![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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, 30 March 2005 RORENTO N.V. ANNUAL REPORT 2004 % ROBECO CONTENTS General information 2 Report of the supervisory board 5 Report of the management board 7 Financial statements 12 Balance sheet 12 Profit and loss account 12 Cash-flow summary 14 Notes 15 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 Antilles, having its registered office in Philipsburg, St. Maarten, Netherlands Antilles) Ara Hill-Top, Unit A5 Pletterijweg Oost 1 Willemstad, Curaçao Supervisory Board Paulus C. van den Hoek, chairman Constant E.M. Beckers (as of 22 April until 1 July 2004) Gilles Izeboud (as of 22 April 2004) Johan Kremers Petrus A.W. Roef (until 22 April 2004) Anthony Ruys (until 22 April 2004) Dirk P.M. Verbeek Management Board Edith J. Siermann, chairman/fund manager (as of 5 May 2004) Jacob J. van Duijn, chairman (until 5 May 2004) Frank L.E.G. Boll Gerald B. Smith (until 5 May 2004) Karel J.V. Tavernier Bastiaan Vliegenthart (until 5 May 2004) 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 (as of 1 July 2004) Géry A.M.J. Daeninck, chairman (until 1 July 2004) Stefan T. Bichsel Leni M.T. Boeren (as of 1 January 2005) Sander van Eijkern (as of 29 November 2004) Hans H. van der Koogh (until 8 February 2005) Constant T. L. Korthout (as of 27 December 2004) Niek F. Molenaar (as of 27 December 2004) GENERAL MEETING OF SHAREHOLDERS AND INFORMATIVE MEETING The General Meeting of Shareholders will be held at Willemstad, Curaçao (Netherlands Antilles) on 27 April 2005 at 10:30 hours. The informative meeting will be held on 21 April 2004 at 12:30 hours at the Hilton Rotterdam, Weena 10, Rotterdam, the Netherlands. Holders of share certificates to bearer wishing to attend and vote at the meeting should apply for a written statement from the Euroclear Netherlands-affiliated institution where their shares are held, which will give admission to the meeting. The institutions affiliated with Euroclear Netherlands should submit a copy of this statement to ABN Amro Bank N.V. stating the number of shares held for the shareholder concerned prior to the meeting, and which will be frozen until after the meeting. This statement should be submitted not later than 20 April 2005. Holders of K shares should lodge their share certificates not later than 20 April 2005 with one of the banks mentioned in the convening notice of 30 March 2005. 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 2005. Holders of bearer certificates wishing to attend the informative meeting in Rotterdam should lodge their certificates not later than 14 April 2005 with one of the banks mentioned in the convening notice of 30 March 2005. 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 Avirento B.V. in writing not later than 14 April 2005. 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. PROSPECTUS The prospectus is available at the offices of the company and via www.robeco.com. Supervisory Board Paulus C. van den Hoek, chairman (66) Dutch nationality. Appointed in 1990 and last reappointed in 2000. Lawyer and partner at Stibbe, lawyers and notaries, in Amsterdam, the Netherlands, since 1965. Former Dean of the Dutch National Bar (1981/1984). Supervisory director of ASM International, Ballast Nedam, Bührmann, Euronext Amsterdam, Robeco, Robeco Groep N.V. and Rolinco. Gilles Izeboud (62) Dutch nationality. Appointed in 2004. Former partner at PricewaterhouseCoopers. Former member of the Committee Corporate Governance in the Netherlands. Deputy justice of the Enterprise Section of the Amsterdam Court of Appeal. Supervisory director of Robeco, Robeco Groep and Rolinco. Johan Kremers (71) 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. Dirk P.M. Verbeek (54) Dutch nationality. Appointed in 2001 and reappointed in 2003. Member of the executive board of Aon Group of Chicago, USA and chairman/CEO of the executive board of Aon Holdings in Rotterdam, the Netherlands. Supervisory director of Petroplus International, Robeco, Robeco Groep N.V. and Rolinco. N.B. Only supervisory directorships at listed companies and the Robeco Group are mentioned. REPORT OF THE SUPERVISORY BOARD We herewith present the Rorento N.V. accounts for the financial year 2004 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 Nederland B.V., which employs the personnel who work for Rorento N.V., including its management board. Robeco Nederland B.V. is a wholly-owned subsidiary of Robeco Groep N.V. Discussion of the management of Rorento N.V. can therefore 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 therefore, the supervisory board devotes extensive attention to the investment policy, the realized results and the development of the assets invested, on the basis of frequent and detailed reports. In connection with the above regarding the structure of the Robeco Group, matters which are also relevant to Rorento N.V., such as the risks associated with the investment policy and the application of instruments to manage these risks, 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 executive board of Robeco Groep N.V. in consultation with its supervisory board. This means that matters such as product development, acquisitions and risk management 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. The Committee for Modernising Collective Investment Schemes (known as the 'Winter Committee') published its report on 22 December 2004. The consequences of the recommendations in this report for the Robeco Group will be evaluated in the course of 2005. In anticipation of their recording in regulations, several of these recommendations were already taken into account in this annual report. 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. Messrs. P.A.W. Roef and A. Ruys stepped down as members of the supervisory board at the General Meeting of Shareholders held on 5 May 2004. At the same meeting Messrs. G. Izeboud and C.E.M. Beckers were appointed as supervisory directors of the company with immediate effect. Mr. Beckers resigned of his own accord on 1 July 2004 because of a possible conflict of interests relating to a new position he had accepted in the financial world. It will be proposed at the General Meeting of Shareholders that Mr. Ph. Lambert be appointed as a supervisory director of the company with immediate effect to fill the vacancy arising form Mr. Becker's resignation, on condition that the appointment is approved by the Central Bank of the Netherlands Antilles. Mr. Lambert works at Unilever as head of Corporate Pensions and in that capacity is responsible for the pensions and investments of Unilever's global pension fund. Furthermore, at the aforementioned meeting of 5 May 2004 Messrs. J.J. van Duijn (chairman), B. Vliegenthart and G.B. Smith resigned as members of the management board. Mrs. E.J. Siermann was appointed as a member of the management board of Rorento N.V. as of the same date. Mr. J. Kremers will retire as a supervisory director at the General Meeting of Shareholders on 27 April 2005, as he has 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. According to schedule, Mr. P. van den Hoek will resign at the General Meeting of Shareholders to be held on 27 April 2005. Mr. van den Hoek is available for reelection. It is proposed that he be reappointed as a supervisory director of the company with immediate effect. At the General Meeting Mr. K.J.V. Tavenier will also, of his own accord, resign as a member of the management board of Rorento N.V. To fill the vacancy arising from his departure, it will be proposed that Mr. F.L.I. van de Walle be appointed as a member of the board with immediate effect, subject to the approval of the central Bank van de Nederlandse Antillen. The board is extremely grateful for Mr. Tavenier's contribution to the development of Rorento N.V. Philipsburg, 11 March 2005 The supervisory board REPORT OF THE MANAGEMENT BOARD GENERAL INTRODUCTION Recovery of the global economy continues in 2004 The global economy again showed considerable growth in 2004 as the recovery that began in the previous year continued. Companies saw their earnings rise as a result of ongoing cost-cutting and increasing turnover. Consumers continued to spend, encouraged partly by rising house prices and slightly improved employment prospects. However worries about the sustainability of economic growth also remained. Rising commodity prices formed a threat and extra demand from emerging economies, such as China, pushed prices higher. These price movements were exacerbated by speculators. Political uncertainty in various oil-producing countries was also a contributory factor. Another source of concern was the depreciation of the US dollar and the resulting deterioration in the US trade balance and the US government's budget deficit. Despite the higher commodity prices, inflation remained moderate. This can partly be attributed to structural factors such as the intensified international competition and the improved productivity in many sectors. Another contributory factor was that the capacity surplus accumulated at the end of the 1990s had not been completely eliminated. It was therefore not easy for companies to pass on price increases to consumers. Finally there was a lack of wage-cost inflation. For the time being, the labor reserve in most countries is still large enough to curb wage demands. Differences between the regions still existed in 2004. The US economy performed relatively well. Consumer spending was high. US household savings have fallen on balance, which was partly caused by the rising house prices. The euro zone's performance was once again disappointing. The main reason was that a pick-up in domestic demand failed to materialize, which in turn was due to consumers' concerns about the consequences of structural reforms and labor-market conditions. The emerging economies in Asia are becoming increasingly important. Partly because of its geographical location, Japan is also benefiting from this and it seems that the period of deflation there has now come to an end. However, this has not led the Japanese monetary authorities to increase official short-term interest rates. The European central bank also left its official rates unchanged, whereas the US central bank started reversing the interest-rate cuts of previous years. The bond markets performed well In 2004, US capital-market rates remained unchanged. This is surprising considering that halfway through the year the Federal Reserve Bank began to normalize monetary conditions by raising official short-term rates in five steps from 1% to 2.25%. The absence of inflationary pressure explains the limited reaction of the bond market as does the fact that Asian central banks bought large quantities of US government bonds. These transactions stemmed from a desire to protect their local currencies from appreciating against the US dollar. In the eurozone, capital-market rates declined further in response to the region's lagging economic development. In Japan, capital-market rates did rise but only slightly, when it became clear that the economic outlook was more positive and that the period of deflation seemed to be over. Non-government bonds, including high yield, saw good returns in 2004. As in 2003, the climate was favorable for credits last year. Companies' focus on a healthy balance sheet and free cash flow ensured that their creditworthiness remained stable and in some cases improved. This, combined with investors' strong demand for extra returns, caused the average risk premium to fall further, to the lowest level in the last five years. Outlook The US central bank is expected to further normalize its official interest rates in 2005, but the speed at which this will occur depends on the inflation and employment levels in the United States. This will also determine the direction of capital-market rates. We expect that the low US yields will begin to rise at some point in 2005. Whether the European Central Bank will also tighten its monetary policy in the short term remains to be seen. Due to the strong euro in combination with slower economic growth expectations that this will occur are not high. We therefore think that European government bonds will outperform in the period to come. We expect the macroeconomic environment to remain favorable for credits this year. Partly due to considerable restructuring and cost-cutting, companies are now in better shape than they were a while ago. This favorable picture is reflected in current corporate-bond valuations. We do not anticipate a further decline in risk premiums. In addition companies will gradually shift their focus to more growth-related initiatives. The first signs of this are already visible in the increased merger and acquisition activities. Given the still strong demand for corporate bonds and related products in combination with the relatively short supply of new paper, we do not expect that the average risk premium will rise significantly. INVESTMENT RESULT Investment results (in %) Average over last 5 2004 2003 2002 2001 2000 years Based on: - - market price 2.7 1.3 1.4 3.0 8.3 3.3 - - net asset value 2.8 1.3 2.2 4.5 7.8 3.7 Benchmark1 3.7 -0.5 4.1 4.5 9.5 4.2 Total net assets2 3.1 3.7 4.4 5.3 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. Figures prior to 2001 are based on the 'fixing rate' of the Dutch central bank. 2 EUR x billion. During 2004, Rorento's share price rose from EUR 38.82 to EUR 39.88. This is an investment result