34. Other Non-controlling Interests
About this
Report
Chairman's
Foreword
Corporate
Management Report Appendices Governance
Consolidated Financial Company Financial
Statements Statements
be made payable every quarter based on the five-year swap
interest plus an annual 3.75% mark-up. As of June 18,2019, 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.
33.4 Trust Preferred Securities IV
In 2004, non-cumulative Trust Preferred Securities were issued of
which the Trust 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
December 31,2019. 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 December 31, 2019, these Trust Preferred Securities can be
repurchased on each distribution date (which is once every
halfyear).
Amounts in millions of euros 2018 2017
Opening balance 394 409
Exchange rate differences and other (5) (15)
Closing balance 389 394
This item relates to shares held by non-controlling interests in
Rabobank subsidiaries.
Amounts in millions of euros
2018
2017
Opening balance
475
525
Net profit
60
58
Exchange rate differences
(3)
(31)
Entities included in consolidation/deconsolidated
9
7
Dividends
(58)
(81)
Other
(2)
(3)
Closing balance
481
475
The Rabobank subsidiaries with the largest non-controlling
interests are Cargobull Finance Flolding and AGCO Finance SNC.
Both entities are accounted for in the segment Leasing.
Cargobull Flolding B.V. is based in Eindhoven, Netherlands, and
Rabobank has a capital and voting right interest of 51%.The non-
controlling interests with regard to this entity amount to
EUR 60 million (2017: EUR 75 million). The following financial data
applies:
Cargobull Holding B.V.
Amounts in millions of euros 2018 2017
Revenues 57 55
Net profit 13 13
Other comprehensive income
Total comprehensive income 13 13
Profit attributable to non-controlling interests 7 7
Dividends paid to non-controlling interests 22
Financial assets 693 686
Other assets 152 168
Financial liabilities 697 670
Other liabilities 25 31
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
EUR 106 million (2017: EUR 97 million). The following financial
data applies:
AGCO Finance SNC
Amounts in millions of euros 2018 2017
Revenues 36 39
Net profit 16 18
Other comprehensive income
Total comprehensive income 16 18
Profit attributable to non-controlling interests 8 9
Dividends paid to non-controlling interests 3 10
Financial assets 1,536 1,412
Other assets 55 54
Financial liabilities 1,348 1,237
Other liabilities 34 29
Annual Report2018-Consolidated Financial Statements
202
