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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