of 2.7%. Based on the net asset value, which rose from EUR 39.02 to EUR 40.10, the investment result was 2.8%. The fund's benchmark, the Lehman Multiverse Index, 50% hedged into euros, rose 3.7% over the same period. INVESTMENT POLICY +-------------------------------------------------------------------+ |Developments and Rorento's modified duration* | |-------------------------------------------------------------------| |Decreasing interest|Sharp correction|Interest rates|The dollar's | |rates on balance, |due to strong US|decrease again|free fall leads| |due to |job growth, |worldwide. Oil|to falling | |disappointing US |worries about |prices soar |interest rates | |macroeconomic news |series of rate |(brake on |in Europe and | | |hikes in the |growth) |rising interest| | |short term | |rates in the US| |-------------------+----------------+--------------+---------------| | J | F | M | A | M | J | J | A | S | O | N | D | |------+------+-----+-----+-----+----+----+----+----+-----+----+----| | 3,9 | 4,3 | 4,9 | 2,5 | 2,3 |2,1 |2,7 |4,9 |6,3 | 4,9 |4,9 |4,9 | +-------------------------------------------------------------------+ Duration and country-allocation policy Capital-market rates in the US, the eurozone and Japan moved in a rather narrow trading range during the first few months of this year. The return of healthy economic growth, especially in the United States, has so far been accompanied by low inflation and little change in the level of unemployment, keeping the interest-rate markets in balance. Rorento anticipated higher US capital market rates , based on the view that the labor-market situation would improve. In February, unexpectedly poor US macroeconomic figures, mostly relating to employment and consumer confidence, caused interest rates to decline sharply and the underweight position was subsequently closed in early March. The 10-year US Treasury yield fell from around 4.2% at the beginning of February to lower than 3.7% in mid-March. The other bond markets followed. Very quickly however, it transpired that the markets had moved in the wrong direction as an unexpectedly strong increase in the number of jobs in the US caused a sharp correction in the major capital markets. Inflation also rose, partly due to the high price of oil. As a result of this, the likelihood that the Fed would raise interest rates increased. Since the Japanese economy, after many years of disappointments, finally began to show clear signs of recovery, bond yields moved rapidly higher in all markets. Rorento quickly moved to underweight positions in April, this time not only in the US but also in the eurozone and Japan. Bond yields reached a temporary high in mid-June. Towards the end of June the situation reversed. Economic-growth and capital expenditure figures were disappointing. Fed officials indicated that the pace of rate hikes would probably slacken somewhat, which led to a renewed rally in US and European bond markets and caused capital-market rates to fall. Although US economic data still indicated reasonably healthy growth, in the summer months it appeared that the market had already discounted the good news. Disappointing news like a slightly lower-than-expected GDP growth figure and disappointing US job growth therefore led to strong price movements and falling bond yields. Europe was unable to escape this trend, which is not surprising considering this region's markedly weaker economic situation. The surging oil price was not interpreted by the market as a sign of strong global economic growth but rather as an obstacle to future growth and this resulted in a further decline in capital-market rates. The 10-year US Treasury yield fell from a peak of 4.9% in June to below 4% in September. Rorento also held an underweight duration position in the various regions during part of this period of falling interest rates but closed these positions in August. A rather exceptional situation occurred in the fourth quarter as US capital-market rates resumed their upward trend, while European capital-market rates continued their downtrend. The disappearance of the correlation between these two markets seldom occurs because usually the same macroeconomic data effect the corporate sector and economic growth in both regions. However, the dollar's free fall of more than 10% in one quarter against the euro, led to increased fears of inflation in the US and the expectation that the Fed would again increase money-market rates more quickly and steeply. In Europe, on the other hand, the strong appreciation of the euro increased expectations that economic growth would be curbed further and that inflation would not be a significant issue for the ECB for the time being. In addition, US macroeconomic figures still compared very favorably with those of eurozone countries. Consequently, the difference between US and European 10-year yields increased from almost nil to approximately 70 basis points. Rorento responded to this development by combining an overweight in Europe with an underweight in the US for a large part of the fourth quarter, a decision which proved to be excellent. Besides having an active policy with regard to the interest-rate sensitivity of the portfolio as a whole, spread trades are also used to take advantage of differences in the relative attractiveness of countries and regions . In addition to the aforementioned spread trade between Europe and the US in the fourth quarter, the fund held overweight positions in the Australian and New Zealand bond markets during a large part of the first three quarters. Corresponding underweight positions were taken in US bonds. Rorento was also overweight in South African bonds in the first quarter of 2004. Almost throughout the entire period under review, the portfolio was positioned to benefit from a flatter yield curve in the US and in May a position was taken to benefit from a steeper yield curve in the eurozone. Policy regarding non-government bonds The continuing economic recovery led to a favorable climate for corporate bonds which also benefitted from strongly improved balance sheets, the focus on healthy financial ratios and the use of low interest-rate levels for cheap refinancing and reducing interest burdens. Throughout 2004 the market was still supported by strong demand for extra returns and because of this, for corporate bonds. Rorento was overweight in corporates throughout the reporting period, despite this market's excellent rally in 2003. This was, nevertheless, a good decision as corporates once again clearly outperformed government bonds during the whole of 2004. The fund was mainly overweight in the lower rating categories of A and BBB. However, in the summer this overweight in corporate bonds was considerably