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31 Other non-controlling interests
32 Interest
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
Rabobank Capital Funding Trust VI, Delaware, a group
company of Rabobank, issued 250,000 non-cumulativeTrust
Preferred Securities.The expected distribution is 6.415%
up to and including 31 December 2014. Thereafter, the
expected distribution is equal to the three-month BBSW
rate plus 1.6700%. The company has the right not to make
a distribution.The total proceeds from this issue amounted
to AUD 250 million.The issue was redeemed on the earliest
redemption date on 31 December 2014.
For the Trust Preferred Securities issued in 2004, a payment
is required if a distribution is paid on items of a more
subordinated nature (such as Rabobank Certificates) or on
items of the same rank (pari passu); with the provision that
no payment is required if the DNB objects to such payment
(e.g. if Rabobank Group's solvency ratio is lower than 8%).
If Rabobank Group makes a profit, Rabobank can either pay or
not pay compensation on these items at its own discretion.
Trust Preferred Securities
in millions of euros
2015
2014
Changes during the year:
Opening balance
1,043
1,269
Repayments
(382)
Exchange rate differences and other
88
156
Closing balance
1,131
1,043
This item relates to shares held by third parties in subsidiaries
and other group companies.
in millions of euros 2015 2014
Opening balance 473 446
Net profit 75 58
Exchange rate differences (10) 22
Entities included in consolidation/deconsolidated 8 (10)
Revaluation reserves -available-for-sale financial assets
Other (54) (43)
Closing balance 492 473
The Rabobank subsidiaries with the largest non-controlling
interests are De Lage Landen Participacoes Limitada and AGCO
Finance SNC. Both entities are accounted for in the segment
Leasing.
De Lage Landen Participacoes Limitada is based in Porto Alegre,
Brazil, and Rabobank has a capital and voting right interest of
72.88%. The non-controlling interests with regard to this entity
amount to 65 (2014: 77).The following financial data apply:
De Lage Landen Participacoes Limitada 2015 2014
Revenues 82 100
Net profit 25 (11)
Other comprehensive income
Total comprehensive income 25 (11)
Profit attributable to third parties 12 1
Dividends paid 13
Financial assets 1,088 1,628
Other assets 82 98
Financial liabilities 931 1,394
Other liabilities 32 70
AGCO Finance SNC is located in Beauvais, France, and Rabobank
has a capital and voting right interest of 51.0%. The non-
controlling interests with regard to this entity amount to
78 (2014: 67).The following financial data apply:
AGCO Finance SNC 2015 2014
Revenues 39 39
Net profit 20 19
Other comprehensive income
Total comprehensive income 20 19
Profit attributable to third parties 10 9
Dividends paid 7 6
Financial assets 1,311 1,240
Other assets 41 36
Financial liabilities 1,179 1,128
Other liabilities 13 12
in millions of euros 2015 2014
Interest income
Cash and balances at central banks 103 112
Loans and advances to banks 338 405
Financial assets held for trading 75 108
Financial assets designated at fair value 52 71
Loans and advances to customers 17,271 18,168
Available-for-sale financial assets 938 1,170
Derivatives held as economic hedges (1,266) (1,535)
Other 82 139
Total interest income 17,593 18,638
Interest expense
Due to banks 452 458
Other trade liabilities 17 20
Due to customers 3,033 3,719
Debt securities in issue 3,796 4,152
Other liabilities 603 462
Financial liabilities designated at fair value 466 681
Other 87 28
Total interest expense 8,454 9,520
Net interest income 9,139 9,118
235 Notes to the consolidated financial statements
