73 Investments in associates
and joint ventures
12 Available-for-sale financial assets
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
Finance leases
Loans and advances to customers also includes receivables
The changes in available-for-sale financial assets can be broken
down as follows:
in millions of euros
2017
2016
in millions of euros
2017
2016
Opening balance
34,580
37,773
Receivables from gross investment in finance
Foreign exchange differences
(1,133)
395
leases
Additions
3,687
5,371
Not exceeding 1 year
6,302
6,219
Disposals (sale and repayment)
(7,707)
(8,768)
Longer than 1 year but less than 5 years
11,584
11,735
Fair value changes
(670)
(155)
Longer than 5 years
621
590
Other changes
(68)
(36)
Total receivables from gross investment in
finance leases
18,507
18,544
Closing balance
28,689
34,580
Unearned deferred finance income from finance
leases
Net investment in finance leases
1,561
16,946
1,681
16,863
Not exceeding 1 year
6,097
6,105
Longer than 1 year but less than 5 years
10,393
10,275
The carrying amount of the investments in associates and joint
Longer than 5 years
456
483
ventures is 2,521 (2016:2,417).
Net investment in finance leases
16,946
16,863
in millions of euros
2017
2016
Opening balance
2,417
3,672
The finance leases mainly relate to the lease of equipment and
Foreign exchange differences
Purchases
(7)
113
3
75
cars, as well as factoring products. On 31 December 2017, the
Sales
(214)
(350)
loan impairment allowance for finance leases amounted to 182
Share of profit of associates
246
44
(2016:225). The unguaranteed residual values accruing to the
Dividends paid out (and capital repayments)
(78)
(101)
lessor amounted to 1,914 (2016:1,884).The contingent lease
payments recognised as income in 2017 were nil (2016: nil).
Transferred to held for sale
Revaluation
Impairment
5
(187)
27
(700)
Other
39
(66)
Total investments in associates and joint ventures
2,521
2,417
in millions of euros 2017 2016
13.1 Investments in associates
Short-term government papers 1,362 1,602
The main associate in terms of the size of the capital interest
Government bonds 22,418 27,010
held by Rabobank is:
Other debt securities 4,342 5,133
Equity instruments 567 835
Total available-for-sale financial assets 28,689 34,580
On31 December 2017 Shareholding
The Netherlands
Voting rights
Achmea B.V.
29%
29%
The impairment of available-for-sale financial assets amounted
to 21 (2016: 0) and is recognised in the income statement under
'Gains/ (losses) on financial assets and liabilities at fair value
through profit or loss'.
in millions of euros
Gains/flosses) on available-for-sale financial
assets
2017
158
2016
87
Achmea is a strategic partner of Rabobank for insurance
products and Interpolis, a subsidiary of the 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. In 2017, Rabobank
received dividend from Achmea for an amount of 0 (2016:43).
The outlook for the future profitability of Achmea deteriorated
in 2016, that gave triggers of potential impairments for the
investment in Achmea.The impairmenttest in 2016 resulted in a
downward adjustments of the carrying value of the investment
in Achmea of 700 which was recognised in the income
Rabobank Annual Report 2017 - Consolidated financial statements
218
