- Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 impairments had occurred, resulted in a downward adjustments of the carrying value of the investment in Achmea of 700 which was recognised in the income statement as'Impairment losses on goodwill and investments in associates'. Achmea B.V. is part of the operating segment'Other segments'. The recoverable amount is based on the estimated value in use and is a level 3 valuation according to the fair value hierarchy. To determine the value in use for Achmea, Rabobank has undertaken a review of the expected cash flows that Achmea generates for Rabobank discounted at a pre-tax discount rate of 10.49%. Achmea 2016 2015 Cash and balances at central banks 2,171 2,117 Investments 65,235 63,605 Banking credit portfolio 13,679 14,866 Other assets 11,930 12,851 Total assets 93,015 93,439 Insurance related provisions 61,345 61,061 Loans and funds borrowed 6,994 7,603 Other liabilities 14,894 14,495 Total liabilities 83,233 83,159 Revenues 23,966 23,225 Net profit (382) 386 Other comprehensive income 109 (250) Total comprehensive income (273) 136 Reconciliation carrying amount of interest in Achmea 2016 2015 Total equity Achmea 9,782 10,280 Minus: hybrid capital 1,350 1,350 Minus: preference shares and accrued dividend 350 350 Shareholder's equity 8,082 8,580 Share of Rabobank 29.21% 29.21% 2,360 2,506 Impairment (700) Carrying amount 1,660 2,506 Other associates 2016 2015 Result from continuing operations 175 260 Result from discontinued operations after taxation Net profit 175 260 Other comprehensive income (4) (11) Total comprehensive income 171 249 equensWorldline SE On 30 September 2016 Equens SE (Equens) en Wordline completed the transaction that was presented on 3 November 2015. Rabobank's shareholding (classified as an investment in associate) of 15.15% in Equens was reduced to a shareholding of 5.8% in equensWorldline SE (classified as an available-for- sale financial asset). Rabobank realized a gain of 62 which is included in 'Income from investments in associates and joint ventures'. Arise B.V. On 27 July 2016 Rabobank entered into a partnership with Norfund and FMO to reaffirm their long-term commitment to Africa's future development, growth potential and the local financial sector. The partners have irrevocably agreed to transfer their stakes in several financial service providers (FSPs) in Sub-Saharan Africa to Arise B.V.. On 31 December 2016 Rabobank holds almost 25% of the shares in Arise, which is considered to be an investment in an associate.The current associate investments, of our stakes in several financial service providers (FSPs) in Sub-Saharan Africa, are classified as held for sale in accordance with IFRS 5 for an amount of 187. Any dividends and other distributions from holding the current associate investments from 1 January 2016 (but excluding 2015 distributions), classified as held for sale, are for the account of Arise B.V..The irrevocable obligation to deliver the shares is included under the associated investments, offsetting the equity value of the investment in Arise B.V.. 13.2 Investments in joint ventures Virtually all joint ventures are investments of Rabo Real Estate Group. Their total carrying amount is -36 (2015: -39). Joint ventures are recognised in accordance with the equity method. Rabo Real Estate Group often has partnerships for the development of integrated residential areas, commercial real estate and the implementation of fund and asset management activities. In the majority of cases, each participating member of the partnership has a decisive vote, and decisions can only be passed by consensus. The majority of these partnerships therefore qualify as 'joint arrangements'. Each partnership has its own legal structure depending on the needs and requirements of the parties concerned. The legal form (business structure) typically used is the Dutch 'CV-BV'structure (a limited partnership-private limited liability company) or the 'VOF' structure (general partnership) or a comparable structure. In the case of a CV-BV, the risk of a partner is generally limited to the issued capital and partners are only entitled to the net assets of the entity. In the case of general partnerships ('VOF'), each party bears, in principle, unlimited liability and has, in principle, a proportional right to the assets and obligations for the liabilities of the entity. On the basis of the legal form, a CV-BV structure qualifies as a 'joint venture', whereas a VOF structure qualifies as a 'joint operation'. It is important to note that the contractual terms and other relevant facts and circumstances may result in a different classification. As a separate legal structure is established for each project, projects have different participating partners and individual projects are not of a substantial size, Rabo Real Estate Group did not have material joint arrangements in 2015 and 2016. 223 Notes to the consolidated financial statements

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Jaarverslagen Rabobank | 2016 | | pagina 224