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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rolinco NV(BR) | LSE:RLI | London | Ordinary Share | NL0000289817 | ORD EUR1 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Rotterdam, 31 August 2004 ROLINCO N.V. SEMIANNUAL REPORT JUNE 2004 % ROBECO CONTENTS General information 1 Report of the management board 2 Balance sheet 5 Profit and loss account 5 Cash flow summary 6 Notes 7 Other data 11 Spread of net assets 12 GENERAL INFORMATION ROLINCO 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 12 24 Fax +31 - 10 - 411 52 88 Internet: www.robeco.com Prospectus The prospectus is available at the offices of the company and via www.robeco.com. REPORT OF THE MANAGEMENT BOARD GENERAL INTRODUCTION Global economic recovery takes shape The economic recovery that began the previous year continued in the first half of 2004. Consumer and business confidence in the future showed an upward trend. This was reflected by increasing capital expenditure and consumer spending. The North American and Asian regions took the lead. The long-awaited recovery of the labor market finally materialized in the United States. The rapidly growing Chinese economy remained another important stimulus for the global economy. In Japan growth is no longer just driven by an increase in exports, but also by domestic spending, which has been growing for the first time in a long while. Continental Europe is still the lagging region although here too there is reason for cautious optimism. Monetary authorities were increasingly forced to begin reversing their accommodative measures of the past years. The US FederalReserve, for instance, raised its official rates for the first time in four years. The trend of falling prices came to an end, however, inflation is still low for the time being. A cautious start for the stock market The equity markets had a defensive start in 2004. The energy, utilities and consumer staples sectors had the best performance in the first half of 2004. The cautious attitude of the market was mainly the result of uncertainty regarding interest rates. Strong economic growth and rising oil prices gave the impression that interest rates could only go up. The Federal Reserve indeed decided to raise rates on 30 June. Corporate earnings developed favorably all over the world. There were two reasons for this: businesses benefited from the effects of the cost-saving operations of the last years while sales increased at the same time. We consider 2004 to be a transition year with moderately positive returns. Investors have to get used to a new interest-rate climate first, before they start looking at the sound fundamental development of companies and the stock market's very reasonable valuation. INVESTMENT RESULT In the first half of 2004, the share price of Rolinco rose from EUR 17.80 to EUR 18.35. Assuming reinvestment of the dividend of EUR 0.28 per share distributed in May 2004, this was an investment result of 4.6%. On the basis of net asset value, which rose from EUR 17.71 to EUR 18.47, the investment result was 5.8%. The fund's benchmark, the Citigroup World Growth Primary Market Index, rose 6.3% over the same period. Rolinco's investment result thus lagged its benchmark by 0.5%, mainly due to the fund's position in emerging markets whose performance lagged expectations. The markets began the year on a positive note, supported by much better-than-expected earnings figures, especially in the United States, where years of investment in technology are paying off in terms of huge efficiency improvements and higher margins. An extremely accommodative monetary policy and a weaker dollar fanned the economic fire, causing sales also to rise as well. The markets entered a correction phase in April, due to rapidly rising oil prices and gradually rising interest rates. After these markets had generated excellent returns in 2003, there was a sharp correction in April and May in Asian markets like Korea, China and Taiwan on fears that the Chinese economy would overheat. Growth stocks continued to lag value stocks. Against a macroeconomic background of higher-than-expected growth in the US and Japan, interest in cyclical value stocks remained high. The continuing recovery in Japan surprised many, and Japanese stocks were clearly the best performers in the first half of 2004. Among growth stocks, health care remained under pressure . INVESTMENT POLICY The position in Japan was expanded during