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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rorento Nv | LSE:RRO | London | Ordinary Share | ANN757371433 | ORD EUR3 |
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, 6 April 2006 RORENTO N.V. ANNUAL REPORT 2005 % ROBECO CONTENTS General information 2 Report of the supervisory board 5 Report of the management board 8 Financial statements 12 Balance sheet 12 Profit and loss account 13 Cash-flow summary 13 Notes 14 Other data 24 Spread of net assets 27 Bond portfolio 28 GENERAL INFORMATION RORENTO N.V.1 (public limited liability company with an open-end structure established according to the laws of the Netherlands Antilles, having its registered office in Philipsburg, St. Maarten, Netherlands Antilles) Ara Hill-Top, Unit A5 Pletterijweg Oost 1 Willemstad, Curaçao Information address for Rorento: Robeco Istitutional Asset Management B.V. Coolsingel 120 Postbus 973 NL-3000 AZ Rotterdam Tel. +31- 10 - 224 12 24 Fax +31 - 10 - 411 52 88 Internet: www.robeco.com Supervisory Board Paulus C. van den Hoek, chairman Gilles Izeboud (as of 22 April 2004) Johan Kremers (until 27 April 2005) Philip Lambert (as of 27 April 2005) Dirk P.M. Verbeek Management Board Edith J. Siermann, chairman Frank L.E.G. Boll Karel J.V. Tavernier (until 27 April 2005) Ferdie L.I. van de Walle (from 27 April 2005) 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. 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 Th.L. Korthout Niek F. Molenaar GENERAL MEETING OF SHAREHOLDERS AND INFORMATIVE MEETING The General Meeting of Shareholders will be held at Willemstad, Curaçao (Netherlands Antilles) on 10 May 2006 at 10:30 hours. The informative meeting will be held on 27 April 2006 at 13:30 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 3 May 2006. Holders of K shares should lodge their share certificates not later than 3 May 2006 with one of the banks mentioned in the convening notice of 6 April 2006. Holders of 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 of Robeco Institutional Asset Management B.V. in writing not later than 6 May 2006. Holders of bearer certificates wishing to attend the informative meeting in Rotterdam should lodge their certificates not later than 20 April 2006 with one of the banks mentioned in the convening notice of 6 April 2006. Holders of 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 of Robeco Institutional Asset Management B.V. in writing not later than 20 April 2006. This report is also published in Dutch, French and German. 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 Rorento 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 R E P O R T OF T H E S U P E R V I S O R Y B O A R D We herewith present the Rorento 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. The management of Rorento N.V. is carried out by Robeco Institutional Asset Management B.V. Rorento N.V. is the employer of the management board members. Discussion of the management of Rorento 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. The purpose of an investment institution such as Rorento 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 at the meetings of the supervisory board of Robeco Groep N.V. An audit and remuneration committee has been appointed by 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 Rorento 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 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 revised 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. An application for a new license for Rorento N.V. was submitted to the Netherlands Authority for the Financial Markets in late February 2006. The prospectus has been adjusted as a result of the revision of the Investment Institutions Supervision Act. The amended prospectus has been submitted to both the Netherlands Authority for the Financial Markets and the Central Bank of the Netherlands Antilles. 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. The management board proposes not to distribute the profit but to allocate this income to Other Reserves, as usual. At the General Meeting of Shareholders on 27 April 2005, Mr. J. 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 Mr. Ph. Lambert was appointed as a supervisory director of the company with immediate effect, to fill the vacancy arising from the departure of Mr. C.E.M. Beckers as of 1 July 2004. At the General Meeting of Shareholders Mr. P.C. van den Hoek was reappointed as chairman of the supervisory board with immediate effect. The vacancy as a result of Mr. Kremers' resignation has not yet been filled. At the same meeting Mr. K.J.V. Tavenier also resigned of his own accord as a member of the management board of Rorento N.V. On the same day, Mr. F.L.I. van de Walle was appointed as a member of the management board to fill the vacancy arising from Mr. Tavernier's departure. The board is extremely grateful for Mr. Tavenier's contribution to the development of Rorento N.V. According to schedule, Mr. D.P.M. Verbeek will resign at the General Meeting of Shareholders to be held on 10 May 2006. Mr. Verbeek is available for reelection. It is proposed that he be reappointed as a supervisory director of the company with immediate effect. Philipsburg, 16 March 2006 The supervisory board Supervisory board Paulus C. van den Hoek, chairman (67) Dutch nationality. Appointed in 1997 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 (1981/84). Supervisory director of ASM International, Bührmann, Euronext Amsterdam, Robeco, Robeco Groep N.V. and Rolinco. 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, Robeco Groep N.V. and Rolinco. Johan Kremers (72) Dutch nationality. Appointed in 1997 and reappointed in 2001. Former Queen's Commissioner in the Dutch province of Limburg (1977/90). Vice-chairman of the Management Board of Robeco Groep N.V. and vice-chairman of Rodamco (1990/97). Supervisory director of Robeco, Robeco Groep N.V. and Rolinco. Philip Lambert (59) Dutch nationality. Appointed in 2005. Head of Unilever Corporate Pensions in London. Chairman of the investments committee of the Algemeen Burgelijk Pensioenfonds [ABP, the largest Dutch pension fund] and member of the investment committee of ABN AMRO Pensioenfonds. Supervisory director of Robeco, Robeco Groep N.V. and Rolinco. 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, Robeco Groep N.V. and Rolinco. N.B. Only supervisory directorships at listed companies and the Robeco Group are mentioned. REPORT OF THE MANAGEMENT BOARD GENERAL INTRODUCTION Global economy remains convincing In 2005 global economic growth remained high. The United States and Asia were the main growth engines but in the course of the year Japan joined them and even the European economy started to show signs of improvement towards the end of the year. The US economy continued to do well in spite of the higher energy prices and the impact of hurricane Katrina. Consumer spending remained strong thanks to better labor-market circumstances and the strength of the housing market. Inflation increased to levels above 4% but underlying inflation, excluding energy prices, was much more moderate. The inflation outlook remained stable, which was undoubtedly due to the determination with which the US central bank kept raising its official rates. In the course of the year short-term rates were raised from 2.25% to 4.25% in 25 basis-point steps. In the euro zone corporate capital expenditure especially contributed to the moderate growth. The