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Annual Report 2016

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Annual Report 2016 Annual Report 2016 Rabobank Annual Report 2016 Management report Overview of the strategy, developments and financial results and corporate social responsibility and sustainability of Rabobank Group 4 Management report Corporate governance Retrospective on 2016 by the Supervisory Board. Explanation of the new governance structure of Rabobank. 148 Corporate governance Consolidated Pillar 3 report Financial Statements An overview of the 2016 Rabobank risk management and the capital adequacy The balance sheet and the of Rabobank. profit and loss statement for 250 the entire Rabobank Group, Pillar 3 report with notes. Company Financial Statements Consolidated Financial Statements 2016 Rabobank The balance sheet and the profit and loss statement of Rabobank, with notes. 294 Company Financial Statements 164 Glossary of terms 393 Colophon 397 1 27 March 2017 - 11:15 27 March Contents Foreword Management report Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 Chairman’s foreword Rabobank’s transition got off to a good start in 2016. We are a leading customer-oriented cooperative bank in the Netherlands and in food & agri worldwide. We are committed to making a substantial contribution towards achieving wealth and prosperity in the Netherlands and to resolving the food issue worldwide. I am proud that, thanks to the enormous efforts of our professionals, all businesses have generated improved results, both in the Netherlands and abroad, and that surveys among our 8.7 million customers show that customer satisfaction has risen. Based on the developments in 2016, we look to the future with confidence. Satisfied customers New cooperative structure Our strategic direction for 2020 rests on three pillars: excellent On 1 January 2016, our new cooperative structure came into customer service, improving our financial results, and a more effect, making us more customer-oriented and more effective. flexible and stronger balance sheet. In 2016, we achieved In the new governance model, the local Rabobanks have what we set out to do in all three areas. Customer satisfaction a maximum focus on serving our customers in the Netherlands. rose thanks to the efforts of our employees, investments in Where possible, we perform support functions centrally. digitalisation, organisational changes, and improvements in our We put intensive effort into this transition in 2016. service and product offering. In the Netherlands, our market shares rose or maintained their strong position, and outside Good results, strong bank the Netherlands, we further expanded our leadership in food 2016 was a year of contrast for Rabobank in financial terms. & agri. In 2016 we took several new initiatives to improve our Thanks to a good operational result, our net profit amounted customer service and to innovate. A good example of this is to EUR 2,024 million. As the economy picked up, we saw the fact that we now give our customers the opportunity to a sharp reduction in loan impairment charges. We also obtain a mortgage offer in one week. Since 1 July 2016, we have succeeded in bringing down costs. The result came under offered interest rate averaging to our mortgage customers. substantial downward pressure from non-recurring items such Commercial customers whose funding needs are less than as restructuring costs, an extra provision for compensating EUR 1 million have benefited from our service that offers clarity commercial customers with an interest rate derivatives contract, on their funding request within one day. In sectors experiencing and an impairment on the stake in Achmea. The underlying structural problems, such as glass horticulture, pig farming and operating profit before tax was EUR 4,090 million, 14% higher the dairy industry, Rabobank is taking the lead in the search than in 2015. for solutions. We are taking responsibility, in partnership with the sector. A strong capital base is one of the main pillars of Rabobank’s strategy. Our objective is to achieve a common equity tier 1 For our Wholesale clients, we were able to play a leading role in ratio of at least 14% in 2020 and a total capital ratio of at least many major food & agri and other transactions in the Netherlands 25%. In 2016, we once again reinforced our strong capital and worldwide. We were recently named the Best Commodity position, partly through the sale of Athlon. The recent issue Bank by Global Finance Magazine. 2016 was also a successful of new Rabobank Certificates with a nominal amount of year for the international Rural business, with high customer EUR 1.5 billion also impacts the fully loaded common equity satisfaction scores and growth in the loan portfolio. One of the tier 1 ratio, thereby accelerating the realisation of our target highlights was the Farm to Fork event on innovation in food & of at least 14% in anticipation of a possible increase in capital agri. The event was a showcase for how the bank brings clients requirements. together and shares knowledge. 