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33 Other non-controlling interests
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Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
Capital securities issued by subsidiaries
Issue ofNZD 280 million
Rabo Capital Securities Limited has issued capital securities, the
coupon of which equals the five-year swap interest rate plus an
annual 3.75% mark-up and was set at 8.7864% per annum on
25 May 2009. As of the issue date (27 May 2009), the coupon
is made payable every quarter in arrears, for the first time on
18 June 2009 (short first interest period). As of 18 June 2014,
the coupon will be made payable every quarter based on the
five-year swap interest plus an annual 3.75% mark-up. As of
18 June 2019, the coupon will be made payable every quarter
based on the 90-day bank bill swap interest rate plus an annual
3.75% mark-up. The coupon is payable at the issuer's discretion.
In case Rabobank does not use its discretionary power to not
pay distributions on the Rabobank Certificates, payment on this
instrument will also apply.
Trust Preferred Securities IV
In 2004, non-cumulativeTrust Preferred Securities were issued
of which theTrust Preferred Security IV is outstanding.
Rabobank Capital Funding Trust IV, Delaware, a group
company of Rabobank, issued 350,000 non-cumulative
Trust Preferred Securities. The coupon is 5.556% up to and
including 31 December 2019.Thereafter, the coupon is equal
to the six-month GBP Libor rate plus 1.4600%.The coupon is
payable at the issuer's discretion.
The total proceeds from this issue amounted to GBP 350 million.
As of 31 December 2019, theseTrust Preferred Securities can
be repurchased on each distribution date (which is once every
half-year).
Trust Preferred Securities
in millions of euros
2017
2016
Changes during the year:
Opening balance
409
1,131
Redemption
(716)
Exchange rate differences and other
(15)
(6)
Closing balance
394
409
This item relates to shares held by non-controlling interests in
Rabobank subsidiaries.
in millions of euros
2017
2016
Opening balance
525
492
Net profit
58
64
Exchange rate differences
(31)
20
Entities included in consolidation/
deconsolidated
7
(1)
Dividends
(81)
(50)
Other
(3)
Closing balance
475
525
The Rabobank subsidiaries with the largest non-controlling interests
are De Lage Landen Participacoes Limitada and AGCO Finance SNC.
Both entities are accounted for in the segment Leasing.
De Lage Landen Participacoes Limitada is based in Porto Alegre,
Brazil, and Rabobank has a capital and voting right interest of
72.88%. The non-controlling interests with regard to this entity
amount to 67 (2016: 79).The following financial data apply:
De Lage Landen Participacoes Limitada
2017
2016
Revenues
78
70
Net profit
23
26
Other comprehensive income
Total comprehensive income
23
26
Profit attributable to non-controlling interests
9
9
Dividends paid to non-controlling interests
10
20
Financial assets
1,203
1,322
Other assets
112
118
Financial liabilities
1,025
1,095
Other liabilities
47
38
AGCO Finance SNC is located in Beauvais, France, and Rabobank
has a capital and voting right interest of 51.0%. The non-
controlling interests with regard to this entity amount to 97
(2016:89).The following financial data apply:
AGCO Finance SNC 20/7 2016
Revenues 39 41
Net profit 18 20
Other comprehensive income
Total comprehensive income 18 20
Profit attributable to non-controlling interests 9 10
Dividends paid to non-controlling interests 10 9
Financial assets 1,412 1,333
Other assets 54 51
Financial liabilities 1,237 1,182
Other liabilities 29 18
Rabobank Annual Report 2017 - Consolidated financial statements
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