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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Robeco | LSE:RBE | London | Ordinary Share | NL0000289783 | ORD EUR1 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Rotterdam, 6 April 2006 ROBECO N.V. ANNUAL REPORT 2005 % ROBECO CONTENTS General information 2 Report of the supervisory board 5 Report of the management board 7 Financial statements 13 Balance sheet 13 Profit and loss account 14 Cash-flow summary 15 Notes 16 Other data 25 Spread of net assets 28 List of securities 30 Purchases and sales 36 GENERAL INFORMATION ROBECO N.V. 1) (investment company with a variable capital, having its registered office in Rotterdam, the Netherlands) Coolsingel 120 Postbus 973 NL-3000 AZ Rotterdam Tel.:+31 - 10 - 224 1 224 Fax +31 - 10 - 411 52 88 Internet: www.robeco.com Supervisory Board Paulus C. van den Hoek, chairman Gilles Izeboud Johan Kremers (until 21 April 2005) Philip Lambert (as of 21 April 2005) Dirk P.M. Verbeek The Management Board Mark R. Glazener, chairman Volker Wytzes Fund Manager Mark R. Glazener International Advisory Board Martin S. Feldstein Toyoo Gyohten Paul J. Keating Karl O. Pöhl H.Onno C.R. Ruding Secretary of the Company David H. Cross Management Board of Robeco Groep N.V. (the holding company of the Robeco Group) George A. Möller (chairman) Stefan T. Bichsel (until 31 December 2005) Leni M.T. Boeren Sander van Eijkern Hans H. van der Koogh (until 8 February 2005) Constant T.L. Korthout Niek F. Molenaar GENERAL MEETING OF SHAREHOLDERS The General Meeting of Shareholders will be held on 27 April 2006 at 09:30 hours at the Hilton Rotterdam, Weena 10, Rotterdam, the Netherlands. Holders of share certificates to bearer wishing to attend and vote at the meeting should apply for a written statement from the Euroclear Netherlands-affiliated institution where their shares are held, which will give admission to the meeting. The institutions affiliated with Euroclear Netherlands should submit a copy of this statement to ABN AMRO Bank N.V. stating the number of shares held for the shareholder concerned prior to the meeting, and which will be frozen until after the meeting. This statement should be submitted not later than 20 April 2006. Holders of K shares should lodge their share certificates not later than 20 April 2006 with one of the banks mentioned in the convening notice of 6 April 2006. Holders of subshares or an account with Robeco Group Accounts System in Rotterdam, Banque Robeco S.A. in Paris or Robeco Bank Belgium in Brussels wishing to attend the meeting should inform the management board in writing not later than 20 April 2006. This report is also published in Dutch, French, German, Italian and Spanish. Only the original Dutch edition is binding and will be submitted to the General Meeting of Shareholders. SIMPLIFIED AND FULL PROSPECTUS A simplified prospectus with information on Robeco N.V. and its associated costs and risks is available. This simplified prospectus and the full prospectus are available at the company's office and via www.robeco.com Supervisory Board Paulus C. van den Hoek, chairman (67) Dutch nationality. Appointed in 1990 and last reappointed in 2005. Lawyer and partner at Stibbe, lawyers and notaries, in Amsterdam, the Netherlands, since 1965. Former Dean of the Dutch National Bar (81/84). Supervisory director of ASM International, Bührmann, Euronext Amsterdam, Robeco Groep N.V., Rolinco and Rorento. Gilles Izeboud (63) Dutch nationality. Appointed in 2004. Former partner at PricewaterhouseCoopers. Deputy justice of the Enterprise Section of the Amsterdam Court of Appeal. Supervisory director of Bührmann, Endex, Robeco Groep N.V., Rolinco and Rorento. Philip Lambert (59) Dutch nationality. Appointed in 2005. Head of Unilever Corporate Pensions in London. Chairman of the investment committeeof the Algemeen Burgelijk Pensioenfonds [ABP, the largest Dutch pension fund] and member of the investment committee of ABN AMRO Pensioenfonds. Supervisordirector of Robeco Groep N.V., Rolinco and Rorento. Dirk P.M. Verbeek (55) Dutch nationality. Appointed in 2001 and reappointed in 2003. Member of the executive board of Aon Group in Chicago, USA, and chairman/CEO of the executive board of Aon Holdings in Rotterdam, the Netherlands. Supervisory director of Robeco Groep N.V., Rolinco and Rorento. N.B. Only supervisory directorships at listed companies and the Robeco Group are mentioned. REPORT OF THE SUPERVISORY BOARD We herewith present the Robeco N.V. accounts for the financial year 2005 together with the report of the management board. The way in which the supervisory board carries out its supervisory duties is significantly determined by the structure of the Robeco Group. Discussion of the management of Robeco N.V. can take place in the supervisory board of either the company or that of Robeco Groep N.V. As a result of the personal links between the members of the two boards, in practice this presents no difficulties. As of 1 January 2006, Robeco N.V. is being managed by Robeco Fund Management B.V. (previously this was done by Robeco Nederland B.V.). Robeco Fund Management B.V. is a wholly-owned (indirect) subsidiary of Robeco Groep N.V. In line with the recommendations of the Committee for Modernising Collective Investment Schemes (Winter Committee) to appoint the management company as director of the investment company, it will be proposed at the General Meeting of Shareholders to be held on 27 April 2006 to appoint Robeco Fund Management B.V. as director of the company, to replace Mark Glazener and Volker Wytzes. The management board of Robeco Fund Management B.V. consists of Edith Sierman (Chief Investment Officer Fixed Income), Mark van der Kroft (Chief Investment Officer Equities) en Edwin de Weerd (Manager of Robeco Fund Services). Mark Glazener will still be the fund manager of Robeco N.V. The purpose of an investment institution such as Robeco N.V., as laid down in its articles of association, is limited to the investing of its assets in securities in such a way that risks are diversified with the object of allowing its shareholders to participate in the profits. At its meetings the supervisory board therefore primarily devotes its attention to the investment policy, the realized results and the development of the assets invested, on the basis of frequent and detailed reports. Attention is also paid to matters relating to risk management, such as operational and market risks, and compliance, such as investment restrictions and compliance with requirements of the regulator. In connection with what has already been mentioned regarding the structure of the Robeco Group, matters, such as the risks associated with the investment policy, the application of instruments to manage these risks and compliance issues, may also be discussed at the meetings of the supervisory board of Robeco Groep N.V. The general policy of the Robeco Group is determined by the Management Board of Robeco Groep N.V. in consultation with its supervisory board. This means that matters such as product development, acquisitions, risk management and compliance are discussed elaborately at the meetings of the supervisory board of Robeco Groep N.V. An audit and remuneration committee has been appointed from the midst of this board, and intensive discussions were held with the internal audit department and the external auditor concerning matters affecting the whole Robeco Group. Two members of this committee are also supervisory directors of Robeco N.V. Besides the subjects mentioned, no special issues were discussed at the meetings of the supervisory board during the reporting year. In the report of the supervisory board in the 2004 annual report, a reference was made to the report of the Committee for Modernising Collective Investment Schemes which was published on 22 December 2004. The recommendations of this report have not yet been fully laid down in law. We are also waiting for the further recommendations regarding fund governance. As was the case in the 2004 report, this annual report has already taken several of these recommendations in account. Based on the implementation of the revises Investment Institutions Supervision Act as of 1 September 2005, an application will be made to the Netherlands Authority for the Financial Markets for a license as mentioned in that act. The Netherlands Authority for the Financial Markets granted this license to Robeco N.V. on 29 December 2005. As mentioned above, the management board of Robeco N.V. has appointed Robeco Fund Management B.V. as manager as of 1 January 2006. Robeco Fund Management B.V. was also granted a license to act like such by the Netherlands Authority for the Financial Markets on 29 December 2005. We have taken note of the contents of the auditor's report presented by Ernst & Young Accountants and recommend approval of the annual financial statements. We concur with management's proposal to distribute a dividend of EUR 0.48 per share in cash. At the General Meeting of Shareholders on 21 April 2005, Johan Kremers relinquished his position as supervisory director, having reached the statutory retirement age. Mr. Kremers has been a member of the supervisory board since 1997. The board is extremely grateful for his important contribution to the exercise of its advisory and supervisory duties throughout this period. At the same meeting Philip Lambert was appointed as a supervisory director of the company with immediate effect, to fill the vacancy arising from the departure of Constant E.M. Beckers as of 4 July 2004. At the General Meeting of Shareholders Paulus C. van den Hoek was reappointed as a supervisory director of the company with immediate effect. The vacancy as a result of Mr. Kremers' resignation has not yet been filled. According to schedule, Dirk P.M. Verbeek will resign at the General Meeting of Shareholders to be held on 27 April 2006. Mr. Verbeek is available for re-election It is proposed that he be reappointed as a supervisory director of the company with immediate effect. Rotterdam, 16 March 2006 The supervisory board REPORT OF THE MANAGEMENT BOARD GENERAL INTRODUCTION Sentiment was positive. After a strong first half, stock markets continued their advance in the second half of 2005. The global economy grew fast and US consumers did not hesitate to continue spending. In Europe the situation was also upbeat. The worst of the pessimism is now behind us and the economy has been exhibiting healthy signs of recovery. In Japan, after several years, the sun finally rose again. Developments in the second half of 2005 have demonstrated that the recovery is structural and prices have been rising for the first time in years. Then there is China and India: emerging markets which showed gilt-edged growth figures of 8% to 9%. Nor did earnings growth disappoint in the second half of 2005, although investors were hesitant ahead of the publication of new quarterly figures, but these repeatedly met or even surpassed expectations. Thanks to the solid earnings growth, stock markets are still reasonably valued. The P/E ratio is 15 based on an expected earnings growth of 7% for 2006. P/E ratios have not been this low since the end of the 1980s. The sky looks clear, which is why many expect 2006 to be a good year for the stock market. Given all the facts mentioned above, there is reason enough to be positive. Still, some clouds may appear on the horizon. 