classification used by DNB, the

Dutch central bank. Other mainly comprises mortgages on non-residences, as well as other guarantees and

pledges of receivables and inventory.

The movement of the provision for doubtful debts is as follows:

2007 2006


Addition 899 1,778

Write-off -186 -688

Release -1,427 -1,382

Exchange rate differences -63 15

Balance sheet value as at 31 December 4,056 4,833

The provision does not relate to contingent liabilities and irrevocable facilities not reported in the balance sheet.

EUR 0.1 million of the addition to the provision relates to interest that has been invoiced for but that has not

been received (2006: EUR 0.1 million).


I N T E R E S T - B E A R I N G S E C U R I T I E S

2007 2006

Dutch Government bonds 152,276 76,910

Belgian Government bonds 131,560 119,460

Spanish Government bonds 6,348 6,348

Other bonds 1,559 618

291,743 203,336

Part of the value of securities is used as security for a possible debit balance at DNB, the Dutch central bank, as

security for a possible debit balance at a Belgian bank, and as security for loans drawn on a Spanish bank, these

security amounts being EUR 5.0 million, EUR 11.6 million, and EUR 6.3 million, respectively. The government

bonds reported in this item are stock exchange listed. The other bonds are unlisted.

In connection with differences between the acquisition prices and redemption values, as at 31 December 2007 an

amount of EUR 9.0 million (2006: EUR 11.5 million) has been included under Prepayments and accrued income

and an amount of EUR 1.0 million (2006: EUR 0.1 million) has been included under Accruals and deferred income.

The movement in interest-bearing securities is as follows:

2007 2006


Purchase 101,600 58,128

Repayments -13,193 -19,172

Sales – -13,710


S H A R E S

2007 2006

Triodos Cultuurfonds NV – 2,002

Triodos Sicav I – 300

SW.I.F.T. SCRL 3 –

Ampere Equity Fund BV 0 –

3 2,302

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. The Ampere Equity Fund BV shares are held in the framework of the activities of Triodos

Investment Management.


The movement in shares is as follows:

2007 2006

Balance sheet value as at 1 January 2,302 –

Purchase 3 2,332

Sales -2,302 -30

Balance sheet value as at 31 December 3 2,302


2007 2006

Other participating interests 841 940

This relates to a participating interest in New Resource Bank, San Francisco, where no significant influence is

exercised.

The movement in this item is as follows:

2007 2006

Balance sheet value as at 1 January 940 –

Acquisitions – 964

Exchange results on foreign currencies -99 -24

Balance sheet value as at 31 December 841 940


2007 2006

Goodwill paid 436 501

Development costs for information systems 7,790 6,375

Management contracts 3,778 3,980

12,004 10,856

Goodwill paid

The goodwill paid relates to:

• goodwill that Triodos Fonds Management paid to Triodos Investment Management in 2004 to acquire research

activities;

• goodwill that Triodos Bank paid to Triodos Investments España in 2004 and 2005 to buy off the rights to the

future profit made by the branch in Spain.


The movement in goodwill paid is as follows:

2007 2006

Purchase value as at 1 January 701 701

Cumulative depreciation as at 1 January -200 -118

Balance sheet value as at 1 January 501 583

Depreciation -65 -82


Development costs for information systems

The development costs for information systems indicate costs for the development of the Bank’s new ICT system.

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

2007 2006

Purchase value as at 1 January 8,283 6,757

Cumulative depreciation as at 1 January -1,908 -1,145


Purchase 2,434 1,526

Depreciation -1,019 -763


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, Triodos Bank paid a sum for this

to Triodos Holding.

The movement in management contracts is as follows:

2007 2006

Purchase as at 1 January 4,030 –

Cumulative depreciation as at 1 January -50 –


Purchase – 4,030





2007 2006

Property for own use 15,021 15,144

Equipment 5,959 6,542

20,980 21,686

Property for own use

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

2007 2006


Cumulative revaluation as at 1 January 231 231



Transfer of property under development – 11,449

Purchase 184 –



The revaluation consists of a favourable revaluation of the land and an unfavourable revaluation of the

buildings as at 31 December 2004.

Equipment

The movement in equipment is as follows:

2007 2006





Sale -23 -4

Depreciation -1,769 -1,963




O T H E R A S S E T S

This item consists of various receivable items.

P R E P A Y M E N T S A N D A C C R U E D I N C O M E

This item includes sums still outstanding and not yet invoiced, advanced payments and various accrued and

deferred items, including a deferred tax item amounting to EUR 3.7 million (2006: EUR 3.4 million). The deferred

tax item mainly relates to the pension provision, and to losses incurred by the Spanish branch still to be off-set.



B A N K S

2007 2006


This item concerns credits held by KFW, Germany, and ICO, Spain for interest-subsidised loans in the sustainable

energy sector.

F U N D S E N T R U S T E D

2007 2006

Savings accounts 1,261,813 1,036,751

Other funds entrusted 355,009 319,465

1,616,822 1,356,216

O T H E R L I A B I L I T I E S

This item consists of various amounts payable, including Dutch and foreign taxation and social security

contributions totalling EUR 2.6 million (2006: EUR 4.3 million).

A C C R U A L S A N D D E F E R R E D I N C O M E

This item includes sums not yet invoiced for and still to be paid, payments received in advance and various

accrued and deferred items, including unrealised results arising from the sale of interest-bearing securities prior

to the final maturity date amounting to EUR 1.1 million (2006: 1.7 million) plus deferred tax liability items in the

amount of EUR 1.8 million (2006: EUR 1.2 million). The deferred tax item mainly relates to future profits of the

Spanish branch that will be taxed in The Netherlands.

In 2007, the Major maintenance provision and Insurance provision are included under provisions and no longer

under Accruals and deferred income. Comparative figures for 2005 and 2006 have been restated accordingly.

P R O V I S I O N S

2007 2006

Pension provision 5,828 4,955

Major maintenance 178 173

Insurance provision 11 13

6,017 5,141


The movement of the provisions is as follows:

2007 2006


Allocation 1,958 1,120

Withdrawal -862 -1,352

Release -220 -5


In 2007, the Major maintenance provision and Insurance provision are included under provisions and no longer

under Accruals and deferred income. Comparative figures for 2005 and 2006 have been restated accordingly.

Pension provision

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

2007 2006

Present value of pension rights 11,536 11,057

Fair value of invested contributions -7,215 -6,150

Shortfall 4,321 4,907

Actuarial results not yet attributed 1,507 48


The most important actuarial principles for the pension provision are set out in the Notes to the pension expenses.

S U B O R D I N A T E D L I A B I L I T I E S

This relates to a 10-year bond loan as at 12 July 2006. The nominal interest rate is 5.625% and the issue price is

99.314%. The bonds are subordinated to all other liabilities. During the lifetime of the bond loan, the Bank can

purchase and cancel bonds, subject to the consent of the Dutch central bank. The fixed interest on the bond loan

is converted to a quarterly variable interest rate by means of an interest rate contract.

The movement in subordinated liabilities is as follows:

2007 2006


Withdrawal – 22,800


L I A B I L I T Y C A P I T A L

The liability capital stated on the consolidated balance sheet is equal to that stated on the parent company

balance sheet. For a breakdown, please see the Notes to the parent company Annual Accounts.


S O L V E N C Y

2007 2006

BIS ratio 17.8% 13.5%

Own funds present 205,444 132,808

Minimum level of own funds required 92,342 78,818

In accordance with the method of calculation employed by the DNB, the Dutch central bank, the solvency of

Triodos Bank is expressed in the so-called ‘BIS ratio’, which is calculated as follows:

2007 2006


Minus: proposed dividend -5,581 -3,253

Minus: intangible fixed assets -12,004 -10,856

Plus: subordinated liabilities 22,800 22,800

Own funds present (a) 205,444 132,808

Total risk-weighted value of assets, off-balance

sheet items and derivatives 1,153,252 983,867

Plus: market risk of foreign currency position 1,028 1,362

Risk-weighted value including market risks (b) 1,154,280 985,229

BIS ratio (a/b) 17.8% 13.5%

The minimum level of own funds required equals 8% of the risk-weighted value including market risks.

For a further breakdown of the risk-weighted value, please see the section on credit risk in the Notes to the

off-balance sheet liabilities and risks.


O F F - B A L A N C E S H E E T L I A B I L I T I E S A N D R I S K S

C O N T I N G E N T L I A B I L I T I E S

This item relates to credit-substitute guarantees and non-credit-substitute guarantees that are partly secured by

blocked accounts for the same amount.

I R R E V O C A B L E F A C I L I T I E S

These relate to the total liabilities in respect of irrevocable undertakings, which may lead to a further loan.

O T H E R O F F - B A L A N C E S H E E T L I A B I L I T I E S

In addition to the contingent liabilities and irrevocable facilities reported in the balance sheet, there is a

collective guarantee scheme by virtue of Article 84 of the 1992 Credit System (Supervision) Act.

Rental commitments

Location Amount per annum Residual term

Bunnik, The Netherlands 127 64 months

Zeist, The Netherlands 165 60 months

Brussels, Belgium 269 94 months

Bristol, United Kingdom 73 24 months

Madrid, Spain 240 3 months

Barcelona, Spain 49 12 months

Frankfurt, Germany 40 10 months

Lease commitments have been entered into for 36 months with an annual charge of EUR 26,000 and for a period

of 10 months with an annual charge of EUR 10,000.

Commitments have been entered into for the use of software for a period of 60 months with an annual charge

of EUR 96,000 and a reimbursement which varies according to the extent of registered volumes.

During the preparatory work for the branch in Spain, Triodos Bank assigned a right to profits to Proyecto Trust

SRL.

Triodos Bank has agreed to provide capital of EUR 125,000 for the formation of the Stichting Beleggersgiro.

C R E D I T R I S K

The provision of facilities and lending creates the risk that the counterparty will not fulfil its obligations, leading

to a financial loss for the Bank. The Bank’s policy is geared towards limiting the credit risk by:

• gearing the lending business towards debtors who are active in sectors that the Bank is familiar with;

• establishing sufficient security to cover the outstanding loans;

• periodically evaluating the creditworthiness of the debtors and the market value of the security;

• gearing the investment of funds with banks and in interest-bearing securities towards using recognised

counterparties in the financial markets with undisputed creditworthiness.


R I S K - W E I G H T E D V A L U E O F A S S E T S , O F F B A L A N C E S H E E T I T E M S A N D D E R I V A T I V E S

The following table provides an overview of the risk-weighted value of assets, off balance sheet items and

derivatives. When determining the risk-weighted value, the credit risk is calculated using the weighting

percentages used by DNB, the Dutch Central Bank.

The derivatives are included for the credit risk equivalent, which is based on the additional costs or the lost

revenues of a substitute transaction in the event that the counterparty does not fulfil his obligations.

2007 2007 2006 2006

Balance sheet Risk Balance sheet Risk

value/ weighted value/ weighted

credit risk value credit risk value

equivalent equivalent

Assets

Cash 22,568 0 17,161 0

Government paper – – 5,000 0

Banks 472,952 94,591 386,105 77,221

Loans 1,018,646 877,400 854,105 745,430

Interest-bearing securities 291,743 1,559 203,336 618

Shares 3 3 2,302 2,302

Participating interests 841 841 940 940

Other assets 78,306 47,401 69,636 40,863

Off-balance sheet items

Contingent

liabilities 16,621 11,487 54,751 32,573

Irrevocable facilities 235,705 117,853 165,312 82,656

Derivatives

Currency forward

contracts 7,446 2,117 3,722 1,264

2,144,831 1,153,252 1,762,370 983,867

C O N C E N T R A T I O N O F T H E C R E D I T R I S K P E R S E C T O R

The following table provides an overview of the concentration of the credit risk per sector (including off-balance

sheet items and derivatives). The way to report loans by sector has changed. Social projects have been moved

from Culture & Welfare to Social business, as have loans to fair trade enterprises and microfinance institutions.

Residential mortgages are now included under Other, not Eco-development (part of Nature & Environment).

Comparative figures for 2006 have been restated accordingly.


