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Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
Statutory reserves
This concerns the reserve for retained earnings of associates
and translation differences. A statutory reserve has been
included for software developed in-house. The comparative
data have been adjusted.
2015 2014
The statutory reserves can be specified as follows:
Retained profits of associates 344 206
Software developed in-house 373 351
Translation differences (76) (94)
Total other reserves 641 463
2015 2014
Movements were as follows:
Balance on 1 January 463 (92)
From other reserves to statutory reserves 160 74
Exchange rate differences 18 481
Balance on 31 December 641 463
Other reserves
2015 2014
The remaining reserves can be specified as follows:
Recalibration of pensions1 (175) (196)
Retained earnings (3,304) (3,039)
Total other reserves (3,479) (3,235)
The reserves can not be distributed among members.
The consolidated financial statements of Rabobank include the
financial information of Rabobank and that of the Members and
other group companies.
The net profit for Rabobank Group was 2,214 (2014:1,842); the
net profit of Rabobank was 908 (2014:1,306).The difference of
1,286 represents the profits of local Rabobanks, which were not
recognised in the single financial statements and under non-
controlling interests.
The table below shows reconciliation between the equity
of Rabobank and that of Rabobank Group:
Management and agency services
Management and agency services provided to third parties
are an attribute to all Rabobank's activities. Rabobank also
administers assets in its own name, but for the account and risk
of third parties, which are separate from its own assets.
2015
2014
Movements in Retained earnings:
Balance on 1 January
(3,039)
488
Profit for previous fi nancial year
1,352
1,179
Third-party fees
(1,189)
(1,088)
Dividends to affiliated banks
(265)
(218)
From other reserves to statutory reserves
(160)
(74)
From other reserves to revaluation
reserves
(8)
39
Repayments of Capital Securities
(167)
From Recalibration of pensions
to Retained earnings
(3,080)
Other changes
5
(118)
Balance on 31 December
(3,304)
(3,039)
2015 2014
Equity of Rabobank according to Part 9 of Book 2
of the Dutch Civil Code 18,815 18,007
Capital paid-up by local Rabobanks (600) (600)
Premium (5,402) (5,402)
A component of the equity of Rabobank Group:
Trust Preferred Securities III to VI 1,131 1,043
A component of the equity of Rabobank Group:
Other non-controlling interests 492 473
Equity of local Rabobanks according to Part 9 of Book 2
of the Dutch Civil Code 26,844 25,349
Consolidation and rounding effects - 1
Total group equity under IFRS, as presented
in Rabobank Group financial statements 41,280 38,871
2015
2014
Movements in the Recalibration of pensions:
Balance on 1 January
(196)
(3,251)
Recalibration of pensions
21
(25)
From Recalibration of pensions
to Retained earnings
3,080
Balance on 31 December
(175)
(196)
1 Created in accordance with IAS 19.122
286 Rabobank Annual Report 2015