2006 may become the year in which US consumers stop spending. For years they have been using the excess value of their houses to finance their spending, but now that house prices are flattening out, excess values are decreasing as well. The rise in short-term interest rates will lead to higher financing costs for short-term mortgages, which may affect consumer spending. Decreasing consumer spending in the US will also mean that European and Asian exports to the US will decrease and we will then see whether the economies of these countries are strong enough to keep growing on their own. There is also a risk that earnings growth will slow down. Margins on many corporate activities have never been higher thanks to sales growth, cost reductions and higher productivity. Companies are generating a high free cash flow. The consequence of this is that managers start focusing on growth again and have the means to put their plans into action. Capital expenditure will recover and new staff will be hired. M&A activity will also increase. However, first costs have to be made which may initially put pressure on margins. The US also still needs to solve its deficit problems, which may have positive or negative consequences. Examples of negative consequences include a sharp decline in the value of the dollar against the euro or the establishment of trade barriers by the US government. The stock markets would not appreciate this. Commodities prices have increased in recent years, short-term interest rates have been raised repeatedly and wage costs have risen. Although we have to admit that, as a result of higher productivity, unit-labor costs have hardly increased and that the rising commodities prices, interest rates and wage costs have not affected bond yields so far, this might well happen in the future. Of all the risks described above, a weakening in US consumer spending and disappointing earnings growth are the most realistic scenarios. No one is expecting a huge trade conflict, but because no one is expecting it if it was to occur it may have far-reaching consequences. For the time being we expect 2006 to be a year of solid returns for the stock markets. Continuing healthy growth combined with reasonable earnings growth and low valuations are positive fundamental factors but we should be on the lookout for clouds. Finally, the question that we asked in the second half of 2005 is still valid for 2006: 'What is the alternative? A savings account that offers 2.5% interest? A government bond that offers 3.3% interest? Or a corporate bond that offers 3.7%?' Robeco Fund Management B.V. appointed as manager The management board of Robeco N.V. ('the company') has appointed Robeco Fund Management B.V. as manager as of 1 January 2006. The tasks for which the manager will be responsible include the execution of the investment policy, management of the fund assets as well as the company's financial administration, marketing and distribution. Robeco Fund Management B.V. is part of the Robeco Group and was granted a license by the Netherlands Authority for the Financial Markets to act as manager on 29 December 2005. The updated prospectus of January 2006 is available free of charge at the office of the company, the Manager (Coolsingel 120, Rotterdam, the Netherlands) and via www.robeco.com. At the General Meeting of Shareholders to be held on 27 April 2006 a proposal will be put forward to appoint Robeco Fund Management B.V. as director of the company. INVESTMENT RESULT Investment results (in %) Average over last 5 2005 2004 2003 2002 2001 years Based on: - - market price 28.6 5.0 1.4 -34.8 -17.5 -5.9 - - net asset value 28.3 5.1 5.4 -34.1 -17.7 -5.1 MSCI World Index1) 26.7 6.9 11.3 -31.7 -12.0 -1.9 Dividend in euros2) 0.48 0.40 0.36 0.44 0.40 0.42 Total net assets3) 7.2 6.2 6.5 6.1 8.8 1) Currencies have been converted at rates supplied by World Market Reuters. 2) Proposed for 2005. 3) EUR x billion. During 2005, the share price of Robeco rose from EUR 21.62 to EUR 27.31. Assuming reinvestment of the dividend of EUR 0.40 per share distributed in May 2005, this was an investment result of 28.6%. Based on net asset value, which rose from EUR 21.74 to EUR 27,38 the investment result was 28,3%. The fund's benchmark, the MSCI World Index, rose 26.8% over the same period. The fund outperformed its benchmark. Sound stock selection in the various sectors was the driving force behind this performance. The regional allocation resulting from this stock selection also made a positive contribution. This was due to the expansion of the position in Japan by purchasing futures on the Nikkei 225 and stocks in the financials and capital-goods sectors. The resulting overweight position in Japan became very profitable as of August. From that moment until the end of the year, the Japanese stock exchange rose 35%, as measured by the Nikkei 225 Index. The contribution from the regional allocation was positively affected by the underweight position in North America and the United Kingdom versus continental Europe. The sector allocation made a slightly negative contribution. Telecommunication was the sector with the worst performance over the entire year. The overweight position in this sector, which was offset by an underweight position in utilities, was responsible for a significant part of the negative contribution. No gains or losses were made on currency decisions. Stock selection was positive in all sectors, with the exception of information technology. Health care, financials and energy, in particular, generated excellent results. During the period under review, the active investment policy led to an outperformance of 2.32% (before deduction of the management fee) relative to the benchmark. Of this 2.32%, 2.66% was attributable to the stock-selection policy and -0.32% to the sector-allocation policy. The fund Robeco aims to realize a stable outperformance relative to the benchmark. The fund's performance therefore does not come from a limited number of stocks, but from a broad selection. We would nevertheless like to single out some stocks which realized an above-average performance. Valero Energy had a return of no less than 128%, thanks to excellent refinery margins and the large price difference between heavy and light oil. Valero has a lot of refinery capacity capable of refining heavy oil into light oil products. Resona, a Japanese bank, also rose 128%, due to a sharp improvement of the credit portfolio and the expectation that the interest-rate margin, i.e. the difference between the costs of borrowing and the proceeds of lending money, will rise in Japan. Aetna, a US health-insurance company, rose 51% on the back of a favorable development of health costs and premiums. These stocks have been in the portfolio since the end of 2004. INVESTMENT POLICY General Robeco's investment policy focuses on global selection of stocks within business sectors, and determining the relative weights of those sectors. Regional allocation is mainly determined by this selection. The position in North America has been increased during the second half of 2005, but this region is still slightly underweight. Continental European markets rose 25% in 2005. The indicator for the US market, the S&P 500 Index, substantially lagged with a return of 5%. The difference in valuation between the US and Europe has decreased to 1 point in terms of expected price/earnings ratio for 2006 (US 15 versus Europe 14). Japan still had an above-average position in the portfolio at the start of 2006. Japanese stock-market sentiment is positive, but the market is already discounting a lot of good news that is still to come, such as normalization of interest rates and higher dividends. Furthermore, there is no other developed country with a similarly high government debt combined with a rapidly aging population. Turnover in the portfolio increased slightly compared to last year. The sales volume amounted to 76% of the portfolio during the reporting year. As of 1 January 2005, the fund is no longer being managed by one single person, but by a team of four fund managers, each of whom are focused on specific sectors. Within the sectors, stock selection is adjusted to the views of the new team members. As a result, this led to a one-off higher turnover. The number of stocks in the portfolio has declined. The fund uses financial instruments. The associated risks are specified in the financial statements. On the basis of reports the management board spoke about risk-management and compliance issues, and also discussed them with the supervisory board. Energy The weight of energy was reduced at the beginning of 2005. In the course of the year, this weight was increased, once it turned out that oil prices would not stop rising. The position in energy was expanded by purchasing oil-extraction contractor GlobalSantaFe, and oil-services companies Weatherford and Petrofac. Oil-extraction companies continue to make good money because the oil price is expected to remain at its current level. The search for the black gold will become more expensive. This will benefit companies such as GlobalSantaFe and Weatherford, which supply to oil-extraction companies. Companies which are exclusively dedicated to exploration will face tightening margins because the costs of drilling will increase. For this reason, we bought Canadian Natural Resources and reduced our position in Apache. Refinery (Valero Energy) remains an attractive segment, as for the short term demand is still strong while the supply is limited. Materials Our position in materials remained constant throughout the year. The interests in commodity-processing industries, such as steel and aluminum, were reduced. We sold Alcan and Arcelor. The capacity of these industries is increasing, especially in China, which offers severe competition for Western listed companies. We purchased nickel producer