31 Rabobank Certificates
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32 Capital Securities and Trust Preferred
Securities III to IV
Inhoudsopgave Voorwoord Bestuursverslag Corporate governance
Changes in the reserves were as follows:
Consolidated Financial Statements Company Financial Statements Pillar 3
in millions of euros 2016 2015
Foreign currency translation reserves
Opening balance
(76)
(94)
Exchange rate differences emerging during the year
393
108
Changes at associates and joint ventures
(19)
(23)
Transferred to profit or loss
(165)
(67)
Transferred to Revaluation reserve - Assets held for sale
70
Closing balance
203
(76)
Revaluation reserves - Available-for-sale financial assets
Opening balance
512
643
Foreign exchange differences
(4)
(1)
Changes at associates and joint ventures
39
(56)
Fair value changes
76
(124)
Amortisation of reclassified assets
2
6
Transferred to profit or loss
(41)
44
Transferred to Revaluation reserve - Assets held for sale
(4)
Other
(9)
Closing balance
571
512
Revaluation reserve - Cash flow hedges
Opening balance
(39)
11
Fair value changes
(87)
659
Transferred to profit or loss
56
(709)
Closing balance
(70)
(39)
Revaluation reserve - Other
Opening balance
2
2
Fair value changes
(2)
Closing balance
2
Revaluation reserve - Assets held for sale
Opening balance
Transfers fom revaluation reserves
(68)
Changes at associates and joint ventures
(2)
Closing balance
(70)
Remeasurement reserve - Pensions
Opening balance
(175)
(196)
Changes at associates and joint ventures
7
3
Remeasurements defined benefit plans
(53)
18
Transferred to Revaluation reserve - Assets held for sale
2
Closing balance
(219)
(175)
Revaluation reserve - Fair value changes due to own credit
risk on financial liabilities designated at fair value
Opening balance
Adjustment opening balance
62
Fair value changes
(365)
Realisation at derecognition
Closing balance
(303)
Retained earnings
Opening balance
25,399
24,445
Adjustment opening balance2
(62)
Net profit
1,960
2,139
Payments on equity instruments
(1,278)
(1,252)
Redemption of Capital Securities
(316)
Other
6
67
Closing balance
25,709
25,399
Total reserves and retained earnings
25,821
25,623
Rabobank Certificates represent participation rights issued by
Rabobank via the foundation Stichting Administratie Kantoor
Rabobank Certificaten and belong to the Common Equity Tier 1
capital of Rabobank.The Rabobank Certificates have been listed
on Euronext Amsterdam since 27 January 2014.
The initial opening price on 27 January 2014 amounted to
105.00% (EUR 26.25). On 31 December 2016, the trading price
amounted to 114.18% (EUR 28.55). At year-end 2016, the total
number of certificates was 237,961,365 with a nominal value of
EUR 25 each.
The distribution paid per certificate in 2016 was
EUR 1,625 (2015: EUR 1,625). The Executive Board is entitled
not to pay the distribution. Unpaid distributions will not be
paid at a later date. The amounts listed in the table below
are based on the nominal value of EUR 25 per Rabobank
Certificate. Cash flows arising from changes during the year
in the Rabobank Certificates are included in the consolidated
statement of cash flows.
Rabobank Certificates
in millions of euros
2016
2015
Changes during the year:
Opening balance
5,949
5,931
Change in Rabobank Certificates during the
period
(1)
18
Closing balance
5,948
5,949
Capital Securities and Trust Preferred Securities III to IV can be
broken down as follows:
in millions of euros
2016
2015
Capital Securities issued by Rabobank
7,636
7,826
Capital securities issued by subsidiaries
185
176
Trust Preferred Securities III to IV
409
1,131
Total Capital Securities and Trust Preferred
Securities III to IV
8,230
9,133
1 Prior-year figures adjusted due to the restatement (see note 2.1).
2 Opening balance 2016 adjusted due to early adoption of IFRS 9 on
fair value of financial liabilities designated at fair value. Prior-year
figures adjusted due to the restatement (see both note 2.1)
232 Rabobank Jaarverslag 2016