the reporting period. After a gradual decline lasting more than 13 years, the market finally seems to have taken a turn for the better. Rolinco bought not only export stocks which benefit from regional growth, but also, increasingly, domestic companies which are benefiting from the pick-up in domestic consumption. Japanese businesses are focusing increasingly on profitable growth, significantly raising returns. The time has passed when gaining market share was the only thing that mattered. Rolinco took positions in the real-estate (Mitsui Fudosan), construction (Obayashi) and health-care (Yamanouchi) sectors. The weight of technology companies was reduced in January. After a good recovery, valuations had become too high, particularly of the very cyclical semiconductor and hardware stocks. The positions in Intel and Dell were reduced. One frustrating development was the lagging performance of health care. While the trend of an aging population, and thus increasing demand, is continuing, governments and new competitors pressured prices in the absence of truly innovative products. Health-care stocks, which in the past always traded at a premium, now trade at a discount. Rolinco is keeping its high weight in the conviction that the market is too bearish regarding the growth outlook of this sector. Furthermore, Wyeth had to set aside billions of dollars for the adverse side-effects of its slimming pill. The position in Swiss health-care stock Roche was raised due to our enthusiasm for the anti-cancer drugs the company is developing. The interest in Aventis was sold in the merger with Sanofi-Synthélabo at a good price. Top 10 stocks Country Interest in % Performance in % 30/06/2004 01/01-30/06/2004 In euros In local currency 1. Pfizer United States 3.4 1.5 -2.1 2. Microsoft United States 2.8 8.2 4.3 3. Cisco Systems United States 2.6 1.4 -2.2 4. Fannie Mae United States 1.9 0.0 -3.6 5. Roche Holding Switzerland 1.6 3.1 0.7 6. Nestlé Switzerland 1.6 13.1 10.4 7. Citigroup United States 1.5 1.0 -2.6 8. Merck United States 1.5 8.3 4.4 9. Medco Health Solutions United States 1.4 14.4 10.3 10. Total France 1.4 11.2 11.2 Due to the more cautious mood in the market in the second quarter, the Rolinco portfolio benefited strongly from its positions in defensive consumer-staples stocks: Avon Products, Reckitt Benckiser and Gillette all rallied between 20%-40%. The position in this sector increased sharply. The problem with reserves at the large oil companies offers excellent growth potential for service companies like Schlumberger, which was added to the portfolio. Rolinco sees less potential for the banking sector. Profits are now at record highs due to the still low level of interest rates. The wave of takeovers now occurring in the US demonstrates the lack of organic growth. Part of the weight was transferred to insurers, which actually benefit from a rise in interest rates. OUTLOOK Absolute valuation has become attractive due to strong earnings growth. One the other hand, there is the prospect of higher interest rates. As long as the rate increase remains limited, equity investors should not be unduly concerned. Specifically for investors in growth stocks held by Rolinco , these stocks are currently trading at their cheapest relative levels of the last 15 years. We therefore expect better-than-average returns in the coming reporting period. Rotterdam, 3 August 2004 The management board Marnix C. Vriezen Arnout van Rijn Volker Wytzes BALANCE SHEET EUR x million 30/06/2004 31/12/2003 ASSETS Investments Financial investments Equities 1,420 1,381 _________ _________ Total investments 1,420 1,381 Accounts receivable 35 12 Other assets Cash 15 _ _________ _________ 1,470 1,393 LIABILITIES Accounts payable 41 3 Long-term debt 6½% convertible bond loan 10 10 _________ _________ 51 13 _________ _________ Shareholders' equity 1,419 1,380 Composition of shareholders' equity Issued capital 77 78 Other reserves 1,258 1,206 Net result 81 93 _________ _________ Assets attributable to holders of ordinary 1,416 1,377 shares 6½% cumulative preference shares 3 3 _________ _________ 1,419 1,380 PROFIT AND LOSS ACCOUNT EUR x million 01/01- 01/01- 30/06/2004 30/06/2003 Investment income 11 13 Movements in value 76 6 _________ _________ 87 19 Management costs 6 5 _________ _________ Net result 81 14 CASH FLOW SUMMARY indirect method, EUR x million 01/01- 01/01- 30/06/2004 30/06/2003 Cash flow from investment activities 39 8 Cash flow from financing activities -41 -23 _________ _________ Net cash flow -2 -15 Currency and cash revaluation - - _________ _________ Increase(+)/decrease(-) cash* -2 -15 * Cash and accounts payable to credit institutions. NOTES General Rolinco N.V. is a Dutch investment company with a variable capital within the meaning of Article 28 of the 1969 Dutch Corporate Income Tax Act. Therefore, no corporate income tax is payable provided income after deduction of costs is distributed entirely in the form of shareholder dividends. System change As a result of changes to the Guidelines for Annual Reporting, with effect from the 2004 financial year changes in the value of investments, both realized and unrealized, are reported in the Profit and loss account, and the Reserve for capital gains and losses is reported under Other reserves. The change has no effect on the shareholders' equity as at 31 December 2003 and 30 June 2004. The effect on the result for the period 1 January 2003 through 30 June 2003 amounts to EUR 6 million, and over the period 1 January 2004 through 30 June 2004 EUR 76 million. Comparative figures in this report have been adjusted accordingly where necessary. Open-end fund Rolinco N.V. is an open-end investment company, meaning that, barring exceptional circumstances, Rolinco N.V. issues and repurchases its shares on a daily basis via the intermediary at prices approximating net asset value. Robeco Investment Consulting B.V. functions as the intermediary between Rolinco N.V. and investors for the issuance and repurchase of shares, as a result of which Rolinco N.V. issues and repurchases its shares at net asset value. The abovementioned margin between the net asset value and the bid and offer prices, and the associated costs, are for the account and risk of the intermediary. The intermediary will distribute any positive results, calculated on a cumulative basis, to the funds on a quarterly basis. Distribution will be in proportion to the positive contribution of each fund to the intermediary's result. A buffer is maintained to cover any future losses. accounting principles General The accounting principles for the valuation of assets and liabilities and determination of the result are unchanged, and as such are in accordance with the annual financial statements. Amounts are expressed in millions of euros. Affiliated parties Rolinco 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 authorities are 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, Rolinco 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, as well as management activities. Transactions are executed at market rates. Soft-dollar arrangements Various independent research institutions provide services to the company to support its decision-making process. These institutions are paid by means of soft-dollar arrangements with brokers. FINANCIAL INSTRUMENTS Policy regarding the use of derivative investment instruments Investing implies that positions are taken. As it is possible to use various (derivative) instruments to construct an identical position, the selection of derivatives is subordinate to the positioning of a portfolio. Positions in derivative financial instruments are presented off-balance sheet, but are inextricably connected with existing on-balance sheet positions. No further explanation is therefore given of individual results on derivatives positions. In our published information, attention is given primarily to the overall position, and secondarily to the nature and volume of the financial instruments employed. Forward exchange transactions Liabilities and receivables ensuing from forward exchange transactions are not included in the Balance sheet. They are, however, explained in the Notes to the balance sheet under the heading Commitments not shown in the balance sheet. Unrealized results of forward exchange transactions are accounted for in the Balance sheet under either Accounts receivable or Accounts payable. The results are determined by valuing forward exchange transactions at their real value. For forward exchange transactions, this value is based on currency rates and reference interest rates at closing date. NOTES TO THE BALANCE SHEET AND PROFIT AND LOSS ACCOUNT Equities At balance sheet date, shares to the amount of EUR 0.4 billion (EUR 0.2 billion at the end of last year) had been lent. To cover the risk of non-restitution, adequate collateral was demanded and obtained; this collateral is not included in the Balance sheet. Investments in Robeco