SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
-
For the month of November, 2000
ABN AMRO Holding N.V.
ABN AMRO BANK N.V.
(Translation of registrant's name into English)
Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands
(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.]
Form 20-F X Form 40-F
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[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.]
Yes No X
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Schedule of Information Contained in this Report:
1. Semiannual 2000 Financials of ABN AMRO Holding N.V.
reconciled to U.S. G.A.A.P.
2. Consolidated Cash Flow Statement for first half of
2000 or registrant.
The Information contained in this Report is incorporated by reference into
Registration Statement No. 333-49198.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
ABN AMRO Holding N.V.
Date: November 16, 2000 By:/s/ W.G. Jiskoot
Name: W.G. Jiskoot
Title: Member of the Managing Board
By:/s/ J.M. de Jong
Name: J.M. de Jong
Title: Member of the Managing Board
ABN AMRO Bank N.V.
Date: November 16, 2000 By:/s/ W.G. Jiskoot
Name: W.G. Jiskoot
Title: Member of the Managing Board
By:/s/ J.M. de Jong
Name: J.M. de Jong
Title: Member of the Managing Board
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Reconciliation of Net Profit and Shareholders' Equity under US GAAP
Accounting principles generally accepted in The Netherlands ("Dutch GAAP")
vary in certain significant respects from U.S. generally accepted accounting
principles ("US GAAP"). The following tables summarize the significant
adjustments to ABN AMRO' s consolidated net profit for the first half of 2000
and 1999 and shareholders' equity as of 30 June 2000 and 1999 which would
result from the application of US GAAP instead of Dutch GAAP. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Form 20-F for the fiscal year ended 31 December 1999.
Net profit for the first half of 2000 in accordance with US GAAP was EUR 345
million lower than net profit in accordance with Dutch GAAP. The decrease was
principally the net result of (i) a charge of EUR 196 million for goodwill
amortization associated with acquisitions by ABN AMRO, of which EUR 73
million related to North American acquisitions (in Dutch GAAP, all goodwill
is charged to shareholders' equity at the time of acquisition), (ii) a
decrease in net interest revenue and net gains from securities available for
sale of EUR 109 million attributable to differences in accounting for
realized gains and losses in investment portfolios, (iii) higher pension
costs of EUR 98 million and (iv) a decrease in results from financial
transactions of EUR 80 million attributable to differences in valuation of
derivatives transactions, offset in part by (x) an increase of EUR 77 million
due to capitalization of software costs, and (y) the related tax effect of
EUR 51 million. Pre-tax profit for North American operations for the first
half of 2000 in accordance with US GAAP would have been EUR 73 million lower
than pre-tax profit in accordance with Dutch GAAP, giving effect only to the
charges under US GAAP for goodwill amortization for North American
acquisitions.
Net profit for the first half of 1999 in accordance with US GAAP was EUR 331
million lower than net profit in accordance with Dutch GAAP. The decrease was
principally the net result of (i) a decrease in results from financial
transactions of EUR 329 million attributable to differences in valuation of
derivatives transactions, (ii) a charge of EUR 158 million for goodwill
amortization associated with acquisitions by ABN AMRO, of which
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EUR 77 million related to North American acquisitions (in Dutch GAAP, all
goodwill is charged to shareholders' equity at the time of acquisition) and
(iii) a decrease in net interest revenue and net gains from securities
available for sale of EUR 57 million attributable to differences in
accounting for realized gains and losses in investment portfolios, offset in
part by (x) an increase of EUR 89 million due to capitalization of software
costs (following the adoption of SOP 98-1 'Accounting for the Costs of
Computer Software Developed or Obtained for Internal Use' for US GAAP
purposes), (y) lower pension costs of EUR 42 million, and (z) the related tax
effect of EUR 65 million.
Pre-tax profit for North American operations for the first half of 1999 in
accordance with US GAAP would have been EUR 77 million lower than pre-tax
profit in accordance with Dutch GAAP, giving effect only to the charges under
US GAAP for goodwill amortization for North American acquisitions.