Inco. Monsanto was also added to the portfolio. This company is at the forefront of genetically modified seed development, which, despite European resistance, is the future of agriculture. Industrials The weight of the industrials sector was raised slightly throughout the year. Within this sector, we added several new names, such as Smiths Group, ABB, ITT Industries, TNT, Republic Services and Canadian Pacific, at the expense of early-cyclical companies which have had their best time, such as Eaton and Rockwell Automation. The fund had a relatively high weight in the Japanese capital-goods segment. These companies usually have a large global market share and a favorable earnings outlook (Komatsu, Hitachi Construction, Daikin, Mitsubishi Corporation and Fanuc). We also sold Japanese stocks, such as Nippon Yusen and Asahi Glass. Consumer discretionary US consumer credit is high, while the savings rate is low. Due to a rise in interest rates, the cost of financing consumer debt will increase. The higher gas prices are also taking their share of consumers' budgets, which will put pressure on spending, which is why we have an underweight position in retail. Within the automotive sector we sold Peugeot and bought Renault, because the latter still has an undervalued interest in Japanese carmaker Nissan. British catering company Compass was sold after a disappointing performance. The sale seems to have been just in time, because more disappointments followed. The proceeds were invested sensibly in the online gaming site Partygaming, which was sold after its IPO and repurchased later at a lower price. At the beginning of the year, Ebay was bought after a sharp correction. Another purchase was Interactive, which was bought before the stock was split into online travel agency Expedia and a part which is still called Interactive and contains Ask Jeeves, a competitor of Google. Consumer staples The weight of this sector was increased during the year. This sector is facing many problems. The purchasing power of retail companies is putting a lot of pressure on the price of brand products. Makers of brand products have to advertise more to sell their products. The fund invests in this sector because of stable earnings growth - which is expected to be a scarce commodity in 2006 - and high free cash flow (the cash remaining after capital expenditure). Free cash flow is also the reason why we are placing emphasis on tobacco companies such as Altria, Imperial Tobacco and Japan Tobacco. These companies have such high free cash flow, because they are no longer allowed to advertise and they stopped investing. Companies that are related to agricultural commodities are also interesting; examples include Bunge, Archer Daniel Midland and Dean Foods. Health care The weight in this sector was kept at overweight The portfolio's emphasis was on European pharmaceuticals companies such as Roche, Novartis, GlaxoSmithKline. This strategy turned out well, because these companies outperformed their US rivals. While Roche achieved success after success with the development of new drugs, Pfizer was repeatedly disappointed due to stagnating sales of existing products and a limited number of new products in the pipeline. Throughout the year, we preferred subsectors such as services (Aetna, Wellpoint, Caremark, Omnicare), suppliers (Baxter, Medtronic) and biotechnology (Amgen). Financials The sector was reduced to underweight. The sector has realized enormous earnings growth in recent years, benefiting from falling interest rates, rising house prices and home ownership (and thus the increase in the number, size and refinancing of mortgages), better risk-management systems, a mild recession (with a relatively low number of bad loans) and cost savings, mainly on administrative staff. The question is whether this will go on like this. Short-term interest rates have increased. House prices have reached their peak in many developed countries. In the US, consumers are spending so much that the savings rate is practically zero. However, earnings will only decrease if bad loans increase and this will only happen if there is a recession. We do not expect this to happen in the coming year, and that is why we have limited the underweight to US banks. Information technology The underweight of this sector was reduced during the year. The results of this sector have lagged, due to the emphasis on software at the expense of hardware. Interests in giants such as Microsoft, Oracle and Cisco were expanded throughout the year. These companies now have valuations equal to or below the market average. We purchased Google. Adding Google to the portfolio was a difficult decision, as its price had already risen considerably since its introduction. The addition of Google should allow the portfolio to benefit from the growth in advertising expenditure via the Internet. The stock is expensive, but there is a good reason for this as growth opportunities and the possibilities for converting this growth into cash are substantial. Telecommunication services The weight in the telecommunication-services sector was reduced during the year. Telephone rates (fixed or mobile) are still under pressure. The penetration level of cellular phones is relatively low in the US. This is why the fund holds positions in Sprint-Nextel and Telus. There are more growth opportunities for telecommunication services in emerging markets than in developed countries. That is why we prefer stocks of companies with interests in emerging markets, such as Telenor and Singapore Telecom. Utilities The utilities sector once again performed well in 2005. Consequently, the fund's underweight here did not yield the desired result. We are maintaining our underweight, particularly now that the sector's valuation has risen again. Position in smallcaps The fund Robeco strives to be a reliable partner for investing in global equities in mature markets. This goal must be reflected in a stable outperformance against the MSCI World Index. This index contains a large proportion of smallcaps. If these rise sharply, as was the case in recent years, this will negatively impact Robeco's result compared to the index. Smallcaps usually have limited liquidity, which makes it difficult to select a limited number of these stocks to invest in. This is the reason why we started to build up a position in this segment by means of a smallcaps portfolio which was developed especially for the fund Robeco. The stocks in this portfolio are selected using a quantitative model. The stocks in this part of the portfolio are mentioned in the in the List of securities under the heading Smallcaps-midcaps. Top 10 stocks Country Interest in Performance in % % 01/01-31/12/2005 31/12/2005 In euros In local currency 1. Royal Dutch Shell A Netherlands 1.5 28.0 28.0 2. Microsoft US 1.5 14.1 -0.9 3. Citigroup US 1.5 20.6 4.6 4. UBS Switzerland 1.4 34.5 35.3 5. Total France 1.2 36.1 36.1 6. Bank of America US 1.2 18.0 2.4 7. J.P. Morgen Chase US 1.0 21.8 5.7 8. GlaxoSmithKline UK 1.0 27.8 24.0 9. General Electric US 1.0 13.6 -1.4 10. ING Groep Netherlands 1.0 38.3 38.3 The fund Robeco The fund Robeco strives to be a reliable partner for investing in global equities in mature markets. This goal must be reflected by a stable outperformance against the MSCI World Index. Within the global equities segments, Robeco Group clients can choose between the following funds: Rolinco (growth stocks), Robeco Global Value (value stocks) and Robeco. Rather than making a choice between value and growth stocks, the Robeco fund unites both worlds in one investment fund. Rotterdam, 16 March 2006 The management board FINANCIAL STATEMENTS BALANCE SHEET before profit appropriation, EUR x million 31/12/2005 31/12/2004 Investments Financial investments Stocks 1 7.192.191 6.293.582 Derivatives 2, 9 8.941 11.242 _________ _________ Total investments 7.201.132 6.304.824 Accounts receivable Dividends and interest 3 3.819 1.436 receivable Receivable on securities 14.114 - transactions Affiliated companies 199 631 Sundry debtors 4 29.686 10.165 _________ _________ 47.818 12.232 Other assets Cash 5 3.280 1.743 Accounts payable Obligations arising from 2, 9 2.635 21.793 derivative instruments Payable to credit 17.659 114.195 institutions Payable on securities - 1.063 transactions Affiliated companies 6.486 6.040 Sundry creditors 6 2.184 5.011 _________ _________ 28.964 148.102 Accounts receivable and other assets less accounts -134.127 payable 22.134 _________ _________ Shareholders' equity 7 7.223.266 6.170.697 Composition of shareholders' equity Issued capital 8 263.797 283.879 Other reserves 7 5.325.545 5.562.719 Net result 7 1.633.924 324.099 _________ _________ 7.223.266 6.170.697 PROFIT AND LOSS ACCOUNT EUR x thousand 2005 2004 Investment income 10, 19 115.350 109.807 Movements in value 1, 2, 10 1.591.383 273.725 _________ _________ 1.706.733 383.532 Costs 11, 15 Management costs 12 65.168 56.723 Service fee 12 6.417 1.572 Other costs 13 1.224 1.138 _________ _________ 72.809 59.433 _________ _________ Net result 1.633.924 324.099 The numbers of the items in the financial statements refer to the numbers in the Notes CASH-FLOW SUMMARY indirect method, EUR x thousand 2005 2004 Cash flow from investment activities Net result 1.633.924 324.099 Realized and unrealized results -1.591.383 -273.725 Purchase of investments -3.010.642 -2.769.513 Sale of investments 3.686.733 3.059.370 Increase (-)/decrease (+) accounts -35.586 12.809 receivable Increase (+)/decrease (-) accounts -3.444 6.892 payable _________ _________ 679.602 359.932 Cash flow from financing activities Received for shares subscribed 643.625 852.599 Paid for repurchase of own shares -1.116.590 -1.364.095 Dividend payment -108.390 -108.405 Increase (+)/decrease (-) accounts - -1.277 payable _________ _________ -581.355 -621.178 _________ _________ Net cash flow 98.247 -261.246 Currency and cash revaluation -174 -7.030 _________ _________ Increase (+)/decrease (-) cash 98.073 -268.276 Accounts payable to credit -114.195 -9.730 institutions at opening date Cash at opening date 1.743 165.554 _________ _________ Total cash at opening date -112.452 155.824 Accounts payable to credit -17.659 -114.195 institutions at closing date Cash at closing date 3.280 1.743 _________ _________ Total cash at closing date -14.379 -112.452 NOTES General Robeco N.V. (hereafter also referred to as 'the fund') is a Dutch investment company with a variable capital within the meaning of article 28 of the 1969 Dutch Corporate Income Tax Act [Wet op de Vennootschapsbelasting 1969]. This means that no corporate-income tax is due, providing that the fund