Mizuho Bank Europe Annual Report 2018

60 MIZUHO BANK EUROPE N.V. 33. Country by country disclosures MBE has offices in four countries. The main office is at Apollolaan 171, 1077 AS in Amsterdam. There is a branch office at Avenue Louise 480, 1050 in Brussels (Belgium), a branch office at DC Tower, Donau-City Strasse 7, 1220 in Vienna (Austria) and at Calle Orense 34, Planta 6, Edificio Iberia Mart II, 28020 in Madrid (Spain). MBE did not receive any public subsidies for any of the offices. The difference between the total income on a consolidated level and on the total income of the offices combined is caused by the SLA charges from the Amsterdam office to its branches. The specification of the key financials for the offices is as follows: 2018 2018 2018 2018 Amsterdam Brussels Vienna Madrid Total income 45,122 3,654 7,284 1,099 Operation result before taxation 24,302 816 3,668 261 Income tax (6,670) - (919) (78) Net result 17,632 816 2,749 183 2017 2017 2017 2017 Amsterdam Brussels Vienna Madrid Total income 42,563 2,481 3,666 899 Operation result before taxation 22,019 (111) 507 (124) Income tax (5,599) - (26) - Net result 16,420 (111) 481 (124) 34. Related party disclosures All related party transactions are executed at arm’s length. MBE has outsourced the core banking applications and back office activities to Mizuho Bank Ltd. London branch. The expenses incurred from the head office in Tokyo as well as by the London branch for software as well as for SLA charges amounted in 2018 to € 3,183,000 (2017: € 2,216,000). Regarding the total credit exposures, the parent bank has provided MBE hedges, guarantees and other risk mitigating services to an amount of € 13,742,635,000 (2017: € 10,401,438,000).