72 Available-for-sale financial assets
73 Investments in associates and
joint ventures
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
On 31 December 2015, the provisions forfinance leases
included in value adjustments amounted to 287 (2014: 334).
The unguaranteed residual values accruing to the lessor
amounted to 1,705 (2014: 2,166).The contingent lease
payments recognised as income in 2015 were nil (2014: nil).
The finance leases chiefly concern the lease of equipment and
cars, as well as factoring products.
in millions of euros 2015 2014
Short-term government papers 1,191 2,297
Government bonds 30,053 31,456
Other debt securities 5,594 4,740
Equity instruments 935 1,277
Total available-for-sale financial assets 37,773 39,770
The carrying amount of the investments in associates and
joint ventures is 3,672 (2014: 3,807). These joint ventures are
addressed in Section 48, 'Joint ventures'.
in millions of euros 2015 2014
Opening balance 3,807 3,747
Foreign exchange differences (43) 7
Purchases 37 54
Sales (44) (54)
Share of profit of associates 352 139
Dividends paid out (and capital repayments) (384) (53)
Revaluation (53) 75
Other - (108)
Total 3,672 3,807
The impairment of available-for-sale financial assets amounted
to 160 (2014: 60) and is recognised in profit and loss account
under 'Net income from financial assets and liabilities at fair
value through profit or loss'.
The main associates in terms of the size of the capital interest
held by Rabobank include:
On 31 December2015 Shareholding Voting rights
The Netherlands
Achmea B.V. 29% 29%
Equens N.V. 15% 15%
Gilde Venture Capital Various Various
in millions of euros 2015 2014
Gains/(losses) on available-for-sale
financial assets 148 418
The changes in available-for-sale financial assets can be broken
down as follows:
in millions of euros 2015 2014
Opening balance 39,770 46,552
Foreign exchange differences 703 1,106
Additions 6,219 9,863
Disposals (sale and repayment) (8,431(19,528)
Fair value changes (335) 1,836
Other changes (153) (59)
Closing balance 37,773 39,770
Rabobank holds less than 20% of the voting rights in Equens,
but has significant control in Equens. For example, two
Rabobank representatives are Members of the Supervisory
Board and another is the Chairman of the Audit Compliance
Committees. Due to Rabobank's substantial stake in Equens, this
stake is classified as an 'associate'.
On 3 November 2015, Rabobank entered into an agreement on
the basis of which it is expected that the minority shareholding
of 15.15% in Equens SE (Equens) will be reduced to a minority
shareholding of approximately 6%. Worldline will transferthe
major part of its Financial Processing Software Licensing
activities to Equens and will become the majority shareholder.
It is expected that the conclusion of this transaction will take
place in the first half ofthe 2016 and may result in a book
profit, the magnitude of which will depend on a variety
of circumstances at the moment of conclusion. Rabobank
will have the possibility to sell a part or all ofthe remaining
shareholding in Equens for a period of three years after the
conclusion of the transaction.
Achmea is a strategic partner of Rabobank for insurance
products. Interpolis, a subsidiary ofthe 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.
223 Notes to the consolidated financial statements