makes its profit available for distribution to shareholders in the form of dividend within eight months of the close of the financial year and satisfies any other relevant regulations. The fund holds a license from the AFM [the Netherlands Authority for the Financial Markets] under the Dutch Investment Institutions Supervision Act ['Wtb', Wet toezicht beleggingsinstellingen]. Since 26 April 2002, Robeco N.V. is subject to the EC directive containing rules for Undertakings for Collective Investment in Transferable Securities (UCITS). Under the terms of the Dutch Investment Institutions Supervision Act, Robeco N.V. was granted a license as of the same date by the AFM, permitting trade of its shares in other EC member states. The revised Wtb became effective on 1 September 2005. Models The annual financial statements have been drawn up in conformity with the models provided by Dutch legislature. In certain areas descriptions have been used which better express the nature of the items and relate better to the characteristics of an investment company. Open-end fund Robeco N.V. is an open-end investment company, meaning that, barring exceptional circumstances, Robeco N.V. issues and repurchases its shares on a daily basis at prices approximating net asset value. A fixed spread between the bid and offer price applies to cover costs related to issuance and repurchase of own shares. The issue price will not be more than 1.0% higher than the net asset value and the repurchase price will not be more than 0.5% lower than the net asset value. The abovementioned margin between the net asset value and the issue and repurchase prices, and the associated costs, are for the account and risk of Robeco Investment Consulting B.V. (RIC), as a result of which Robeco N.V. issues and repurchases its shares at net asset value. RIC will distribute any positive spread to the funds, in proportion to each fund's positive contribution to the spread result. A buffer is maintained to cover any future losses. Due to the abolition of Dutch capital tax of 1 January 2006, the upper limit of the spread was lowered from 1.0% to 0.5%. Non-certificated participation in the Netherlands Parties with which shares may be held in non-certificated form include Robeco Direct N.V. in the Robeco Group Accounts System or the affiliated branches of Rabobank in the Rabo Securities Account. Participants pay costs on the sum deposited for each purchase, and in the event of a sale a percentage of the sum withdrawn. These participation costs are currently a maximum of 0.4% via Robeco Direct and a maximum of 0.5% via Rabobank, depending on the channel selected. These sums will accrue to Robeco Direct and Rabobank respectively. Outsourcing core tasks The administration has been outsourced to Robeco Nederland B.V., a 100% subsidiary of Robeco Groep N.V. These costs are covered by the service fee. Agreements have been made with the aforementioned party relating to the provision of information and performance standards. accounting principles General Unless stated otherwise, items shown in the annual financial statements are included at nominal value and expressed in thousands of euros. Financial investments Unless stated otherwise, financial investments are included at fair value. The fair value of stocks is determined on the basis of market prices and other market quotations at closing date. For derivatives such as forward-exchange transactions, this value is based on the currency rates and reference interest rates at closing date and for futures the value is determined on the basis of the market price and other market quotations at closing date. Transaction costs incurred in the purchase and sale of investments are included in the purchase or sale price as appropriate. Affiliated parties Robeco N.V. is affiliated to the entities belonging to Robeco Groep N.V. The affiliation with Robeco Groep N.V. is the result of the possibility of having decisive control or a substantial influence on the fund's business policy. Robeco Groep N.V. belongs to the Rabobank Group. The management structure of Robeco Groep N.V., in which significant authority is allocated to its independent supervisory board, is such that Rabobank does not have a meaningful say in or influence on the fund's business policy. Robeco Groep N.V. pursues an independent investment policy on behalf of its affiliated investment companies, taking into account the interests of the investors involved. Besides services of other market parties, Robeco N.V. also uses the services of one or more of these affiliated entities including transactions relating to securities, treasury, derivatives, custody, securities lending, and sale and purchase of its own shares, fund-administration services, as well as management activities. Transactions are executed at market rates. determination of the result General Investment results are determined by income received, rises or declines in stock prices, rises or declines in foreign exchange rates and results of transactions in currencies, including forward transactions, and derivative instruments. The results are accounted for in the Profit and loss account. Investment income Net cash dividends declared during the year under review, the nominal value of stock dividends declared, interest received and paid and proceeds from loan transactions. Accrued interest at balance-sheet date is taken into account. Movements in value Realized and unrealized capital gains and losses on securities and currencies. Foreign currencies Transactions in currencies other than the euro are converted into euros at the exchange rates valid at the time. Assets and liabilities expressed in another currency are converted into euros at the exchange rate prevailing at balance-sheet date. Any exchange differences arising are accounted for in the Profit and loss account. FINANCIAL INSTRUMENTS Risk Transactions in financial instruments may lead to the fund being subject to the risks described below or to the fund transferring these risks to another party. Price risks Currency risk is the risk that the value of a financial instrument will fluctuate as a result of changes in exchange rates. Interest-rate risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market rates. Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, caused by factors that exclusively apply to the individual instrument or its issuer or caused by factors that affect all instruments traded in the market. The fund minimizes the risks by investing mainly in large and well-known companies and by making a balanced selection with regard to distribution across regions, sectors, individual stocks and currencies. Credit risk Credit risk is the risk that the counterparty of a financial instrument will no longer meet its obligations, as a result of which the fund will suffer a financial loss. The fund minimizes this risk by trading exclusively with reputable counterparties. Wherever it is customary in the market, the fund will demand and obtain collateral. Liquidity risk Liquidity risk is the risk that the fund is not able to obtain the financial means required to meet the obligations arising from financial instruments. The fund minimizes this risk by mainly investing in financial instruments that are tradable on a daily basis. Insight into actual risks The report of the management board, the balance sheet, the notes to the balance sheet and the spread of net assets, which includes the geographic distribution of the investments, the net currency position and distribution over sectors, give an insight into the actual risks at balance-sheet date. Risk management Managing risk is a part of the investment process as a whole and with the help of advanced systems, the risks outlined above are limited, measured and monitored on the basis of fixed risk measures. Policy regarding the use of derivative instruments Investing implies that positions are taken. As it is possible to use various instruments, including derivative instruments, to construct an identical position, the selection of derivatives is subordinate to the positioning of a portfolio. In our published information, attention is given primarily to the overall position, and secondarily to the nature and volume of the financial instruments employed. Derivatives The market value of derivatives is reported in the Balance sheet under Financial investments and Accounts payable. Liabilities and receivables and the value of the derivatives' underlying instruments are not included in the Balance sheet. If applicable, they are explained under the heading Commitments not shown in the balance sheet. NOTES TO THE BALANCE SHEET 1 Stocks +-------------------------------------------------------------------+ | MOVEMENTS IN THE STOCK | | | | PORTFOLIO | | | | EUR x thousand | | | |------------------------+---------------------+--------------------| | | 2005 | 2004 | |------------------------+---------------------+--------------------| | | | | |------------------------+---------------------+--------------------| | Book value (market | 6,293,582 | 6,305,634 | | value) at opening date | | | |------------------------+---------------------+--------------------| | Purchases | 3,010,642 | 2,769,513 | |------------------------+---------------------+--------------------| | Sales | -3,629,005 | -3,062,247 | |------------------------+---------------------+--------------------| | Realized and | | | | unrealized results: | | | |------------------------+---------------------+--------------------| | stocks | 1,055,095 | 485,866 | |------------------------+---------------------+--------------------| | currencies | 461,877 | -205,184 | | | | | |------------------------+---------------------+--------------------| | | _______ | ______ | |------------------------+---------------------+--------------------| | Book value (market | 7,192,191 | 6,293,582 | | value) at closing date | | | +-------------------------------------------------------------------+ A breakdown of the portfolio and overviews of purchases and sales exceeding an amount of EUR 25 million and the spread of net assets can be found at the end of this report. Shares in an amount of EUR 1,103.8 million (EUR 1,527.8 million at the end of last year) were lent at balance sheet date. To cover the risk of non-restitution, adequate collateral with a value of EUR 1,149.5 million was demanded and obtained; this collateral is not included in the Balance sheet. 