2007 2006

Balance sheet % amount %

value/ value/

credit risk credit risk


Central banks and governments 312,752 15 224,879 13

Banks in OECD countries 479,645 22 389,534 22

Private sector, Nature & Environment 504,850 23 400,611 23

Private sector, Social buisness 296,497 14 280,556 16

Private sector, Culture & Welfare 445,026 21 387,706 22

Private sector, Other 27,752 1 9,448 0

Other assets 78,309 4 69,636 4

2,144,831 100 1,762,370 100

C O N C E N T R A T I O N O F T H E C R E D I T R I S K P E R C O U N T R Y

The following table provides an overview of the credit risk per country (including off-balance sheet items and

derivatives).

2007 2006

Balance sheet % amount %

value/ value/

credit risk credit risk


Belgium 467,854 22 368,145 21

Denmark 5,863 0 6,831 0

Germany 60,523 3 34,176 2

France 17,023 1 7,981 0

Ireland 9,763 0 8,835 1

Luxembourg – – 300 0

The Netherlands 919,998 43 747,832 42

Spain 209,594 10 151,403 9

United Kingdom 452,417 21 434,987 25

United States 1,796 0 1,880 0

2,144,831 100 1,762,370 100

L I Q U I D I T Y R I S K

The objective of the Bank’s liquidity management activities is to ensure the availability of sufficient funds to

meet all financial commitments. Client accounts (funds entrusted) are attracted for the Bank’s lending

operations. The surplus is invested with banks or in marketable government bonds. The Bank’s policy in this

respect is to have sufficient ‘on demand’ deposits with other banks and marketable government bonds to be

able to settle its liabilities at all times.


L I F E T I M E S O F T H E F I N A N C I A L I N S T R U M E N T S

The following table sets out the remaining lifetimes of the financial instruments held as at 31 December 2007.

The amounts are weighted by the percentages for availability and callability used by DNB, the Dutch central

bank. This is why the amounts reported differ from those stated in the balance sheet. The derivatives are

reported as the foreign currency amounts to be received and paid, converted at the year-end exchange rate.

Payable <= 3 <= 1 <= 5 > 5 Totalon demand months year years years

Assets

Cash 22,568 – – – – 22,568

Banks 21,033 167,310 239,418 – – 427,761

Loans – 12,533 16,366 91,286 266,422 386,607

Interest-bearing

securities 279,974 – 59 – 1,500 281,533

323,575 179,843 255,843 91,286 267,922 1,118,469

Liabilities

Banks – 57 156 2,201 4,415 6,829

Funds entrusted 141,042 53,099 36,596 16,512 6,075 253,324

Other liabilities 801 – – – – 801

Subordinated liabilities – – – – 22,800 22,800

141,843 53,156 36,752 18,713 33,290 283,754


Contingent liabilities 1,149 – – – – 1,149

Irrevocable facilities 23,570 – – – – 23,570

24,719 – – – – 24,719

Derivatives

Currency forward

contracts (sale of

foreign currencies) – 2,793 9,301 30,237 4,631 46,962

Currency forward

contracts (purchase of

foreign currencies) – 2,793 8,282 30,237 4,631 45,943

– 5,586 17,583 60,474 9,262 92,905

I N T E R E S T R A T E R I S K

Interest rate risk is part and parcel of the banking business. The Bank’s policy is geared towards keeping this risk

within the limits set internally and with the regulatory agency.


L I F E T I M E S O F T H E F I N A N C I A L I N S T R U M E N T S

The following table shows the remaining lifetimes of the financial instruments based on an interest reset date

of 31 December 2007. Non-interest-bearing amounts are not taken into account here, which may result in

differences vis-à-vis the balance sheet figures.

Variable <= 3 <= 1 <= 5 > 5 Totalmonths year years years years

Assets

Cash 22,568 – – – – 22,568

Banks 50,533 156,400 266,019 – – 472,952

Loans 246,386 180,088 88,247 277,936 225,989 1,018,646

Interest-bearing securities – 18,223 32,421 187,068 62,087 299,799

319,487 354,711 386,687 465,004 288,076 1,813,965

Liabilities

Banks – 1,079 2 – 6,506 7,587

Funds entrusted 6,417 392,925 726,880 452,974 21,139 1,600,335

Subordinated liabilities – 22,800 – – – 22,800

6,417 416,804 726,882 452,974 27,645 1,630,722


Irrevocable facilities – – – 70,295 13,984 84,279

F O R E I G N E X C H A N G E R I S K

It is the Bank’s policy to avoid taking positions in foreign currencies. In principle, the Loans and Funds entrusted

items are coordinated with each other on an individual basis.

The following table shows the Bank’s foreign currency position as at 31 December 2007.

Debit Credit Net Derivatives Open position

GBP 408,453 408,645 192 – 192

USD 1,915 60 1,855 1,019 836

410,368 408,705 2,047 1,019 1,028

F A I R V A L U E S

The following table provides an overview of the fair value of the financial instruments as at 31 December

2007. The fair value of interest-bearing securities is the market value. If the interest and lending conditions

are in line with the market at the end of the financial year, then the fair value for government paper, banks,

loans and the portion of entrusted funds with fixed interest and lifetime is set equal to the nominal value.

The fair values for the latter items have been restated for 2006. The fair value of shares in 2006 is the

contractually-agreed buy-back value, which is equal to the balance sheet value. The fair value of the other

items is assumed to be equal to the balance sheet value. The fair value of the remaining assets and liabilities


also includes the deferred tax item for the difference between the balance sheet value and fair value.

The premium and discount not yet written off for the interest-bearing securities has been included in the

balance sheet value of the interest-bearing securities.

2007 2007 2006 2006Balance sheet Fair Balance sheet Fair

value value value value

Assets

Cash 22,568 22,568 17,161 17,161

Government paper – – 5,000 4,987

Banks 472,952 472,802 386,105 385,932

Loans 1,018,646 1,005,519 854,105 848,416

Interest-bearing securities 299,799 297,160 214,701 210,815

Shares 3 3 2,302 2,302

Participating interests 841 841 940 940

Other 69,263 72,878 58,169 60,355

1,884,072 1,871,771 1,538,483 1,530,908

Liabilities

Banks 7,587 7,587 1,145 1,145

Funds entrusted 1,616,822 1,615,084 1,356,216 1,355,026

Other 59,434 59,434 57,005 57,005

Liability capital 200,229 200,229 124,117 124,117

Revaluation – -10,563 – -6,385

1,884,072 1,871,771 1,538,483 1,530,908

Contract Fair Contract Fairvalue value value value

Derivatives

Currency forward

contracts (sale of

foreign currencies) 50,398 46,962 33,295 33,015

Currency forward

contracts (purchase of

foreign currencies) 49,268 45,943 32,267 32,026

99,666 92,905 65,562 65,041

The estimated fair values provided by financial institutions are not comparable on an individual basis, due to

the major differences in valuation methods and the many estimated values. The lack of an objective method of

valuation means that estimated fair values are highly subjective in respect of the assumed lifetimes and interest

rates used. This is why readers should be wary of using the information in this part of the Notes to compare the

fair values of different financial institutions with each other.


I N C O M E

I N T E R E S T I N C O M E

2007 2006

Loans 51,582 38,001

Banks 19,979 13,054

Government paper and interest-bearing securities 9,659 8,482

Other investments 81 47

81,301 59,584

The figures presented above include revenues derived from financial loans and related transactions, as well as

related commissions, which by their nature are similar to interest payments.

I N T E R E S T E X P E N S E

2007 2006


Subordinated liabilities 1,281 513

Banks 47 40

Other 165 91

43,591 29,090

C O M M I S S I O N I N C O M E

2007 2006

Guarantee commission 327 130


Administrative expenses charged on 1,799 1,447

Payment transactions 414 305

Lending 844 748

Insurance brokerage 458 424

Asset management 1,488 1,458

Management fees 12,478 8,470

Research fees 100 94

Capital issues for third parties 111 14

Other commission income 42 8

20,823 15,373


C O M M I S S I O N E X P E N S E

2007 2006

Commission to agents 265 226

Asset management 150 164

Other commission expense 64 16

479 406

R E S U L T O N F I N A N C I A L T R A N S A C T I O N S

2007 2006

Exchange results for foreign currency transactions 384 -43

Transaction results on currency forward contracts 17 28

401 -15

O T H E R I N C O M E

This relates to fees for other services performed and book profits from the sale of assets.

92 T R I O D O S B A N K - J A A R V E R S L A G 2 0 0 7

E X P E N S E S

C O - W O R K E R A N D O T H E R A D M I N I S T R AT I V E E X P E N S E S

2007 2006

Co-worker costs:

• salary expenses 18,458 14,309

• pension expenses 2,659 1,316

• social security expenses 2,262 1,747

• temporary co-workers 2,094 570

• other staff costs 1,837 1,680

27,310 19,622

Other administrative expenses

• office costs 2,294 1,899

• automation costs 2,198 3,135

• external administration costs 762 366

• travel and lodging expenses 1,228 805

• fees for advice and auditor 1,670 1,241

• advertising charges 4,666 3,950

• accommodation expenses 2,041 1,921

• other costs 2,235 1,876

17,094 15,193

Charged on to related parties – -1,054

44,404 33,761

Average number of co-workers on a full-time basis 340.9 277.3

Pension expenses

2007 2006

Pension expenses, defined contribution schemes 1,002 775

Pension expenses, defined pension schemes 1,657 541

2,659 1,316

The pension expenses for defined contribution schemes are based on the contributions owed for the financial

year. The pension expenses for defined pension schemes are based on the change in the pension rights granted.

Total pension expenses in 2006 are relatively low as the result of a partial changeover from a defined pension

scheme to a defined contribution scheme in The Netherlands. The fall in the present value of the commitments

that results from this has been credited to the 2006 result.

T R I O D O S B A N K - J A A R V E R S L A G 2 0 0 7 93

Breakdown of the pension expenses for defined pension schemes:

2007 2006

Increase in present value of pension rights granted 1,511 1,221

Interest expense 470 425

Expected revenues from fund investments -310 -239

Other expenses 64 64

Actuarial results allocated to the financial year – 36

Favourable result as the result of change to the scheme – -853

1,735 654

Charged on to related parties -78 -113

1,657 541

The most important actuarial principles for the defined pension schemes are:

2007 2006

Actuarial interest rate 5.4% 4.3%

Price inflation (index-linking of franchise) 2.0% 2.0%

Wage inflation (also index-linking of active items) 2.5% 2.5%

Index-linking of inactive items 2.0% 2.0%

Investment return 5.0% 4.5%

Pension scheme per country

Triodos Bank’s pension scheme in The Netherlands is a combination of a defined pension scheme and a defined

contribution scheme. For that part of the gross annual salary up to EUR 43,770, a defined pension scheme

applies; the obligation vis-à-vis the participating co-workers consists of the granting of the pension built up. For

that part of the gross annual salary above EUR 43,770, a defined contribution schemes applies; the commitment

to the participating co-workers consists of the paying the contribution owed.

In 2006 in The Netherlands, the system was changed from a fully defined pension scheme to a partially defined

pension scheme. In addition, the early retirement pension (62 to 65 years) was scrapped along with a concurrent

increase in the build up of the old age pension.

In The Netherlands, related parties’ co-workers participate in the pension scheme too. The total pension

commitment and the resulting expenses are reported with Notes in the consolidated Annual Accounts of Triodos

Bank NV. Part of the expenses are charged on to related parties, based on their share of the total salaries of the

participating co-workers.

The Triodos Bank pension schemes in Belgium, the United Kingdom, Spain and Germany are defined contribution

schemes that have been placed with life insurance companies in those countries. The commitment to the

participating co-workers consists of paying the contribution owed.


R E M U N E R A T I O N P A I D T O T H E B O A R D O F M A N A G E M E N T

The remuneration paid to the Board of Management under the Articles of Association is as follows:

2007 2006

Salary expenses and reimbursement of expenses 378 358

One-off payment for holiday

not taken in previous years – 71

Pension expenses 99 80

Social expenses 13 12

490 521

The salary expenses and reimbursement of expenses of the Board of Management under the Articles of

Association may be broken down as follows:

2007 2006

Pierre Aeby 169 160

Peter Blom 209 198

378 358

The above table shows the entire remuneration paid to the Board of Management under the Articles of

Association. Until 2006 the Directors also worked for other related parties. Accordingly, part of this

remuneration is charged on to the related parties and is not charged to Triodos Bank.

