38 Income from investments in associates
and joint ventures
39 Gains/ (losses) on financial assets
and liabilities at fair value through
profit or loss
-
40 Other income
41 Staff costs
Contents
Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
in millions of euros
2017
2016
Raboban k share of profit of associates and joint ventures
246
44
Result on disposal of investments in associates and joint
ventures
(1)
62
Income from investments in associates and joint
ventures
245
106
in millions of euros
2017
2016
Gains/ (losses) on financial assets and liabilities
held for trading and from derivatives held or
issued for trading
127
288
Gains/ (losses) on other financial assets
designated at fair value through profit or loss
13
19
Gains/ (losses) on other financial liabilities
designated at fair value and derivatives used
to hedge the interest rate risk of those financial
liabilities
(35)
240
Impairments
(21)
Total gains/ (losses) on financial assets and
liabilities at fair value through profit or loss
84
547
Gains/(losses) on other financial liabilities designated at fair
value and derivatives used to hedge the interest rate risk of
those financial liabilities mainly relates to fair value changes
of the structured notes portfolio attributable to changes in
i) market interest rates and ii) day-one gains that are directly
recognised in profit or loss for an amount of 34 (2016: 263).
The results related to fair value changes of the structured notes
due to changes in market interest rates are largely offset by the
fair value changes of the derivatives used to hedge this interest
rate risk.
in millions of euros
2017
2016
Gains/ (losses) on interest rate instruments
(538)
166
Gains/ (losses) on equity instruments
43
28
Gains/ (losses) on foreign currency
684
359
Other
(105)
(6)
Gains/ (losses) on financial assets and
liabilities at fair value through profit or loss
84
547
The net foreign exchange gains/(losses) included in line item
Gains/(losses) on foreign currency amount to 248 (2016: 329).
in millions of euros 2017 2016
Result on sale of group companies 3 242
Other 231 421
Other income 234 663
Other consists of several income items and an impairment on
non-current assets held for sale as disclosed in section 18.
in millions of euros
2017
2016
Wages and salaries
2,814
3,101
Social security contributions and insurance costs
320
355
Pension costs - defined contribution plans
570
489
Pension costs - defined benefit pension plans
2
3
Addition/ (release) of other post-employment
provisions
3
(76)
Other staff costs
763
808
Staff costs
4,472
4,680
Expressed in FTEs, the number of internal and external
employees in Rabobank was 43,810 (2016:45,567).
In 2011, following the implementation of CRD III and the
regulations governing restrained remuneration policy,
Rabobank Group adopted an amended remuneration policy:
the Group Remuneration Policy.This policy is updated on a
regular basis and includes the provisions under the Dutch Act
on Remuneration Policies for Financial Companies. Insofar
as employees in the Netherlands are still eligible for variable
remuneration, it never amounts to more than an average
of 20% of the fixed income. Outside the Netherlands, any
variable remuneration never amounts to more than 100% of
the fixed income. Insofar as identified staff (employees who
can have a material influence on the risk profile of Rabobank
Group) are eligible for variable remuneration, it is awarded for
such a period that the risks associated with the underlying
business activities are adequately taken into account. Payment
of a significant portion of variable remuneration is therefore
deferred. The immediate portion of variable remuneration is
unconditional, whereas the deferred portion is conditional.
1 Prior-year figures adjusted due to changes in presentation
(see note 2.1).
Rabobank Annual Report 2017 - Consolidated financial statements
232
