20. Equity
About this
Report
Chairman's
Foreword
Corporate
Management Report Appendices Governance
Consolidated Financial Company Financial
Statements Statements
Subordinated Liabilities
Notional
(Amounts
in millions)
Currency
Coupon
Year of
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
Amounts in millions of euros
2018
2017
This item can be broken down as follows:
Rabobank Certificates
7,445
7,440
Capital Securities
6,657
5,925
Revaluation reserves
199
386
Legal reserves
(252)
(359)
Other reserves
24,373
22,733
Profit for the year
2,944
2,616
Total equity
41,366
38,741
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. As from 2014, the Rabobank Certificates have
been listed on Euronext Amsterdam.
The total number of certificates is 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 2018 was EUR 1.625 (2017:
EUR 1.625). The Managing Board is entitled to decide 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
Amounts in millions of euros 2018 2017
Changes during the year:
Opening balance 7,440 5,948
Issue of Rabobank Certificates - 1,500
Changes Rabobank Certificates during the year 5 (8)
Closing balance 7,445 7,440
Capital Securities
Issue of EUR 1,000 Million
The coupon is 4.625% per year and is made payable every six
months in arrears as of the issue date (September 11,2018), for
the first time on December 29,2018. The Capital Securities are
perpetual and first redeemable on December 29,2025. As of
December 29,2025, 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
4.098%. The coupon is fully discretionary.
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 (April 26,2016), for the first
time on June 29, 2016. The Capital Securities are perpetual and
first redeemable on June 29, 2021As of June 29, 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.
Issue of EUR 1,500 Million
The coupon is 5.5% per year and is made payable every six
months in arrears as of the issue date (January 22, 2015), for the
first time on June 29, 2015. The Capital Securities are perpetual
and first redeemable on June 29, 2020. As of July, 29 2020, and
subject to Capital Securities not being redeemed early, the
distribution is set for a further five-year period, but without a step-
Annual Report 2018 - Company Financial Statements
229
