-
-
43. Other Administrative Expenses 44. Depreciation and Amortization
About this
Report
Chairman's
Foreword
Corporate
Management Report Appendices Governance
Consolidated Financial Company Financial
Statements Statements
only aftervesting (aftera period of three orfive years). 50%ofthe
direct and the deferred portion of the variable remuneration is
allocated in the form of an instrument (instrument component)
i.e. the Deferred Remuneration Note (DRN). The value of a DRN is
linked directly to the price of a Rabobank Certificate (RC) as listed
on the NYSE Euronext. The instrument component is converted
into DRNs at the time of allocation on completion of the
performance year. The number of DRNs is determined on the
basis of the closing rates for Rabobank Certificates, as traded on
the NYSE Euronext during the first five trading days of February
of each year. This therefore represents both the instrument
component of the direct and the deferred portion of the variable
remuneration. The final number of DRNs relating to the deferred
portion is established on vesting (after a period of three or five
years). The payment of the instrument component is subject to a
one year retention period. After the end of the retention period,
the employee receives, for each DRN (or a portion thereof) an
amount in cash that corresponds with the value of the DRN at
that moment.
Payment ofthe variable remuneration is measured in accordance
with IAS 19 Employee benefits. The immediate portion ofthe
variable remuneration is recognized in the performance year,
whereas the deferred portion is recognised in the years before
vesting.
On 31 December 2018
Year of payment
Amounts in millions of euros
2019
2020
2021
2022
2023
2024
2025
Total
Variable remuneration, excluding DRNs
181.0
13.4
3.5
1.7
0.1
0.1
199.8
DRNs
10.2
15.8
10.6
3.2
1.7
0.1
0.1
41.8
Total
191.2
29.2
14.2
4.9
1.8
0.2
0.1
241.6
On 31 December 2017
Year of payment
Amounts in millions of euros
2018
2019
2020
2021
2022
Total
Variable remuneration, excluding DRNs
175.6
10.1
12.2
1.9
199.9
DRNs
11.6
12
9.7
10.6
1.8
45.8
Total
187.2
22.2
21.9
12.5
1.8
245.7
Amounts in millions of euros
2018
2017
Amounts in millions of euros
2018
2017
Additions and releases of provisions
262
721
Depreciation of property and equipment
244
238
IT expenses and software costs
809
751
Amortization of intangible assets
144
168
Consultants fees
420
395
Depreciation and amortization
388
406
Training and travelling expenses
206
190
Publicity expenses
151
152
Result on derecognition and impairments on (in)tangible
assets
66
119
Other expenses
866
848
Other administrative expenses
2,780
3,176
The same system also applies, in broad terms, to non-identified
staff, although no deferral policy applies to the first one hundred
thousand euros and both the immediate and the deferred portion
are paid fully in cash, which means that no DRNs are awarded.
On December 31, 2018, the costs of equity instrument-based
payments were EUR 14 million (2017: EUR 14 million) and a
liability of EUR 34 million was recognized (2017: EUR 35 million)
of which EUR 16 million (2017: EUR 12 million) was vested. The
costs of variable remuneration paid in cash were EUR 180 million
(2017: EUR 177 million). The number of DRNs outstanding is
presented in the following table.
in thousands
2018
2017
Opening balance
1,412
1,370
Awarded during the year
455
415
Paid during the year
(348)
(353)
Changes from previous year
(35)
(20)
Closing balance
1,484
1,412
The value of a DRN is linked directly to the price of a Rabobank
Certificate. The estimated payments to be made for the variable
remuneration are shown in the following table.
Annual Report 2018 - Consolidated Financial Statements
205
