17 Other assets
78 Non-current assets held for sale
-
-
-
7 9 Deposits from banks
20 Deposits from customers
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
in millions of euros
Note
2017
2016
Receivables and prepayments
2,370
1,833
Accrued interest
1,211
1,351
Precious metals, goods and
warehouse receipts
833
1,172
Real estate projects
2,273
1,963
Accrued income
430
672
Employee benefits
25
6
7
Other assets
838
880
Total other assets
7,961
7,878
Real estate projects
in millions of euros
2017
2016
Building sites and equalisation funds
1,154
1,104
Work in progress
1,090
816
Finished goods
29
43
Total real estate projects
2,273
1,963
In 2017, the net realisable value of all current land operations,
sites not subject to a zoning plan and equalisation funds was
calculated and compared with the carrying amount.This
resulted in a release of provisions of 15 (2016: addition of 7).
The non-current assets held for sale amount to 992 (2016:281)
and comprise of entities in the segment Leasing for an amount
of 690, various types of real estate in the segments Domestic
retail banking and Real estate for an amount of 169 and a stake
in a financial service provider in Africa for an amount of 108
that will be transferred to Arise B.V. after government approval.
The book values are expected to be realised through sale rather
than through continued operation.
The carrying value of the entities in the segment Leasing is
higher than the fair value less cost to sell and an impairment of
40 was recognised within Other net income. On 31 December
2017 Rabobank had the intent to sell, however recent
information on March 5th 2018 indicated that the sale was no
longer probable.
The real estate classified as held for sale are mostly unique
objects.There is often no active market for similar real estate at
the same location and in the same condition. A large number
of parameters are used for the valuations of the various types
of property investments, where possible based on existing
contracts and market data. A certain level of assessment and
estimation is unavoidable. It is for this reason that all non-
current assets classified as'held for sale'are classified in level 3.
in millions of euros
Balance on
1 January
2017
Additions/
release
Withdrawals/
other
changes
Balance on
31 December
2017
Movements in provisions for real estate projects
Building sites and
equalisation funds
593
(15)
(42)
536
Work in progress
133
(17)
(21)
95
Completed
developments
8
8
Total
734
(32)
(63)
639
in millions of euros
Balance on
1 January
2016
Additions/
release
Withdrawals/
other
changes
Balance on
31 December
2016
Movements in provisions for real estate projects
Building sites and
equalisation funds
633
7
(47)
593
Work in progress
153
(9)
(11)
133
Completed
developments
4
4
8
Total
790
2
(58)
734
Work in progress
in millions of euros 2017 2016
Residential property in preparation and under construction 1,069 660
Commercial property in development and under construction 107 85
Instalments invoiced in advance - residential property (55) (255)
Instalments invoiced in advance - commercial property (3) 68
Total work in progress 1,118 558
in millions of euros
2017
2016
Demand deposits
1,139
905
Fixed-term deposits
17,384
20,619
Repurchase agreements
396
418
Miscellaneous liabilities to other banks
3
64
Total deposits from banks
18,922
22,006
in millions of euros
2017
2016
Current accounts
77,914
76,757
Deposits with agreed maturity
74,536
82,909
Deposits redeemable at notice
178,162
175,943
Repurchase agreements
108
212
Fiduciary deposits
9,961
11,857
Other deposits from customers
1
34
Total deposits from customers
340,682
347,712
Short-term deposits from central banks amounting to
EUR 23 billion (2016: EUR 23 billion) are included in Deposits
with agreed maturity.
Rabobank Annual Report 2017 - Consolidated financial statements
222
