72 Available-for-sale financial assets 73 Investments in associates and joint ventures Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 Finance leases Loans and advances to customers also includes receivables from finance leases, which can be broken down as follows: On 31 December 2016, the loan impairment allowance for finance leases amounted to 225 (2015: 287).The unguaranteed residual values accruing to the lessor amounted to 1,884 (2015:1,705).The contingent lease payments recognised as income in 2016 were nil (2015: nil). The finance leases mainly relate to the lease of equipment and cars, as well as factoring products. in millions of euros 2016 2015 Short-term government papers 1,602 1,191 Government bonds 27,010 30,053 Other debt securities 5,133 5,594 Equity instruments 835 935 Total available-for-sale financial assets 34,580 37,773 The impairment of available-for-sale financial assets amounted to 0 (2015:160) and is recognised in the income statement under 'Gains/ (losses) on financial assets and liabilities at fair value through profit or loss'. The changes in available-for-sale financial assets can be broken down as follows: in millions of euros 2016 2015 Opening balance 37,773 39,770 Foreign exchange differences 395 703 Additions 5,371 6,219 Disposals (sale and repayment) (8,768) (8,431) Fair value changes (155) (335) Other changes (36) (153) Closing balance 34,580 37,773 The carrying amount of the investments in associates and joint ventures is 2,417 (2015: 3,672). in millions of euros 2016 2015 Opening balance 3,672 3,807 Foreign exchange differences 3 (33) Purchases 75 37 Sales (350) (44) Share of profit of associates 44 351 Dividends paid out (and capital repayments) (101) (384) Transferred to held for sale (187) Revaluation 27 (76) Impairment (700) Other (66) 14 Total investments in associates and joint ventures 2,417 3,672 13.1 Investments in associates The main associate in terms of the size of the capital interest held by Rabobank is: On 31 December2016 Shareholding Voting rights The Netherlands Achmea B.V. 29% 29% Achmea is a strategic partner of Rabobank for insurance products and Interpolis, a subsidiary of the Achmea Group, works closely with the local Rabobanks. Achmea's head office is located in Zeist, the Netherlands. No listed market price is available for the interest in Achmea.The interest in Achmea is valued according to the equity method. In 2016, Rabobank received dividend from Achmea for an amount of 43 (2015: nil). The outlook for the future profitability of Achmea deteriorated during 2016, taken into account the recent developments in the health insurance market and the financial results over the first half year of 2016. These elements, in combination with the deteriorating business environment of Dutch insurers over the last years, gave triggers of potential impairments for the investment in Achmea.Thetesttoestablish whetherthese potential in millions of euros 2016 2015 Gains/(losses) on available-for-sale financial assets 87 148 in millions of euros 2016 2015 Receivables from gross investment in finance leases Not exceeding 1 year 7,561 8,872 Longer than 1 year but less than 5 years 13,773 18,775 Longer than 5 years 653 1,183 Total receivables from gross investment in finance leases 21,987 28,830 Unearned deferred finance income from finance leases 1,944 2,967 Net investment in finance leases 20,043 25,863 Not exceeding 1 year 7,321 8,575 Longer than 1 year but less than 5 years 12,180 16,443 Longer than 5 years 542 845 Net investment in finance leases 20,043 25,863 222 Rabobank Jaarverslag 2016

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Jaarverslagen Rabobank | 2016 | | pagina 223