25
Notes to the individual items of the company and group balance sheets
Equity reserves
Subordinated loans
Item 1
Item 2
Item 3
(NLG x 1,000)
1987
1986
Paid-in surplus
74,865
74,865
Statutory reserves
63,429
33,472
Real estate revaluation reserve
237
Other reserves
96,836
101,725
Exchange differences reserve
61
(546)
235,191
209,753
Statutory reserves represents earnings of participating interests retained since 1985.
Reserves at the beginning of the year:
Movements:
209,753
294,214
due to results
25,068
(110,282)
due to net exchange differences
607
(6,447)
due to revaluation of office premises
(237)
237
paid-in surplus
32,031
235,191
209,753
1. Postbank N.V/AEGON N.V.
92,292
215,360
2. AEGON N.V.
100,000
100,000
3. Other
3,500
3,500
195,792 318,860
Of the total amount of this loan of NLG 215.4 million, which was granted in 1986, the AEGON
share, amounting to NLG 123.1 million, was converted in 1987 into preferred stock. The
remaining amount of NLG 92.3 million, which is the Postbank share, is subordinated in such a
manner, that it can be considered part of the capital base of the company according to the
standards applied by De Nederlandsche Bank N. V.
The conversion rights attached to the subordinated loan granted by Postbank, at an interest rate
of eight percent (8%), have been rescinded. This loan will be taken over by AEGON in due
course.
The loan can be repaid at any time, since AEGON has now acquired the majority of the total
shares of cumulative preferred ’B’ stock Postbank) in issue.
The loan will in any case be repaid commencing not later than the eleventh year following the
payment date, having due regard to the subordinated nature of the loan.
This loan, placed in 1986, with an interest rate of 7%, is subordinated in such a manner, that it
can be considered part of the capital base of the company according to the standards applied by
De Nederlandsche Bank N. V.
Postbank’s claim, which was subordinated to AEGON’s claim with respect to both principal and
interest, has been taken over by AEGON in 1987.
This loan, placed in 1986, with an interest rate of llA is convertible from 1991 until the
repayment date in 1995 into ordinary shares of Van Haften Co N. V.Amsterdam. For the first
four years, no repayments may be made; thereafter, repayment will be possible in five equal
annual installments.