reduced. This move was mainly triggered by the fact that the valuation of this investment category had risen strongly. Rorento however maintains a small overweight which is concentrated in the financials and industrials sectors. The reduced overweight in corporates also led to a smaller overweight in the lower rating categories. High-yield and emerging-country debt also benefited from the improved outlook for the global economy. Rorento was more or less neutrally positioned in these markets throughout the reporting period. Currency policy After a trend of euro weakness began in February, Rorento took an overweight position in the dollar, which was brought back to neutral in May. In June and July Rorento was overweight in the euro and the Swiss franc against the US dollar. Also in October the fund briefly held overweight positions in the euro, the Swiss franc and the Japanese yen against the dollar. Philipsburg, 11 March 2005 The management board FINANCIAL STATEMENTS BALANCE SHEET before profit appropriation , EUR x million 31/12/2004 31/12/2003 Investments Financial investments Bonds and other fixed-income securities 1,.9 2,807 3,471 Derivatives 2.,2 28 21 Deposits 3 303 1,007 Other financial investments 4 424 222 __________ __________ Total investments 3,562 4,721 Accounts receivable Interest receivable 49 78 Receivable on securities transactions 13 32 Affiliated companies 5 26 28 Sundry debtors 6 - 5 __________ __________ 88 143 Other assets Cash 83 - Accounts payable Payable to credit institutions - 17 Payable on securities transactions 7 611 1,169 Affiliated companies 3 3 Sundry creditors 8 1 - __________ __________ 615 1,189 __________ __________ Accounts receivable and other assets less current liabilities -527 -1,046 __________ __________ Shareholders' equity 3,118 3,675 Composition of shareholders' equity 10 Issued capital 233 283 Other reserves 2,787 3,333 Net result 98 59 __________ __________ 3,118 3,675 PROFIT AND LOSS ACCOUNT EUR x million 2004 2003 Investment income 139 175 Movements in value 1,.2,3,4 -19 -91 _________ _________ 120 84 Costs Management costs 15 21 24 Service fee 15 1 - Other costs 17 - 1 _________ _________ 22 25 _________ _________ Net result 98 59 CASH FLOW SUMMARY indirect method, EUR x million 2004 2003 Cash flow from investment activities Net result 98 59 Realized and unrealized results 19 91 Purchase of investments -17,775 -18,454 Sale of investments 18,912 18,542 Increase(-)/decrease(+) accounts receivable 55 86 Increase(+)/decrease(-) accounts payable -555 449 __________ __________ 754 773 Cash flow from financing activities Received for shares subscribed 177 73 Paid for repurchase of own shares -832 -879 Increase(+)/decrease(-) accounts payable -2 -12 __________ __________ -657 -818 __________ __________ Net cash flow 97 -45 Currency and cash revaluation 3 42 __________ __________ Increase (+)/decrease (-) cash 100 -3 Accounts payable to credit institutions at -17 -14 opening date __________ __________ Total cash at opening date -17 -14 Accounts payable to credit institutions at - -17 closing date Cash at closing date 83 - __________ __________ Total cash at closing date 83 -17 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 Dutch Authority for the Financial Markets) under the Dutch Investment Institutions Supervision Act ('Wtb', Wet toezicht beleggingsinstellingen). 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. Furthermore, the market value of derivatives, which was formerly reported under sundry debtors or sundry creditors is now reported under financial investments. In the Profit and loss account under Other costs a number of specific costs are reported including costs that were previously charged directly to net assets. The change has no effect on the assets as at 31 December 2003 and 31 December 2004. The effect on the result over 2003 amounts to EUR -92 million, and over 2004 EUR -19 million. Comparative figures in this report have been adjusted accordingly where necessary. 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 via the intermediary on a daily basis at prices approximating net asset value. Robeco Investment Consulting B.V. functions as the intermediary between Rorento N.V. and investors for the issuance and repurchase of shares, 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 the intermediary. The intermediary will distribute any positive results, calculated cumulatively, to the funds on a quarterly basis. Distribution will be in proportion to each fund's positive contribution to the intermediary's result. A buffer is maintained to cover any future losses. Outsourcing core tasks The administration has been outsourced to Robeco Institutional Asset Management B.V. (until 1 October 2001 to Avirento 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 millions 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 and forward purchases of mortgage-backed securities this value is based on the market price and other market quotations at closing date. Deposits and certificates of CDs/CPs 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, as well as management activities. Transactions are executed at market rates. Hard commissions and soft-dollar arrangements There were no hard commissions or soft-dollar arrangements during the reporting period. 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 (forward) transactions in currencies 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 other currencies 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 (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. Derivative instruments The market value of derivatives is reported in the Balance sheet under Financial investments. Liabilities and receivables and the values of derivatives' underlying instruments are not included in the Balance sheet. They are, however, 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 1 million | 2004 | 2003 | | |-------------------------------------------+---------+---------+---| | | | | | |-------------------------------------------+---------+---------+---| | Book value (market value) at opening date | 3,471 | 4,198 | | |-------------------------------------------+---------+---------+---| | Purchases | 17,566 | 17,931 | | | | | | | |-------------------------------------------+---------+---------+---| | Sales | -18,223 | -18,471 | | |-------------------------------------------+---------+---------+---| | Realized and unrealized results: | | | | |-------------------------------------------+---------+---------+---| | stocks | 68 | 108 | | | | | | | |-------------------------------------------+---------+---------+---| | currencies | -75 | -295 | | | | | | | |-------------------------------------------+---------+---------+---| | | ______ | ______ | | |-------------------------------------------+---------+---------+---| | Book value (market value) at closing date | 2,807 | 3,471 | | +-------------------------------------------------------------------+ The spread of the portfolio is shown at the end of this report. A substantial part (79%; previous year also 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 611 million (previous year EUR 1,169 million). At balance-sheet date, bonds to the amount of EUR 506 million (EUR 649 million 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. 