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Reconciliation of Net Profit
1st half 2000 1st half 1999
(in millions of EUR except per
share data)
Net profit under Dutch GAAP 1,625 1,438
Goodwill and other acquired intangibles (196) (158)
Investment portfolio securities (109) (57)
Property (reversal of depreciation on
property revaluation) 7 6
Pension costs (98) 42
Post-retirement benefits 1 (2)
Post-employment benefits 6 3
Contingencies (4) 10
Derivatives (80) (329)
Internal use software 77 89
Taxes 51 65
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Net profit under US GAAP 1,280 1,107
Basic net profit per Ordinary Share under
US GAAP 0.84 0.74
Diluted net profit per Ordinary Share under
US GAAP 0.84 0.74
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Reconciliation of Shareholders' Equity
30 June 2000 30 June 1999
(in millions of EUR except per
share data)
Shareholders' equity under Dutch GAAP 12,393 11,436
Goodwill and other acquired intangibles 6,435 4,937
Debt restructuring (194) (256)
Investment portfolio securities 446 1,763
Property (reversal of property revaluation) (165) (200)
Pension costs (147) 92
Post-retirement benefits (54) (43)
Post-employment benefits (33) (43)
Contingencies 135 218
Derivatives (156) (14)
Internal use software 234 89
Taxes (442) (917)
Dividend payable 218 302
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Shareholders' equity under US GAAP 18,670 17,364
Shareholders' equity per Ordinary Share under
US GAAP 12.02 11.35
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Comprehensive income under US GAAP
1st half 20001st half 1999
(in millions of EUR)
Net profit under US GAAP 1,280 1,107
Other comprehensive income, net of tax:
Currency translation differences 306 15
Net unrealized gains/ (losses) on available- 70 (581)
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for-sale securities
Other comprehensive income 376 566
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Comprehensive income under US GAAP 1,656 541
Comprehensive income under US GAAP consists of Net profit under US GAAP and
other comprehensive components: currency translation differences and net
unrealized gains/ (losses) on available for sale securities. The currency
translation difference, amounting to EUR 306 million, is mainly explained by
increasing USD rates in the first six months of 2000.
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Consolidated Cash Flow Statement
for the first half 2000
(in millions of euro's)
1st half 1st half
2000 1999
Group profit 1,797 1,588
Depreciation property and equipment 450 380
Provision for loan losses/ addition to fund 247 331
(Decrease) increase in provisions 4 535
Increase (decrease) in interest receivable 471 651
Increase in accrued interest payable 231 (229)
Increase in current income taxes payable 89 28
Other accruals and deferrals (10) 244
Government paper and securities trading portfolios (4,864) 5,382
Other securities (326) 10,413
Banks, other than demand deposits (17,405) (21,717)
Loans (12,798) (12,788)
Professional securities transactions (part of loans) (8,947) (1,879)
Total customer accounts 18,593 16,940
Professional securities transactions (part of total
customer accounts) 14,146 4,673
Debt securities, excluding bonds and notes 1,176 779
Other assets and liabilities 4,018 (5,673)
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Net cash flow from operations/ banking activities (3,128) (343)
Purchase of securities for investment portfolios (35,672) (33,068)
Sale and redemption of securities from investment
portfolios 30,597 31,789
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Net outflow (5,075) (1,279)
Investments in participating interests (2,029) (791)
Sale of investments in participating interests 3 56
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Net outflow (2,026) (736)
Capital expenditure on property and equipment (600) (531)
Sale of property and equipment 90 61
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Net outflow (510) (470)
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Net cash flow from investment activities (7,611) (2,484)
Increase in group equity 977 (21)
Issue of preference shares 0 1,210
Issue of subordinated debt 926 1,260
Repayment of subordinated debt (219) (188)
Issue of debenture loans and notes 1,450 3,224
Repayment of debenture loans and notes (2,960) (1,153)
Cash dividend paid (564) (336)
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Net cash flow from financing activities (390) 3,997
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Net cash flow before exchange rate differences (11,129) 1,170
Exchange rate differences in liquid funds (1,073) 106
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Increase (decrease) in liquid funds (12,202) 1,276
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Opening balance 12,471 7,686
Closing balance 269 8,962
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Increase (decrease) in liquid funds (12,202) 1,276
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The semi-annual figures are unaudited.
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2047629.1
2047629.1
