Contents Foreword Management report Corporate governance
Consolidated Financial Statements
Company Financial Statements
Pillar 3
in millions of euros
2016
2015
Movements were as follows:
Balance on 1 January
641
463
From other reserves to legal reserves
(168)
160
Exchange rate differences
279
18
Balance on 31 December
752
641
Other reserves
in millions of euros
2016
2015
The remaining reserves can be specified as follows:
Recalibration of pensions1
(219)
(175)
Fair value changes due to own credit risk on
financial liabilities designated at fair value
(303)
Retained earnings
23,200
(3,304)
Total other reserves
22,678
(3,479)
The reserves cannot be distributed among members.
The consolidated financial statements of Rabobank include the
financial information of Rabobank and other group companies.
Consolidated net profit for Rabobank was 2,024 (2015: 2,214);
net profit of Rabobank in the company financial statements
was 1,960 (2015: 908). The difference in 2016 of 64 represents
the non-controlling interests. The difference in 2015 of 1,306
represents the profits of local Rabobanks, which were not
recognised in the company financial statements and the non-
controlling interests.
The table below shows reconciliation between the equity of
Rabobank and that of Rabobank Group:
in millions of euros
2016 2015
Movements in the recalibration of pensions:
Balance on 1 January
(175) (196)
Recalibration of pensions
(44) 21
Balance on 31 December
(219) (175)
Movements in the fair value changes due to own credit risk on financial liabilities
designated at fair value:
Balance on 1 January - -
Adjustment opening balance
62 -
Fair value changes
(365) -
Realisation at derecognition - -
Balance on 31 December
(303) -
In millions of euros
2016
2015
Equity of Rabobank according to Part 9 of Book 2
of the Dutch Civil Code
39,590
18,815
Capital paid-up by local Rabobanks
-
(600)
Premium
-
(5,402)
A component of the equity of Rabobank Group:
Trust Preferred Securities III to VI
409
1,131
A component of the equity of Rabobank Group:
Other non-controlling interests
525
492
Equity of local Rabobanks according to Part 9 of
Book 2 of the Dutch Civil Code
-
26,761
Total group equity under IFRS, as presented
in consolidated financial statements
40,524
41,197
in millions of euros
2016
2015
Movements in retained earnings:
Balance on 1 January
(3,304)
(3,039)
Changes due to legal merger
26,761
-
Adjustment opening balance2
(62)
-
Profit for previous financial year
908
1,352
Distribution to third parties
(1,230)
(1,189)
Dividends to local Rabobanks
-
(265)
Transferred to legal reserves
168
(160)
Transferred to revaluation reserves
319
(8)
Redemption of Capital Securities
(316)
-
Other changes
(44)
5
Balance on 31 December
23,200
(3,304)
1 Created in accordance with IAS 19.122
2 Opening balance 2016 adjusted due to early adoption of IFRS 9 on fair
value of financial liabilities designated at fair value (See note 1 Basis of
preparation)
284 Rabobank Annual Report 2016