2 Derivatives Survey of movements in derivatives EUR x 1 million TBAs Forward Futures Interest-rate Total exchange swaps transactions ______________ ______________ ______________ ______________ ______________ 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 Book value 4 64 20 40 -6 -45 3 3 21 62 (market value) at opening date Sales/expirations -16 -12 -5 -122 46 63 -2 - 23 -71 Realized and 14 -48 7 102 -36 -24 -1 - -16 30 unrealized results: _______ ______ ______ ______ ______ ______ ______ ______ ______ ________ Book value 2 4 22 20 4 -6 - 3 28 21 (market value) at closing date 3 Deposits EUR 303 million of this amount relates to repo transactions (previous year EUR 953 million). Survey of movements in deposits EUR x 1 million 2004 2003 Situation at opening date 1,007 632 Balance advances and redemptions -712 394 Realized and unrealized results 8 -19 _______ ______ Book value (market value) at closing date 303 1,007 4 Other financial investments Includes certificates of deposit, commercial paper and call money. EUR 315 million of this amount relates to repo transactions (previous year EUR 222 million). Survey of movements in other financial investments EUR x 1 million 2004 2003 Situation at opening date 222 105 Balance advances and redemptions 216 129 Realized and unrealized results -14 -12 _______ ______ Book value (market value) at closing date 424 222 5 Receivables on affiliated companies A subordinated loan of EUR 26 million has been granted to one of the companies of the Robeco Group for an indefinite term. This loan cannot be canceled without the consent of De Nederlandsche Bank N.V. 6 Sundry debtors Includes suspense items. 7 Payable on securities transactions EUR 611 million of this amount relates to current repo transactions (previous year EUR 1,169 million). 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| Net asset| Return| Total| | | | | fund| value 1) | | expense| | | | | | | | ratio 2)| |-+-------------+---------------+-----------+-------------+---------+---------| | | | EUR| In %| EUR x 1| In %| In %| |-+-------------+---------------+-----------+-------------+---------+---------| | | | 31/12| 31/12|31/12|31/12| 31/12| 31/12| | | | | |-+-------------+-------+-------+-----+-----+------+------+----+----+----+----| | | | 2004| 2003| 2004| 2003| 2004| 2003|2004|2003|2004|2003| |-+-------------+-------+-------+-----+-----+------+------+----+----+----+----| | |Funds | | | | | | | | | | | |-+-------------+-------+-------+-----+-----+------+------+----+----+----+----| | |Robeco | | | | | | | | | | | | |Institutional| 111| 122| 26.3| 26.7|110.83|106.86|11.8|26.6|0.51|0.51| | |Global High | | | | | | | | | | | | |Yield | | | | | | | | | | | | |vastrentende | | | | | | | | | | | | |waarden Fonds| | | | | | | | | | | |-+-------------+-------+-------+-----+-----+------+------+----+----+----+----| | |Robeco | | | | | | | | | | | | |Institutional| 42| 48| 42.3| 64.1| 98.02|104.50|-6.2| 0.3|1.05|1.02| | |Global Money | | | | | 3)| 3)| | | | | | |Market | | | | | | | | | | | | |Opportunity | | | | | | | | | | | | |Fund | | | | | | | | | | | |-+-------------+-------+-------+-----+-----+------+------+----+----+----+----| | | |_______|_______| | | | | | | | | |-+-------------+-------+-------+-----+-----+------+------+----+----+----+----| | | | 152| 170| | | | | | | | | |-+-------------+-------+-------+-----+-----+------+------+----+----+----+----| | | | | | | | | | | | | | |-+---------------------------------------------------------------------------| | |1) Per 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. | |-+---------------------------------------------------------------------------| | | | +-----------------------------------------------------------------------------+ The annual reports of the abovementioned Robeco Group funds as of 31 December 2004 are available at the company's offices on request. The funds are not regulated. Rorento N.V. can enter and exit the abovementioned Robeco Group mutual 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 million 2004 2003 Issued capital Situation at opening date 283 345 Received on shares issued 13 5 Paid for shares repurchased -63 -67 _______ _______ Situation at closing date 233 283 Share premium reserve Situation at opening date - 276 Received on shares issued - 17 Paid for shares repurchased - -293 _______ _______ Situation at closing date 0 0 Other reserves Situation at opening date 3,333 3,605 Adjustment due to system change - 94 _______ _______ 3,333 3,699 Received on shares issued 164 51 Paid for shares repurchased -769 -519 Net result from previous financial year 59 102 _______ _______ Situation at closing date 2,787 3,333 Net result 98 59 _______ _______ Shareholders' equity 3,118 3,675 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 per share value 31/12/2004 31/12/2003 31/12/2002 Assets (EUR x million) 3,118 3,675 4,421 Shares issued in financial year 4,450,561 1,859,037 3,538,888 Shares repurchased in financial -20,910,312 -22,477,969 -28,097,306 year Number of shares outstanding 77,737,554 94,197,305 114,816,237 Net asset value per share in EUR 40.10 39.02 38.51 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, CHF 0.4 million, DKK 77 million and EUR 458 million and KRW 25,588 million, against sales of CAD 9 million, GPB 54 million, JPY 1,903 million and USD 514 million. The effect of these transactions on the currency position is shown in the survey Spread of net assets at the end of this report. Futures Futures contracts purchased as at balance sheet date represent an increase in assets invested of CAD 5 million, EUR 447 million, GBP 4 million and JPY 22 billion; futures contracts sold represent a decrease in assets invested of USD 2.4 billion. Interest-rate swaps No interest-rate swap contracts were open at balance-sheet date. Mortgage-backed securities (TBAs) Forward purchases of mortgage-backed securities current at balance-sheet date represent a sum of USD 543 million. Futures contracts, interest-rate swaps and mortgage-backed securities are included in the survey of 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 | | | | | | |----------------+----------+---------+---------+---------+---------| | EUR 1 per | 2004 | 2003 | 2002 | 2001 | 