export sector benefited from the recovery in global trade. Domestic spending lagged once again because of the unstable recovery of the labor market. Due to the continuing unemployment, the higher oil price has not (yet) led to excessive wage demands. The depreciation of the euro, tax increases and higher energy prices pushed inflation in the euro zone to levels above 2.5%. Here too underlying inflation was much lower. However, the European Central Bank still raised its official rate by a quarter of a percentage point to 2.25%. It was the first interest-rate move in 2.5 years. The economic picture for Japan has improved significantly over the past year. Economic growth is no longer just supported by the export sector as domestic spending is also increasingly contributing to growth. Wage growth and the improving labor market are the main growth engines. The Japanese central bank has also made it clear that it will soon start normalizing its extremely accommodative monetary policy. Bond markets were mixed The series of rate hikes by the US central bank has had an effect on US bond returns. Bonds with a short life to maturity lagged particularly. The spread between official short-term rates and capital-market rates narrowed to close to zero. Because the inflation outlook remained moderate, in spite of higher commodities prices, capital-market rates rose only slightly. In the euro zone capital-market rates actually dropped, which led to more than reasonable returns on euro-denominated bonds. Capital-market rates only started increasing again towards the end of the year, when the Euroland economy started to gain in strength. Here too the spread between short-term and long-term rates decreased, especially when the European Central Bank raised rates by 0.25% towards the end of the year. In Japan capital-market rates rose slightly in 2005 and speculations about possible monetary tightening also put upward pressure on bond yields. The non-government bond market was mixed in 2005. The European credit market clearly outperformed its US counterpart, where returns were on balance lower than the returns on government bonds. In the course of the year there were some company-specific events which had a negative impact for bondholders, but the effect on the market as a whole was only limited. Investors did have a preference for short-term loans, as a result of which the difference in risk premium between short-term and long-term loans increased. Outlook Central banks will continue to reverse the accommodative monetary measures of the past years. Their main objective is to keep the inflation outlook stable. We think that they will be successful. Capital-market rates will rise a little further, but we expect this rise to be moderate. Structural factors which curb inflation, such as globalization and technological progress, are still present. For the time being, wage pressure will be tempered by cheap labor from Asia and sufficient labor potential in Europe. Oil-price movements remain a risk factor. The macroeconomic outlook for businesses is not unfavorable. However, our expectations for the return on credits are low. Businesses will more often opt for extra capital expenditure or raising dividend, partly due to pressure from venture capitalists, and will give less priority to reducing debt. These risks are not yet sufficiently reflected in the current risk premiums. INVESTMENT RESULT Investment results (in %) Average over last 5 2005 2004 2003 2002 2001 years Based on: - - market price 2.7 1.3 1.4 3.0 3.3 - - net asset value 2.7 1.3 2.2 4.5 3.7 Benchmark1) 3.7 -0.5 4.1 4.5 4.2 Total net assets2) 3.1 3.7 4.4 5.3 1 The JP Morgan Government Bond Index Plus, and from 1 January 2002 the Lehman Multiverse Index. Currencies have been converted at rates supplied by World Market Reuters. 2 EUR x billion. During 2005, Rorento's share price rose from EUR 39.88 to EUR xx.xx, an investment result of x.x%. Based on the net asset value, which rose from EUR 40.10 to EUR xx.xx, the investment result was x.x%. The fund's benchmark, the Lehman Multiverse Index, 50% hedged into euros, rose x.x% over the same period. INVESTMENT POLICY Duration, country and yield-curve policy During most of 2005, Rorento's portfolio was positioned for rising interest rates in the euro zone, the US and Japan. Capital-market rates in the US fluctuated between 3.8% and 4.60% during the reporting year. The American central bank tightened monetary policy. The discount rate was raised from 2.25% to 4.25% in 25 basis-points steps. The American central bank used this policy to respond to the increased inflationary pressure and solid economic growth, which was primarily the result of continuing consumer spending. During the same period, the rise in capital-market rates in the US was limited. The market expected that the devastation caused by the hurricanes in the Southern United States and the sharp rise in oil prices would have a negative impact on the US economy. Interest-rate hikes combined with slightly increasing capital-market rates caused the yield curve in the US to flatten significantly. During almost the whole of the period under review, Rorento was positioned for this yield-curve flattening and therefore benefited from it. +---------------------------------------------------------------------+ |Development of Rorento's modified duration[1] | | | |---------------------------------------------------------------------| | J | F | M | A | M | J | J | A | S | O | N | D | |-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+-----+---| | 6.3 | 3.0 | 2.7 | 4.1 | 6.3 | 4.0 | 3.2 | 3.0 | 3.3 | 3.3 | 4.2 | | +---------------------------------------------------------------------+ European capital-market rates fluctuated between 3.0% and 3.8% during the reporting year. The eurozone economy grew modestly during the first half of 2005, with continuing high unemployment in Italy, France and Germany. As a result, ten-year yields fell to a record low of 3.0%. Exports increased during the second half of the year, helped by a weak euro, thereby improving economic sentiment. When the European Central Bank (ECB) started signaling that it wanted to raise money-market rates in order to combat inflation and normalize money-market rates, long-term bonds were sold and interest rates rose to 3.5%. Because money-market rates rose and capital-market rates for longer maturities remained under pressure due to continuing demand from European pension funds and insurance companies, the yield curve flattened significantly during the last quarter of the reporting period. The fund successfully anticipated this in the last quarter. Regional allocation was another strategy used by Rorento. The fund was overweight in the euro zone at the expense of the US. The idea behind this was that the American central bank was expected to raise money-market rates, while the ECB was expected to keep interest rates stable during most of 2005. We took the view that the spread between US interest rates and Euroland interest rates would increase, which in fact is what actually happened. Also in Japan, interest rates tended towards higher levels during the second half of the year; they rose to a level around 1.5%. The economic recovery brought the end of the deflationary period in sight, as a result of which the Bank of Japan will also pursue a less accommodative policy in the future. The portfolio is currently positioned for a further increase in Japanese interest rates. This position also contributed positively to the fund's performance. Risk Management and compliance On the basis of reports the management board spoke about risk-management and compliance issues, and also discussed them with the supervisory board. Financial instruments The fund uses financial instruments. The associated risks are specified in the financial statements. Credits Halfway through the reporting year, the allocation to corporate bonds in the portfolio was lowered to a more neutral position relative to the benchmark. The more defensive positioning was prompted by the relatively high valuation of the asset category compared to government bonds. The favorable macroeconomic outlook for businesses indeed justified the relatively low premiums for credit risk, but the increased activity of so-called venture capitalists was cause for concern. Rorento was also involved in these activities, with a number of companies in its portfolio becoming the target of hostile takeovers or the subject of takeover speculation. Thanks to the use of derivatives in the portfolio, the fund was able to benefit in a number of cases from the loss of creditworthiness, which often happens in these so-called leveraged buyouts (LBOs). Because financial companies are less sensitive to such restructurings, the overweight in financials compared to corporates was further increased in the course of the year. As of September, the sensitivity to the credit market was further reduced. The increased uncertainty in the credit market and a flattening of the underlying yield curve of government bonds resulted in higher risk premiums for long-term bonds. Currencies The most important development in the currency market was the impressive comeback of the US dollar compared to other currencies, driven by the continuing positive economic outlook, the widening short-rate differentials, and higher global demand. During most of the year, the portfolio was overweight in the euro compared to the US dollar, which contributed negatively. Other transactions such as JPY/USD, GBP/USD and CHF/USD made a limited contribution on balance. Performance During the period under review, the fund manager's active investment policy led to an outperformance of 1.4% (before deduction of the management fee) relative to the benchmark. Of this 1.4%, 0.57% was attributable to the duration policy, 0.56% to the regional policy, 0.43% to the yield-curve policy, 0.22% to the money-market policy, - -0.25% to the credit policy and -0.13% to the currency policy. Philipsburg, 16 March 2006 The management board FINANCIAL STATEMENTS BALANCE SHEET before profit appropriation, EUR x thousand 31/12/2005 31/12/2004 Investments Financial investments Bonds and other fixed-income securities 1, 9 3,047,686 2,806,574 Deposits 3 21,497 302,778 Derivatives 2, 12 14,622 33,100 Other financial investments 4 33,487 423,508 __________ __________ Total investments 3,117,292 3,565,960 Accounts receivable Interest receivable 54,058 48,912 Receivable on securities transactions 2,704 12,947 Affiliated companies 5 689 26,374 Sundry debtors 6 588 249 __________ __________ 58,039 88,482 Cash 132,234 82,878 Accounts payable Obligations arising from derivative 2, 12 2,070 4,952 instruments Payable to credit institutions 89 28 Payable on securities transactions 7 230,009 611,078 Affiliated companies 8 1,913 2,599 Sundry creditors 2,812 1,147 __________ __________ 236,893 619,804 __________ __________ Accounts receivable and other assets less accounts payable -46,620 -448,444 __________ __________ Shareholders' equity 3,070,672 3,117,516 Composition of shareholders' equity 10 Issued capital 213,755 233,213 Other reserves 2,633,869 2,786,675 Net result 223,048 97,628 223,048 __________ __________ 3,070,672 3,117,516 The numbers of the items in the financial statements refer to the numbers in the Notes PROFIT AND LOSS ACCOUNT EUR x thousand 2005 2004 Investment income 126,540 139,111 Movements in value 1.2,3.4 120,640 -19,317 _________ _________ 247,180 119,794 Costs Management costs 15 21,606 21,293 Service fee 15 2,052 541 Other costs 16 474 332 _________ _________ 24,132 22,166 _________ _________ Net result 223,048 97,628 CASH-FLOW SUMMARY indirect method, EUR x thousand 2005 2004 Cash flow from investment activities Net result 223,048 97,628 Realized and unrealized results -120,640 19,317 Purchase of investments -10,378,473 -17,774,527 Sale of investments 10,948,080 18,912,618 Increase(-)/decrease(+) accounts receivable 31,066 54,881 Increase(+)/decrease(-) accounts payable -379,641 -554,739 __________ __________ 323,440 755,178 Cash flow from financing activities Received for shares subscribed 186,948 177,183 Paid for repurchase of own shares -456,805 -832,388 Profit distribution -35 -37 Increase(-)/decrease(+) accounts receivable -623 - Increase(+)/decrease(-) accounts payable -449 -2,414 __________ __________ -270,964 -657,656 __________ __________ Net cash flow 52,476 97,522 Currency and cash revaluation -3,181 2,193 __________ __________ Increase(+)/decrease(-) cash 49,295 99,715 Accounts payable to credit institutions at -28 -16,912 opening date Cash at opening date 82,878 47 __________ __________ Total cash at opening date 82,850 -16,865 Accounts payable to credit institutions at -89 -28 closing date Cash at closing date 132,234 82,878 __________ __________ Total cash at closing date 132,145 82,850 NOTES General Rorento (hereafter also referred to as 'the fund') is an investment institution registered in the Netherlands Antilles and as such is not subject to Dutch corporate-income tax or capital tax. It is only liable to pay a minor sum in Netherlands Antilles profits tax. The financial statements are in euros and are drawn up in accordance with regulations prevailing in the Netherlands. The fund holds a license in accordance with article 11, section a, of the National Ordinance on the Supervision of Investment Institutions and Administrators ['Ltba', Landsverordening Toezicht op Beleggingsinstellingen en Administrateurs]. The fund also holds a license from the AFM (the Netherlands Authority for the Financial Markets) under the Dutch Investment Institutions Supervision Act ['Wtb', Wet toezicht beleggingsinstellingen]. 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 Rorento N.V. is an open-end investment company, meaning that, barring exceptional circumstances, Rorento 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. Until 31 May 2005 Robeco Investment Consulting B.V. functioned as the intermediary between Rorento N.V. and investors for the issuance and repurchase of own shares. Rorento N.V. agreed with the other Robeco Group funds that from 1 June 2005 onwards, Robeco Investment Consulting B.V. would assume the integrated management and risk of spread income and expenses of these Robeco funds, as a result of which Rorento 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 Robeco Investment Consulting B.V. Robeco Investment Consulting B.V. will distribute any positive results, 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 capital tax as of 1 January 2006, the upper limit of the spread was lowered from 1% 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 Institutional Asset Management 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 Financial investments are included at fair value. The fair value of bonds and other fixed-income securities is based on the market price and other market quotations at closing date. For derivatives such as forward exchange contracts, this value is based on currency rates and reference interest rates at closing date and for futures, interest-rate swaps, credit-default swaps and forward purchases of mortgage-backed securities (TBAs) this value is based on the market price and other market quotations at closing date. Deposits and CDs/CP are valued on the basis of exchange rates and reference interest rates at closing date. For call money, the real value is the nominal value. Transaction costs incurred in the purchase and sale of investments are included in the purchase or sale price as appropriate. Affiliated parties Rorento 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, Rorento 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 interest income, 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 Interest income on investments in bonds, other fixed-income securities, deposits, other financial investments, cash and income 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. The value of investments in fixed-income securities depends directly on market rates. Duration is used as the measure for the portfolio's sensitivity to interest-rate movements. The portfolio's sensitivity to fluctuations in market rates can be influenced by changing the portfolio's duration. Further information on the duration policy can be found in the report of the management board. 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 risks by diversifying over countries, currencies and issuers. Investments are made primarily in bonds issued or guaranteed by OECD member countries and by companies based in these countries. The fund pursues an active currency policy. Rorento invests a limited part of its assets in paper qualified as high yield by rating agencies. 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 with a rating of at least P1 from Moody's or A from Standard & Poor's. 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 and the net currency position, 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 Bonds and other fixed-income securities +-------------------------------------------------------------------+ | MOVEMENTS IN BONDS AND OTHER FIXED-INCOME SECURITIES | | EUR x thousand | |-------------------------------------------------------------------| | | 2005 | 2004 | | |-----------------------------------+-------------+-------------+---| | | | | | |-----------------------------------+-------------+-------------+---| | Book value (market value) at | 2,806,574 | 3,470,941 | | | opening date | | | | |-----------------------------------+-------------+-------------+---| | Purchases | 10,378,473 | 17,565,329 | | |-----------------------------------+-------------+-------------+---| | Sales | -10,305,814 | -18,223,114 | | |-----------------------------------+-------------+-------------+---| | Realized and unrealized results: | | | | |-----------------------------------+-------------+-------------+---| | bonds | 15,874 | 68,699 | | | | | | | |-----------------------------------+-------------+-------------+---| | currencies | 152,579 | -75,281 | | | | | | | |-----------------------------------+-------------+-------------+---| | | ________ | ________ | | |-----------------------------------+-------------+-------------+---| | Book value (market value) at | 3,047,686 | 2,806,574 | | | closing date | | | | +-------------------------------------------------------------------+ A breakdown of this portfolio and an overview of the spread of net assets can be found at the end of this report. A substantial part (35%; previous year 79%) of the total purchases and sales shown in the table relates to repo transactions. Repo transactions current at balance-sheet date represent a value of EUR 176 million (previous year EUR 611 million). At balance-sheet date, bonds to the amount of EUR 502 million ( previous year EUR 506 million at the end of last year) had been lent. To cover the risk of non-restitution, adequate collateral with a value of EUR 533 million was demanded and obtained; this collateral is not included in the Balance sheet. 2 Derivatives MOVEMENTS IN DERIVATIVES EUR x thousand TBAs Forward Futures Interest-rate exchange swaps transactions ______________ _____________ ______________ ______________ 2005 2004 2005 2004 2005 2004 2005 2004 Book value 2,503 4,597 22,089 19,985 3,556 -6,057 - 2,672 (market value) at opening date Sales/expirations 3,043 -16,972 61,529 -4,878 -24,046 45,866 - -2,034 Realized and -1,612 14,878 -78,916 6,982 26,142 -36,253 -1,636 -638 unrealized results _______ _______ _______ ______ _______ ______ _______ ______ Book value 3,934 2,503 4,702 22,089 5,652 3,556 -1,636 - (market value) at closing date MOVEMENTS IN DERIVATIVES EUR x thousand Credit-default swaps Total ______________ ______________ 2005 2004 2005 2004 Book value (market value) at - - 28,148 21,197 opening date Sales/expirations 842 - 41,368 21,982 Realized and unrealized results -942 - -56,964 -15,031 _______ ______ _______ ______ Book value (market value) at -100 - 12,552 28,148 closing date The presentation of derivatives in the balance sheet is based on the liabilities and receivables per counterparty. It entails the following: BREAKDOWN OF DERIVATIVES EUR x thousand Type of derivative Under financial Under accounts investments payable 2005 2004 2005 2004 TBAs 3,934 2,503 - - Forward exchange 4,820 27,041 118 4,952 transactions Futures 5,652 3,556 - - Credit-default swaps 216 - 316 - Interest-rate swaps - - 1,636 - ______ ______ ______ ______ Total 14,622 33,100 2,070 4,952 3 Deposits EUR 21.5 million of this amount relates to repo transactions (previous year EUR 303 million). MOVEMENTS IN DEPOSITS EUR x thousand 2005 2004 Situation at opening date 302,778 1,006,762 Balance advances and redemptions -279,583 -712,185 Realized and unrealized results -1,698 8,201 _______ _______ Book value (market value) at closing date 21,497 302,778 4 Other financial investments Includes certificates of deposit, commercial paper and call money. EUR 0 million (previous year EUR 315 million) of this amount relates to repo transactions. MOVEMENTS IN OTHER FINANCIAL INVESTMENTS EUR x thousand 2005 2004 Situation at opening date 423,508 221,703 Balance advances and redemptions -404,051 215,486 Realized and unrealized results 14,030 -13,681 _______ _______ Book value (market value) at closing date 33,487 423,508 5 Receivables on affiliated companies A subordinated loan that had been granted to one of the companies of the Robeco Group, included under the heading Receivables on affiliated companies as of 31 December 2004,was redeemed on 31 December 2005 with the consent of De Nederlandsche Bank N.V. 6 Sundry debtors Includes suspense items. 7 Payable on securities transactions EUR 176 million (previous year EUR 611 million) of this amount relates to current repo transactions. 8 Sundry creditors Includes unpaid tax and expenses. 9 Investments in Robeco Group mutual funds Part of the portfolio is invested in funds offered by the Robeco Group; these investments are reported under Bonds and other fixed-income securities. A list of these investments is given below. +----------------------------------------------------------------------------------------------------------+ |INVESTMENTS IN ROBECO GROUP MUTUAL FUNDS | |----------------------------------------------------------------------------------------------------------| | | | | | | | |-------------------+--------------------------------------------------------------------------------------| | | Market value| Interest in fund| Net asset value 1)| Return|Total expense| | | | | | | ratio 2)| |-------------------+-------------------+------------------+-------------------+-------------+-------------| | | EUR x thousand| In %| EUR x 1| In %| In %| |-------------------+-------------------+------------------+-------------------+-------------+-------------| | | 31/12| 31/12| 31/12| 31/12| 31/12| 31/12| | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| | | 2005| 2004| 2005| 2004| 2005| 2004| 2005|2004| 2005| 2004| |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| |Funds | | | | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| |Robeco Capital | | | | | | | | | | | |Growth Funds - | 93,605| -| 78.9| -| 99.53| -|n.y.a.4)| -| 0.234)| -| |Robeco High Yield | | | | | | | | | | | |Bonds (EUR) I | | | | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| |Robeco Interest | | | | | | | | | | | |Plus Funds - Robeco| 50,220| -| 85.5| -| 100.50| -|n.y.a.5)| -| 0.095)| -| |Flex-o-Rente (EUR) | | | | | | | | | | | |I | | | | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| |Robeco Monetaire | 40,609| -| n.n.b.| -| 3,018.17| -| n.y.a.| -| 0.30| -| |Quantiplus | | | | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| |Robeco Capital | | | | | | | | | | | |Growth Funds - | 30,081| -| 96.8| -| 100.19| -|n.y.a.5)| -| 0.155)| -| |Robeco European | | | | | | | | | | | |High Yield Bonds | | | | | | | | | | | |(EUR) I | | | | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| | | _____| ______| | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| | | 214,515| -| | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| |Participating | | | | | | | | | | | |interests | | | | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| |Robeco | | | | | | | | | | | |Institutional | -| 110,947| -| 26.3| -| 110.79| -|11.8| -| 0.51| |Global High Yield | | | | | | | | | | | |vastrentende | | | | | | | | | | | |waarden fonds | | | | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| |Robeco | | | | | | | | | | | |Institutional | -| 42,028| -| 42.3| -|98.02 3)| -|-5.2| -| 1.05| |Global Money Market| | | | | | | | | | | |Opportunity Fund | | | | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| | | _____| ______| | | | | | | | | |-------------------+---------+---------+----------+-------+----------+--------+--------+----+-------+-----| | | -| 152,975| | | | | | | | | |----------------------------------------------------------------------------------------------------------| |1Per 100 participating units. | |2 Regarding management costs, agreements have been made with the managers of the funds concerned for the| |restitution of management costs to Rorento N.V. | |3 In USD. | |4 Concerns period from 1 September 2005 through 4 December 2005. | |5 Concerns period from 04 October 2005 through 31 December 2005. | |----------------------------------------------------------------------------------------------------------| | | |----------------------------------------------------------------------------------------------------------| | | +----------------------------------------------------------------------------------------------------------+ With the exception of Robeco Monétaire Quantiplus, the Robeco Group funds referred to under the heading Funds are Luxembourg-based funds with a UCITS III status and are regulated by the Luxembourg authorities. The semiannual report as of 31 December 2005 is available at the fund's offices on request. Robeco Monétaire Quantiplus is a mutual fund established according to French law with a UCITS III status and is regulated by the French authorities. The annual report as of 30 September 2005 of this fund is available at the company's offices on request. Rorento N.V. can enter and exit the abovementioned Robeco Group funds on a daily basis at net asset value. These funds do not charge an entry or exit fee. The annual reports as of 31 December 2005 of the Robeco Group funds referred to under the heading Participating interests are available at the company's offices on request. The funds are not regulated. Rorento N.V. can enter and exit these funds on a daily basis at net asset value. These funds do not have an entry charge and have an exit charge of 0.125%, as included in the Terms and Conditions of Management and Custody of the said funds. 10 Shareholders' equity COMPOSITION AND DEVELOPMENT OF SHAREHOLDERS' EQUITY EUR x thousand 2005 2004 Issued capital Situation at opening date 233,213 282,592 Received on shares issued 13,353 13,352 Paid for shares repurchased -32,811 -62,731 _______ _______ Situation at closing date 213,755 233,213 Other reserves Situation at opening date 2,786,675 3,333,023 Received on shares issued 173,595 163,831 Paid for shares repurchased -423,994 -769,657 Net result from previous financial year 97,628 59,515 Supervisory directors' fee -35 -37 _______ _______ Situation at closing date 2,633,869 2,786,675 Net result 223,048 97,628 _______ _______ Shareholders' equity 3,070,672 3,117,516 The company's authorized share capital amounts to EUR 900 million, divided into 300,000,000 ordinary shares with a nominal value of EUR 3 each. 11 Assets, shares outstanding and per share value ASSETS, SHARES OUTSTANDING AND VALUE PER SHARE 31/12/2005 31/12/2004 31/12/2003 Assets EUR x thousand 3,070,672 3,117,516 3,675,130 Shares issued in financial year 4,450,899 4,450,561 1,859,037 Shares repurchased in financial -10,936,940 -20,910,312 -22,477,969 year Number of shares outstanding 71,251,513 77,737,554 94,197,305 Net asset value per share in EUR 43.10 40.10 39.02 12 Commitments not shown in the balance sheet Forward exchange transactions The forward exchange transactions current at closing date represent purchases of AUD 10 million, DKK 77 million, EUR 300 million, JPY 20,121 million and KRW 25,588 million, against sales of CAD 14 million, CHF 67 million, GPB 76 million and USD 371 million. Futures Futures contracts purchased as at balance sheet date represent an increase in assets invested of CAD 5 million, GBP 1,024 million, and USD 101 million; futures contracts sold represent a decrease in assets invested of EUR 2,852 million and JPY 19,092 million. Interest-rate swaps The interest-rate contracts current at closing date represent a value of EUR 151 million, GBP 11 million and USD 28 million. Credit-default swaps Credit-default swap contracts current at closing date represent a value of EUR 23 million and USD 14 million in purchased credit risk and a value of EUR 215 million and USD 59 million in sold credit risk. TBAs Forward purchases of mortgage-backed TBA securities current at balance-sheet date represent a sum of USD 468 million. Forward exchange transactions are included in the currency position in the Spread of net assets at the end of this report. Futures contracts, interest-rate swaps, credit-default swaps and forward purchases of mortgage-backed securities are included in the survey Modified duration in the Report of the management board. Unrealized results of these transactions at closing date are included in the Profit and loss account. NOTES TO THE PROFIT AND LOSS ACCOUNT 13 Performance +-------------------------------------------------------------------+ | PERFORMANCE PER | | | | | | | SHARE | | | | | | | EUR X 1 | | | | | | |---------------------------+---------+---------+---------+---------| | | 2005 | 2004 | 2003 | 2002 | 2001 | |----------------+----------+---------+---------+---------+---------| | | | | | | | |----------------+----------+---------+---------+---------+---------| | Investment | 1.72 | 1.56 | 1.69 | 1.73 | 2.66 | | income | | | | | | |----------------+----------+---------+---------+---------+---------| | Movement in | 1.64 | -0.15 | -0.87 | -0.71 | -0.20 | | value | | | | | | |----------------+----------+---------+---------+---------+---------| | Management | -0.33 | -0.26 | -0.24 | -0.22 | -0.22 | | costs, service | | | | | | | fee and other | | | | | | | costs | | | | | | |----------------+----------+---------+---------+---------+---------| | | _______ | _______ | _______ | _______ | _______ | |----------------+----------+---------+---------+---------+---------| | Net result | 3.03 | 1.15 | 0.58 | 0.80 | 2.24 | |-------------------------------------------------------------------| | *) 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 14 Total expense ratio TOTAL EXPENSE RATIO 2005 2004 in% in% Cost item Management costs 0.70 0.63 Service fee 0.07 0.01 Other costs 0.01 0.01 _______ _______ Total 0.78 0.65 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 0.78% 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 semiannual reports, and the costs relating to the meetings of shareholders. The total expense ratio takes into account the costs of intra-group investments, as presented in the table on page 14. As the management fee is restituted to Rorento, these costs are not material and are therefore not included in the above table. Other costs mainly relate to the custody fee charged by third parties for the custody of the fund's securities portfolio, amounting to EUR 277 thousand, and bank charges. 15 Management costs and service fee Management costs relate exclusively to the management fee of 0.70% per year charged by Robeco Institutional Asset management B.V. The service fee amounts to 0.08% per year and covers formal and operational costs. For assets exceeding EUR 1 billion the service fee is 0.06%; for assets exceeding EUR 5 billion the service fee is 0.04%. The fees 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. 16 Other costs This includes custody costs and bank charges. 17 Performance fee Rorento N.V. does not charge a performance fee. 18 Transaction costs Brokerage costs and exchange fees relating to investment transactions are discounted in the cost price or the sales value of the investment transactions. Brokerage costs for the purchase and sale of bonds are included in the share price and cannot be quantified separately. 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 6.1% (previous year 0%) of the total transaction volume. Bonds cover 63% (previous year 53%) of the transaction volume excluding repo transactions, whose transaction costs are not quantifiable. TRANSACTION COSTS EUR x thousand 2005 2004 Transaction type Futures 23 - Bonds 460 - Hard commissions and soft-dollar arrangements There were no hard commissions or soft-dollar arrangements during the reporting period. 20 Turnover ratio This is the turnover ratio of the investments against the average assets entrusted and this 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 is corrected for repo transactions, which are not part of the portfolio policy but generate extra return on the portfolio. The turnover ratio excluding repo transactions was 205% for 2005 (versus 193% for the previous year). Rorento's turnover in 2005 was almost the same as in 2004. In 2005, a further reduction of positions in corporate bonds also played a role in this. Furthermore, the active overweight and underweight positions taken in the course of the year affected the turnover figures. 21 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 Bonds 19.1 30.0 Forward exchange transactions 5.0 5.4 Deposits 3.3 3.6 Call money 99.2 - Certificates of deposit 5.7 - 22 Securities lending Robeco Securities Lending B.V. is the intermediary for all Rorento 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 450 thousand (last year EUR 395 thousand). For Robeco Securities Lending this was EUR 300 thousand (last year EUR 263 thousand). 23 Personnel costs Rorento N.V. does not employ personnel, except for boardmembers. 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 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 strategic targets of the Robeco Group as a whole and the individual's own business unit. The E-notes represent a value which is directly linked to Robeco Groep N.V.'s value. Philipsburg, 16 March 2006 The supervisory board P.C. van den Hoek, chairman G. Izeboud Ph. Lambert D.P.M. Verbeek The management board E.J. Siermann, chairman F.L.E.G. Boll F.L.I. van de Walle OTHER DATA STOCK-EXCHANGE LISTING The ordinary shares of Rorento N.V. are listed on the Official Market of Euronext Amsterdam Stock Market N.V. In addition, Rorento 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 articles 39 and 40 of the Articles of Association, the profit less allocations to the reserves deemed desirable by the management board in agreement with the supervisory board will be at the disposal of the General Meeting of Shareholders. PROPOSED PROFIT APPROPRIATION As last year, it will be proposed to the General Meeting of Shareholders not to distribute a dividend but to allocate the profit, less remuneration to supervisory directors, to Other reserves. Supervisory directors' fee An amount of EUR 30,628 (previous year EUR 34,598) has been allocated from the proposed 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 (1990), 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 RORENTO N.V. Statement pursuant to article 21, paragraph 2, section a, of the Btb (1990). Pursuant to section b of the circular issued by de Nederlandsche Bank of 15 October 1993, exemption has been granted in respect of the prescribed publication of interests in bonds - with the exception of convertible bonds - listed on a stock exchange or traded in another regular and officially recognized open market, held by the members of the management and supervisory boards. Since no convertible bonds were held in the portfolio, on the basis of this exemption there is no requirement to include further information in this report. At 31 December 2005, supervisory and managing directors held a joint interest of 0 and 2.516 Rorento N.V. shares respectively. At the end of 2005, no options had been granted to supervisory and managing directors. Under the option scheme, Robeco Groep N.V. grants the right at its own expense to purchase Rorento N.V. shares for five years, the value of the shares being at least the opening price on the first trading day following the day of granting. During the period under review, there were no other business relations between supervisory directors and the company than that of member of the supervisory board. 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 insider trading and mixing of business and private interests, or semblance thereof, is avoided at all times. As at 31 December 2005 the fund manager had no interest in Rorento N.V. shares. Furthermore, as of that same date, she had the no interest in Rorento N.V investments. STATEMENT FOR THE LONDON STOCK EXCHANGE The members of the supervisory board and the management board of Rorento 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. Philipsburg, 16 March 2006 Auditors' report 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 statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 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 statements. 