2 Derivatives MOVEMENTS IN DERIVATIVES EUR x thousand Forward exchange Futures Total transactions ___________________ ___________________ ___________________ 2005 2004 2005 2004 2005 2004 Book value -14,140 -22,344 3,589 8,843 -10,551 -13,501 (market value) at opening date Expirations -16,657 23,657 -41,071 -20,780 -57,728 2,877 Realized 33,210 -15,453 41,375 15,526 74,585 73 and unrealized results ______ ______ ______ ______ ______ ______ Book value 2,413 -14,140 3,893 3,589 6,306 -10,551 (market value) at closing date The presentation of derivatives in the balance sheet is based on the liabilities and receivables per counterparty. Therefore the derivative instruments are included in the Balance sheet as follows: Type of derivative EUR x thousand Under Financial Under Accounts investments payable 2005 2004 2005 2004 Forward exchange 5,048 7,653 2,635 21,793 transactions Futures 3,893 3,589 - - ______ ______ ______ ______ Total 8,941 11,242 2,635 21,793 3 Dividends and interest receivable Concerns dividends declared but not yet received. 4 Sundry debtors This includes recoverable dividend tax, tax withheld at source outside the Netherlands on behalf of the Dutch Tax Office, in accordance with article 6 of the Dutch Investment Institutions Decree ['Btb', Besluit toezicht beleggingsinstellingen] and suspense items. 5 Cash Includes balances in current accounts at banks. 6 Sundry creditors Current liabilities such as unpaid expenses and suspense items. 7 Shareholders' equity COMPOSITION AND DEVELOPMENT OF SHAREHOLDERS' EQUITY EUR x thousand 2005 2004 Issued capital Situation at opening date 283,879 307,721 Received on shares issued 27,169 39,255 Paid for shares repurchased -47,251 -63,097 _______ _______ Situation at closing date 263,797 283,879 Share-premium reserve Situation at opening date - 463,967 Received on shares issued - 795,850 Paid for shares repurchased - -1,259,817 _______ _______ Situation at closing date - - Other reserves Situation at opening date 5,562,719 5,353,734 Received on shares issued 616,456 17,494 Paid for shares repurchased -1,069,339 -41,181 Net result from previous financial year 324,099 341,077 Dividend payments -108,390 -108,405 _______ _______ Situation at closing date 5,325,545 5,562,719 Net result 1,633,924 324,099 _______ _______ Shareholders' equity 7,223,266 6,170,697 The company's authorized share capital amounts to EUR 800 million, divided into 800,000,000 ordinary shares with a nominal value of EUR 1 each. +---------------------------------------------------------+ | MOVEMENTS IN NET ASSETS | | | | EUR x thousand | | | |----------------------------+---------------+------------| | | 2005 | 2004 | | | | | |----------------------------+---------------+------------| | | | | |----------------------------+---------------+------------| | Assets at opening date | 6,170,697 | 6,466,499 | |----------------------------+---------------+------------| | | | | |----------------------------+---------------+------------| | Company shares issued | 643,625 | 852,599 | |----------------------------+---------------+------------| | Company shares repurchased | -1,116,590 | -1,364,095 | |----------------------------+---------------+------------| | | _________,955 | _________ | |----------------------------+---------------+------------| | | 5,697,732 | 5,955,003 | |----------------------------+---------------+------------| | | | | |----------------------------+---------------+------------| | Investment income | 115,350 | 109,807 | |----------------------------+---------------+------------| | Management costs | -65,168 | -56,723 | |----------------------------+---------------+------------| | Service fee | -6,417 | -1,572 | |----------------------------+---------------+------------| | Custody costs | -752 | -653 | |----------------------------+---------------+------------| | Other costs | -472 | -585 | |----------------------------+---------------+------------| | | _________ | _________ | |----------------------------+---------------+------------| | | 42,541 | 50,374 | | | | | |----------------------------+---------------+------------| | Movements in value | 1,591,383 | 273,725 | |----------------------------+---------------+------------| | | _________ | _______ | |----------------------------+---------------+------------| | Net result | 1,633,924 | 324,099 | |----------------------------+---------------+------------| | Dividend payments | -108,390 | -108,405 | |----------------------------+---------------+------------| | | _________ | _________ | |----------------------------+---------------+------------| | Assets at closing date | 7,223,266 | 6,170,697 | +---------------------------------------------------------+ 8 Assets, shares outstanding and net asset value per share assets, shares outstanding and net asset value per share 31/12/2005 31/12/2004 31/12/2003 Assets EUR x thousand 7,223,266 6,170,697 6,466,499 Shares issued in 27,169,492 39,255,017 29,487,509 financial year Shares repurchased in -47,251,035 -63,097,588 -23,327,553 financial year Number of shares 263,797,225 283,878,768 307,721,339 outstanding Net asset value per 27.38 21.74 21.01 share in EUR 9 Commitments not shown in the balance sheet The forward exchange transactions current at closing date represent purchases of AUD 75 million, CAD 102 million, JPY 8,432 million and GBP 141 million and USD 307 million, against sales of EUR 459 million and CHF 285 million. Futures contracts purchased at balance-sheet date represent an increase in assets invested of JPY 32,280 million; futures contracts sold represent a decrease in assets invested of EUR 211 million. Forward exchange transactions and futures contracts have been included in the Spread of net assets at the end of this report. Unrealized results of these transactions at closing date are included in the Profit and loss account. NOtes TO THE PROFIT AND LOSS ACCOUNT 10 Performance +-------------------------------------------------------------------+ | PERFORMANCE PER | | | | | | | SHARE* | | | | | | | EUR X 1 | | | | | | |---------------------------+---------+---------+---------+---------| | | 2005 | 2004 | 2003 | 2002 | 2001 | |----------------+----------+---------+---------+---------+---------| | | | | | | | |----------------+----------+---------+---------+---------+---------| | Investment | 0.43 | 0.37 | 0.37 | 0.45 | 0.51 | | income | | | | | | |----------------+----------+---------+---------+---------+---------| | Movements in | 5.89 | 0.92 | 0.91 | -10.93 | -7.16 | | value | | | | | | |----------------+----------+---------+---------+---------+---------| | Management | | | | | | | costs, service | -0.27 | -0.20 | -0.17 | -0.22 | -0.20 | | fee and other | | | | | | | costs | | | | | | |----------------+----------+---------+---------+---------+---------| | | _______ | _______ | _______ | _______ | _______ | |----------------+----------+---------+---------+---------+---------| | Net result | 6.05 | 1.09 | 1.11 | -10.70 | -6.85 | |-------------------------------------------------------------------| | * Based on the average amount of shares outstanding during the | | reporting year. The average amount of shares outstanding is | | calculated on a daily basis for the years 2005, 2004 and 2003 and | | on a monthly basis for the preceding years. | +-------------------------------------------------------------------+ COSTS 11 Total expense ratio TOTAL EXPENSE RATIO Maximum 2005 Prospectus 2004 in % In% in % Cost item Management costs 1.00 1.00 0.88 Service fee 0.10 0.12 0.02 Other costs 0.02 0.02 0.02 _______ _______ _______ Total 1.12 1.14 0.92 The total expense ratio expresses the costs charged to the fund during the reporting period as a percentage of the average assets entrusted during the reporting period. The total expense ratio as shown does not include transaction costs. The total expense ratio was 1.12% during the reporting period. The management costs relate to all of the fund's current costs, which include the fees paid for registering shareholders and all costs resulting from the management of the fund, with the exception of costs relating to investments and taxes. The service fee covers the administration, the costs of the external auditor, other external advisers, regulators, costs relating to reports required by law, such as the annual and semi-annual reports, and the costs relating to the meetings of shareholders. Other costs mainly relate to the custody fee charged by third parties for the custody of the fund's securities portfolio, amounting to EUR 752 thousand, and bank charges. 12 Management costs and service fee Management costs relate exclusively to the management fee of 1.00% per year charged by Robeco Nederland B.V. The service fee amounts to 0.12% per year and covers formal and operational costs For assets exceeding EUR 1 billion the service fee is 0.10%; for assets exceeding EUR 5 billion the service fee is 0.08%. The management fee and service fee are calculated on a daily basis, based on the average assets entrusted. Wherever in this report mention is made of the average assets entrusted this is also calculated on a daily basis, unless stated otherwise. 13 Other costs This includes custody costs and bank charges. 14 Performance fee Robeco N.V. does not charge a performance fee. 15 Transaction costs Brokerage costs and exchange fees relating to investment transactions are discounted in the cost price or the sales value of the investments. These costs and fees are charged to the result ensuing from changes in value. The quantifiable transaction costs are included under the heading Movements in value in the Profits and loss account. The transaction volume of the quantifiable transaction costs is 99.6% of the total transaction volume. TRANSACTION COSTS EUR x thousand 2005 2004 Transaction type Stocks 10,682 8,125 Futures 428 293 16 Hard commissions and soft-dollar arrangements Various independent research institutions/third parties provide services to the company to support its decision-making process. Part of the commissions paid to brokers is used to pay for these services (so-called soft-dollar arrangements). In 2005 soft-dollar arrangements represented an amount of EUR 2,189 thousand (last year EUR 2,279 thousand). 17 Turnover ratio This shows the turnover of the investments against the average assets entrusted and is a measure of the incurred transaction costs resulting from the portfolio policy pursued and the ensuing investment transactions. In the calculation method that is used the amount of turnover is determined by the sum of purchases and sales of investments less the sum of issuance and repurchase of own shares. If the outcome is negative, the turnover ratio is 0. The turnover ratio is determined by expressing the amount of turnover as a percentage of the average assets entrusted. The turnover ratio over 2005 is 76% (versus 56% in the previous year). Since 1 January 2005, the fund is no longer managed by one single person, but by a team of four fund managers. Each team member focuses on specific sectors. Within the sectors, stock selection is adjusted to the views of the new team members. As a result, this led to a one-off higher turnover. The number of stocks in the portfolio has declined. 