2 Rabobank Annual Report 2016 Contents Foreword Management report Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 In 2016, we took steps to reduce the balance sheet, including Outlook the sale of mortgage portfolios to investors and a more intense In 2017, Rabobank will continue to invest in customer service focus on core activities. We intend to take more of the loan provision. We will give priority to our digital activities and portfolio off-balance and will continue to reduce the balance innovation, in combination with our identity as a bank firmly sheet in 2017. anchored in local communities and always nearby. Outside the Netherlands, we are capitalising on the growth potential Employees in Rural Banking, and through our focus on food & agri, are We are extremely grateful to our employees for their efforts reinforcing our leading position in the food & agri chain for in what was a very intensive year. The bank’s transition our Wholesale clients. We are operating in an environment is proceeding at good speed and will continue in 2017. of modest economic growth, but also at a time of economic This requires a huge effort from our employees. Our internal and political uncertainty around the world. In Europe, the research shows that there is broad support for the strategic consequences of Brexit and the outcome of elections in direction of Rabobank and a high level of loyalty to the mission, the Netherlands, Germany and France will be influential factors. but also that people feel under pressure from the pace of change. Many colleagues have seen their traditional workplace Overall, the positive developments Rabobank experienced in disappear as we have digitalised our service provision and 2016 give us confidence for 2017. We are very grateful to our implemented much-needed improvements, particularly in the customers and our staff for their strong commitment to the back-office and support functions. We are introducing a number cooperative Rabobank in the year 2016 and beyond. We live of measures designed to maintain motivation and promote in a world of great uncertainties, both for individual citizens passion. These include a new performance management system and for society as a whole. Against this backdrop, we believe that focuses on personal leadership and enhancing expertise in there is an enduring need for a rock-solid cooperative bank one’s field, and a programme to promote mental and physical that can help its retail and commercial customers realise their fitness. Diversity also has our attention: women now occupy wishes and ambitions, both in the Netherlands and in food & 25.8% of the senior roles at Rabobank. agri worldwide. Social impact Rabobank commits itself to achieving progress in society and in the Sustainable Development Goals defined by the United Nations, through its Banking for Food and Banking for the Netherlands. We have received many accolades for our efforts on sustainability. In the Dutch Transparency Benchmark, we earned joint first place in the financial institutions category and came in 11th on the ranking of more than 200 large Dutch organisations. RobecoSAM puts Rabobank at number 7 in its worldwide ranking of over 100 international banks. Sustainalytics analysed 396 banks worldwide, ranking Rabobank number 1 for its positive impact on the environment. Our joint venture with FMO and Norfund underlines our deep commitment to sustainable growth and development in Africa and its local financial sector. Together we invest in African banks to stimulate growth. Also worthy of mention, is our first green bond, issued in 2016 with a total value of EUR 500 million. We will invest the returns in sustainable energy projects, such as wind farms and solar panels. Beyond that, in 2016, Rabobank once again contributed to numerous social and charitable initiatives, by making our staff available or by sharing our knowledge, network and financial resources. Our cooperative dividend, which is invested in projects determined by the Member Councils of the local Rabobanks, amounted to EUR 49 million. This money directly benefits the local communities in which Rabobank operates. 3 Chairman’s foreword Management report Contents Foreword Management report Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 Contents Welcome to Rabobank’s Annual Report 6 Reading guide Key figures 10 The Annual Report consists of the management report and the About Rabobank 12 ‘Corporate governance’ section.’ The Report of the Supervisory Our output and impact 18 Board does not form part of the statutory Annual Report. Improving performance 19 Strengthening capital ratios 50 The publications on the Rabobank website which are referred A more flexible balance sheet 54 to in this Annual Report are not part of the Annual Report, with Balancing risks and returns 56 the exception of the provisions of the Dutch Banking Code. Restoring trust 61 Increasing transparency 66 This report has been prepared in accordance with the G4 Digitalising services 69 Guidelines of the Global Reporting Initiative in accordance with Engaging with stakeholders 73 the comprehensive option.
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