31 Rabobank Certificates
32 Capital Securities
and Trust Preferred Securities III to IV
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
Changes in the reserves were as follows:
in millions of euros 2017 2016
Foreign currency translation reserves
Opening balance 203 (76)
Exchange rate differences emerging during the year (1,042) 393
Changes at associates and joint ventures (11) (19)
Transferred to profit or loss (88) (165)
Transferred to Revaluation reserve - Assets held for sale - 70
Closing balance (938) 203
Revaluation reserves- Available-for-salefinancial assets
Opening balance 571 512
Foreign exchange differences 12 (4)
Changes at associates and joint ventures 22 39
Fair value changes (67) 76
Amortisation of reclassified assets 6 2
Transferred to profit or loss (75) (41)
Transferred to Revaluation reserve - Assets held for sale - (4)
Other (5) (9)
Closing balance 464 571
Revaluation reserve - Cash flow hedges
Opening balance (70) (39)
Fair value changes (594) (87)
Transferred to profit or loss 622 56
Closing balance (42) (70)
Revaluation reserve - Assets held for sale
Opening balance (70)
Transfers fom revaluation reserves - (68)
Disposal of assets 35
Changes at associates and joint ventures - (2)
Closing balance (35) (70)
Remeasurement reserve - Pensions
Opening balance (219) (175)
Changes at associates and joint ventures (6) 7
Remeasurements defined benefit plans - (53)
Transferred to Revaluation reserve - Assets held for sale - 2
Closing balance (225) (219)
Revaluation reserve - Fair value changes due to own credit risk
on financial liabilities designated at fair value
Opening balance (303)
Adjustment opening balance - 62
Fair value changes (318) (365)
Realisation at derecognition (4)
Closing balance (625) (303)
Retained earnings
Opening balance 25,709 25,399
Adjustment opening balance2 - (62)
Net profit 2,616 1,960
Payments on equity instruments (1,113) (1,278)
Redemption of Capital Securities (439) (316)
Issue of Rabobank Certificates (including costs) 108
Other (104) 6
Closing balance 26,777 25,709
Total reserves and retained earnings 25,376 25,821
Rabobank Certificates represent participation rights issued by
Rabobank via the foundation Stichting Administratie Kantoor
Rabobank Certificaten and belong to the Common Equity Tier 1
capital of Rabobank.The Rabobank Certificates have been listed
on Euronext Amsterdam since 27 January 2014.
The total number of certificates was 297,961,365 with a
nominal value of EUR 25 each. The actual payment policy of
Rabobank pursuant to the Participation Rules in respect of
the participation issued by Rabobank (and via AK Foundation
in respect of the Rabobank Certificates) can be found on the
Rabobank website.
The distribution paid per certificate in 2017 was EUR 1.625
(2016: EUR 1.625). The Managing Board is entitled not to pay the
distribution. Unpaid distributions will not be paid at a later date.
The amounts listed in the table below are based on the nominal
value of EUR 25 per Rabobank Certificate. Cash flows arising
from changes during the year in the Rabobank Certificates are
included in the consolidated statement of cash flows.
In January 2017 Rabobank issued Rabobank Certificates for
a nominal amount of EUR 1.5 billion. Rabobank issued 60
million new Rabobank Certificates; each of these newly issued
Certificate was priced at 108% of the nominal value of EUR 25.
Rabobank Certificates
in millions of euros 2017 2016
Changes during the year:
Opening balance 5,948 5,949
Issue of Rabobank Certificates 1,500
Change in Rabobank Certificates during the year (8) (1)
Closing balance 7,440 5,948
Capital Securities and Trust Preferred Securities III and IV can be
broken down as follows:
in millions of euros
2017
2016
Capital Securities issued by Rabobank
5,759
7,636
Capital securities issued by subsidiaries
166
185
Trust Preferred Securities III to IV
394
409
Total Capital Securities and Trust Preferred
Securities III to IV
6,319
8,230
Rabobank Annual Report 2017 - Consolidated financial statements
228