18 Transactions with affiliated parties Part of the transaction volume over the reporting period relates to transactions with affiliated parties. The table below shows the various types of transactions where this was the case. TRANSACTIONS WITH AFFILIATED PARTIES Part of the total volume in % 2005 2004 Transaction type Stocks 0.3 1.0 Forward exchange transactions 4.1 3.5 Deposits 100.0 65.3 Call money 95.8 - 19 Securities lending Robeco Securities Lending B.V. is the intermediary for all Robeco N.V.'s securities-lending transactions. As compensation for its services Robeco Securities Lending B.V. receives a fee of 40% of the gross income resulting from these securities-lending transactions. An external agency periodically assesses whether the agreements between the fund and Robeco Securities Lending are still in line with the market. In 2005 the proceeds for the fund amounted to EUR 1,821 thousand (last year EUR 2,311 thousand). For Robeco Securities Lending this was EUR 1,214 thousand (last year EUR 1,541 thousand). 20 Voting policy for stocks in the investment portfolio In 2005, Robeco N.V. voted at the majority of the general meetings of shareholders of the companies in which it invests. If the shares of an investment position have been lent out, the voting rights attached to those shares may not be exercised during general meetings of shareholders. If an important event were to occur, the shares that have been lent out may be recalled in order for the voting rights attached to these shares to be able to be exercised. The voting policy and more information about votes cast can be found on Robeco's Internet site, www.robeco.com. 21 Personnel costs Robeco N.V. does not employ personnel. Robeco Nederland B.V. is the employer of Robeco N.V.'s management board and personnel in the Netherlands. Their remuneration is paid from the management fees received. Robeco Nederland B.V.'s remuneration policy for fund managers consists of both a fixed and a variable income. The secondary conditions of employment are in line with what is common practice in the financial-services industry. The fixed income offers a good and competitive remuneration basis within the Dutch asset-management market. A fund manager is assigned to a salary scale with a minimum and maximum income based on the level of responsibility of his function (HAY method for function valuation). Growth within this scale is linked to (performance) results and competencies. The variable income offers the fund manager of Robeco N.V. remuneration for his individual, long-term outperformance. Payment is related to the outperformance relative to a preset target. The track record over both a 1-year and 3-year period is taken into account when determining the variable remuneration. The variable remuneration to which the fund manager is entitled for any single year is paid out over a 3-year period (60% in the first year, 30% in the second and 10% in the last year). A limited group of employees, including several fund managers, are given the opportunity to participate directly in Robeco's future through virtual shares (E-notes). The individual allocation of E-notes is linked to individual performance and the contribution to the realization of the individual's own business unit. The E-notes represent a value which is directly linked to Robeco Groep N.V.'s value. Rotterdam, 16 March 2006 Supervisory board Paulus C. van den Hoek, chairman Gilles Izeboud Philip Lambert Dirk P.M. Verbeek Management board Mark R. Glazener Volker Wytzes OTHER DATA STOCK-EXCHANGE LISTINGS The ordinary shares of Robeco N.V. are listed on Eurolist by Euronext Amsterdam N.V. In addition, Robeco N.V. has a stock-exchange quotation in Paris, Brussels, Luxembourg, London, Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Vienna and Zurich. ARTICLES OF ASSOCIATION RULES REGARDING PROFIT APPROPRIATION According to article 39 of the Articles of Association, the profit less allocations to the reserves deemed desirable by the management board in agreement with the supervisory board shall be at the disposal of the General Meeting of Shareholders. PROPOSED PROFIT APPROPRIATION We propose to declare a dividend of EUR 0.48 per share for the 2005 financial year (previous year EUR 0.40). If this proposal is accepted, the dividend will be payable on Friday, 12 May 2006. With effect from Tuesday 2 May 2006, Robeco shares will be listed ex-dividend coupon no. 104 on the stock exchange. Shareholders will be offered the opportunity to reinvest the dividend (less dividend tax) in Robeco shares at the company's expense. The price used to calculate this is the opening price of the shares on the stock market of Euronext Amsterdam N.V. on Friday 12 May 2006. Any collection commissions charged by banks in line with the relevant regulations in their respective countries will be borne by the shareholder. In some countries, reinvestment will not be possible for technical reasons. SUPERVISORY DIRECTORS' FEE An amount of EUR 32,670 (previous year EUR 36,905) has been allocated from the profit appropriation for this purpose. INTERESTS OF MAJOR INVESTORS Statement in conformity with article 21, paragraph 2, sections b and c, of the Dutch 1990 Investment Institutions Supervision Decree ['Btb', besluit toezicht beleggingsinstellingen 1990]. The company knows of only one party to be considered a major investor within the meaning of the Btb, namely Stichting Aandelen-Rekeningen Robeco-Groep. During the period under review, no transactions as referred to in article 21, paragraph 2, section c, of the Btb (1990) took place. JOINT INTERESTS OF DIRECTORS IN ROBECO N.V. At 31 December 2005, supervisory and managing directors held a joint interest of 4,708 and 15,022 Robeco N.V. shares respectively. At end 2005, no options had been granted to supervisory directors ; managing directors held options to acquire 14,319 Robeco N.V. shares. Under the option scheme, Robeco Groep N.V. grants the right at its own expense to purchase Robeco N.V, shares for 5 years, the value of the shares being at least the opening price on the first trading day foloowing the day of granting. Aon Risk Services International, of which Dirk P.M. Verbeek is a directorm acted as an intermediary in various insurance policies concluded at Rabobank Group level, including a Banking, General Liability and D&O Liability policy. Furthermore, Aon Risk Services International insures several of Robeco's art objects. Apart from the above, there weren no other business relations between supervisory directors and the company than that of mambers of the supervisory board during the period inder review. JOINT INTERESTS OF DIRECTORS JOINT INTERESTS OF DIRECTORS IN ROBECO N.V. Joint interest in numbers ¹ Description Shares and convertible bonds Options Other financial and interests and warrants controlling rights Managing Supervisory Joint directors directors interests BNP Parisbas - 1,050 1,050 - - Bührmann - - - - 1² Novartis - 2,535 2,535 - - Reed 3,500 - 3,500 - - Elsevier Royal Dutch 1,170 161 1,331 - - Shell A Syngenta - 4 4 - - TNT - 2,800 2,800 - - Unicredito - 12,950 12,950 - - Italiano ¹Statement pursuant to article 21, paragraph 2, section a, of the Dutch 1990 Investment Institutions Supervision Decree ('Btb', Besluit toezicht beleggingsinstellingen 1990). Pursuant to section a and c of the circular 'Publication of interests of directors' of 15 October 1993, exemption has been granted in respect of : a) the prescribed publication of interests held by the members of the management and supervisory boards, which are held by way of a discretionary agreement c) the prescribed publication of movements during the year in securities, as defined in article 1 of the Dutch Investment Institutions Supervision Act ('Wtb', Wet toezicht beleggingsinstellingen) held by members of the management and supervisory boards. ²This concerns a supervisory directorship. INTERESTS OF FUND MANAGER The fund manager should act in accordance with Dutch legislation and, insofar as relevant, legislation in other countries. As an employee of Robeco Nederland B.V. he is bound by Robeco's internal regulations and procedures, including the Rules and regulations regarding private investment transactions, which are based on the Dutch Securities Transactions Supervision Act. These Rules should guarantee that the (semblance of) insider trading and mixing of business and private interests is avoided at all times. As at 31 December 2005 the fund manager had an interest of 5,047 Robeco N.V. shares. Furthermore, as of that same date, he had the following interest in Robeco N.V investments.: 1,170 Royal Dutch Shell A shares and 3,500 Reed Elsevier Shares. STATEMENT FOR THE LONDON STOCK EXCHANGE The members of the supervisory board and the management board of Robeco N.V. hereby declare that their beneficial interests and those of their children below the age of 18 years do not in the aggregate exceed 5% of the company, in respect of either share capital or voting control. Rotterdam, 16 March 2006 Auditor's statement Introduction We have audited the financial statements of Robeco N.V., Rotterdam, for the year 2005. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statement based on our audit. Scope We conducted our audit in accordance with auditing standards generally accepted in the Netherlands. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements3 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements3. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements3. We believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of the company as at 31 December 2004 and of the result for the year then ended in accordance with accounting principles generally accepted in the Netherlands and comply with the financial reporting requirements included in Part 9 of Book 2 of the Netherlands Civil Code and in the Investment Institutions Supervision Act. Furthermore, we have established to the extent of our competence that the annual report is consistent with the company financial statements. Amsterdam, 16 March 2005 For Ernst & Young Accountants G.H.C. de Méris SPREAD OF NET ASSETS +-----------------------------------------------------------------------------------------------+ | | | | | Across countries|Across currencies| |------------------------------+----------+-------+-------+-------------------+-----------------| | | | | Stocks|Stocks+derivatives*| | |------------------------------+----------+-------+-------+-------------------+-----------------| | | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| | |31/12/2005| 31/12| 31/12| 31/12| 31/12| 31/12| 31/12| | | EUR| 2005| 2004| 2005| 2004| 2005| 2004| |------------------------------+----------+-------+-------+----------+--------+--------+--------| | |x thousand| in%| in%| in%| in%| in%| in%| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |By country | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| |America(50,70%) | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| |UnitedStates | 3,461,026| 47.91| 48.75| 47.91| 48.75| 52.86| 52.53| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Canada | 168,815| 2.34| 2.12| 2.34| 2.12| 3.36| 2.91| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Brazil | 32,148| 0.45| 0.23| 0.45| 0.23| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| | | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Europe(33,87%) | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| |France | 568,369| 7.87| 7.02| 7.87| 7.02| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |UnitedKingdom | 506,198| 7.01| 10.64| 7.01| 10.64| 9.59| 11.36| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Switzerland | 413,821| 5.73| 4.85| 5.73| 4.85| 3.21| 3.97| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Netherlands | 343,031| 4.75| 3.11| 4.75| 3.11| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Germany | 222,518| 3.08| 2.22| 3.08| 2.22| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Sweden | 95,940| 1.33| 1.45| 1.33| 1.45| 1.33| 1.45| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Norway | 73,294| 1.01| 0.47| 1.01| 0.47| 1.02| 0.47| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Spain | 62,208| 0.86| 2.17| 0.86| 2.17| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Italy | 54,144| 0.75| 3.17| 0.75| 3.17| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Finland | 44,884| 0.62| 0.21| 0.62| 0.21| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Ireland | 34,709| 0.48| 0.31| 0.48| 0.31| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Greece | 19,819| 0.27| -| 0.27| -| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Denmark | 6,273| 0.09| 0.26| 0.09| 0.26| 0.09| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Belgium | 1,464| 0.02| 0.22| 0.02| 0.22| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Euro | -| -| -| -2.92| -| 12.49| 12.86| |------------------------------+----------+-------+-------+----------+--------+--------+--------| | | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Asia(13,32%) | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Japan | 737,382| 10.21| 9.12| 13.42| 10.09| 11.14| 9.53| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |HongKong | 101,603| 1.41| 1.19| 1.41| 1.19| 1.41| 1.19| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |SouthKorea | 67,305| 0.93| 0.99| 0.93| 0.99| 0.36| 0.28| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Singapore | 39,134| 0.54| 0.70| 0.54| 0.70| 0.54| 0.70| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Taiwan | 16,427| 0.23| 0.18| 0.23| 0.18| 0.25| 0.20| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Israel | -| -| 0.32| -| 0.32| -| -| |------------------------------+----------+-------+-------+----------+--------+--------+--------| | | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Australia(1,68%) | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Australia | 121,679| 1.68| 1.81| 1.68| 1.81| 2.35| 2.07| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |NewZealand | -| -| 0.48| -| 0.48| -| 0.48| |------------------------------+----------+-------+-------+----------+--------+--------+--------| | | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Other assets and | 31,075| 0.43| -1.99| 0.14| -2.96| -| -| |liabilities(0.43%) | | | | | | | | |------------------------------+----------+-------+-------+----------+--------+--------+--------| | | _______|_______|_______| _______| _______| _______| _______| |------------------------------+----------+-------+-------+----------+--------+--------+--------| |Total | 7,223,266| 100.00| 100.00| 100.00| 100.00| 100.00| 100.00| +-----------------------------------------------------------------------------------------------+ By sector Financials 22.5 24.3 Industrials 12.1 10.9 Health care 11.9 12.7 Information technology 11.2 11.0 Consumer discretionary 11.1 11.1 Consumer staples 8.9 9.8 Energy 8.7 7.8 Materials 5.8 5.1 Telecommunication services 4.8 6.9 Utilities 2.6 2.4 Other assets and liabilities 0.4 -2.0 ______ ______ Total 100. 100.0 *In addition to investments in equities, the portfolio may include positions in derivatives. The sum of equities and derivatives reflects the true volume of the investments by country and in total. At 31 December 2005 the portfolio contained derivatives, in this case index futures and forward exchange transactions, as was also the case at 31 December 2004. The forward exchange transactions have been included in the currency position. Exchange rates 31/12/2005 31/12/2004 31/12/2005 31/12/2004 EUR 1 EUR EUR AUD 1,6080 1,7340 AUD 1 0,6219 0,5767 CAD 1,3779 1,6282 CAD 1 0,7257 0,6140 CHF 1,5546 1,5456 CHF 1 0,6433 0,6470 DKK 7,4589 7,4386 DKK 1 0,1341 0,1344 GBP 0,6871 0,7080 GBP 1 1,4554 1,4125 HKD 9,1457 10,5650 HKD 1 0,1093 0,0947 JPY 139,2223 139,2824 JPY 100 0,7183 0,7180 KRW 1.192,3482 1.407,0957 KRW 100 0,0838 0,0711 NOK 7,9870 8,2325 NOK 1 0,1252 0,1215 SEK 9,3875 9,0327 SEK 1 0,1065 0,1107 SGD 1,9614 2,2189 SGD 1 0,5098 0,4507 TWD 38,7399 43,0747 TWD 1 0,0258 0,0232 USD 1,1796 1,3592 USD 1 0,8478 0,7357 LIST OF SECURITIES at 31 December 2005 Market value LARGECAPS (97,43%) NORTH AMERICA (50,06%) EUR USD United States (47,42%) 15,130,707 17,847,426 ADC Telecom 25,067,187 29,568,000 Adobe Systems 30,100,462 35,505,000 Aeropostale 41,825,651 49,335,447 Aetna 64,885,504 76,535,696 Altria Group 13,587,385 16,027,000 Amdocs 58,777,392 69,330,873 Amgen 23,177,890 27,339,480 Apache Corporation 35,346,244 41,692,662 Archer-Daniels-Midland 15,529,641 18,317,988 Assurant 7,164,291 8,450,640 Avaya 23,879,810 28,167,430 Avon Products 88,931,330 104,898,950 Bank of America 35,487,491 41,859,270 Baxter International 54,535,433 64,327,270 BellSouth 48,174,439 56,824,160 Boeing 28,855,296 34,036,264 Brinker International 17,987,792 21,217,500 Broadcom Corp 49,263,490 58,108,750 Bunge 40,116,910 47,319,902 Caremark RX 42,118,476 49,680,848 Carnival Corp 29,694,071 35,025,642 Cendant Corporation 52,874,856 62,368,537 Cisco Systems 37,752,363 44,530,800 CIT Group 105,885,132 124,896,808 Citigroup 32,835,469 38,731,078 Coach 31,243,877 36,853,715 Colgate-Palmolive 31,024,730 36,595,220 ConocoPhillips 15,637,265 18,444,936 Constellation Brands 30,473,655 35,945,200 Cooper Industries /A 30,361,287 35,812,656 Corning 27,013,738 31,864,054 Countrywide Financial 46,913,794 55,337,166 CVS Corporation 29,532,873 34,835,500 Dean Foods 21,611,208 25,491,500 Dell Computers 29,421,855 34,704,549 DR. Horton 29,538,625 34,842,285 Duke Energy Corp 14,354,945 16,932,375 eBay 41,511,855 48,965,308 Edison International 42,041,813 49,590,420 EMC 66,096,359 77,963,960 Exxon Mobil 48,121,020 56,761,149 Fannie Mae 70,545,008 83,211,364 General Electric 33,509,673 39,526,335 GlobalSantaFe Corp 67,468,406 79,582,359 Goldman Sachs Group 36,929,592 43,560,300 Google 40,473,507 47,740,525 Hewlett-Packard 18,600,526 21,940,250 IAC/Interactive Corp 69,309,469 81,753,984 Intel 29,135,198 34,366,423 IBM 30,865,124 36,406,957 International Paper Ishares Nasdaq Biotechnology 28,230,427 33,299,200 Index 38,790,132 45,754,900 ITT Industries 74,911,489 88,361,847 JP Morgan Chase & Co 68,968,132 81,351,360 Johnson & Johnson 29,259,887 34,513,500 KB Home 25,050,909 29,548,800 Kohls Corp 31,664,109 37,349,400 Lilly (Eli) 19,125,058 22,558,962 Lincoln National 37,451,216 44,175,582 Lowe's Companies 20,606,102 24,305,928 Marsh & McLennan 17,942,680 21,164,288 MBIA 48,264,993 56,930,973 Medtronic 24,706,128 29,142,113 Metlife 107,467,023 126,762,726 Microsoft 36,426,710 42,967,126 Monsanto Co 32,557,331 38,403,000 Motorola 38,811,045 45,779,568 News Corp-Class B 30,085,918 35,487,844 Omnicare 32,765,902 38,649,020 Omnicom Group 48,469,233 57,171,884 Oracle 55,459,628 65,417,404 Pfizer 46,962,612 55,394,749 Procter & Gamble 47,051,822 55,499,977 Prudential Financial 31,066,970 36,645,045 Republic Services 43,997,736 51,897,530 Schlumberger 38,982,514 45,981,824 Sprint-Nextel 37,112,967 43,776,600 ST Paul Cos 32,393,540 38,209,800 Stryker Corp 32,440,930 38,265,700 Texas Instruments 32,918,242 38,828,712 Textron 63,248,554 74,604,832 Time Warner 30,873,239 36,416,529 Tyco International 62,360,955 73,557,864 Valero Energy 33,371,947 39,363,880 Weatherford Int 47,490,050 56,016,889 Wellpoint 47,520,118 56,052,355 Wyeth EUR CAD Canada (2,19%) 30,578,525 42,134,150 CDN Pacific Railway 16,492,489 22,725,000 Inco 18,386,240 25,334,400 National Bank of Canada 15,751,233 21,703,624 Nortel networks Petro-Canada/Variable Vtg. 47,391,173 65,300,297 Shs 29,378,030 40,479,988 Telus Corporation EUR USD Brazil (0,45%) 32,148,194 37,920,402 Ambev Pref ADR EUROPE (33,16%) EUR EUR France (7,79%) 37,411,888 37,411,888 Air Liquide 15,659,910 15,659,910 Atos Origin 50,932,884 50,932,884 Axa 54,680,000 54,680,000 BNP Paribas 19,749,732 19,749,732 Danone 27,160,514 27,160,514 France Telecom Gen. Etablissements 33,975,264 33,975,264 Michellin/B LVMH Moet Hennessy Louis 22,030,928 22,030,928 Vuitton 31,059,981 31,059,981 Pernod-Ricard 29,751,212 29,751,212 Publicis Groupe Regie National des Usines 37,666,321 37,666,321 Renault 33,519,212 33,519,212 Saint-Gobain 29,381,108 29,381,108 Sanofi-Synthelabo 89,283,787 89,283,787 Total Fina Elf 34,145,500 34,145,500 Vinci EUR USD 16,649,790 19,639,260 Business Objects EUR GBP United Kingdom (6,66%) 14,759,755 10,141,428 888 Holdings 34,800,457 23,911,394 BP 40,032,866 27,506,582 BT Group 858,667 589,990 BT Group/STK/28-12-05 71,820,203 49,347,662 GlaxoSmithKline 543,228 373,252 GlaxoSmithKline/STK/02-11-05 55,239,112 37,954,794 HBOS 37,907,352 26,046,141 Imperial Tobacco 19,821,608 13,619,427 Man Group 208,363 143,166 Man Group/STK/23-11-05 13,407,801 9,212,500 Partygaming 14,826,369 10,187,198 Petrofac 38,169,402 26,226,196 Rio Tinto 48,436,365 33,280,627 Royal Bank of Scotland 33,275,740 22,863,761 Smiths Group 28,822,461 19,803,913 Tesco 26,909,348 18,489,413 Vodafone Group (GBP) 908,354 624,130 Vodafone Group/STK/23-11-05 EUR CHF Switzerland (5,73%) 40,999,132 63,737,250 ABB 29,958,253 46,573,100 Adecco Cheserex 31,206,979 48,514,370 Holcim N 