ING Direct 2009 Annual Report Download - page 132

B warrants (2007/2008)
In 1998, ING Groep N.V. authorised the issue of a maximum of 17,317,132 B warrants, of which 17,220,200 were issued. On 5 January
2008 of the remaining 9,266,097 warrants, 259,484 warrants expired and 9,006,613 were exercised. Accordingly no B warrants were
outstanding as at 31 December 2009 (2008: nil; 2007: 9,266,097). B warrant holders were entitled to obtain from ING Groep N.V., for a
fixed price, depositary receipts for ordinary shares in the proportion of one B warrant to two depositary receipts. B warrant holders could
exercise their rights at their own discretion but no later than 5 January 2008.
The closing date for exercising warrants B was 5 January 2008. The exercise price of warrants B was EUR 49.92 for two depositary receipts.
Changes in revaluation reserve
2009
Property
revaluation
reserve
Available-for-
sale reserve
Cash flow
hedge reserve Total
Opening balance 461 –10,140 1,177 –8,502
Unrealised revaluations after taxation –50 12,496 12,446
Realised gains/losses transferred to profit and loss 1,406 1,406
Changes in cash flow hedge reserve –805 –805
Transfer to insurance liabilities/DAC –2,079 –2,079
Closing balance 411 1,683 372 2,466
Changes in revaluation reserve
2008
Property
revaluation reserve
Available-for-
sale reserve
Cash flow
hedge reserve Total
Opening balance 439 4,067 431 4,937
Unrealised revaluations after taxation 22 –18,876 –18,854
Realised gains/losses transferred to profit and loss 2,476 2,476
Changes in cash flow hedge reserve 746 746
Transfer to insurance liabilities/DAC 2,193 2,193
Closing balance 461 –10,140 1,177 –8,502
Changes in revaluation reserve
2007
Property
revaluation reserve
Available-for-
sale reserve
Cash flow
hedge reserve Total
Opening balance 468 7,629 1,356 9,453
Unrealised revaluations after taxation –29 –1,508 –1,537
Realised gains/losses transferred to profit and loss –3,186 –3,186
Changes in cash flow hedge reserve –925 –925
Transfer to insurance liabilities/DAC 1,132 1,132
Closing balance 439 4,067 431 4,937
Transfer to insurance liabilities/DAC includes the change in the deferred profit sharing liability (net of deferred tax). Reference is made to
Note 17 ‘Insurance and investment contracts, reinsurance contracts’.
Changes in currency translation reserve
2009 2008 2007
Opening balance –1,918 –1,354 –473
Unrealised revaluations after taxation –294 388 500
Realised gains/losses transferred to profit and loss 148 156 –228
Exchange rate differences 56 –1,108 –1,153
Closing balance –2,008 –1,918 –1,354
2.1 Consolidated annual accounts
ING Group Annual Report 2009
130
Notes to the consolidated balance sheet of ING Group (continued)