The pension expenses reported for 2006 exclude the share in the favourable result resulting from the change

made to the pension scheme in The Netherlands.

Remuneration paid to the Supervisory Board

The remuneration paid to the Supervisory Board is as follows

amounts in euros

2007 2007 2007 2007 2006Remuneration Fees Travelling Total Total

time

Tineke Bahlmann 7,438 2,437 – 9,875 8,000

Adriaan Bekman 2,438 – – 2,438 6,500

Marjatta van Boeschoten 7,438 – 6,500 13,938 13,500

Maurits de Brauw 2,438 1,125 – 3,563 9,500

Marius Frank 7,438 937 – 8,375 6,500

Mathieu van den Hoogenband 5,000 – 3,500 8,500 –

Jan Lamers 7,438 1,250 4,000 12,688 13,500

Margot Scheltema 7,438 1,812 – 9,250 5,000

Jan Vis – – – – 2,438

Hans Voortman 11,250 1,500 – 12,750 11,500

58,316 9,061 14,000 81,377 76,438


The fees paid to Supervisory Board members were changed in the Annual General Meeting held on 11 May 2007.

From 12 May 2007, the following fees apply:

• EUR 8,000 (was EUR 6,500) per annum for an ordinary member;

• EUR 12,000 (was EUR 10,000) per annum for the chairperson;

• EUR 2,000 (was EUR 1,500) per annum for an ordinary member of the Audit Committee and EUR 3,000 (was

EUR 1,500) per annum for its chairperson;

• EUR 1,500 (was EUR 1,500) per annum for members of the Nomination and Compensation Committee;

• EUR 125 per hour (to a maximum of EUR 10,000 per annum) as compensation for travelling time for those

Supervisory Board members who live abroad. The fee amounts to EUR 500 per session (with a maximum of 14

sessions per annum).

Mr. van den Hoogenband has been a member of the Supervisory Board since 11 May 2007 and Ms. Scheltema has

been a member of the Supervisory Board since 19 May 2006. Messrs. Bekman and de Brauw retired from their

positions as members of the Supervisory Board as at 11 May 2007, and Mr. Vis retired from his position as

member of the Supervisory Board as at 19 May 2006.

Ms. Bahlmann, Mr. Lamers and Ms. Scheltema are the members of the Audit Committee. Messrs. Frank and

Voortman are the members of the Nomination and Compensation Committee.

Remuneration for the Board of Trustees of SAAT

The remuneration for the members of the Board of Trustees of SAAT, the Foundation for the Administration of

Triodos Bank Shares, is as follows:

amounts in euros

2007 2007 2007 2006Remuneration Travelling Total Total

time

Jan van Apeldoorn 2,500 – 2,500 1,937

Luis Espiga 1,563 2,000 3,563 –

Philip Martyn – – – –

Chris Maryns–van Autreve 2,500 2,500 5,000 2,938

Rudolf Mees – – – 375

Jan Nijenhof 4,000 – 4,000 2,875

Max Rutgers van Rozenburg 2,500 – 2,500 1,937

13,063 4,500 17,563 10,062

The fees paid to members of the SAAT Board of Trustees were changed in the Annual General Meeting of

Depository Receipt Holders on 19 May 2006.

From 19 May 2006, the following fees apply:

• EUR 2,500 (was EUR 1,000) per annum for an ordinary member;

• EUR 4,000 (was EUR 1,000) per annum for the chairperson;

• EUR 500 per meeting (with a maximum of 6 meetings per annum) as compensation for travelling time for those

Board members who live abroad.

Mr. Espiga has been a member of the Board since 11 May 2007. Mr. Mees was Chairman until 19 May 2006, upon

which date Mr. Nijenhof succeeded him in this role. Mr. Martyn has waived his fee for the years 2007 and 2006.


Remuneration policy

The salary system employed by Triodos Bank is based on the principle that the income is generated by the joint

efforts of all co-workers. Salaries are set based on:

• a system of job evaluation that is itself based on the tasks and difficulty of the position concerned;

• restrictions on the difference between the lowest and highest final salaries at Triodos Bank.

The salaries paid to the Board of Management under the Articles of Association and the other board members

are set by the Supervisory Board’s Nomination and Compensation Committee. The basic principles of the Triodos

Bank salary system are taken into account, whereby a salary is offered such that sufficient members of qualified

management personnel can be attracted and retained.

The remuneration paid to Supervisory Board members is determined by the Annual General Meeting of

Shareholders, and pay for board members of Stichting Administratiekantoor Aandelen Triodos Bank (SAAT)

determined by the Annual General Meeting of Depository Receipt Holders.

No loans, advances or guarantees have been granted to members of the Board of Management, Supervisory Board

members or members of SAAT’s Board of Trustees. For reasons of principle, no share option scheme is offered to

members of the Board of Management, Supervisory Board members or members of SAAT’s Board of Trustees.

D E P R E C I A T I O N

This relates to the depreciation of the intangible fixed assets and the property and equipment, minus that part

charged on to related parties.

V A L U E A D J U S T M E N T S T O R E C E I V A B L E S

This item consists of expenses associated with write-downs on loans and other receivables. Due to reversals of

provisions in 2007, this item was favourable and amounted to EUR 0.6 million (2006: expense item of EUR 0.3

million).

T A X A T I O N O N O P E R A T I N G R E S U L T

2007 2006

Taxation to be paid 2,635 2,096

Deferred taxation 354 648

Taxation on direct movements in the liability capital 142 -23

3,131 2,721


The connection between the statutory and the effective taxation rate is as follows:

2007 2006

Result before taxation 12,086 8,860

Statutory tax rate 25.5% 29.6%

Statutory tax amount 3,082 2,623

Difference arising from other tax rates abroad,

exemptions and non-deductible items -23 -15

Restatement of deferred taxation items

as the result of amended tax rates 72 113

Effective tax amount 3,131 2,721

Effective tax rate 25.9% 30.7%

The effective tax rate is lower mainly as a result of the decrease in the corporate tax rate in The Netherlands

from 29.5% to 25.5%.

F I S C A L E N T I T Y

Triodos Bank, as a parent company, forms a tax entity for turnover tax and corporate income tax purposes with

Triodos Assurantiën, Triodos Fonds Management, Triodos Investment Management, Kantoor Buitenzorg and

Kantoor Nieuweroord as subsidiaries. The method chosen for the setting-off of taxation between Triodos Bank

and the subsidiaries is that of proceeding as if the legal entities were independently liable to pay tax. In fact,

the legal entities are jointly and severally liable for the tax liabilities of the companies belonging to the tax

entity.

R E L AT E D PA R T I E S

Triodos Bank has links with the following legal entities:

• Triodos Bank has charged costs on to subsidiaries of Triodos Ventures in an amount of EUR 0.4 million.

• Triodos Ventures, affiliated funds and other related parties hold credit balances with Triodos Bank at competitive

interest rates.

• Triodos Bank has entered into a lease agreement with a subsidiary of Triodos Ventures at a competitive lease

rate.

• Triodos Bank has provided loans to affiliated funds at competitive interest rates.

• Triodos Bank has acted as a guarantor for Triodos Green Fund in the context of joint loans at competitive

interest rates.

• Triodos Bank, Triodos Fonds Management and Triodos Investment Management carry out management activities

for investment funds and receive a competitive management fee for these activities.

• Triodos Custody and Triodos Global Custody perform custodial services for investment funds, for which they

receive a competitive fee.

• Triodos Bank has entered into distribution and registration agreements with investments funds and receives

competitive shareholders’ registration fee for these activities.

• Triodos Bank has performed (time-limited) foreign currency transactions for affiliated funds at competitive rates.

• Triodos Assurantiën brokers insurance to affiliated parties and receives commission for this from insurance

companies.

• A subsidiary of Triodos Ventures supplies research information to Triodos Bank for a competitive fee.


Company balance sheet as at 31 December 2007before appropriation of profit


31.12.2007 31.12.2006

A S S E T S

Cash 22,568 17,161

Government paper – 5,000

Banks 468,506 381,039

Loans 1,018,646 854,105


Shares 3 2,002

Participating interests 17,058 20,992

Intangible fixed assets 8,146 6,790

Property and equipment 3,277 3,546

Other assets 17,203 16,579

Prepayments and accrued income 40,096 33,043

Total assets 1,887,246 1,543,593


Banks 7,587 1,145

Funds entrusted 1,620,688 1,364,165

Other liabilities 3,321 4,787

Accruals and deferred income 25,971 20,942

Provisions 6,650 5,637

1,664.217 1,396.676

Subordinated liabilities 22,800 22,800

Capital 143,580 91,054

Share premium reserve 27,566 11,473

Revaluation reserve 268 266

Statutory reserve 7,285 6,390

Other reserves 12,575 8,795

Unappropriated profit 8,955 6,139


Total liabilities 1,887,246 1,543,593

Contingent liabilities 16,621 55,013

Irrevocable facilities 235,705 165,312

252,326 220,325


Company profit and loss account for 2007in thousands of euros

2007 2006

Result on participating interests after taxation 825 1,357

Other result after taxation 8,130 4,782



Notes to the company’s financial statementsamounts in thousands of euros

G E N E R A L

The accounting principles for valuation and determination of results are the same as those for the consolidated

Annual Accounts.

In accordance with Article 2:402 of The Netherlands Civil Code, the parent company profit and loss account only

contains a breakdown of the net result into the result on participating interests and the Other result.

For those items not included in these Notes, please see the Notes to the consolidated Annual Accounts.

A S S E T S

B A N K S

2007 2006

On demand deposits with banks 20,986 16,430


468,506 381,039

The on demand deposits can be freely disposed of.

S H A R E S

2007 2006

Triodos Cultuurfonds NV – 2,002

S.W.I.F.T SCRL 3 –

3 2,002

The movement in shares is as follows:

2007 2006


Purchase 3 2,032

Sales -2,002 -30

Balance sheet value as at 31 December 3 2,002



2007 2006

Participating interests in group companies 15,951 19,837

Other participating interests 1,107 1,155

17,058 20,992

This relates to equity participations that are held long-term for business operation purposes. The statement of

equity participations in accordance with Article 2:379 of the Netherlands Civil Code is included under the

accounting principles for consolidation in the Notes to the consolidated Annual Accounts.

The movement in this item is as follows:

2007 2006


Acquisitions – 5,630

Incorporations – 150

Capital increases – 5,050

Result on participating interests 825 1,357

Transfer to provision for negative liability

capital of participating interests 140 95

Dividend paid -4,800 –

Exchange rate results on foreign currencies -99 -24



2007 2006

Goodwill paid 397 456

Development costs for information systems 7,749 6,334

8,146 6,790

Goodwill paid

Goodwill paid relates to the goodwill that Triodos Bank paid to Triodos Investments España in 2004 and 2005 to

buy off the rights to the future profit made by the Spanish branch.


The movement in goodwill paid is as follows:

2007 2006

Purchase value as at 1 January 588 588





Development costs for information systems

The development costs for information systems relate to the development costs for the banking system.

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

2007 2006





Depreciation -1,009 -763



2007 2006

Equipment 3,277 3,546

The movement in equipment is as follows:

2007 2006





Sale -23 -4

Depreciation -1,354 -1,697





F U N D S E N T R U S T E D

2007 2006

Savings accounts 1,261,814 1,036,751

Other funds entrusted 358,874 327,414

1,620,688 1,364,165

The Other funds entrusted item includes an amount of EUR 3.9 million (2006: EUR 7.9 million) for deposits from

consolidated participating interests.

P R O V I S I O N S

2007 2006

Pension provision 5,828 4,955

Provision for negative liability capital of

participating interests 822 682

6,650 5,637

For a breakdown of the balance sheet value of the Pension provision as at 31 December, please refer to the

Notes to the consolidated financial statements.

