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Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
statement as 'Impairment losses on goodwill and investments
in associates'. Achmea B.V. is part of the operating segment
'Other segments'. In 2017 there were no impairment triggers to
perform an impairment test.
Achmea
2017
2016
Cash and cash equivalents
2,884
2,192
Investments
72,702
78,893
Other assets
10,259
11,884
Assets held for sale
5,101
11
Total assets
90,946
92,980
Insurance related provisions
57,293
61,345
Loans and funds borrowed
16,801
18,942
Other liabilities
1,901
2,909
Liabilities held for sale
5,002
2
Total liabilities
80,997
83,198
Revenues
22,065
23,968
Net profit
216
(382)
Other comprehensive income
19
109
Total comprehensive income
235
(273)
Reconciliation carrying amount of interest
in Achmea
2017
2016
Total equity Achmea
9,949
9,782
Minus: hybrid capital
1,350
1,350
Minus: preference shares and accrued dividend
350
350
Shareholder's equity
8,249
8,082
Share of Rabobank
29.21%
29.21%
2,410
2,361
Impairment
(700)
(700)
Carrying amount
1,710
1,661
Other associates
Result from continuing operations
Net profit
Other comprehensive income
Total comprehensive income
13.2 Investments in joint ventures
Virtually all joint ventures are investments of BPD.Their total
carrying amount is -8 (2016: -36). Joint ventures are recognised
in accordance with the equity method.
BPD often has partnerships for the development of integrated
residential areas. In the majority of cases, each participating
member of the partnership has a decisive vote, and decisions
can only be passed by consensus. The majority of these
partnerships therefore qualify as'joint arrangements'.
Each partnership has its own legal structure depending
on the needs and requirements of the parties concerned.
The legal form (business structure) typically used is the Dutch
'CV-BV'structure (a limited partnership-private limited liability
company) or the'VOF'structure (general partnership) or a
comparable structure. In the case of a CV-BV, the risk of a
partner is generally limited to the issued capital and partners
are only entitled to the net assets of the entity. In the case of
general partnerships ('VOF'), each party bears, in principle,
unlimited liability and has, in principle, a proportional right
to the assets and obligations for the liabilities of the entity.
On the basis of the legal form, a CV-BV structure qualifies as
a 'joint venture', whereas a VOF structure qualifies as a 'joint
operation'. It is important to note that the contractual terms and
other relevant facts and circumstances may result in a different
classification.
As a separate legal structure is established for each project,
projects have different participating partners and individual
projects are not of a substantial size, BPD did not have material
joint arrangements in 2016 and 2017.
2017
2016
Result from joint ventures
2017
2016
203
175
Profit or loss from continuing operations
22
9
203
175
Net profit
22
9
11
(4)
Other comprehensive income
214
171
Total comprehensive income
22
9
Contingent liabilities to joint ventures
Rabo Real Estate Group entered into commitments on
31 December 2017 with regard to real estate projects,
commitments with third parties (including subcontractors
and architects) for an amount of 23 (2016: 27).
Rabobank Annual Report 2017 - Consolidated financial statements
219