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 2005 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. In addition, we verified whether the annual report is consistent with the financial statements, insofar as we are able to judge. Philipsburg, 16 March 2006 Ernst & Young Accountants on behalf of G.H.C. de Méris SPREAD OF NET ASSETS Acrosscountries Acrosscurrencies _______________________________________________ _______________________________ 31/12/2005 31/12/2005 31/12/2004 31/12/2005 31/12/2004 EUR x thousand In% In% In% In% Long-terminvestments North America(37.2%) US dollar 1,097,629 35.8 30.0 27.1 12.0 Canadian dollar 42,931 1.4 1.1 1.1 1.9 Europe(58.5%) Euro 1,646,677 53.6 44.5 62.1 70.8 British pound 140,084 4.6 4.7 1.1 2.2 Swedish krona 8,816 0.3 0.3 0.3 0.2 Danish krone - - - 0.4 0.3 Swiss franc - - -- -1.4 3.1 Asia(3.6%) Japanese yen 111,549 3.6 9.4 8.4 9.2 Korean won - - - 0.7 0.3 Australia(0.0%) Australian dollar - - - 0.2 - Short-term 22,986 0.7 10.0 - - investments(0.7%) ________ ________ ________ ________ ________ Total 3,070,672 100.0 100.0 100.0 100.0 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 JPY 139.2223 139.2824 JPY 100 0.7183 0.7180 KRW 1,192.3482 1,407.0957 KRW 100 0.0838 0.0711 SEK 9.3875 9.0327 SEK 1 0.1065 0.1107 USD 1.1796 1.3592 USD 1 0.8478 0.7357 BOND PORTFOLIO at 31 December 2005 Expiration Market value % date EUR USD Solstice ABS 84.805 100.032 0,0000 (FRN) 02-05-36 10.509.092 12.396.000 2,0000 United States 15-05-06 15.162.416 17.884.828 2,3750 Fannie Mae 15-02-07 US Treasury 10.037.462 11.839.688 2,3750 Note 31-08-06 12.168.129 14.352.916 2,3750 United States 15-08-06 US Treasury 24.943.963 29.422.652 2,7500 Note 15-08-07 US Treasury 44.406.801 52.380.042 3,1250 Note 15-05-07 US Treasury 52.455.530 61.873.920 3,3750 Note 15-09-09 88.758.594 104.695.200 3,5000 United States 15-11-09 2.539.518 2.995.488 3,7500 Freddie Mac 15-04-07 2.933.436 3.460.135 3,7500 Freddie Mac 15-04-07 Credit Agricole 1.184.638 1.397.340 4,2000 (FRN) 17-07-06 ABN-AMRO Bank 10.598.321 12.501.250 4,2094 (FRN) 18-04-08 Bos International 8.482.972 10.006.090 4,2250 Australia (FRN) 16-04-09 JP Morgan Chase 8.501.039 10.027.400 4,2444 (FRN) 02-10-09 967.213 1.140.876 4,2500 Korea 01-06-13 69.163.473 81.581.775 4,2500 United States 15-11-14 6.368.079 7.511.468 4,2550 Goldman Sachs 09-01-07 Bos International 8.488.466 10.012.570 4,2938 Australia (FRN) 22-01-08 Lehman Brothers 8.489.339 10.013.600 4,2941 (FRN) 20-04-07 Bayerische Hypo- und Vereinsbank 3.537.099 4.172.185 4,3094 (FRN) 18-01-06 Goldman Sachs 2.120.444 2.501.170 4,3541 (FRN) 20-04-06 John Hancock 9.325.124 10.999.450 4,3556 (FRN) 27-04-09 Federal Home 10.863.329 12.813.840 4,3750 Loan Banks 17-09-10 ABN-AMRO Bank 3.182.008 3.753.338 4,3900 (FRN) 11-05-07 Credit Suisse 2.548.887 3.006.540 4,3900 First Boston 15-01-10 Banque Federative du 8.483.061 10.006.195 4,3931 Credit (FRN) 30-01-06 Morgan Stanley 8.496.461 10.022.000 4,4338 (FRN) 22-01-09 American Express Credit 8.489.907 10.014.270 4,4575 (FRN) 14-09-07 First National 4.238.905 5.000.000 4,4694 Master No (FRN) 15-08-08 American Express Credit 1.699.271 2.004.375 4,4794 (FRN) 15-09-10 General Electric 10.603.514 12.507.375 4,4800 Capital (FRN) 04-03-08 21.217.201 25.026.750 4,5000 Citigroup (FRN) 04-06-07 4.325.273 5.101.876 4,5000 Freddie Mac 15-01-15 35.076.302 41.374.252 4,5000 Freddie Mac 15-01-15 Westdeutsche Landesbank 14.424.397 17.014.297 4,5006 (FRN) 29-05-07 849.351 1.001.852 4,5100 Citigroup (FRN) 01-09-06 MBNA Master Credit Card 211.945 250.000 4,5194 (FRN) 15-07-08 Deutsche 21.192.404 24.997.500 4,5200 Finance 02-03-06 Credit Suisse First Boston 5.087.082 6.000.468 4,5300 (FRN) 27-02-06 849.502 1.002.030 4,5400 Citigroup 15-02-07 Merrill Lynch 850.426 1.003.120 4,5406 (FRN) 06-02-09 Bear Stearns 852.105 1.005.100 4,5431 Cos (FRN) 30-01-09 Istitut 8.478.428 10.000.730 4,5500 Bancario 27-02-06 ASIF Global 21.209.360 25.017.500 4,5600 (FRN) 11-12-06 Lehman Brothers 578.699 682.604 4,5600 (FRN) 10-11-09 Wells Fargo & 1.273.007 1.501.575 4,5638 Co (FRN) 23-03-07 HSBC Bank US 21.218.473 25.028.250 4,5700 (FRN) 21-09-07 Wells Fargo & 3.180.132 3.751.125 4,5700 Co. (FRN) 12-06-06 Bank of America 8.153.754 9.617.760 4,5725 (FRN) 22-11-06 Dresdner bank 8.456.615 9.975.000 4,5750 (FRN) 07-03-06 Bank of America 2.119.452 2.500.000 4,5869 (FRN) 18-09-09 Wells Fargo & 16.771.281 19.782.565 4,5913 Co (FRN) 15-09-09 Westdeutsche Landesbank 5.523.840 6.515.646 4,6050 (FRN) 10-03-09 5.618.560 6.627.372 4,6250 Fannie Mae 15-10-14 MBNA Master Credit Card 5.936.321 7.002.188 4,6294 (FRN) 15-08-08 Monumental Global Funding 17.003.823 20.056.860 4,6400 (FRN) 08-05-06 IKB Deutschland 8.483.610 10.006.842 4,6769 (FRN) 30-06-06 1.697.766 2.002.600 4,6913 SLM (FRN) 15-09-06 Merrill Lynch 8.508.923 10.036.700 4,7200 (FRN) 09-09-09 Merrill Lynch 1.272.879 1.501.425 4,7269 (FRN) 19-06-06 Bear Stearns Cos 7.660.625 9.036.090 4,7300 (FRN) 09-09-09 7.651.087 9.024.840 4,7300 CIT Group (FRN) 20-09-07 Countrywide Home 8.402.121 9.910.722 4,9000 Loan (FRN) 02-06-06 General Electric 8.505.786 10.033.000 4,9300 Capital (FRN) 13-12-06 12.949.432 15.274.502 5,0000 Citigroup 15-09-14 6.799.203 8.020.000 5,0400 Axa (FRN) 03-12-07 Stuyvesant CDO 1.806.833 2.131.250 5,0400 (FRN) 22-08-13 4.885.063 5.762.176 5,1000 AT&T 15-09-14 EUR USD Federal Home 6.824.760 8.050.146 5,2500 Loan Banks 18-06-14 Telecom Italia 3.663.276 4.321.017 5,2500 Capital 01-10-15 Rabobank Capital 6.364.443 7.507.179 5,2600 Fund II Tier I 31-12-13 3.155.690 3.722.294 5,3000 Comcast 15-01-14 3.986.005 4.701.692 5,3750 Morgan Stanley 15-10-15 13.263.386 15.644.827 5,3750 United States 15-02-31 Countrywide 5.199.262 6.132.790 5,5000 Financial 01-08-06 Stuyvesant CDO 4.101.140 4.837.500 5,5100 III (FRN) 07-05-14 2.413.876 2.847.287 5,6250 ICI Wilmington 01-12-13 General Electric 1.898.015 2.238.804 5,8750 Capital 15-02-12 General Electric 1.402.958 1.654.859 6,0000 Capital 15-06-12 1.315.664 1.551.891 6,0000 Glencore Fund 15-04-14 1.814.622 2.140.437 6,0000 N R U C 15-05-06 2.317.465 2.733.566 6,2500 United States 15-05-20 AIG Sunamerica Global Finance 5.151.661 6.076.642 6,3000 VI 10-05-11 Daimler-Chrysler 3.634.507 4.287.083 6,5000 NA Holdings 15-11-13 16.003.517 18.876.948 6,6250 Fannie Mae 15-09-09 65.456.635 77.209.374 6,6250 Fannie Mae 15-09-09 Federal Home 65.456.635 77.209.374 6,6250 Loan Mortgage 15-09-09 9.575.043 11.294.242 6,7500 JP Morgan Chase 01-02-11 2.790.197 3.291.177 6,7500 Weyerhaeuser 15-03-12 655.358 773.028 6,8750 United States 15-08-25 Oncor Electric 4.675.632 5.515.142 7,0000 Delivery 01-09-22 2.398.260 2.828.867 7,0000 Philip Morris 04-11-13 2.197.570 2.592.144 7,0500 Comcast 15-03-33 Standard Credit Card Master 170.674 201.318 7,2500 Trust 07-04-08 2.758.288 3.253.539 7,5000 Malaysia 15-07-11 Santander Central Hispano 7.226.600 8.524.136 7,6250 Issue 14-09-10 2.186.048 2.578.553 7,7000 Time Warner 01-05-32 Telefonica 1.161.799 1.370.400 7,7500 Europe 15-09-10 Verizon Global 2.265.661 2.672.460 7,7500 FDG 01-12-30 National Rural 3.534.767 4.169.435 8,0000 Utilities 01-03-32 Telefonica 1.156.998 1.364.737 8,2500 Europe 15-09-30 3.223.467 3.802.240 8,3750 Koninklijke KPN 01-10-30 1.232.077 1.453.296 8,5000 Daimler-Chrysler 18-01-31 UBS PFD Funding 6.783.689 8.001.700 8,6220 Trust I Tier I 01-10-10 5.058.772 5.967.074 8,6250 Stageco Holdings 15-11-09 2.316.579 2.732.521 8,7500 Deutsche Telekom 15-06-30 2.314.325 2.729.862 8,7500 France Telecom 01-03-31 1.321.713 1.559.026 8,7500 Malaysia 01-06-09 