50,047,966 77,804,568 Nestlé 70,041,511 108,886,533 Novartis 32,513,507 50,545,498 Roche Holding 37,283,224 57,960,500 Swiss Reinsurance 22,759,272 35,381,564 Syngenta 99,011,106 153,922,665 UBS EUR EUR Netherlands (4,70%) 31,073,622 31,073,622 Koninklijke Ahold 22,185,141 22,185,141 Heineken 70,811,068 70,811,068 ING Groep 22,657,250 22,657,250 Koninklijke KPN 32,395,472 32,395,472 Reed Elsevier 110,662,326 110,662,326 Royal Dutch Shell A 19,800,000 19,800,000 TNT 30,130,553 30,130,553 VNU EUR EUR Germany (3,05%) 28,840,452 28,840,452 BASF 27,230,150 27,230,150 Bayerische Motoren Werke 30,780,000 30,780,000 Deutsche Post 55,099,800 55,099,800 E.ON 33,275,176 33,275,176 RWE /A 13,143,763 13,143,763 SAP/Stammaktien 32,092,125 32,092,125 Schering EUR SEK Sweden (1,25%) Skandinaviska Enskilda 34,254,892 321,569,511 Bank/A 17,795,400 167,055,210 Teliasonera 38,428,821 360,752,480 Volvo/B EUR NOK Norway (0,97%) 33,557,781 268,026,000 Statoil 36,300,985 289,935,970 Telenor EUR EUR Spain (0,84%) Banco Bilbao Vizcaya 34,889,088 34,889,088 Argentaria Banco Santander Central 26,136,971 26,136,971 Hispano EUR EUR Italy (0,71%) 22,652,259 22,652,259 Enel 28,933,758 28,933,758 Unicredito Italiano EUR EUR Ireland (0,67%) 34,709,897 34,709,897 Allied Irish Banks 13,886,827 13,886,827 CRH EUR EUR Finland (0,53%) 38,471,813 38,471,813 Nokia/A EUR EUR Greece (0,26%) 19,115,767 19,115,767 National Bank of Greece ASIA (12,65%) EUR JPY Japan (9,68%) 42,504,263 5,917,541,200 Astellas Pharma 16,184,907 2,253,300,000 Dai Nippon Printing 34,345,791 4,781,700,000 Daikin Industries 42,161,809 5,869,864,000 Fanuc 18,215,832 2,536,050,000 Hitachi Construction Machine 59,578,997 8,294,725,000 Honda Motor 37,063,028 5,160,000,000 Japan Tabacco 16,369,504 2,279,000,000 Kawasaki Heavy Industries 34,678,353 4,828,000,000 KDDI 32,020,984 4,458,035,000 Komatsu 51,151,181 7,121,385,000 Mitsubishi 32,100,246 4,469,070,000 Mitsui Fudosan 53,909,898 7,505,460,000 Nomura Holdings 45,628,969 6,352,570,000 Orix 26,424,467 3,678,875,000 Resona Bank Holdings 47,751,553 6,648,081,000 Shin-Etsu Chemical 11,340,353 1,578,830,000 Shinsei Bank 45,481,464 6,332,034,000 Sony 42,477,929 5,913,875,000 T&D Holdings 10,009,043 1,393,482,000 TDK EUR HKD Hong Kong (1,32%) 30,948,828 283,048,700 Esprit Holdings 33,362,236 305,121,000 Sun Hung Kai Properties 30,953,820 283,094,350 Swire Pacific/A EUR USD South Korea (0,93%) Samsung Electronics /GDR 1/2 41,352,103 48,776,874 vgt.s -144A- EUR KRW 25,953,215 30,945,268,200 Hana Financial Group EUR SGD Singapore (0,49%) 17,867,850 35,046,000 DBS Group Holdings Singapore Telecom Shs Board 17,579,083 34,479,614 Lot 1 EUR TWD Taiwan (0,23%) Taiwan Semiconductor 16,427,177 636,388,000 Manufacturing AUSTRALIA (1,56%) EUR AUD Australia (1,56%) 63,290,825 101,771,647 BHP Billiton 33,532,589 53,920,402 Brambles Industries 16,163,544 25,990,979 Macquarie Bank SMALLCAPS-MIDCAPS (2,14%) NORTH AMERICA (0,64%) EUR USD United States (0,49%) 905,211 1,067,742 American Greetings 624,916 737,120 American Tower Corp 695,180 820,000 Ameriprise Financial 1,334,694 1,574,338 Assurant 1,237,633 1,459,850 Bausch and Lomb 1,464,378 1,727,307 BMC Software 1,474,610 1,739,376 Cadence Design 1,261,523 1,488,030 Centerpoint Energy 1,278,789 1,508,395 Ceridian Corp 455,055 536,760 Community Health Systems 1,228,903 1,449,552 Compuware Corporation 1,224,940 1,444,878 Crescent Real Estate 782,513 923,013 Crown Castle International 1,145,420 1,351,080 Frontier Oil Corp 1,311,093 1,546,500 Health Net 1,331,448 1,570,509 Janus Capital Group 440,578 519,684 Lincare holdings 1,247,255 1,471,200 LSI Logic Corp 1,546,814 1,824,544 NTL 1,130,770 1,333,800 NVR 965,350 1,138,678 Omnicare 1,295,909 1,528,590 Payless Shoesource 1,444,962 1,704,405 PMI Group 1,400,736 1,652,238 Radian Group 681,697 804,096 SanDisc 1,358,103 1,601,950 SPX Corporation 1,363,920 1,608,812 Synopsys 1,122,089 1,323,560 Tommy Hilfiger Corp 473,062 558,000 Ultra Petroleum Corp 1,380,750 1,628,664 Unionbancal Corp 1,162,732 1,371,500 USG Corp 728,515 859,320 Wisconsin Energy Corporation EUR CAD Canada (0,15%) 1,349,889 1,860,012 Agrium 1,374,602 1,894,064 Biovail Corp 1,151,335 1,586,424 CAE Industries 1,375,528 1,895,340 CGI Group 1,251,905 1,725,000 CI Financial 1,532,912 2,112,200 Husky Energy 1,340,562 1,847,161 Ipsco 1,460,536 2,012,472 TransAlta EUROPE (0,71%) EUR GBP United Kingdom(0,16%) 1,072,525 736,932 Amlin 1,393,093 957,194 British Airways 1,163,968 799,762 De La Rue 1,153,566 792,615 First Choice Holidays 1,331,188 914,659 GKN 1,370,824 941,893 Inchcape 1,228,212 843,904 Persimmon 1,298,891 892,468 Schroders 1,551,118 1,065,773 Taylor Woodrow EUR EUR Finland (0,09%) 1,245,400 1,245,400 Kesko 1,412,632 1,412,632 Metso 1,174,896 1,174,896 Neste Oil 1,216,560 1,216,560 Rautaruukki 1,362,101 1,362,101 Yit-Yhtyma EUR DKK Denmark (0,09%) 1,512,432 11,281,000 DSV 1,205,615 8,992,500 GN Store Nord 1,016,517 7,582,050 H Lundbeck 1,244,227 9,280,500 Novozymes 1,294,100 9,652,500 Ostasiatiske Kompagni EUR SEK Sweden (0,08%) 1,211,093 11,369,200 Alfa Laval 1,387,790 13,027,950 Modern Times Group 1,531,262 14,374,800 Skanska 1,330,656 12,491,600 Swedish Match EUR EUR France (0,07%) 1,311,156 1,311,156 Neopost 1,508,602 1,508,602 Publicis Groupe 1,153,168 1,153,168 Sodexho Alliance 1,338,270 1,338,270 Vallourec EUR NOK Norway (0,05%) 1,460,511 11,665,100 Stolt Offshores 1,156,686 9,238,450 Storebrand 818,032 6,533,625 Yara International EUR EUR Netherlands (0,05%) 948,906 948,906 Buhrmann 1,313,700 1,313,700 Euronext 1,052,529 1,052,529 Stork EUR EUR Italy (0,04%) 1,159,210 1,159,210 Benetton Group 1,398,400 1,398,400 Fiat EUR EUR Germany(0,03%) 1,365,975 1,365,975 Merck 690,840 690,840 Salzgitter EUR EUR Belgium (0,02%) 1,464,120 1,464,120 Umicore EUR EUR Spain (0,02%) 1,181,943 1,181,943 Ebro Puleva EUR EUR Greece (0,01%) 702,589 702,589 Piraeus Bank ASIA (0,67%) EUR JPY Japan (0,53%) 1,244,413 173,250,000 Amano Corporation 1,260,200 175,448,000 Comsys Holdings Corp 1,544,185 214,985,000 CSK Corporation 1,279,005 178,066,000 Daido Steel 1,283,631 178,710,000 Daimaru 1,498,144 208,575,000 Electric Power Development 1,252,493 174,375,000 Fuji Electric Holdings 1,215,409 169,212,000 Fujikura 1,346,480 187,460,000 Hankyu Department Stores 643,108 89,535,000 Hitachi Capital 1,135,738 158,120,000 Hitachi High-Technologies 1,552,510 216,144,000 Ibiden 1,742,321 242,570,000 Kobe Steel 1,228,970 171,100,000 Makita Corporation 1,468,579 204,459,000 Marubeni 1,039,489 144,720,000 Mitsubishi Materials 1,575,179 219,300,000 NGK Spark Plug Corporation 1,113,184 154,980,000 Nichirei 1,169,109 162,766,000 Nissan Chemical Industries 1,138,805 158,547,000 Nisshinbo 1,317,612 183,441,000 Otsuka Corp 1,365,299 190,080,000 Sumitomo Heavy Industries 1,489,754 207,407,000 Taiheiyo Cement 1,581,686 220,206,000 Teijin 1,143,854 159,250,000 Toho Titanium 1,307,765 182,070,000 Tokyo Style Corporation 1,189,809 165,648,000 Toyo Suisan Kaisha 1,073,463 149,450,000 Yakult Honsha 530,088 73,800,000 Yamada Denki 1,253,599 174,529,000 Yamaha Corporation EUR HKD Hong Kong (0,09%) 1,270,105 11,616,000 Hysan Development 1,279,642 11,703,225 Kerry Properties 1,289,524 11,793,600 Sino Land 1,130,717 10,341,200 Television Broadcasts 1,368,643 12,517,200 The Wharf Holdings EUR SGD Singapore (0,05%) 1,229,448 2,411,440 Capitaland 1,332,762 2,614,080 Neptune Orient Lines 1,124,554 2,205,700 Sembcorp Industries AUSTRALIA (0,12%) EUR AUD Australia (0,12%) 1,481,458 2,382,185 Australian Stock Exchange 1,256,920 2,021,128 Babcock & Brown 1,214,263 1,952,535 Caltex Australia 1,590,208 2,557,055 CSL 1,220,432 1,962,455 Leighton Holdings 1,106,714 1,779,596 Pacific Brands 822,266 1,322,204 Symbion Health PURCHASES AND SALES of more than EUR 25 million during the financial year Shares PURCHASES Shares SALES United States United States 1,350,000 Aeropostale 1,453,000 Accenture CL/A 1,024,300 Altria Group 939,500 Citigroup 1,690,700 Archer-Daniels-Midland 1,259,240 Exelon Corp 628,400 Bunge 547,000 Freddie Mac 1,821,600 Corning 1,037,400 General Electric 925,000 Dean Foods 1,173,600 Gilead Sciences Guidant 1,269,300 Duke Energy Corp 700,000 Corporation 105,000 Google 894,600 McGraw-Hill Medco Health 1,550,000 IAC/Interactive Corp 1,034,064 Solutions Ishares Nasdaq Morgan Stanley 430,000 Biotechnology Index 1,089,800 Dean Witter & Co 445,000 ITT Industries 890,004 Northrop Grumman 625,000 Johnson & Johnson 1,217,100 Scientific-Atlanta Verizon 1,558,700 JP Morgan Chase & Co 1,269,200 Communications 475,000 KB Home 988,900 Medtronic Canada Canadian Natural 554,200 Monsanto Co 779,964 Resource 1,700,000 Motorola 1,456,500 Sun Life Financial 640,100 Omnicare 975,900 Republic Services France 980,000 ST Paul Cos 550,000 Schneider Electric 860,000 Stryker Corp 504,400 Textron United Kingdom 1,134,022 AstraZeneca (GBP) Canada 2,145,346 British Land Co 865,000 CDN Pacific Railway 8,926,999 Compass Group Legal & General 22,120,927 Group France 1,608,535 Reckitt Benckiser Gen. Etablissements Shell Transport & 715,570 Michellin/B 13,669,025 Trading 210,719 Pernod-Ricard 5,148,912 Unilever Plc. 1,063,259 Publicis Groupe Regie National des 546,681 Usines Renault Switzerland 397,042 Sanofi-Synthelabo 347,000 Roche Holding 470,000 Vinci Germany United Kingdom 2,061,504 Deutsche Telekom 2,219,955 GlaxoSmithKline 780,850 Metro 1,087,760 Royal Bank of Scotland 2,185,828 Smiths Group Sweden 14,097,274 Vodafone Group (GBP) 2,146,345 Securitas /B Switzerland Spain Banco Santander 4,999,000 ABB 4,339,400 Central Hispano 197,976 Nestlé 2,183,381 Telefónica Netherlands Italy Koninklijke Ned. 1,726,806 Petroleum Mij 1,767,500 Eni 2,962,000 San Paolo-IMI Germany 13,136,000 Telecom Italia 1,500,000 Deutsche Post 630,000 E.ON Japan 567,500 Schering 3,600,000 Asahi Glass 1,036,000 Ito Yokado Norway 1,682,000 Toyota Motor 1,729,200 Statoil Australia National Australia Japan 1,462,117 Bank NAB 3,000 Japan Tabacco 7,100 KDDI New Zealand Telecom Corporation of New 9,390,627 Zealand 1) Robeco (Schweiz) AG, Uraniastrasse 12, CH-8001 Zurich, is the fund's appointed representative in Switzerland. Copies of the prospectus, Articles of Association, annual and semiannual reports and a list of all purchases and sales in the fund's securities portfolio during the reporting period are available from the above address free of charge. UBS AG, Bahnhofstrasse 45, CH-8098 Zurich, is the fund's paying agent in Switzerland. Ronald Florisson, Robeco Corporate Communications Office: +31 - 10 - 224 28 10 Mobile: +31 - 653 - 831 586 E-mail: ronald.florisson@robeco.nl - ---END OF MESSAGE--- Copyright © Hugin ASA 2006. All rights reserved.
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