The Provision for negative liability capital of participating interest is included under the Provisions item from

2007. The 2006 amount has also been restated for comparison purposes.

The movement of the provisions is as follows:

2007 2006


Allocation 2,359 1,164

Withdrawal -1,346 -1,315


C A P I T A L

The authorised capital totals EUR 375 million and is divided into 7.5 million shares each of nominal value EUR 50.

At year-end, there were 2,871,596 shares (2006: 1,821,083 shares), each of EUR 50, issued to and fully paid up by

Stichting Administratiekantoor Aandelen Triodos Bank. As at the same date, Stichting Administratiekantoor

Aandelen Triodos Bank had also issued 2,871,596 depository receipts (2006: 1,821,083 depository receipts) each

of EUR 50.


The movement in capital is as follows:

2007 2006



Stock dividend 1,571 1,332


The movement in the number of shares is as follows:

2007 2006

Number of shares as at 1 January 1,821,083 1,793,259

Increase in equity 1,019,090 1,192

Stock dividend 31,423 26,632

Number of shares as at 31 December 2,871,596 1,821,083

S H A R E P R E M I U M R E S E R V E

This item includes the share premium reserve, which is composed of deposits that exceed the nominal capital,

after deduction of capital transfer tax. The fully balance of the share premium reserve has been recognised as

such for tax purposes.

The movement in the share premium reserve is as follows:

2007 2006


Share capital increase 17,664 21

Stock dividend -1,571 -1,332


R E V A L U A T I O N R E S E R V E

The revaluation reserve relates to the unrealised value adjustments in respect of the acquisition price for

property in use by the Bank. After the transfer of land and buildings to subsidiary Kantoor Buitenzorg, these

value adjustments are included in the balance sheet item Participating interests.


The movement in the revaluation reserve is as follows:

2007 2006


Deferred tax item in connection with the revaluation

of property for own use -1 -5

Realised revaluation of property for own use 3 3


S T A T U T O R Y R E S E R V E

2007 2006

Development costs 7,748 6,334

Conversion differences -463 56

7,285 6,390

D E V E L O P M E N T S C O S T S

The movement in the statutory reserve for developments costs is as follows:

2007 2006


Transfer of Other reserve 1,414 725


C O N V E R S I O N D I F F E R E N C E S

The movement in the statutory reserve for conversion differences is as follows:

2007 2006


Exchange results on business operations abroad -562 97

Exchange results on participating interests -99 -24

Corporate income tax on exchange results 142 -23

Balance sheet value as at 31 December -463 56


O T H E R R E S E R V E S

The movement in the other reserves is as follows:

2007 2006

Balance sheet value as at 31 December previous

financial year 8,795 6,266

Profit appropriation for previous financial year,

addition to the other reserves 2,879 2,350

Dividend not distributed in cash 2,093 1,758

Transfer to statutory reserve for development costs -1,414 -725

Realised revaluation of buildings in use by the Bank -3 -3

Purchasing of own depository receipts 224 -855

Reverted dividend 1 4


At year-end 2007, Triodos Bank had purchased 9,638 own depository receipts (2006: 13,971).

U N A P P R O P R I A T E D P R O F I T

The movement in unappropriated profit is as follows:

2007 2006


Profit appropriation for previous financial year,

addition to the other reserves -2,879 -2,350

Profit appropriation for previous financial year, dividend -3,260 -2,952

0 0

Result for financial year 8,955 6,139



Supervisory Board Board of Management

Tineke Bahlmann Pierre Aeby

Marjatta van Boeschoten Peter Blom, Chair

Marius Frank

Mathieu van den Hoogenband

Jan Lamers

Margot Scheltema

Hans Voortman, Chair


Other information

P R O F I T A P P R O P R I AT I O N

As set out in the Articles of Association (in Dutch), the appropriation of profit is as follows:

‘Part of the profit as reported in the adopted profit and loss account shall be used by the Board of Management

to form or add to the reserves to the extent that this is deemed desirable. The remaining profit shall be

distributed to the shareholders, unless the General Meeting decides otherwise.’

All depository receipts issued up to and including 16 May 2008 are entitled to the final dividend for the financial

year 2007. The results of Triodos Bank NV are taken into consideration in the issue price.

The proposed appropriation of profit is based on the number of depository receipts issued as at 31 December

2007, minus the number of depository receipts purchased by Triodos Bank. The final proposal will be submitted

at the Annual General Meeting of Shareholders.

The proposed appropriation of profit is as follows:


Net profit 8,955

Addition to the other reserves -3,374

Dividend (EUR 1,95 per depository receipt) 5,581

B R A N C H E S

In addition to its head office in The Netherlands, Triodos Bank has branches in Belgium, the United Kingdom and

Spain.


T O T H E A N N U A L G E N E R A L M E E T I N G O F S H A R E H O L D E R S O F T R I O D O S B A N K N V

Auditor’s report

R E P O R T O N T H E F I N A N C I A L S T A T E M E N T S

We have audited the accompanying financial statements 2007 of Triodos Bank NV, Zeist, which are included on

pages 65 to 106 which comprise the consolidated and company balance sheet as at 31 December 2007, the

consolidated and company profit and loss account for the year then ended and the notes.

M A N A G E M E N T ' S R E S P O N S I B I L I T Y

Management is responsible for the preparation and fair presentation of the financial statements and for the

preparation of the management board report, both in accordance with Part 9 of Book 2 of the Netherlands Civil

Code. This responsibility includes: designing, implementing and maintaining internal control relevant to the

preparation and fair presentation of the financial statements that are free from material misstatement, whether

due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates

that are reasonable in the circumstances.

A U D I T O R ' S R E S P O N S I B I L I T Y

Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our

audit in accordance with Dutch law. This law requires that we comply with ethical requirements and plan and

perform the audit to obtain reasonable assurance whether the financial statements are free from material

misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the

risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of

the financial statements 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 entity's internal control. An audit also

includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting

estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

audit opinion.

O P I N I O N

In our opinion, the financial statements give a true and fair view of the financial position of Triodos Bank NV as

at 31 December 2007, and of its result for the year then ended in accordance with Part 9 of Book 2 of the

Netherlands Civil Code.

R E P O R T O N O T H E R L E G A L A N D R E G U L A T O R Y R E Q U I R E M E N T S

Pursuant to the legal requirement under 2:393 sub 5 part e of the Netherlands Civil Code, we report, to the

extent of our competence, that the management board report is consistent with the financial statements as

required by 2:391 sub 4 of the Netherlands Civil Code.

Amstelveen, 27 February 2008

KPMG ACCOUNTANTS NV

D. Korf RA


Report by the SAAT Board of ManagementT H E S T I C H T I N G A D M I N I S T R AT I E K A N T O O R A A N D E L E N T R I O D O S B A N K

( F O U N D AT I O N F O R T H E A D M I N I S T R AT I O N O F T R I O D O S B A N K S H A R E S )

T he Foundation for the Administration ofTriodos Bank Shares (saat) has all TriodosBank nv’s shares under its management. It

issues depository receipts to private individualsand institutions who wish to participate in theBank’s equity. The depository receipts for sharesare registered and non-exchangeable.

This structure was chosen to protect the TriodosBank’s individual identity and mission. Eventsin financial markets internationally havedemonstrated how important this protectivestructure is. Voting rights are exercised by saat’sBoard of Management at the Triodos BankAnnual General Meeting.

The Board is guided by the ethical objectivesof the Bank as contained in the Articles ofAssociation and formulated in the missionstatement. The Board is independent, somembers of Triodos Bank’s Board ofManagement and Supervisory Board are notallowed to serve on the saat Board ofManagement. The directors are appointed by,and report to, the General Assembly ofDepository Receipt Holders.

The Board met three times during 2007, andalso took part in meetings with the SupervisoryBoard and Triodos senior management todiscuss the Bank’s social role. In the Boardmeetings, which were also attended by thedirectors as referred to in the Articles ofAssociation, discussions went beyond generalcommercial issues for the Bank. Particularattention was focused on the way in whichthe Bank implements its ethical mandate:encouraging awareness of money as a meansto achieve social renewal and innovation. In2007 this was highlighted by the public debateover sustainable investments. To gain insightinto how the Bank delivers this in practice, thesaat Board both consults with Triodos Bank’sBoard of Management and attends customeropen days. For instance, in 2007, Boardmembers visited customer open days in TheNetherlands, Belgium and the United Kingdomduring 2007.

The chairman participated as an observer in themeetings of the project group responsible forpreparing the 2007 depository reciept issue. Asshown elsewhere in this annual report, the issueenabled thousands of people to invest in, andbecome part owners of the Bank. In addition, alarge number of existing shareholders increasedtheir investment. It is worth noting thatinvestors from The Netherlands, Belgium, theuk, as well as in Spain, all helped contributedto the issue’s success. Triodos Bank can nowtruly justify calling itself a European Bank.

Media coverage featuring comment fromTriodos co-workers has demonstrated the extentthe Bank is an opinion leader in sustainablefinance. These reports also act as a source ofinformation for the Board.

The Board strives to obtain and maintainproper insight into how the Bank is run in thedifferent countries where it operates. As far asthe branches in Belgium, the uk and Spainare concerned, Board members from thesecountries are expected to maintain close contactwith the local offices and their clients.

The Board concludes that during 2007, TriodosBank successfully performing its tasks, thanksto the effort of all its co-workers. The Boardalso identifies major challenges for the Bank inthe coming period to further increase itsliability capital. The Board will also payparticular attention to ensure that this growth,too, fits within the framework of the Bank’sobjectives and mission. It goes without sayingthat healthy management remains part of thebasic principles.

In the Board’s opinion, reinforcing the supportof depository receipt holders is increasinglyimportant. This will only be possible if thedepository receipt holders continue to feelinvolved in and connected to the Bank.Together with the Board of Management ofTriodos Bank, the Board is looking for differentforms of dialogue. For instance, during theDutch customer open day, two members of theBoard led a workshop for people who were


interested in the Bank’s structure and the roleof saat.The Board wants to ensure its compositionmatches the need of the Bank as it develops. Ifnecessary, the Board will be extended or itsstructure changed. In addition, the Board wantsa more even balance of men and women. Theimportance of this has been highlighted by theGeneral Assembly of Depository ReceiptHolders on a number of occasions.


On behalf of the Board of Management,Jan Nijenhof, Chairman

P O S T S C R I P T

In 2008, Mr. J.T.M. Nijenhof’s first term as amember of the Board of Management will cometo an end. Jan Nijenhof has made it known thathe would be willing to accept reappointment.The Board of Management would like topropose his reappointment. We would like tocontinue to benefit from his experience as alawyer and chairman of saat, and his effort toexpand and give deeper meaning to the idealsof the Bank.


On behalf of the Board,Max Rutgers van Rozenburg


Foundation for the Administration of Triodos Bank Shares (SAAT)

Statement of the shares taken in trust and the issued depository receipts of Triodos Bank NV

as at 31 December 2007.


31.12.2007 31.12.2006

Triodos Bank NV shares taken in trust,

having a nominal value of EUR 50 each 143,580 91,054

Issued depository receipts of Triodos Bank NV,

having a nominal value of EUR 50 each 143,580 91,054


Board of Trustees

Jan van Apeldoorn

Luis Espiga

Philip Martyn

Chris Maryns-van Autreve

Jan Nijenhof, Chairman

Max Rutgers van Rozenburg

A U D I T O R ’ S R E P O R T

I N T R O D U C T I O N

We have audited the above statement that shows the position as at 31 December 2007 in respect of the

shares placed in trust and the depository receipts of Triodos Bank NV shares issued by the Stichting

Adminsitratiekantoor Aandelen Triodos Bank, Zeist. This statement is the responsibility of the Foundation’s

management. Our responsibility is to express an opinion on this statement, based on our audit.

S C O P E

We conducted our audit in accordance with auditing standards generally accepted in The Netherlands and we

believe that our audit provides a reasonable basis for our opinion.

O P I N I O N

In our opinion, this statement provides a true and fair view of the Triodos Bank NV shares placed in trust and the

issued depository receipts of Triodos Bank NV shares as at 31 December 2007.

Amstelveen, 27 February 2008

KPMG ACCOUNTANTS NV

D. Korf RA

Thanks to funding by Triodos Vastgoed, the De Sprengmolen complex in Delft, The Netherlands has

been sustainably renovated and extended. The complex includes a multimedia library - lending books,

music and art - office space, shops, bars and restaurants and a bicycle shed. De Sprengmolen is 30%

more energy efficient that the Dutch building code’s minimum requirements.


Triodos Bank Supervisory Board

M S . J . P. B A H L M A N N ( 1 9 5 0 )

Tineke Bahlmann is Professor of business economics

at the University of Utrecht. She is a Member of the

Supervisory Boards of Commissariaat voor de Media,

Nedap NV, Canisius Wilhelmina Hospital in Nijmegen,

and Deloitte & Touche, and Member of the Boards of

the De Baak Management Centre VNO-NCW, SIOO,

and the Princess Beatrix Fund. Tineke Bahlmann was

first appointed in 2004 and her present term of

appointment expires in 2008. Tineke Bahlmann is of

Dutch nationality and owns no depository receipts

with Triodos Bank.

M S . M . E . VA N B O E S C H O T E N ( 1 9 4 6 )

Marjatta van Boeschoten is the Principal of Phoenix

Consultancy. She was first appointed in 2001 and

her present term expires in 2009. Marjatta van

Boeschoten is of British nationality and owns one

Triodos Bank depository receipt.

M R . M . M . F R A N K ( 1 9 4 7 )

Marius Frank is an independent board advisor and

leadership coach. He is also a Member of the

Supervisory Board of Centrum Maliebaan (Stichting

Verslavingszorg Utrecht). Marius Frank was first

appointed in 2005 and his present term expires in

2009. Marius Frank is of Dutch nationality and does

not own any Triodos Bank depository receipts.

M R . M . J . M VA N D E N H O O G E N B A N D ( 1 9 4 4 )

Mathieu van den Hoogenband is Managing Director

of Weleda Group. He is also a Member of the

Supervisory Board of Eosta BV. Mathieu van den

Hoogenband was first appointed in 2007 and his

present term expires in 2011. Mathieu van den

Hoogenband is of Dutch nationality and owns 793

depository receipts with Triodos Bank.

M R . J . L A M E R S ( 1 9 4 8 )

Jan Lamers is a former Representative Director of

Uitgeversbedrijf Tijd. He is also Chairman of

CultuurNet Vlaanderen, Chairman and Delegated

Director of Wereldmediahuis, and Chairman of Huize

Sterrewijzer VZW. Jan Lamers was first appointed in

2002 and his current term expires in 2010. Jan

Lamers is of Belgian nationality and does not own

any depository receipts with Triodos Bank.

M S . M . A . S C H E LT E M A ( 1 9 5 4 )

Margot Scheltema is Financial Director of

Shell Nederland BV. She is also Member of the

Supervisory Board and the Financial Committee of

the Rijksmuseum, Vice-Chairwoman of the Board

of Governors of the Postgraduate Controller

Programme at the Vrije Universiteit Amsterdam,

Member of the Audit Committee of GasTerra BV and

Member of the Committee External Reporting AFM.

Margot Scheltema was first appointed in 2006 and

her present term expires in 2010. Margot Scheltema

is of Dutch nationality and does not own any Triodos

Bank depository receipts.


M R . H . V O O R T M A N ( 1 9 4 4 )

Hans Voortman is the former Managing Director

of World Wildlife Fund Netherlands and the

former Company Director of MeesPierson. He is

also the Chairman of the Supervisory Board of Ark

Natuurontwikkeling, and Member of the Boards of

Pan Parks and Blijdorp Thandiza Fonds. Hans

Voortman was first appointed in 2001 and his

present term expires in 2009. Hans Voortman is of

Dutch nationality and does not own any Triodos


M R . P. A E B Y ( 1 9 5 6 )

Pierre Aeby is Director under the articles of

association of Triodos Bank NV (CFO) and a Member

of the Executive Board Triodos Bank NV. He is also

Director of Triodos Ventures BV, Member of the

Supervisory Board of Triodos Meerwaardefonds NV,

Director of Stichting Hivos Triodos Fonds, Stichting

Triodos Doen, Stichting Triodos Fonds VZW and

Stichting Triodos Holding, and Member of the

Management Board of Triodos SICAV I and Triodos

SICAV II. Pierre Aeby has been Director under the

articles of association since 2000. Pierre Aeby is of

Belgian nationality and owns 21 depository receipts

with Triodos Bank.

M R . P. B L O M ( 1 9 5 6 )

Peter Blom is Director under the articles of

association of Triodos Bank NV (CEO) and Chairman

of the Executive Board of Triodos Bank NV. He is also

a Member of Stichting Triodos Holding, Director of

Triodos Ventures BV, Member of the Supervisory

Boards of Triodos Venture Capital Fonds BV, Triodos

Groenfonds BV, Triodos Vastgoedfonds BV, Triodos

Cultuurfonds BV Rhea Holding BV and Triodos

MeesPierson BV, and Member of the Boards of

Stichting Climate Clearing House, Stichting Hivos

Triodos Fonds, Stichting Triodos Doen and Stichting

Face, Chairman of Stichting Triodos Foundation.

Peter Blom has been Director under the articles of

association since 1989. Peter Blom is of Dutch

nationality and owns one Triodos Bank depository

receipt.

M R . M . J O N G E N E E L ( 1 9 7 3 )

Michael Jongeneel (COO) is a Member of the

Executive Board of Triodos Bank NV. Michael

Jongeneel joined Triodos Bank in May 2007.

Michael Jongeneel is of Dutch nationality and owns

one Triodos Bank depository receipt.

Triodos Bank Board of Management


Board of SAAT

M R . J . C VA N A P E L D O O R N ( 1 9 4 6 )

Jan van Apeldoorn is a lawyer based in Amsterdam

and Deputy Justice of the Court of Appeal in The

Hague. He is also Member of the Board of Toezicht

Stichting Triodos Holding. He was first appointed in

2001 and his present term expires in 2010. Jan van

Apeldoorn is of Dutch nationality and does not own

Triodos Bank depository receipts.

M R . L . A . E S P I G A ( 1 9 5 0 )

Luis Espiga is the Director of Triform & Associates

and Consultant with Organisatie Ontwikkeling en

Human Resources in Spain. He is also a Member of

the Board of the Rudolf Steiner Foundation Spain.

Luis Espiga was first appointed in 2007 and his

present term expires in 2010. Luis Espiga is of

Spanish nationality and owns 44 depository receipts

with Triodos Bank.

M S . C . M A RY N S - VA N A U T R E V E ( 1 9 4 8 )

Chris Maryns is General Manager of VZW Mercurius,

Weleda NV in Belgium and BD-tuinbouwbedrijf CV

De Wassende Maan in Belgium. She is also a Member

of the Supervisory Board of Weleda NV in The

Netherlands. Chris Maryns was first appointed in

1995 and her present term expires in 2009. Chris

Maryns is of Belgian nationality and owns Triodos

Bank 96 depository receipts.

M R . C . P. M A R T Y N ( 1 9 4 8 )

Philip Martyn is General Counsel and Company

Secretary of the London branch of Sumitomo Mitsui

Banking Corporation. He was first appointed in 2003

and his present term expires in 2009. Philip Martyn

is of British nationality and does not own any Triodos


M R . J . T. M . N I J E N H O F ( 1 9 4 5 )

Jan Nijenhof is Coordinating Vice President of the

District Court of Haarlem. He is also a Member of the

Appeals Tribunal for Higher Education, lecturer for

vocational training at The Netherlands Bar and

Member of the Board of Stichting Triodos Holding.

Jan Nijenhof was first appointed in 2005 and his

present term of appointment expires in 2008. Jan

Nijenhof is of Dutch nationality and owns no

depository receipts with Triodos Bank.

M R . L . M . R U T G E R S VA N R O Z E N B U R G ( 1 9 4 7 )

Max Rutgers van Rozenburg is Managing Director

of Human Engineering BV, a consultancy firm for

interim management. He is also Chairman of the

Board of the Stichting PassieProjecten, Member of

the Antroposofische Vereniging Nederland, Member

of the Supervisory Board of Stichting Ita Wegman

and Member of the Board of Stichting Triodos

Holding. Max Rutgers van Rozenburg was first

appointed in 1998 and his present term expires in

2010. Max Rutgers van Rozenburg is of Dutch

nationality and does not own any Triodos Bank

depository receipts.


� The morning circle marks the start of every working day at the Egyptian organic farming company SEKEM’s

head office.

Co-worker Report

T his is Triodos Bank’s annual co-workerreport, which provides details of oursocial policy and of our co-worker policy

in particular. The Bank’s social policy is basedon our belief that an organisation can onlydevelop in a positive sense if its co-workers havethe room and opportunity for professional andpersonal development. Key aspects of this visionare authenticity, cooperation, entrepreneurshipand a professional, commercial attitude.

O R G A N I S AT I O N A N D P O L I C Y

Human Resource Management (hrm) was givena more high-profile position in the organisationin 2007. A Human Resources Manager wasappointed in Belgium and at the Dutchhead office in Zeist. These appointmentscompletes the hrm team internationally,with representation now in each branch.Cooperation between the team will beimproved further in 2008. The international hr

manager is directly accountable to the Board.

C O - W O R K E R S

The number of co-workers at Triodos Bank rosefrom 349 to 393 in 2007, representing a 13%increase. This is in part due to a significantincrease in the workload in Spain and in anumber of departments in The Netherlands.The Dutch operations had to employ more

temporary co-workers than usual. In the ict

department, temporary employees accountedfor 45% of co-workers in 2007 (2006: 33%). Thisincrease was caused by shortages on the labourmarket, making if difficult to find permanentreplacements for co-workers leaving the Bank.

Despite the growth, the number of co-workersat the Belgian branch remained virtuallyunchanged. In the uk, the increase in thenumber of co-workers can mainly be attributedto the Investment Banking and BusinessBanking departments.

In Spain, the number of co-workers increasedby 19% in 2007 as a result of the organisation’s

Distribution of co-workers across the five countries

Number of co-workers In ftes2007 2006 2007 2006

The Netherlands 219 195 194 171

Belgium 40 41 37 37

United Kingdom 77 66 72 63

Spain 50 42 49 41

Germany 7 5 7 4

Total 393 349 359 316

Number of temporary co-workers in ftes

based on 1,550 working hours per fte, per year

2007 2006

The Netherlands 36.5 23.5 *

Belgium 1.0 0.3

United Kingdom 1.1 3.1

Spain – 1.8

Germany 1.1 0.7

* This number differs from the 2006 Annual Report, because it includes the

temporary co-workers in the ICT department, who were not included in

the figures last year.


development. Recruiting and selecting newco-workers was focused on sales positions andexperienced banking professionals.

At year-end 2007, Triodos Bank employed 208women and 185 men. At year-end 2006, thefigures were 183 and 166 respectively. The shareof female co-workers increased slightly from52% to 53%. Twenty-four women are inmanagement positions, representing 33% of thetotal management team. This compares to 22women in 2006, which also represented 33% ofthe management team.

The number of part-time co-workers droppedby 2% to 26% in 2007, with women inparticular working longer hours. In 2007, 34%of women worked part time, with an averageworking week of 34.3 hours, and 18% of men,with an average working week of 36.6 hours.The Belgian and Dutch branches in particularemployed a high proportion of temporaryco-workers (38% and 33% respectively).

The average age of the workforce of TriodosBank increased marginally in 2007 to 38.5 years(2006: 38.1 years). Female co-workers are onaverage 3.8 years younger than their malecolleagues, with an average age of 36.7 years forwomen compared to 40.5 years for men. Thereis a relatively high turnover of staff for youngermale co-workers in particular.

At the end of December 2007, 102 co-workerswere older than 45 (2006: 77), including 26over 55 (2006: 18). The increase in the numberof people under 45 is mainly due to 16 newco-workers who joined in 2007. During theyear, four new co-workers over 55 years oldwere appointed, and six co-workers over 45 leftthe Bank.

There are 75 co-workers who are under 30(2006: 71). This group took the initiative toestablish Young Triodos. For the time being,this initiative is only active in The Netherlands,organising events and activities for youngco-workers. They plan to organise aninternational conference in 2008 for Triodosco-workers under the age of 30.

C O - W O R K E R T U R N O V E R

The average number of years’ service at year-end 2007 was 3.3 (2006: 3.7 years). The drop is

the result of younger co-workers, up to 30years old, who leave the Bank after a relativelyshort period of service. In 2007, 117 newco-workers were recruited and 73 co-workersleft the Bank, of which 62 can be considered asunnecessary co-worker turnover. The remaining11 co-workers were appointed for a specificproject, for example, or to act as cover forsickness or maternity leave.

Compared to last year, co-worker turnover atTriodos Bank showed a slight decrease in2007 to 18% (2006: 20%). At more than 30%,co-worker turnover in Spain is particularly high.The causes of the high turnover wereinvestigated in more detail in the secondhalf of 2007. While a clear cause was notidentified, aspects such as limited promotionopportunities, job roles and management styleplay a crucial role. Because of shortages in thelabour market and pressure to recruit newco-workers, the recruitment process has notalways paid enough attention to getting theright balance of levels of seniority, and toestablishing if someone fits in at Triodos Bankon a personal level. New co-workers’expectations of their job role and the Bank’sworking culture can differ from the reality. So in2007, more attention was given to the inductionprocess for new co-workers, transparencyaround internal promotion and developmentopportunities, and striking the right balancebetween junior and senior co-workers.

D E V E L O P M E N T, T R A I N I N G A N D E D U C AT I O N

The development and promotion of co-workersis increasingly important. As the Bank grows,

Triodos Bank’s age ranges

2007 2006number % number %

Age

15 - 25 21 5 16 5

25 - 35 148 38 127 36

35 - 45 122 31 129 37

45 - 55 76 19 59 17

55+ 26 7 18 5

Total 393 100 349 100


new opportunities are created for co-workers.The Bank’s rate of developments mean that aclear progression path through the Bank is notclear for all co-workers. The Bank wants torespond more actively to this through bettercoordination with the line managers, andby getting co-workers to explicitly identifytheir personal expectations. Managementdevelopment and strengthening co-workers’ tieswith the Bank are important priorities in thisstrategy.

The increasing attention given to training isalso reflected by the Bank’s investment inindividual co-worker training and education.This increased by 22% from eur 971 perco-worker in 2006 to eur 1,189 per co-workerin 2007.

stimulus for the further development of aninternational culture in Triodos.

W O R K S C O U N C I L

co-worker councils have been set up in TheNetherlands and Spain. In The Netherlands,the Works Council (worc) has been establishedsince 1999. In 2007 it was closely involved inthe developing the new pension plan, and theco-worker council implemented the co-workersatisfaction survey. Five co-workers aremembers of the council.

The co-worker council in Spain was establishedin 2005. Since December 2006 it has consistedof two trade union representatives and oneindependent co-worker. The management andco-workers council in Spain are workingcooperation and action plans for the comingyears. A co-worker council was not required inthe Belgian and uk branches in 2007. Themanagement in both countries does not think aco-worker council is necessary at the moment.

A B S E N C E

The rate of absence due to sickness at TriodosBank fell to 1.9% in 2007 (2006: 2.4%) andmainly consists of short-term illnesses. Therewas little long-term sickness in 2007, with theexception of Spain, where three co-workerswere off-work for longer periods due to caraccidents. With the absence rate just under 2%,Triodos Bank is very satisfied that it hasreached its long-term goal of reducing it.Triodos Bank believes in supporting sickco-workers and carefully reintegrating theminto the workplace where appropriate. hrm

continues to devote a lot of attention topreventing sickness and supporting andmaintaining contact with sick co-workers andtheir managers.

S A L A RY S Y S T E M

Triodos Bank thinks that all co-workers shouldbe appropriately remunerated for their work. Sothe Bank keeps a close eye on the ratio betweenthe highest and lowest salary. For the Dutchbranch, this ratio is 1:7.3 (2006: 1:7.0). Giventhe smaller size of the other branches and thefact that the Management Board of TriodosBank work from the head office in TheNetherlands, this ratio is lower in other

Training expenses per co-worker

amounts in euros

2007 2006

The Netherlands 1,191 1,256

Belgium 759 321

United Kingdom 1,653 1,062

Spain 809 124

Germany 1,199 1,012

Average: 1,189 971

In 2007, the Dutch branch organised a meetingfor all co-worker in The Netherlands called‘Shaping a learning organisation’. Four themeswere identified for further attention in 2008:Know-how and stimulation between co-workers,mentoring, customer contact and project-basedwork. A similar exercise was organised by theuk branch to help ensure the Bank’s values arereflected in the way the organisation operates.In addition, a co-worker satisfaction survey wasimplemented, and generated a high responserate. co-workers’ identification with theBank’s mission was one of the positive pointshighlighted by the survey. Priorities for 2008are to identify co-workers’ promotionopportunities and better communication ofthe Bank’s activities internationally.

In 2007, the Spanish branch successfullyorganised the international managementmeeting in Seville. This produced a strong

The Saanenhof in Heeze, The Netherlands, organic goat cheese farm is a genuine family business,

consisting of Maria and Jan Wanders and their son Jan. Jan junior milks and takes care of the six

hundred goats, while Jan senior produces the cheese with the help of his wife, who also runs the shop.

Thanks to funding by Triodos Groenfonds, the family can keep sole control over the total production

chain.


countries. The salaries in Spain have beengradually adjusted to market rates, especiallyfor middle and senior management.

P R O S P E C T S F O R 2 0 0 8

Following the investigation into the highco-worker turnover at the Bank, a number ofprocesses will be improved in 2008. A co-worker satisfaction survey will be held inSpain and The Netherlands during the year.

The recruitment and selection processes will bereviewed, with the aim of filling at least 10% ofvacancies internally. We will also focus onretaining existing co-workers. An internationalaudit of employment terms and conditions willbe implemented. The Triodos Academy’s courseprogramme will be adapted to better meet thechanging needs of both students and the Bank.

The first banking seminar arranged specificallyfor Triodos co-workers will be held at thebeginning of 2008 for co-workers with one totwo years’ service. This seminar will focus onTriodos Bank’s values and how they translateinto co-workers day-to-day work.

The Bank’s ict and Operations departments willstrive to reduce their number of temporaryco-workers. The ict department aims to reducethis from 55% to 35%.

Following a period of a stable workforce, theBelgium branch plans to go on a recruitmentdrive, and hopes to employ 12 co-workers tonew positions (an increase of 30%).

Triodos Bank hopes to maintain absenteeismat the previous year’s level during 2008.Preventing sickness, and supporting andmaintaining contact with sick co-workers andtheir managers will continue to be an importantpriority.

Given the increase in average age andparticularly the increase in co-workers who areolder than 55, we will work towards developingan age awareness policy for our co-workers.

Social key figures

2007 2006 2005 2004 2003

Number of co-workers at year-end 393 349 301 264 224

Average number of ftes during the year 345 298 258 221 194

Absenteeism 1.9% 2.4% 3.1% 3.1% 4.3%

* fte = full time equivalent and refers to the number of co-workers calculated on a full-time basis, at 40 hours per week.


� Zeebiestocht BV windpark near Lelystad in The Netherlands has ten wind turbines, each with a capacity of

2.3 Megawatts. The project is financed by the Triodos Green Fund.

Environmental Report

T his report details Triodos Bank’s internalenvironmental policy, environmentalmanagement strategy and environmental

performance during 2007. Environmentalconsiderations are a key aspect of TriodosBank’s activities and, where applicable, theBank uses an Environmental ManagementSystem (ems) to reduce the adverseenvironmental impact of all Triodos’ activities.The Bank’s ems has been accredited with the iso

14001 environmental management certificatesince January 2000. The iso 14001 recertificationin July 2006 covers all the Bank’s branches.Under the ems, Triodos Bank has appointed acentral environmental co-ordinator and localenvironmental co-ordinators in each branch.The local environmental co-ordinators informand update all co-workers about their branch’senvironmental performance and progress atleast twice a year.

A C H I E V I N G G O A L S F O R 2 0 0 7

• Internal communications about the ems wereimproved according to plan in 2007. A numberof meetings held to keep co-workers informedabout the Bank’s environmental performanceand developments with the ems.

• Despite the further implementation of double-sided printing and raised awareness amongco-workers, paper consumption increased by2% in 2007.

• Standardisation of environmental data,especially for business travel and paperconsumption. Data collection and calculationmethods for paper consumption werestandardised in the first quarter of 2007, inorder to promote efficiency and consistency.Worked started on creating greater consistencywhen collecting environmental data forbusiness travel, which will continue to be animportant point of attention in 2008.

• To examine the potential for video conferencingto reduce business travel. An impact assessmentand a project plan were drawn up for this, andpilot project was started at the uk branch. Theresults of this will be known in 2008.

• An survey about the ems was conducted in June

2007. Almost 70% of co-workers gave theiropinions about the existing environmentalpolicy. The results have been communicatedinternally and will be used to improve theexisting system.

E N E R G Y C O N S U M P T I O N

Gas consumption per co-worker was cut byalmost 18% in 2007. Electricity consumptionrose by 12% per co-worker. The branches inThe Netherlands are particularly responsible forthe increase. The new head office, which hasbeen in use since August 2006, is included inthe calculations for the whole of the calendaryear in 2007. The offices in The Netherlandsand the uk buy electricity from ‘green’suppliers. The branch in Belgium has also beensupplied with renewable electricity since thesecond half of 2007. Green electricity is not yetan option in Spain, as there are no providers inMadrid.

T R AV E L

B U S I N E S S T R A V E L

The total distance flown per co-workerincreased by almost 90% in 2007. This sharprise is mainly due to a significant increase invisits between head office and the branches.In spite of the increasing activities of theinternational funds, the number of flights tothe developing world stabilised in 2007. TheTriodos Investment Management business unit,which operates in developing countries, wasresponsible for 27% of the flights.

C O M M U T I N G

The total commuting distance travelled for eachco-worker decreased by 20% in 2007, althoughcar use rose by 2%. The number of car-poolkilometres decreased by 2%.

The Bank’s policy is to encourage co-workers totravel to and from work in an environmentallyfriendly way. In 2007, this is reflected in a rise


in travel by public transport by 1% to 40%compared with 2006.In 2006, the Dutch branch formalised this in anagreement with Stichting Milieudefensie, theDutch Friends of the Earth, to operate a sociallyresponsible car fleet policy. It pledged to buyeither hybrid cars or the most economicalnon-hybrid cars for its car fleet, to reduce CO2

emissions. The hybrid cars emit just 104 g/kmof CO2, saving an average of 58 g/km per car.

* In 2006, the Greenhouse Gas Protocol adjusted the factors it uses to calculate the CO2 emissions. The data for 2006 are base on the new factors. The figures for

preceding years are base on the old calculation factors. 2002 is the base year for the Greenhouse Gas Protocol.

** In 2007, the electricity was compensated on group level. Formerly was compensated on local level. Triodos Bank in Belgium switched to green electricity halfway

during the year. The Spanish branch does not use green electricity.

Commuting classified by transport in percentage

60

50

40

30

20

10

0

Car Public transport

By bike or on foot

Carpool

2006 20072005

Emissions of CO2 (equivalents)

in thousands of kg

2007 2006* 2005 2004 2003

Scope 1: Direct emissions

Gas consumption (heating) 86 90 56 62 76

Business travel by car 191 119 94 98 81

Electricity 60 ** – – – –

Scope 2: Indirect emissions (electricity)

Green electricity – – – – –

Scope 3: Indirect emissions (other)

Flights: North - South 234 234 265 255 305

Flights: Other 235 160 151 169 128

Business travel by public transport 19 11 7 6 6

Commuting by car 310 319 294 240 207

Commuting by public transport 128 133 44 46 42

Paper usage 116 97 102 81 83

Total 1.379 1.163 1.013 957 928

Minus: compensation from CO2 credits -1,379 -1,163 -1,013 -957 -928

CO2 balance (neutral) 0 0 0 0 0

C L I M AT E N E U T R A L O P E R AT I O N S

Triodos Bank offsets 100% of its CO2

emissions. The Bank’s environmental policy isdesigned to reduce greenhouse gas emissionsin three distinct steps. The Bank aims to takeas many energy-saving measures as possible.Any essential energy consumption is sourcedfrom renewable supplies where possible.Finally, the remaining CO2 emissions arecompensated by buying CO2 credits.

Triodos calculates its greenhouse gas emissionsusing the method detailed in the GreenhouseGas Protocol, an initiative of the WorldBusiness Council for Sustainable Developmentand the World Resources Institute. As far aspossible, Triodos Bank avoids the use ofvolatile organic materials and other materialsthat could damage the ozone layer.

PA P E R U S A G E

Where possible, we use recycled paper, andprint using environmentally safe ink. In 2007,


almost 2% more paper was consumed perco-worker than in 2006. This was mainly due tothe large number of new customers in 2007,and increased communications with customers.Triodos wants to encourage its customers tocontact with the Bank in an environmentallyfriendly way, such as by telephone and theinternet.

B I O D I V E R S I T Y

Triodos Bank does not have holdings ormanage ground in regions with highbiodiversity. The Bank recognises that, throughthe potential indirect impact of its investmentsand loans, it could present threats to theworld’s biodiversity. For this reason, the Bankhas established a new lending criterion.Companies operating in sectors with a high riskof negative effects on biodiversity, are nowexpected to implement a policy to establishthese risks and management programmes toreduce their impact.

W A S T E

The quantity of waste is constantly monitoredand is derived from received invoices andinternal audits. Paper and glass are collectedfor recycling. The total quantity of waste perco-worker increased by 19% in 2007. The highincrease of company waste and waste paper canbe explained by the upwards discrepancy,because in 2006 the reporting on waste wasincomplete, and no total can be determined inretrospect.

W AT E R

In 2007, water usage per co-worker amountedto six cubic metres, a reduction of 14%. Thehead office in The Netherlands rainwater isused to flush the toilets.

B U I L D I N G S ’ I N F R A S T R U C T U R E

Triodos Bank considers it important that thebuildings from which it operates provide aproper focus on people and the environment.This applies to all of the Bank’s branches. Thematerials and products used must pass strictenvironmental tests.

O U T S O U R C I N G O R P R O C U R E M E N T

Before any decision is made about outsourcingservices or procuring materials, externalsuppliers are assessed according to social andenvironmental criteria. This assessment is madeaccording to the Bank’s sustainability criteria.All the Bank’s suppliers, from caters to buildingmaintenance services, are expected to possessthe necessary permits, use environmentallyfriendly resources and dispose of any wastematerials responsibly. Energy-efficient criteriaare used to inform decisions about buyingproducts such as computers and printers.Consumer goods and paper products areaudited for sustainable production andminimum environmental impact.

C O M P L I A N C E

In 2007, there were no environmental incidentsor violations of environmental legislation orregulations to report.

E N V I R O N M E N TA L P R O D U C T S A N D

S E R V I C E S

As part of the lending process, potentialborrowers are also assessed according toenvironmental and social contribution criteriain line with Triodos Bank’s values. In the caseof investment funds, the Bank conducts itsown sustainability analysis. These form one ofthe criteria for inclusion in the investmentportfolio. Criteria for exclusion includeenvironmental damage, threats to biodiversity,violations of environmental legislation andnuclear energy.

E N V I R O N M E N TA L P R O G R A M M E F O R 2 0 0 8

The most important goals for the environmentalmanagement programme for 2008 are:

• The continued reduction in paper usage.

• Formulating international policy for companycars.

• Encouraging the use of public transport.

• Setting up and analysing the first test of videoconferencing for the possible rollout of videoconferencing to the entire Bank.

De Hofwebwinkel is an online organic supermarket, founded by five Dutch agrarian entrepreneurs.

The company supplies fresh, organic produce, and sources as much as possible from local growers.

The goods they sell include vegetables, fruit, meat, bread and dairy products.


Environmental impact (Eco-indicator Mpt/fte)

6.000

5.000

4.000

3.000

2.000

1.000

0

- 1.000

2007 2006 2005 2004 2003

� Commuting

� Business travel

� Paper usage

� Water

� Gas

� Electricity

� Paper recycling

Mil

lip

op

ints

(M

pt)

Triodos Bank uses the EcoOffice 2.0 method

developed by PMA Environmental Consultancy to

measure the environmental impact of its activities.

This method, which the Bank has used since 1996, is

based on the international standard for life-cycle

analysis (LCA) developed by SETAC (Society of

Environmental Toxicology and Chemistry).

T R I O D O S B A N K ’ S S TAT E M E N T O F

E N V I R O N M E N TA L P O L I C Y

Environmental considerations are an integralpart of all Triodos Bank’s activities, andwherever possible, Triodos Bank activelysupports sustainable development. Finalresponsibility for the environmental policyrests with the Board of Management. Itsimplementation is delegated to theorganisation itself and is in principle theresponsibility of each co-worker.

The key elements of Triodos Bank’senvironmental policy are:

• In respect of its (bank) lending policy, tofocus on activities that aim to deliversustainable development.

• To reduce and/or eliminate theenvironmental impact of its own activities,by reducing paper usage, by using energyand natural resources economically andefficiently, and by reducing emission andwaste levels.

• To comply with all relevant statutoryprovisions and with all associated rules andagreements.

• To fully inform and train co-workers, toensure that Triodos Bank’s environmentalpolicy can be implemented effectively.

• To endeavour to have an open dialoguewith all Triodos Bank’s stakeholders,including in respect of environmental issues,and to report the environmental policyresults in the Annual Report, together withtargets for future years.

• That Triodos Bank’s environmentalmanagement system (ems) is accredited withiso 14001 certification and will be regularlytested and audited on that basis.

Triodos Bank’s statement of environmentalpolicy was revised most recently in 2005 bythe Board of Management.

• Further standardisation of how data iscollected, particularly for business travel.

• Evaluating the effectiveness and efficiency ofthe current environmental management systemand the iso 140001 certification.

• Revising and evaluating the EcoOffice 2.0method, which is used to determine theenvironmental impact.


B A S I S O F N O T E S A N D E N V I R O N M E N TA L

K E Y F I G U R E S

The environmental key figures show the totalfigure for the head office, the four branches andthe agency in Germany, expressed per fte.

The energy figures show the electricity and gasconsumption per fte. The figures are derivedfrom invoices and meter readings. The headoffice in Zeist and the branch in Madrid do notuse gas.

The building rented temporarily in Bunnik, inThe Netherlands, has not been included inthese figures, as it is not possible to obtainaccurate data from the lease.

Business travel data shows the number ofkilometres per fte travelled by co-workers byplane, car whether in a private car based ondistance declarations, or in a company car usingmileage readings and public transport.

Air travel figures are based on flight ticket data.Figures for public transport usage are based ontrain and bus ticket data.

Commuting distances are shown per fte andare based on the distance between home andwork, as well as on data from a co-workerquestionnaire detailing the means of transportused. A car-pooler is defined as a co-workerwho shares a car with another co-worker forcommuting purposes.

Paper usage is calculated using procurementinvoices and by calculating the weight of thedifferent types of paper used in each office.

Waste levels are calculated from invoices andfrom information from waste processingcompanies and from in-house weighing. Paperwaste and glass are recycled. Food and gardenwaste is made into compost. Company wasteconsists mainly of household refuse from theoffices. The business waste in Germany isrecycled.

Water usage is calculated from water suppliers’invoices and meter readings.


* Ftes: average number of full time co-workers during the year.

** This figure differs from that published in the 2006 annual report due to corrected supplier invoices.

*** Glass and food and garden waste are being reported for the first time in 2007.

Environmental key figuresAbsolute quantities/ftes*

2007 2006 2005 2004 2003

Energy consumption

Electricity in kWh/fte 3,308 2,965 2,305 2,139 1,992

Gas in m3/ fte 93 113 124 166 221

Business travel

By aircraft in km/fte 11,351 5,984 5,556 6,347 7,712

By car in km/fte 2,902 2,130 1,926 2,403 2,202

By public transport in km/fte 921 607 530 572 591

Commuting

By car in km/fte 4,720 5,708 6,006 5,991 5,645

By carpool in km/fte 219 431 442 418 367

By public transport in km/fte 3,666 4,529 3,450 4,357 4,356

By bike or on foot in km/fte 646 901 815 997 985

Paper usage

In kg/fte 350 344 413 399 446

Waste**

Paper recycling in kg/fte 85 69 86 74 90

Other waste in kg/fte 56 61 30 37 41

Glass waste in kg/fte*** 41 – – – –

Food and garden waste in kg/fte 12 – – – –

Water

Water in m3/ fte 6 7 8 7 8

Co-workers

Ftes 346 294 258 210 193

Buildings

Surface area in m2 12,546 10,125 7,124 6,262 6,262

Volume in m3 35,836 29,058 20,654 18,584 18,584


Verifiers’ declaration

T riodos Bank nv asked sgs Nederland bv

Systems & Services Certification to verifythe environmental and social data used

in the Annual Report 2007 on the activities inZeist, Brussels, Bristol and Madrid. Figures havebeen verified regarding consumption of paper,water and energy, volume of waste, businesstransport, commuting, calculation ofenvironmental impact and CO2 balance, thenumber of employees, the number of women inmanagement positions and absenteeism.

V E R I F I C AT I O N

sgs Nederland bv Systems & ServicesCertification examined Triodos Bank’senvironmental and co-workers records. Bymeans of random checks and interviewswith the environmental coordinator andadministrators sgs Nederland bv Systems &Services Certification reviewed how thebranches in The Netherlands, Belgium, UnitedKingdom, Spain and Germany obtained the datain question (including method of registrationand calculation) and the accuracy of the figuresthemselves.

O P I N I O N

The verification confirms that the data inthe Annual Report 2007 matches the data inthe Environmental Management System.Furthermore, the verification showed noindications suggestive of inaccuracies in theAnnual Report with respect to the informationprovided on consumption of paper and water,volume of waste, business transport andcommuting, calculation of CO2 balance, numberof employees, number of women in manage-ment positions, and absenteeism.

Spijkenisse, 27 February 2008

sgs Nederland bv Systems & Services Certification


About this report

T he 2007 Annual Report is an integratedsustainability report covering theactivities of Triodos Bank nv in The

Netherlands, Belgium, the uk and Spain, as wellas an agency in Germany. The report covers theperiod from 1 January to 31 December 2007.

Triodos Bank’s previous sustainability reportwas published in April 2007 and covered the2006 calendar year. The reporting in the 2007financial year is based on the same principles asits predecessor. Any changes in the methods ofcalculation used are explained in the text.

When preparing the Triodos Bank sustainabilityreport, a working group examines how the mostrecent sustainability reporting guidelines can beused to improve the report in the future.External experts verify the data included inthis report. kpmg Accountants nv verifies thefinancial data in accordance with legalrequirements. There is no legal framework forthe verification of the environmental and socialdata included in the report, although the keyindicators used to measure social andenvironmental performance are verified by sgs

International Certification Services eesv.

If you have any comments on or questionsabout the 2007 report, please contact TriodosBank’s communication department. Contactdetails can be found on page 136 of this report.

G L O B A L R E P O R T I N G I N I T I AT I V E

Triodos Bank used the Global ReportingInitiative’s third generation (gri 3) guidelines(as published in October 2006) for the firsttime in the preparation of the 2007 annualreport. For the third time, we used the gri

Financial Services Sector SupplementsEnvironmental Performance and SocialPerformance, published in November 2002 andMarch 2005 respectively. Triodos Bank usesthese guidelines to try and ensure a high degreeof comparability between its report and thoseof other companies that use the gri guidelines.For more information about gri, please refer towww.globalreporting.org.

G R I C O N T E N T I N D E X

The overview on the next page lists the gri

indicators, together with references to the placein the report where this information can befound. Reference is made either to a page or asection in the report. Some places are markedwith nr, indicating that Triodos Bank does notregard the item as directly relevant for 2007.The relevance of each item is reviewedannually. The management system does not yetinclude the option to report a number of newgri 3 guidelines. These items are marked niy,indicating that the information is not yetavailable.


GRI Content Index

S T R A T E G Y A N D A N A LY S E S

1.1 Management board statement 11-18

1.2 Key impacts, risks, and opportunities 6,7,11-18

O R G A N I S A T I O N P R O F I L E

2.1 Name of the reporting organization 49,51

2.2 Products, and/or services 15-17

2.3 Operational structure 49,65

2.4 Location of headquarters 49-50,136

2.5 Countries with operations 136

2.6 Nature of ownership and legal form 49-51

2.7 Markets served 5-7

2.8 Scale of the organisation 14-18

2.9 Significant organisational changes NR

2.10 Awards received NR

R E P O R T I N G P A R A M E T E R S

3.1 Reporting period 107,131

3.2 Date of most recent previous report 131

3.3 Reporting cycle 131

3.4 Contact point for questions 135,136

3.5 Process for defining report content 53,131

3.6 Boundary of the report 49,131

3.7 Limitations on the scope or boundary

of the report 131

3.8 Basis for reporting on joint ventures 70,131

3.9 Data measurement techniques 128,131

3.10 Re-statements 60,62,124

3.11 Reporting changes 131

3.12 Applying GRI 132

3.13 Policy external assurance 107,111,130

G O V E R N A N C E , C O M M I T M E N T S A N D

E N G A G E M E N T

4.1 Governance structure 49-51

4.2 Chair of the highest governance body 9

4.3 Independent members 113-115

4.4 Shareholder and employee participation

mechanisms 49,53,117

4.5 Executive remuneration 94-96

4.6 Processes to avoid conflicts of interest 49, www

4.7 Expertise of highest governance body 9

4.8 Mission, values, and principles 5-6

4.9 Procedures of the highest governance body 9

4.10 Evaluation of the highest governance

body’s performance 9

4.11 Precautionary principle 45

4.12 External charters, principles and

initiatives 49,53

4.13 Memberships in associations 55

4.14 Stakeholder groups 53

4.15 Identification and selection of stakeholders 53

4.16 Approaches to stakeholder engagement 53

4.17 Key topics and concerns raised by

stakeholders 53

M A N A G E M E N T A P P R O A C H A N D

P E R F O R M A N C E

E C O N O M I C P E R F O R M A N C E I N D I C A T O R S

EC1 Direct economic value 66-73

EC2 Financial implications for climate

change activities 12-42

EC3 Defined benefit plan obligations 82

EC4 Received subsidies NR

EC5 Standard entry-level wage 119

EC6 Locally-based suppliers NR

EC7 Local hiring 118

EC8 Infrastructure investments NR

EC9 Indirect economic impact 11-18

E N V I R O N M E N T A L P E R F O R M A N C E I N D I C A T O R S

EN1 Materials used by weight 123-124,129

EN2 Recycled input materials 125,129

EN3 Direct energy consumption 123,129

EN4 Indirect energy consumption 123,129

EN5 Saved energy by efficiency

improvements 42,125

EN6 Initiatives to provide energy-efficient

products and services 123

EN7 Initiatives to reduce indirect energy

consumption 123

EN8 Total water use 125,129

EN9 Water sources for water use 125

EN10 Recycled and reused water 125

EN11 Land owned in or close to protected areas NR

EN12 Impact on biodiversity 125

EN13 Habitats protected or restored NR

EN14 Managing impact on biodiversity 125

EN15 IUCN Red List NR

EN16 Direct greenhouse gas emissions 124

EN17 Indirect greenhouse emission 124

EN18 Initiatives to reduce CO2 emissions 124-125

EN19 Emissions of ozone-depleting substances NR

EN20 NOx and Sox 124

EN21 Total water discharge NR

EN22 Total waste 129

EN23 Total spills NR

EN24 Hazardous waste NR

EN25 Impact of discharges of water NR

EN26 Initiatives to mitigate environmental

impacts 5,42,125

EN27 Reclaimed packaging NR

EN28 Sanctions for non-compliance 125


EN29 Environmental impacts of

transport 123-124,129

EN30 Environment protection investments NR

S O C I A L P E R F O R M A N C E I N D I C A T O R S :

L A B O U R P R A C T I C E S A N D D E C E N T W O R K

LA1 Breakdown of total workforce 117

LA2 Employee turnover 118

LA3 Benefits for only full-time employees NR

LA4 Collective bargaining agreements NIY

LA5 Minimum notice period NIY

LA6 Formal joint management-worker

committees 119

LA7 Absence rate 119

LA8 Risk control programmes regarding

serious diseases NIY

LA9 Health and safety NIY

LA10 Average hours of training per employee 119

LA11 Programs for skills management and

lifelong learning 119

LA12 Regular performance reviews 119

LA13 Composition of governance bodies 113-115

LA14 Ratio of basic salary of men to women NR


H U M A N R I G H T S

HR1 Human rights clauses in investment

agreements TBP, www

HR2 Human rights screening of suppliers TBP

HR3 Employee training on human rights NR

HR4 Number of discrimination incidents NR

HR5 Freedom of association and collective

bargaining TBP

HR6 Child labour TBP

HR7 Forced and compulsory labour TBP

HR8 Security practices TBP

S O C I A L P E R F O R M A N C E I N D I C A T O R S : S O C I E T Y

SO1 Impact on communities 5-6,53

SO2 Risks related to corruption 45

SO3 Anti-corruption policies and procedures 48, TBP

SO4 Actions taken in response of corruption 48, TBP

SO5 Public policy positions 5-6

SO6 Contribution to politics NR

SO7 Anti-competitive behaviour NR

SO8 Sanctions for non-compliance 48,124


P R O D U C T R E S P O N S I B I L I T Y

PR1 Product life cycle NR

PR2 Improvement of health and safety incidents 45

PR3 Product information 15-17, www

PR4 Product information labelling www

PR5 Customer satisfaction 53

PR6 Communication programmes 53

PR7 Incidents of non-compliance in marketing

practices NR

PR8 Customer privacy complaints 48,TBP, www

PR9 Sanctions for non-compliance 48

F I N A N C I A L S E R V I C E S S U P P L E M E N T

‘ E N V I R O N M E N T A L P E R F O R M A N C E ’

F1 Environmental policies 128

F2 Environmental risks 45-46,123, www

F3 Risk assessment threshold 123, www

F4 Client environmental performance

(This theme is integral to Triodos Bank’s mission)

F5 Co-worker environmental awareness 123

F6 Environmental audits 123

F7 External communication 53,123

F8 Environmental portfolio 46,60

F9 Asset screening 37, www

F10 Voting policy www

F11 Voting rights www

F12 Environmental products and services 46,60

F13 Portfolio by region and by sector 46,60-61

F I N A N C I A L S E R V I C E S S U P P L E M E N T

‘ S O C I A L P E R F O R M A N C E ’

CSR1 Corporate Social Responsibility (CSR) policy 5-6

CSR2 CSR organisation 11-18

CSR3 CSR audits 123-130

CSR4 Management and sensitive issues 48, TBP, www

CSR5 Non-Compliance 48

CSR6 Stakeholder dialogue 53

INT1 Internal CSR policy 117,TBP

INT2 Staff turnover and job creation 118

INT3 Employee satisfaction 117

INT4 Senior management remuneration 94

INT5 Social performance bonus NR

INT6 Gender income ratio NR

INT7 Employee profile 117

SOC1 Charitable contributions 54

SOC2 Economic value added 67

SUP1 Supplier evaluation 125, TBP

SUP2 Supplier satisfaction NR

RB1 Credit criteria 45, www

RB2 Credit profile 16,62

RB3 Lending with high social benefit 16,62

IB1 Investment policy 37, www

IB2 Client Profile 5-6

IB3 Ethical Investment 40

AM1 Asset Management 33

AM2 Assets with high social benefit 33

Key

NR Not Relevant

NIY No Information Yet

TBP Triodos Business Principles

www www.triodos.co.uk / www.triodos.com

bioRe Tanzania exports organic cotton produced by a group of small-scale farmers. The company

supports producers with advice and training about organic production. The cotton is sold to bioRe’s

owner and founder, the Swiss company Remei. It’s then processed into organic fair-trade clothing sold

by CO-OP, one of Switzerland’s major supermarket chains. Thanks to trade finance from Hivos-Triodos

Fonds, the farmers can be paid as soon as they’ve supplied their cotton.

Production

Triodos Bank NV 2007 Annual Report

Published

May 2008

Text

Triodos Bank

Graphic design of cover

Studio Ron van Roon, Amsterdam

Design and layout

Studio van Waert, Westbroek

Vocking in Vorm, Nieuwegein

Photography

Evelyne Jacq (portrait photos)

Michiel Wijnbergh (project photos), unless otherwise stated

Printing

Drukkerij Pascal, Utrecht

Circulation

2,500 copies

Contact

If you have comments or questions about this report, please contact your local office of Triodos Bank.

Addresses are provided on page 136.

This document can be downloaded from: www.triodos.co.uk.

This report is an English translation of the Dutch Annual Report for the financial year 2007. Financial information

has been shown in euros. Where comparative amounts in pounds sterling or US dollars have been given, the euro

amount is converted at the sterling-euro or US dollar mid market rate at the end of the year 2007.

Triodos Bank NV (incorporated under the laws of the Netherlands with limited liability, registered in England

and Wales BR3012) authorised by the Dutch Central Bank (DNB) and regulated by the Financial Services

Authority (FSA) for the conduct of UK business.

This version of the report has been translated from the original Dutch version. In the event that differences

occur between the English and the Dutch versions, the Dutch version prevails.

This report is printed on FSC-certified paper

ej 0805


Addresses

I N T E R N A T I O N A L H E A D O F F I C E

Nieuweroordweg 1, Zeist

PO Box 55

3700 AB Zeist, The Netherlands

Telephone +31 (0)30 693 65 00

Fax: +31 (0)30 693 65 55

www.triodos.com

B R A N C H E S

T H E N E T H E R L A N D S

Utrechtseweg 60, Zeist

PO Box 55

3700 AB Zeist, The Netherlands

Telephone +31 (0)30 693 65 00

Fax +31 (0)30 693 65 55

www.triodos.nl

B E L G I U M

Hoogstraat 139/3

1000 Brussels, Belgium

Telephone +32 (0)2 548 28 28

Fax +32 (0)2 548 28 29

www.triodos.be

U N I T E D K I N G D O M

Brunel House

11 The Promenade, Clifton

Bristol BS8 3NN, United Kingdom

Telephone +44 (0)117 973 9339

Fax +44 (0)117 973 9303

www.triodos.co.uk

R E G I O N A L O F F I C E

32 Annandale Street Lane

Edinburgh EH7 4LS, United Kingdom

Telephone +44 (0)131 557 5528

Fax +44 (0)131 557 6491

www.triodos.co.uk

S P A I N

Calle José Echegaray 5

Parque Empresarial Las Rozas

28230 Madrid, Spain

Telefoon +34 (0)91 640 46 84

Fax +34 (0)91 640 54 44

www.triodos.es

R E G I O N A L O F F I C E

Avda. Diagonal 418 bajos

Casa de Les Punxes

08037 Barcelona, Spain

Telefoon +34 (0)93 476 57 47

Fax +34 (0)93 476 57 46

www.triodos.es

G E R M A N Y ( R E P R E S E N T A T I V E O F F I C E )

Triodos Finanz GmbH

Kasseler Strasse 1a

60486 Frankfurt am Main, Germany

Telefoon +49 (0)69 717 19 100

Fax +49 (0)69 717 19 222

www.triodos.de

Documents

Triodos Bank nv - Changemakers 5... · 2020. 12. 10. · TRIODOS BANK - ANNUAL REPORT 2007 5 Sustainable banking Mibanco’s Karen Sáenz León (left) with her customer, Virginia