2000 | | share | | | | | | |----------------+----------+---------+---------+---------+---------| | | | | | | | |----------------+----------+---------+---------+---------+---------| | Investment | 1.56 | 1.69 | 1.73 | 2.66 | 3.87 | | income | | | | | | |----------------+----------+---------+---------+---------+---------| | Change in | | | | | | | value due to | -0.15 | -0.87 | -0.71 | -0.20 | 1.27 | | capital | | | | | | | results and | | | | | | | other | | | | | | | variances | | | | | | |----------------+----------+---------+---------+---------+---------| | Management | 0.26 | 0.24 | 0.22 | 0.22 | 0.27 | | costs | | | | | | |----------------+----------+---------+---------+---------+---------| | | _______ | _______ | _______ | _______ | _______ | |----------------+----------+---------+---------+---------+---------| | Net result | 1.15 | 0.58 | 0.80 | 2.24 | 2.33 | |-------------------------------------------------------------------| | *) 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 2004 and 2003 and on a | | monthly basis for the preceding years. | | | | | +-------------------------------------------------------------------+ COSTS 14 Total expense ratio Total expense ratio 2004 2003 in% in% Cost item Management costs 0.63 0.60 Service fee 0.01 - Other expenses 0.01 0.02 _______ _______ Total 0.65 0.62 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 0.65% during the reporting period. With the exception of costs relating to investments and taxes, the management costs relate to all the fund's costs and all costs resulting from the management of the fund. 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 19; 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. 15 Management costs and service fee It is the Robeco group's policy to present the costs of its funds as transparently as possible, furthermore Robeco aims at a cost level more or less equal to the average of the European market, combined with high-level service and advice. With effect from 1 October 2004, the management fee on the average assets entrusted has been raised from 0.60% to 0.70% a year, to bring it more in line with the market. Furthermore, a service fee was introduced to cover formal and operational costs such as the production of annual reports and the fund's administration. It is market practice to directly charge these costs to the fund. The Robeco Group has chosen to charge a fixed annual fee to cover these expenses to make the actual costs transparent to its clients. The service fee for Rorento N.V. will be 0.12% per year. For assets exceeding EUR 1 billion the service fee is 0.10%; for assets exceeding EUR 5 billion the service fee is 0.08%. The fees are calculated on a daily basis, based on the average assets entrusted. Before 1 October 2004 the average assets entrusted was calculated on an annual basis, based on 13 observations. 16 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. 17 Other costs This includes custody costs and bank charges. 18 Performance fee Rorento N.V. does not charge a performance fee. 19 Transaction costs Brokerage costs and exchange fees relating to investment transactions are discounted in the sots price or the sales value of the investment. 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. 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 193% for 2004 (versus 168% for the previous year). Rorento's turnover in 2004 was slightly higher than in 2003. This was partly due to the reduction of the considerable overweight in corporate bonds in the second half of 2004. Furthermore, the number of active (overweight and underweight) positions, taken throughout a year, effects the fund's total turnover. In this respect 2004 was a fairly normal year, which did not differ much from 2003. 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. Transaction type Part of the total volume in % 2004 2003 Bonds 30.0 4.8 Forward exchange transactions 5.4 7.5 Call money 0.0 25.5 Deposits 3.6 4.7 22 Personnel costs Rorento N.V. does not employ personnel. 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). 23 Supervisory directors' fee An amount of EUR 34,598 (previous year EUR 37,434) has been allocated from the proposed profit appropriation for this purpose. Philipsburg, 11 March 2005 The supervisory board P.C. van den Hoek, chairman G. Izeboud J. Kremers D.P.M. Verbeek The management board E.J. Siermann, chairman F.L.E.G. Boll K.J.V. Tavernier 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. Joint interest of directors Statement pursuant to article 21, paragraph 2, section a, of the Dutch Investment Institutions Supervision Decree ('Btb', Besluit toezicht beleggingsinstellingen). Pursuant to section b of the circular 'Publication of interests of directors' 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. Joint interests of directors in Rorento N.V. At 31 December 2004, supervisory and managing directors held a joint interest of 0 and 294 Rorento N.V. shares respectively. At end 2004, no options had been granted to supervisory directors. Aon Risk Services International, of which Dirk. P.M. Verbeek is a director, acted as an intermediary in various insurance policies concluded at Rabobank Group level, including a Bankers, General Liability and D&O liability policy. Furthermore Aon Risk Services International insures several of Robeco's art objects. Apart from the above, there were no other business relations between supervisory directors and the company than that of member of the supervisory board during the period under review. Interests of the fund manager In general, the fund manager should always 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, and conform as closely as possible to, the Dutch Securities Transactions Supervision Act. These Rules should guarantee that the (semblance of) insider trading and mixing of business and private interests is avoided at all times. According to these Rules a fund manager should be considered as an insider. As at 31 December 2004 the fund manager had an interest of 32 Rorento N.V. shares. At the same date, she held no interests in Rorento N.V. investments. 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. 