75 Property and equipment - - - - 76 Investment properties 77 Other assets Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 in millions of euros Land and buildings Equipment Total Year ended 31 December 2016 Opening balance 1,945 5,820 7,765 Foreign exchange differences 3 20 23 Purchases 88 2,160 2,248 Disposals (61) (656) (717) Transfer to held for sale Changes due to sale of Athlon (3,475) (3,475) Impairments (112) (112) Depreciation (109) (141) (250) Depreciation of operating lease assets (969) (969) Other (27) 104 77 Closing balance 1,727 2,863 4,590 Cost 3,140 4,846 7,986 Accumulated depreciation and impairments (1,413) (1,983) (3,396) Net carrying amount 1,727 2,863 4,590 Year ended 31 December 2015 Opening balance 1,969 5,179 7,148 Foreign exchange differences 14 105 119 Purchases 109 2,400 2,509 Disposals (47) (722) (769) Impairments - Depreciation (109) (141) (250) Depreciation of operating lease assets (1,002) (1,002) Other 9 1 10 Closing balance 1,945 5,820 7,765 Cost 3,292 9,285 12,577 Accumulated depreciation and impairments (1,347) (3,465) (4,812) Net carrying amount 1,945 5,820 7,765 The fair value of the investment properties amounts to 303 (2015: approximates the carrying amount). External valuations of investment properties were performed by duly certified external parties in accordance with RICS valuation standards or other equivalent standards. Investment properties are valued, for the determination of fair value, on the basis of the methodologies which are most appropriate for that property.This includes the discounted cash flow valuation method and the capitalisation method based on net initial yields for comparable transactions. 2016 2015 Valuations External valuations Internal valuations Most investment property is unique.There is often no active market for similar properties in the same location and condition. Appraisals of the different types of investment properties are based on a large number of parameters, which are derived from current contracts and market information as much as possible. A certain degree of judgement and estimation cannot be avoided. As a result, all investment property has been designated as level 3 in line with the fair value classification under IFRS 13. When determining the fair value of investment property, the parameters used include the following, depending on the type of property: current and expected future market rent per m2, current and expected future vacancy rates, location of the property, the marketability of the property, the average discount rate, the development budget, and any credit risks. The impairments recognised per 31 december 2016 relate to property for own use of the local Rabobanks. Vacancy of property as a result of the restructuring (decreasing usage of square meters) triggered impairments calculations and resulted in impairment losses for a total amount of 112. in millions of euros 2016 2015 Opening balance 381 452 Purchases 14 4 Sales (79) (44) Transfer to held for sale (48) Depreciation (9) (11) Impairments 19 (25) Other 15 5 Closing balance 293 381 Cost 627 774 Accumulated depreciation and impairments (334) (393) Net carrying amount 293 381 in millions of euros Note 2016 2015 Receivables and prepayments 1,833 2,217 Accrued interest 1,351 1,500 Precious metals, goods and warehouse receipts 1,172 901 Real estate projects 1,963 2,291 Accrued income 672 379 Employee benefits 25 7 7 Other assets 880 559 Total other assets 7,878 7,854 Real estate projects in millions of euros 2016 2015 Building sites and equalisation funds 1,104 1,206 Work in progress 816 761 Finished goods 43 324 Total real estate projects 1,963 2,291 225 Notes to the consolidated financial statements

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Jaarverslagen Rabobank | 2016 | | pagina 226