Group mutual funds Part of the portfolio is invested in funds offered by the Robeco Group. A list of these investments is given below. +-------------------------------------------------------------------------------------------------------+ | | |-------------------------------------------------------------------------------------------------------| |Investments in Robeco Group mutual funds | |-------------------------------------------------------------------------------------------------------| | | |-------------------------------------------------------------------------------------------------------| | | Market value|Interest in| Net asset| Return| Expense ratio2)| | | in EUR| fund| value1)| in %| in %| | | | in %| EUR x 1| | | |--------------+-------------+-----------+--------------+-----------------------+-----------------------| | | | | | | | |01/01-30/06|01/01-30/06|01/01-30/06|01/01-30/06| | | 30/06| 31/12|30/06|31/12| 30/06| 31/12| 2004| 2003| 2004| 2003| | | 2004| 2003| 2004| 2003| 2004| 2003| | | | | |--------------+------+------+-----+-----+-------+------+-----------+-----------+-----------+-----------| | | | | | | | | | | | | |--------------+------+------+-----+-----+-------+------+-----------+-----------+-----------+-----------| |Robeco | | | | | | | | | | | |Institutioneel| 61| 61| 5.4| 5.9| 41,292|41.472| 1.2| 5.6| 0.43| 0.45| |Emerging | | | | | | | | | | | |Markets Fonds | | | | | | | | | | | |--------------+------+------+-----+-----+-------+------+-----------+-----------+-----------+-----------| |Robeco | | | | | | | | | | | |Institutioneel| 47| 42| 45.3| 45.5|109,878|96,888| 15.2| 8.4| 0.41| 0.43| |Europees Small| | | | | | | | | | | |& Midcap Fonds| | | | | | | | | | | |--------------+------+------+-----+-----+-------+------+-----------+-----------+-----------+-----------| | |______|______| | | | | | | | | |--------------+------+------+-----+-----+-------+------+-----------+-----------+-----------+-----------| | | 108| 103| | | | | | | | | |-------------------------------------------------------------------------------------------------------| |1) Per participating unit. | |2) Regarding management costs, agreements have been made with the managers of the funds concerned for | |the restitution of management costs to Rolinco N.V. | |-------------------------------------------------------------------------------------------------------| | | +-------------------------------------------------------------------------------------------------------+ The annual reports of the abovementioned Robeco Group funds as of 31 December 2003 are available at the company's offices on request. The funds are not regulated. Shareholders' equity Composition and development of shareholders' equity 01/01- 01/01- 30/06/2004 30/06/2003 Issued capital Situation at opening date 78 80 Received on shares issued 4 1 Paid for shares repurchased -5 -3 _______ _______ Situation at closing date 77 78 6½% cum.pref. shares 3 3 Other reserves Situation at opening date 1,206 144 Addition of reserve for capital gains and - 1,749 losses _______ _______ Starting situation after system change 1,206 1,893 Received on shares issued 66 33 Paid for shares repurchased -85 -49 Profit from previous financial year 93 -637 Dividend payments -22 -22 _______ _______ Situation at closing date 1,258 1,218 Net result 81 14 _______ _______ Shareholders' equity 1,419 1,313 The company's authorized share capital amounts to EUR 400 million, divided into 380,000,000 ordinary shares with a nominal value of EUR 1 each and 500,000 cumulative preference shares with a nominal value of EUR 40 each. As of 30 June 2004 the number of ordinary shares outstanding was 76,632,069. Net asset value per share amounted to EUR 18.47. In May 2004 the company distributed dividend to the amount of EUR 0.28 per share. Shares outstanding Development of number of shares outstanding 01/01- 01/01- 30/06/2004 30/06/2003 Situation at opening date 77,745624 79,511,361 Shares issued in financial year 3,779,838 2,167,253 Shares repurchased in financial year 4,893,393 3,209,616 __________ ___________ Situation at closing date 76,632,069 78,468,998 Commitments not shown in the balance sheet The forward exchange transactions current at closing date represent purchases of AUD 35.8 million, CAD 32.3 million, and EUR 29.3 million, against sales of CHF 31.6 million, GBP 5 million, JPY 927.1 million and USD 41 million. These transactions have been included in the Spread of net assets at the end of this report. Unrealized results of transactions at closing date are included in the Profit and loss account. COSTS Expense ratio Expense ratio 01/01- 01/01- 30/06/2004 30/06/2003 in % in % Cost item Management costs 0.42 0.42 Other costs 0.01 0.02 Interest convertible bond loan 0.02 0.02 _______ _______ Total 0.45 0.46 The expense ratio expresses the costs charged to the fund during the reporting period as a percentage of the average assets1) entrusted during the reporting period. The expense ratio as shown does not include brokerage costs and exchange fees relating to investment transactions. These have been discounted in the cost price or the sales value of the investments, as is normal practice in the securities industry. The expense ratio was 0.45% during the reporting period2). In addition to the costs of the fund's asset management such as administration, the management costs in the expense ratio also include the costs of the external auditor, other external advisers, regulators, costs relating to reports required by law, such as the annual and semiannual 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. Management costs and service fee With effect from 1 October 2004, the management fee on the average assets entrusted will be raised from 0.84% to 1.00% per annum. Furthermore, a service fee will be introduced to cover formal and operational costs such as the production of annual reports and the fund's administration. The service fee for Rolinco N.V. will be 0.12% per annum. A discount of 0.02% will apply for the service fee on the assets in excess of EUR 1 billion, with a further discount of 0.02% on the assets in excess of EUR 5 billion. Rotterdam, 3 August 2004 The management board OTHER DATA Interests of major investors Statement in conformity with article 21, paragraph 2, sections b and c, of the Dutch Investment Institutions Supervision Decree (Btb, Besluit toezicht beleggingsinstellingen). 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 took place. Auditors No external audit has been conducted. SPREAD OF NET ASSETS Across countries Across currencies Equities1) 30/06/2004 30/06 31/12 30/06 31/12 EUR x 2004 2003 2004 2003 million in % in % in % in % By country North America (48.33%) United States 663 46.72 49.76 46.56 47.84 Canada 23 1.61 0.91 3.03 2.37 Europe (33.06%) United Kingdom 131 9.25 10.69 9.34 10.20 Switzerland 83 5.86 5.40 4.07 3.96 France 79 5.59 5.73 - - Germany 37 2.63 1.06 - - Netherlands 28 1.99 1.91 - - Italy 15 1.05 1.25 - - Spain 11 0.78 1.96 - - Sweden 11 0.80 0.48 0.81 0.48 Finland 10 0.71 1.39 - - Norway 9 0.60 - 0.60 - Greece 7 0.46 - - - Ireland - - 0.58 - - European midcaps 47 3.34 3.02 - - Euro - - - 20.88 20.88 Asia (14.41%) Japan 162 11.39 8.65 10.94 9.91 Singapore 17 1.19 0.94 1.19 0.94 Hong Kong 16 1.11 0.94 1.12 0.94 South Korea 10 0.72 0.41 - 0.41 Emerging Markets (4.30%) Emerging markets 61 4.30 4.44 - - 2) Australia (0%) Australia - - 0.51 1.46 2.07 Other assets and Liabilities -1 -0.10 -0.03 - - (-0.10%) _______ _______ _______ _______ _______ Total 1,419 100.00 100.00 100.00 100.00 By sector Health care 18.9 19.1 Information technology 17.2 17.8 Financials 17.2 18.1 Consumer staples 11.3 8.7 Consumer discretionary 10.9 13.2 Industrials 10.0 8.8 Energy 7.7 5.5 Telecommunication services 3.6 3.9 Materials 2.1 3.3 Utilities 1.2 1.6 Other assets and liabilities -0.1 0.0 _______ _______ Total 100.0 100.0 1) 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. As was the case at 31 December 2003, the portfolio did not include derivatives at 30 June 2004. 2) In terms of currencies, the investments in emerging markets have been included under the item euro. 1) Robeco (Schweiz) AG, Uraniastrasse 12, CH-8001 Zurich, is the fund's appointed representative in Switzerland. Copies of the prospectus, Articles of Association, (semi)annual 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. 1) The average assets entrusted used in this calculation is based on 7 observations. DNB circular 8022 recommends using 3 observations. The calculation method used in this semiannual report gives a more accurate picture of the average assets entrusted. 2) Based on the calculation principles of the Swiss Funds Association the TER was 0.48%. Ronald Florisson, Corporate Communications Robeco Office +31 - 10 - 224 28 10 Mobile +31 - 653 - 831 586 E-mail: ronald.florisson@robeco.nl - ---END OF MESSAGE--- Copyright © Hugin ASA 2004. All rights reserved.
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