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, 11 March 2005 Auditor's report Introduction We have audited the financial statements of Rorento N.V., Philipsburg for the year 2004. These annual financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements 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 the significant estimates made by the management board, as well as evaluating the overall 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 company's financial position as at 31 December 2004 and of the result for the year then ended in accordance with accounting principles generally accepted in the Netherlands and comply with the financial reporting requirements included in Part 9, Book 2 of the Dutch Civil Code and the Dutch Investment Institutions Supervision Act. Philipsburg, 11 March 2005 Ernst & Young Accountants SPREAD OF NET ASSETS Across countries Across currencies _______________________________________________ _______________________________ 31/12/2004 31/12/2004 31/12/2003 31/12/2004 31/12/2003 EUR x million in % in % in % in % Long-term investments North America (31.1%) US dollar 935 30.0 32.2 12.0 13.7 Canadian 34 1.1 0.9 1.9 1.9 dollar Europe (49.5%) Euro 1,387 44.5 38.0 70.8 73.5 British 148 4.7 3.4 2.2 1.7 pound Swedish 9 0.3 0.2 0.2 0.2 krona Danish - - - 0.3 0.3 krone Swiss franc - - - 3.1 - Asia (9.4%) Japanese 294 9.4 5.2 9.2 7.8 yen Korean won - - - 0.3 0.3 Australia (0.0%) Australian - - 5.8 - 0.3 dollar New Zealand - - 4.8 - - dollar South Africa (0.0%) South - - 3.9 - 0.3 African rand Short-term 311 10.0 5.6 - - investments (10.0%) ________ ________ ________ ________ ________ Total 3,118 100.0 100.0 100.0 100.0 Exchange rates 31/12/2004 31/12/2003 31/12/2004 31/12/2003 EUR 1 EUR EUR AUD 1.740 1.6741 AUD 1 0.5767 0.5973 CAD 1.6286 1.6300 CAD 1 0.6140 0.6135 DKK 7.4386 7.4459 DKK 1 0.1344 0.1343 GBP 0.70795 0.7046 GBP 1 1.4125 1.4192 HUF 245,650 261.6250 HUF 1 0.0041 0.0038 JPY 139.2824 135.1789 JPY 100 0.7180 0.7398 KRW 1,407.0957 1.502.8986 KRW 100 0.0711 0.0665 NZD 1.8818 1.9212 NZD 1 0.5314 0.5205 SEK 9.0327 9.0744 SEK 1 0.1107 0.1102 USD 1.35925 1.2614 USD 1 0.7357 0.7928 ZAR 7.6577 8.4195 ZAR 1 0.1306 0.1188 BOND PORTFOLIO At 31 December 2004 Expiration Market value % date USD 333,441 0.0000 Solstice ABS (FRN) 02-05-36 Robeco Institutioneel Global Money 57,127,241 0.0000 Market Opportunity Fund 3,658,400 0.0000 Robeco CBO I (ANN) 21-06-12 23,791,680 1.8750 US Treasury Note 31-12-05 12,354,000 2.0000 United States 15-05-06 1,400,809 2.1200 Credit Agricole (FRN) 17-07-06 Bos Intermational 9,990,500 2.1450 Australia (FRN) 16-04-09 10,013,300 2.1600 JP Morgan Chase (FRN) 02-10-09 HBOS Treasury 10,007,000 2.1900 Services (FRN) 22-01-08 10,011,000 2.1988 Lehman Brothers (FRN) 20-04-07 7,511,775 2.2000 Goldman Sachs 09-01-07 10,976,790 2.2500 John Hancock (FRN) 27-04-09 2,505,050 2.2588 Goldman Sachs (FRN) 20-04-06 BCP Finance Bank 1,500,216 2.2600 (FRN) 26-01-05 Banque Federative du 10,004,215 2.2800 Credit (FRN) 30-01-06 400,100 2.3194 Bank of America (FRN) 28-04-05 10,008,500 2.3300 Morgan Stanley (FRN) 22-01-09 14,392,692 2.3750 United States 15-08-06 11,881,560 2.3750 US Treasury Note 31-08-06 Bear Stearns Cos 1,003,060 2.4300 (FRN) 30-01-09 Caymadrid 3,961,693 2.4525 International (FRN) 28-11-05 1,001,150 2.4600 Merrill Lynch (FRN) 06-02-09 Discover Card Master 3,000,000 2.4725 Trust (FRN) 15-07-07 American Express 10,005,000 2.4875 Credit (FRN) 14-09-07 1,681,058 2.4900 Aegon (FRN) 13-05-05 1,000,810 2.4900 Citigroup 15-02-07 Westdeutsche 17,017,113 2.4900 Landesbank (FRN) 29-05-07 Permanent Financing 6,004,920 2.4950 (FRN) 10-06-07 25,011,500 2.4975 Citigroup (FRN) 04-06-07 10,012,048 2.5000 BES Finance (FRN) 17-11-05 1,001,440 2.5000 Citigroup (FRN) 01-09-06 First National Master 5,004,688 2.5025 No (FRN) 15-08-08 Sears Credit Account 2,999,063 2.5025 Master (FRN) 18-02-09 25,075,000 2.5100 Deutsche Finance 02-03-06 Credit Suisse First 6,001,326 2.5106 Boston (FRN) 27-02-06 American Express 2,004,375 2.5125 Credit (FRN) 15-09-10 1,001,300 2.5400 Istitut Bancario 27-02-06 25,018,500 2.5500 ASIF Global (FRN) 11-12-06 Monumental Global 20,079,350 2.5500 Funding (FRN) 08-05-06 9,626,880 2.5600 Bank of America (FRN) 22-11-06 Wells Fargo & Co. 3,754,725 2.5600 (FRN) 12-06-06 10,011,200 2.5650 Dresdner bank (FRN) 07-03-06 Westdeutsche 6,507,150 2.5850 Landesbank (FRN) 10-03-09 25,006,250 2.5900 HSBC Bank US (FRN) 21-09-07 Wells Fargo & Co 21,263,762 2.5900 (FRN) 15-09-09 MBNA Master Credit 250,313 2.6400 Card (FRN) 15-07-08 MBNA Master Credit 7,019,688 2.6625 Card (FRN) 15-08-08 10,014,000 2.7000 IKB Deutschland (FRN) 30-06-06 10,013,000 2.7100 Merrill Lynch (FRN) 09-09-09 Bear Stearns Cos 9,007,740 2.7200 (FRN) 09-09-09 9,006,930 2.7400 CIT Group (FRN) 20-09-07 1,501,777 2.7400 Merrill Lynch (FRN) 19-06-06 29,871,726 2.7500 US Treasury Note 15-08-07 Countrywide Home Loan 9,947,520 2.8900 (FRN) 02-06-06 General Electric 10,067,000 2.9200 Capital (FRN) 13-12-06 2,112,500 2.9375 Stuyvesant CDO (FRN) 22-08-13 53,273,883 3.1250 US Treasury Note 15-05-07 4,812,500 3.3500 Stuyvesant CDO (FRN) 07-04-14 91,554,540 3.3750 US Treasury Note 15-09-09 Countrywide 21,567,295 3.5000 Financial 19-12-05 1,146,029 4.2500 Korea 01-06-13 32,581,250 4.2500 United States 15-11-14 17,419,354 4.7500 Goldman Sachs 15-07-13 39,863,219 5.0000 Citigroup 15-09-14 Rabobank Capital Fund 19,841,055 5.2600 II Tier I 31-12-13 Nationalwide Life GBL 16,907,919 5.3500 Fund 15-02-07 22,162,345 5.3750 United States 15-02-31 Countrywide 6,765,328 5.5000 Financial 01-08-06 General Electric 6,104,849 5.8750 Capital 15-02-12 General Electric 4,437,277 6.0000 Capital 15-06-12 6,618,644 6.0000 Glencore Fund 15-04-14 5,678,212 6.0000 N R U C 15-05-06 2,630,166 6.2500 United States 15-05-30 AIG Sunamerica Global 16,911,113 6.3000 Finance VI 10-05-11 12,216,770 6.3750 Tyco International 15-10-11 31,942,386 6.7500 JP Morgan Chase 01-02-11 755,820 6.8750 United States 15-08-25 Oncor Electric 14,860,640 7.0000 Delivery 01-09-22 10,517,516 7.0000 Philip Morris 04-11-13 Standard Credit Card 209,920 7.2500 Master Trust 07-04-08 31,797,018 7.3750 Ford Motor Credit 28-10-09 11,100,000 7.3750 Pemex Finance 15-12-14 9,013,013 7.4500 Ford Motor Credit 16-07-31 3,362,956 7.5000 Malaysia 15-07-11 John Hancock Global 15,843,224 7.5000 Fund 31-01-05 Santander Central 23,341,200 7.6250 Hispano Issue 14-09-10 9,348,160 7.6250 Hilton Hotels 01-12-12 21,694,471 7.7500 CIT Group 02-04-12 14,837,598 7.7500 Verizon Global FDG 01-12-30 Credit Suisse First 11,688,905 7.9000 Boston Tier I 01-05-07 National Rural 11,597,323 8.0000 Utilities 01-03-32 14,823,750 8.0000 Telus 01-06-11 1,182,260 8.2500 Hilton Hotels 15-02-11 UBS PFD Funding Trust 22,730,892 8.6220 I Tier I 01-10-10 6,221,245 8.6250 Stageco Holdings 15-11-09 1,661,268 8.7500 Malaysia 01-06-09 CAD 41,565,600 5.7500 Canada 01-06-29 13,597,740 5.7500 Canada 01-09-06 EUR 411 0.0000 Germany JA07 04-01-07 Institutional Global High Yield 110,947,436 0.0000 Vastrentende Waarden Fonds 87,086,311 3.5000 France 12-01-08 Rodamco Europe 11,560,836 3.7500 Finance 01-07-10 MBNA Credit Card 2,546,163 4.1500 Master Note 19-04-10 77,968,095 4.2500 France 25-04-19 25,133,440 4.2500 Germany 04-01-14 Holcim Finance 7,356,239 4.3750 Luxembourg 23-06-10 11,789,080 4.3750 JP Morgan Chase 12-11-14 3,140,910 4.5000 Germany 17-08-07 