EUR CAD 33.376.123 45.988.960 5,7500 Canada 01-06-29 9.555.222 13.166.140 5,7500 Canada 01-09-06 EUR EUR Robeco Monetaire 40.609.477 40.609.477 0,0000 Quantiplus Robeco European High Yield Bonds 30.081.000 30.081.000 0,0000 EUR I-shares Robeco Flex-o-Rente 50.220.000 50.220.000 0,0000 I-shares Robeco High Yield Bonds 93.605.343 93.605.343 0,0000 I-shares 420 420 0,0000 Germany JA07 04-01-07 French Residential 11.000.000 11.000.000 2,5800 Asset (FRN) 15-12-43 Smile 2005 20.000.000 20.000.000 2,6200 Synthetic (FRN) 20-01-15 20.019.000 20.019.000 2,6260 Shield (FRN) 20-01-14 Credit Suisse GP 7.042.464 7.042.464 3,1250 Finance 14-09-12 6.251.392 6.251.392 3,1250 Goldman Sachs 04-10-12 86.906.814 86.906.814 3,5000 France 12-01-08 Bank of 3.738.525 3.738.525 3,5000 Tokyo-Mitsubishi 16-12-15 BAT International 3.340.636 3.340.636 3,6250 Finance 29-06-12 155.680.500 155.680.500 3,7500 Germany 04-01-15 2.174.922 2.174.922 3,7500 Freddie Mac 15-07-09 3.582.340 3.582.340 3,7980 BBVA 22-09-15 2.324.640 2.324.640 3,8750 Mol Magyar Ol Gazi 05-10-15 Deutsche Telekom 4.558.736 4.558.736 4,0000 Int. Finance 19-01-15 14.693.845 14.693.845 4,0000 Eurohypo 15-09-06 Unicredito Italiano 3.827.460 3.827.460 4,0280 Capital Trust 27-10-15 4.948.719 4.948.719 4,1250 Parker-Hannifin 11-11-15 2.810.858 2.810.858 4,1250 Syngenta Lux Fin 22-04-15 2.758.113 2.758.113 4,1250 Teliasonera 11-05-15 MBNA Credit Card 983.716 983.716 4,1500 Master Note 19-09-12 EUR EUR 4.664.415 4.664.415 4,1760 ING Bank 08-06-15 Svenska 4.397.807 4.397.807 4,1940 Handelsbanken 16-12-15 4.643.600 4.643.600 4,2390 BCP Finance 13-10-15 24.277.856 24.277.856 4,2500 Germany 04-01-14 58.456.746 58.456.746 4,2500 France 25-04-19 4.628.579 4.628.579 4,3750 JP Morgan Chase 12-11-19 Rodamco Europe 4.818.842 4.818.842 4,3750 Finance 01-10-14 2.492.375 2.492.375 4,3750 Thyssen Krupp 18-03-15 Veolia 3.664.752 3.664.752 4,3750 Environnement 11-12-20 Zurich Finance 4.823.652 4.823.652 4,5000 (USA) 17-09-14 5.054.190 5.054.190 4,6250 Anglian Water 07-10-13 2.238.752 2.238.752 4,6250 Arcelor Finance 07-11-14 5.388.900 5.388.900 4,6250 Bank of America 18-02-14 4.251.569 4.251.569 4,6250 Technip 26-05-11 Federal Home Loan 7.594.456 7.594.456 4,6250 Mortgage 15-02-07 117.781.950 117.781.950 4,7500 France 25-04-35 Depfa 3.286.432 3.286.432 4,7500 Pfandbriefbank 16-07-07 12.732.773 12.732.773 4,7500 Mizuho Finance 15-04-14 2.275.990 2.275.990 4,8750 Société Générale 18-12-14 Volkswagen 6.951.230 6.951.230 4,8750 Financial Service 22-05-13 95.263.150 95.263.150 5,0000 Bundesobligation 17-02-06 133.879.414 133.879.414 5,0000 France 25-04-12 2.356.438 2.356.438 5,0000 Bayer 29-07-15 Deutsche Pfandbrief 8.557.241 8.557.241 5,0000 & Hypothekenbank 26-06-06 Saint-Gobain 2.325.400 2.325.400 5,0000 Nederland 16-04-10 Saint-Gobain 2.319.485 2.319.485 5,0000 Nederland 25-04-14 Münchener 6.176.617 6.176.617 5,0000 Hypothekenbank 16-01-05 2.385.986 2.385.986 5,0000 Lafarge 16-07-14 2.598.950 2.598.950 5,1250 Eureko 24-06-15 4.734.444 4.734.444 5,1250 Stora Enso 23-06-14 61.159.878 61.159.878 5,2500 Germany 04-01-11 Deutsche capital 6.599.895 6.599.895 5,3300 trust IV Tier I 19-09-13 HSBC Capital 6.971.392 6.971.392 5,3687 Funding LP 24-03-14 61.272.626 61.272.626 5,5000 Belgium 28-03-28 82.710.750 82.710.750 5,5000 Netherlands 15-07-10 73.823.673 73.823.673 5,5000 Germany 04-01-31 2.306.155 2.306.155 5,5800 BES Finance Tier I 02-07-14 Lloyds Bank Upper 4.709.691 4.709.691 5,6250 Tier II 15-07-09 20.714.283 20.714.283 6,0000 Netherlands 15-01-06 5.277.306 5.277.306 6,1000 Fortum 19-02-08 6.988.184 6.988.184 6,1250 Allianz Finance II 31-05-22 90.066.395 90.066.395 6,2500 Belgium 28-03-07 7.084.097 7.084.097 6,2500 ING Groep 21-06-21 35.660.748 35.660.748 6,5000 Greece 11-01-14 6.957.660 6.957.660 6,5000 Fortis NL Tier I 26-09-11 BNP Paribas Capital 5.000.284 5.000.284 6,6250 Trust Tier I 23-10-11 North West Water 8.069.756 8.069.756 6,6250 Group 08-11-07 Olivetti International 2.296.964 2.296.964 6,8750 Finance 24-01-13 Intesabci Capital 3.308.280 3.308.280 6,9880 Trust Tier I 12-07-11 Union Bank of 4.536.060 4.536.060 7,0680 Norway Tier I 19-11-12 6.351.450 6.351.450 7,2500 France Telecom 28-01-13 Halifax Group Euro 6.562.890 6.562.890 7,6270 Finance Tier I 09-12-11 Olivetti International 2.173.824 2.173.824 7,7500 Finance 24-01-33 8.832.270 8.832.270 8,1260 Sanpaolo Tier I 10-11-10 Standard Chartered 4.577.508 4.577.508 8,1600 Bank Tier I 23-03-10 KBC Bank Funding 3.318.398 3.318.398 8,2200 Trust IV Tier I 10-11-09 EUR GBP United 25.308.363 17.389.376 4,2500 Kingdom 07-06-32 United 22.851.696 15.701.400 5,0000 Kingdom 07-03-12 United 6.148.159 4.224.400 5,7500 Kingdom 07-12-09 2.369.508 1.628.089 5,9021 Aviva 27-07-20 United 19.974.004 13.724.138 6,0000 Kingdom 07-12-28 United 57.346.782 39.402.974 7,2500 Kingdom 07-12-07 United 6.085.213 4.181.150 7,5000 Kingdom 07-12-06 EUR SEK 8.815.572 82.756.620 6,7500 Sweden 05-05-14 EUR JPY 60.033.235 8.357.965.000 1,0000 Japan 20-06-13 51.515.670 7.172.130.000 1,6000 Japan 20-09-13 Emerging EUR USD Debts 804.858 949.370 3,0000 Russia 14-05-08 1.444.670 1.704.060 4,0000 Poland PAR 27-10-24 504.060 594.564 4,6875 Panama IRB 17-07-14 939.663 1.108.380 5,0000 Peru FLIRB 07-03-17 6.683.693 7.883.750 5,0000 Russia 31-03-30 81.356 95.964 5,1875 Brazil 15-04-06 448.713 529.279 5,2500 Brazil 15-04-12 608.402 717.640 5,5000 Chile 15-01-13 967.064 1.140.700 5,8750 Mexico 15-01-14 1.423.127 1.678.650 6,5000 South Africa 02-06-14 806.357 951.138 6,8750 Chile 28-04-09 855.729 1.009.375 7,5000 Mexico 08-04-33 962.867 1.135.750 7,5000 Uruguay 15-03-15 548.497 646.980 7,6500 Ukraine 11-06-13 2.094.867 2.471.000 8,1250 Mexico 30-12-19 567.165 669.000 8,1250 Panama 28-04-34 1.533.763 1.809.150 8,2500 Bulgaria 15-01-15 316.382 373.188 8,3750 Philippines 12-03-09 1.779.218 2.098.677 8,3750 Philippines 15-02-11 1.498.198 1.767.200 8,5000 Venezuela 08-10-14 477.937 563.750 8,7500 Peru 21-11-33 601.724 709.763 8,8750 Brazil 15-04-24 454.940 536.625 8,8750 Panama 30-09-27 1.185.622 1.398.501 9,1250 Peru 21-02-12 2.516.850 2.968.750 9,2500 Venezuela 15-09-27 340.490 401.625 9,3750 Philippines 18-01-17 478.126 563.973 9,6250 Panama 08-02-11 635.356 749.434 10,0000 Russia 26-06-07 2.344.962 2.766.000 10,3750 Mexico 17-02-09 2.159.722 2.547.500 10,6250 Philippines 16-03-25 1.038.532 1.225.000 11,0000 Brazil 11-01-12 1.092.790 1.289.000 11,0000 Brazil 17-08-40 1.382.943 1.631.250 11,2500 Brazil 26-07-07 2.217.795 2.616.000 11,5000 Mexico 15-05-26 539.668 636.565 11,5000 Turkey 23-01-12 1.060.574 1.251.000 11,7500 Colombia 25-02-20 1.980.265 2.335.822 11,7500 Turkey 15-06-10 1.955.195 2.306.250 11,8750 Turkey 15-01-30 1.225.891 1.446.000 12,2500 Brazil 06-03-30 1.089.348 1.284.941 12,7500 Russia 24-06-28 653.639 771.000 14,5000 Brazil 15-10-09 Emerging EUR EUR debts 310.500 310.500 5,0000 Morocco 08-07-08 1.217.186 1.217.186 6,7500 South Africa 19-05-06 545.000 545.000 7,3750 Mexico 13-03-08 696.300 696.300 8,5000 Romania 08-05-12 381.972 381.972 10,0000 Ukraine 15-03-07 Printed by Koninklijke drukkerij Broese & Peereboom B.V., Breda This report is printed on enviromentally friendly paper. [1] The term 'modified duration' is a measure of the interest-rate sensitivity and interest-rate risk of a portfolio, and represents the approximate percentage change in the value of the portfolio as a result of a one percent increase or decrease in interest rates. 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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