20 Equity
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
In the following table details of the issues of subordinated
liabilities are shown:
Premium
Subordinated liabilities
Notional
Year of
(in millions)
Currency
Coupon
issuance
Year of maturity
500
USD
4.00%
2017
2029, early
repayment
possible 2024
1,500
USD
3.75%
2016
2026
225
AUD
5.00%
2015
2025, early
repayment
possible 2020
475
AUD
Variable
2015
2025, early
repayment
possible 2020
1,500
USD
4.375%
2015
2025
1,250
USD
5.25%
2015
2045
1,000
GBP
4.625%
2014
2029
2,000
EUR
2.50%
2014
2026, early
repayment
possible in
2021
50,800
JPY
1.429%
2014
2024
1,000
EUR
3.875%
2013
2023
1,750
USD
4.625%
2013
2023
1,250
USD
5.75%
2013
2043
1,000
EUR
4.125%
2012
2022
500
GBP
5.25%
2012
2027
1,500
USD
3.95%
2012
2022
1,000
EUR
3.75%
2010
2020
1,000
EUR
5.875%
2009
2019
10
EUR
4.21%
2005
2025
10
EUR
5.32%
2004
2024
In millions of euros
2017
2016
This item can be broken down as follows:
Rabobank Certificates
7,440
5,948
Capital Securities
5,925
7,821
Revaluation reserves
386
431
Legal reserves
(359)
752
Other reserves
22,733
22,678
Profit for the year
2,616
1,960
Total equity
38,741
39,590
Premium
In millions of euros
Changes during the year:
Opening balance
Changes due to legal merger
Closing balance
2017
2016
5,402
(5,402)
Rabobank Certificates
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
Changes Rabobank Certificates during the year (8) (1)
Closing balance 7,440 5,948
Capital
As of 1 January 2016, as a consequence of the legal merger
between Rabobank and the local Rabobanks, the shares that
were issued to local Rabobanks became void.
Capital
In millions of euros 2017 2016
Changes during the year:
Opening balance - 600
Changes due to legal merger - (600)
Closing balance
Capital Securities
Issue of EUR 1,250 million
The coupon is 6.625% per year and is made payable every six
months in arrears as of the issue date (26 April 2016), forthe
first time on 29 June 2016.The Capital Securities are perpetual
and first redeemable on 29 June 2021As of 29 June 2021,
and subject to Capital Securities not being redeemed early,
the distribution is set for a further five-year period, but without
a step-up, based on the 5-year euro swap rate 6.697%.
The coupon is fully discretionary.
Rabobank Annual Report 2017 - Company financial statements
256