10,534,990 4.5000 Rolls-Royce 16-03-11 9,049,976 4.6250 Renault 28-05-10 12,550,129 4.6250 Anglian Water 07-10-13 14,421,089 4.6250 Bank of America 18-02-14 11,611,164 4.6250 Technip 26-05-11 10,204,545 4.6250 Dow Chemical 27-05-11 12,023,271 4.6250 Arcelor Finance 07-11-14 4,092,699 4.7500 Depfa Pfandbriefbank 16-07-07 18,941,129 4.7500 Goldman Sachs 28-01-14 17,255,865 4.7500 SLM 17-03-14 11,307,276 4.7500 ISS Global 18-09-10 12,542,670 4.7810 Allied Irish Bank 17-12-14 British American 15,257,638 4.8750 Tobacco Finance 25-02-09 6,251,544 4.8750 Société Générale 18-12-14 Volkswagen Financial 5,418,998 4.8750 Service 22-05-13 10,634,309 4.8750 Barclays 15-12-14 9,814,941 4.8750 Gecina 25-01-12 31,426,288 5.0000 France 25-04-12 13,579,475 5.0000 Autostrade 09-06-14 6,590,781 5.0000 Lafarge 16-07-14 5,215,750 5.1250 Telefónica De Espana 30-10-06 12,658,863 5.1250 Stora Enso 23-06-14 12,201,464 5.1250 Wolters Kluwer 27-01-14 11,975,264 5.1250 Altadis Finance 02-10-13 86,761,188 5.2500 Germany 04-01-11 Federal Home Loan 6,811,252 5.2500 Mortgage 15-01-06 15,621,140 5.2500 New York Life Funding 16-02-09 HSBC Capital Funding 15,820,268 5.3687 LP 24-03-14 Monumental Global 14,302,155 5.3750 Funding 13-03-09 6,447,578 5.3750 International Endesa 21-02-13 Glencore Finance 5,817,806 5.3750 Europe Lux 30-09-11 9,731,972 5.4480 Lafarge 04-12-13 18,704,041 5.5000 Belgium 28-03-28 39,244,765 5.5000 Germany 04-01-31 12,695,793 5.5000 Pacific Life Funding 14-05-09 6,771,625 5.5430 BCP Finance bank 09-06-14 Lloyds Bank Upper 12,167,463 5.6250 Tier II 15-07-09 12,076,762 5.7500 Achmea Hypotheek bank 30-07-08 E.ON International 19,197,768 5.7500 Finance 29-05-09 9,962,370 5.8750 Autostrade 09-06-24 1,399,775 6.0000 Netherlands 15-01-06 Repsol International 12,949,776 6.0000 Finance 05-05-10 7,023,125 6.0000 Peugeot 19-09-33 14,237,580 6.1000 Fortum 19-02-08 Lehman Brothers 16,836,593 6.1250 Holdings 23-03-07 9,286,418 6.1250 UPM-Kymmene 23-01-12 93,344,745 6.2500 Belgium 28-03-07 4,395,560 6.2500 Household Finance 21-09-05 6,443,599 6.2500 BES Finance 17-05-11 16,035,378 6.2500 ING Groep 21-06-21 18,968,745 6.3500 Capital Instruments 30-06-14 Pemex Project Funding 4,002,660 6.3750 Master 05-08-16 35,494,644 6.5000 Greece 11-01-14 19,299,504 6.5000 Fortis NL Tier I 26-09-11 12,154,320 6.5000 Hilton Group 17-07-09 North West Water 20,546,812 6.6250 Group 08-11-07 BNP Paribas Capital 13,716,632 6.6250 Trust Tier I 23-10-11 9,890,193 6.7500 Ford Motor Credit 14-01-08 Intesabci Capital 8,660,960 6.9880 Trust Tier I 12-07-11 CL Capital Trust 1 16,802,325 7.0470 Tier I 26-04-12 Union Bank of Norway 11,114,430 7.0680 Tier I 19-11-12 Deutsche Telekom Int. 16,223,625 7.1250 Finance 11-07-11 10,545,427 7.2500 Sogerim 20-04-11 19,470,240 7.2500 France Telecom 28-01-13 Deutsche Telekom Int. 6,854,400 7.5000 Finance 24-01-33 Halifax Group Euro 16,336,128 7.6270 Finance Tier I 09-12-11 Olivetti 9,294,300 7.7500 International Finance 24-01-33 8,635,968 8.1260 Sanpaolo Tier I 10-11-10 Standard Chartered 12,569,260 8.1600 Bank Tier I 23-03-10 KBC Bank Funding 8,987,755 8.2200 Trust IV Tier I 10-11-09 GBP 9,624,483 4.2500 United Kingdom 07-06-32 15,441,900 5.0000 United Kingdom 07-03-12 4,221,240 5.7500 United Kingdom 07-12-09 7,782,390 5.9021 Aviva 27-07-20 23,304,640 6.0000 United Kingdom 07-12-28 40,133,308 7.2500 United Kingdom 07-12-07 4,288,456 7.5000 United Kingdom 07-12-06 SEK 80,717,660 6.7500 Sweden 05-05-14 DEM 9,845,000 2.3459 GMAC Canada (FRN) 28-04-05 JPY Credit Foncier de 4,023,200,000 0.4000 France 22-09-06 3,024,120,000 0.7000 Canada 20-03-06 Bank Nederlandse 1,117,017,000 0.8000 Gemeenten 22-09-08 Japan Development 4,251,850,200 1.0500 Bank 20-06-23 Japan Finance Corp 5,925,150,000 1.5500 for Munici 21-02-12 Japan Development 2,401,750,000 1.7000 Bank 20-09-22 Japan Development 6,445,443,000 1.7500 Bank 21-06-10 8,563,077,000 1.8000 Italy 23-02-10 European Investment 5,222,973,000 3.0000 Bank 20-09-06 USD Emerging debts 173,600 0.0000 Argentina 04-12-05 340,000 0.0000 Argentina 07-04-09 676,260 0.0000 Argentina 15-06-15 419,048 0.0000 Bulgaria (FRN) 28-07-12 3,106 0.0000 Argentina 19-12-08 643,333 2.7500 Panama IRB 17-07-14 930,000 3.0000 Russia 14-05-08 288,720 3.0625 Brazil 15-04-06 589,855 3.1250 Brazil 15-04-12 1,620,000 4.0000 Poland PAR 27-10-24 1,122,000 4.5000 Peru FLIRB 07-03-17 7,205,590 5.0000 Russia 31-03-30 736,246 5.5000 Chile 15-01-13 1,127,500 5.8750 Mexico 15-01-14 1,380,000 6.2500 Nigeria 15-11-20 1,697,033 6.5000 South Africa 02-06-14 1,002,249 6.8750 Chili 28-04-09 916,938 7.5000 Mexico 08-04-33 1,078,000 7.5000 Uruguay 15-03-15 639,000 7.6500 Ukraine 11-06-13 798,408 8.0000 Brazil 15-04-14 954,250 8.0000 Ecuador 15-08-30 633,000 8.1250 Panama 28-04-34 2,355,000 8.1250 Mexico 30-12-19 1,883,100 8.2500 Bulgaria 15-01-15 367,500 8.3750 Philippines 12-03-09 1,963,898 8.3750 Philippines 15-02-11 1,698,400 8.5000 Venezuela 08-10-14 360,750 8.7500 Egypt 11-07-11 545,000 8.7500 Peru 21-11-33 822,808 8.7500 Russia 24-07-05 656,190 8.8750 Brazil 15-04-24 498,375 8.8750 Panama 30-09-27 417,500 9.0400 Dominican Republic 23-01-13 1,430,910 9.1250 Peru 21-02-12 2,643,750 9.2500 Venezuela 15-09-27 364,875 9.3750 Philippines 18-01-17 942,000 9.6250 Panama 08-02-11 2,167,900 9.7500 Colombia 23-04-09 1,716,312 9.8750 Turkey 23-02-05 791,000 10.0000 Russia 26-06-07 2,934,000 10.3750 Mexico 17-02-09 2,137,500 10.6250 Philippines 16-03-25 1,215,000 11.0000 Brazil 11-01-12 1,186,000 11.0000 Brazil 17-08-40 1,728,750 11.2500 Brazil 26-07-07 643,750 11.5000 Turkey 23-01-12 2,452,000 11.5000 Mexico 15-05-26 1,158,750 11.7500 Colombia 25-02-20 2,398,750 11.7500 Turkey 15-06-10 2,163,750 11.8750 Turkey 15-01-30 717,500 12.0000 Ecuador 15-11-12 1,322,500 12.2500 Brazil 06-03-30 1,146,250 12.7500 Russia 24-06-28 800,400 14.5000 Brazil 15-10-09 EUR Emerging debts 313,500 5.0000 Morocco 08-07-08 1,266,000 6.7500 South Africa 19-05-06 561,750 7.3750 Mexico 13-03-08 701,938 8.5000 Romania 08-05-12 647,635 10.0000 Ukraine 15-03-07 321,150 11.2500 Colombia 20-10-05 834,750 11.3750 Colombia 31-01-08 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. * 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 1 percent increase or decrease in interest rates. The use of derivative instruments allows the amount of the portfolio's modified duration to be managed separately from the direct bond investments. The application of derivatives therefore allows the fund to adopt an optimal yield-curve positioning. The use of derivative instruments is limited to the setting of limits for the total modified duration of the portfolio. 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 2005. All rights reserved.
1 Year Rorento Nv Chart |
1 Month Rorento Nv Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions