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29 Rabobank Certificates
28 Equity Rabobank and local Rabobanks
Contents Management report Corporate governance
Changes in the reserves were as follows:
in millions of euros 2015 2014
Foreign currency translation reserves
Opening balance (94) (575)
Exchange rate differences emerging during the year 18 481
Closing balance (76) (94)
Revaluation reserves - Available-for-sale financial
assets
Opening balance 643 282
Foreign exchange differences (1) (34)
Changes at associates (56) 86
Fair value changes (124) 533
Amortisation of reclassified assets 6 13
Transferred to profit or loss 44 (237)
Closing balance 512 643
Revaluation reserves for associates
Opening balance 2 29
Fair value changes - (27)
Closing balance 2 2
Revaluation reserves - Cash flow hedges
Opening balance 11 49
Fair value changes 659 548
Transferred to profit or loss (709) (586)
Closing balance (39) 11
Remeasurement reserve - pensions
Opening balance (196) (3,251)
Changes at associates 3 (11)
Fair value changes 18 (14)
Re-entry remeasurement reserve - pensions - 3,080
Closing balance (175) (196)
Retained earnings
Opening balance
24,528
27,197
Net profit
2,061
1,692
Payments on equity instruments
(1,174)
(1,072)
Re-entry remeasurement reserve - pensions
(3,080)
Other
67
(209)
Closing balance
25,482
24,528
Total reserves and retained earnings
25,706
24,894
Consolidated financial statements Financial statements Pillar 3
In the period 2000-2005, Rabobank issued member certificates
as part of its member loyalty programme. There were four
issues (in 2000, 2001, 2002 and 2005) under which member
certificates were only made available to members of local
Rabobanks and were traded once a month on an internal
market. On 14 January 2014, the certificate holder meeting
approved the proposed change in order to facilitate a Euronext
Amsterdam listing. The Rabobank Certificates have been listed
on Euronext Amsterdam since 27 January 2014. Since the stock
exchange listing, Rabobank Certificates are also available to
non-Rabobank members. This has increased the marketability of
this instrument.
Rabobank Certificates represent private participation rights
issued by Rabobank via the foundation Stichting Administratie
Kantoor Rabobank Certificaten and belong to the Common
Equity Tier 1 equity of Rabobank.
The initial share price on 27 January 2014 amounted to 105.00%
(EUR 26.25). On 31 December 2015, the share price amounted
to 111.46% (EUR 27.87). Of the total 237,961,365 certificates,
an average of 4.3 million were traded every day on Euronext
Amsterdam during this period.
The distribution paid per certificate in 2015 was EUR 1,625
(2014: 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
2015
2014
Changes during the year:
Opening balance
5,931
5,823
Rabobank Certificates issued during
the year
18
108
Closing balance
5,949
5,931
Equity Rabobank Group.
in millions of euros
2015
2014
Foreign currency translation reserves
(76)
(94)
Revaluation reserves for available-for-sale financial
assets
512
643
Revaluation reserves for associates
2
2
Revaluation reserves - Cash flow hedges
(39)
11
Remeasurement reserve - Pensions
(175)
(196)
Retained earnings
25,482
24,528
Total reserves and retained earnings at year-end
25,706
24,894
232 Rabobank Annual Report 2015
