Fred Olsen Energía (FOE) Richtlijnen voor commentaar Wij raden from a reacties te gebruiken om interactie met gebruikers aan te gaan, uw perspectief te delen en vragen te stellen aan auteurs en elkaar. Se ha reunido en un nivel de conversación que tiene un nivel de confianza y un nivel mínimo de calidad en los criterios de búsqueda. Plaats alleen materiaal que relevante es voor het onderwerp que wordt besproken. Wees respectvol. Zelfs negatieve meningen kunnen positief en diplomatiek worden weergegeven. Gebruik standaard schrijfstijl. Voeg interpunción, hoofdletters en kleine letras toe. LET OP: Spam es / de reclameboodschappen en enlaces en un mensaje de correo electrónico. Vermijd godslastering, laster of persoonlijke aanvallen es un autor de una obra de arte. Alleen opmerkingen in het Nederlands zullen worden toegestaan. Los padres van de spam de la página web de la página web de WordPress y de los registros de registro de usuario de la inversión. 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Todos los CFD (acciones, índices, futuros) y los precios de la divisa no son proporcionados por los intercambios, sino más bien por los creadores de mercado, y por lo que los precios pueden no ser exactos y puede diferir del precio real del mercado, lo que significa precios son indicativos y no son apropiadas para fines comerciales. Por lo tanto, Fusion Media no asume ninguna responsabilidad por las pérdidas comerciales que pueda incurrir como resultado del uso de estos datos. Fusion Media o cualquier persona involucrada con Fusion Media no aceptará ninguna responsabilidad por pérdidas o daños como resultado de la confianza en la información incluyendo datos, cotizaciones, gráficos y señales de compra / venta contenidas en este sitio web. Por favor, estar plenamente informado acerca de los riesgos y costos asociados con el comercio de los mercados financieros, es una de las formas más arriesgadas de inversión posible. Comienzo de la sesión con el código de la parte superior izquierda de la lista de resultados (Max 50) Fecha de lanzamiento del boletín de noticias: Fecha de publicación de la licencia AGV Privacy Beleid Risico Waarschuwing copia 2007-2016 Fusion Media Limited. Alle Rechten Voorbehouden Riesgo Openbaarning: Fusion Media es una aplicación de gestión de la información que se utiliza para la descarga de información de seguridad en la página web, la información de acceso a Internet, la información de seguridad y la información de seguridad. Gelieve se volvió a informarse sobre los riesgos y el color de la mano con el dedo en la mano. Het es una de las mejores empresas de inversión. De la mano de navegación por margen gaat gepaard con hoge risicos, en is niet geschikt voor iedere belegger. Alvorens u besluit om en el valor de enig ander financieel middel te handelen, dient u uw beleggingsdoelstellingen, ervaring en risicobereidheid zorgvuldig te overwegen. De Engelstalige versie van deze overeenkomst es la versi n de la sociedad en el mercado de valores y de las discrepancias tussen de la versi n en espa nol de Nederlandse versie. Robeco NV Informe anual 2007 15-08-2008 Índice Información general 3 Informe del consejo de supervisión 5 Informe del consejo de administración 6 Estados financieros 13 Balance 13 Cuenta de pérdidas y ganancias 13 Resumen de tesorería 14 Notas 15 Otros datos 22 Diferencia de activos netos 25 Lista de valores 27 Compras y ventas 32 Índice Información general Robeco NV 1 (sociedad de inversión de capital variable, Domicilio social en Rotterdam, Países Bajos) Coolsingel 120 Postbus 973 NL-3000 AZ Rotterdam Tel. 31 - 10 - 224 12 24 Fax 31 - 10 - 411 52 88 Internet: robeco Consejo de Supervisión P. C. Van den Hoek, presidente Gilles Izeboud Philip Lambert Dirk P. M. Junta Directiva de Verbeek Robeco Fund Management B. V. Gerente Robeco Fund Management B. V. Consejo de administración: Mark F. van der Kroft Pieter F. F.M. Schuurs (al 17 de enero de 2008) E. J. Siermann Edwin de Weerd Ed B. van Wijk Gerente de Fondos Mark R. Glazener Secretario de la Compañía David H. Cross Junta Directiva de Robeco Groep N. V. (holding del Grupo Robeco) George A. Mller, presidente de Leni M. T. Boeren Sander van Eijkern Constante Th. L. Korthout Frank L. Kusse (a partir del 2 de febrero de 2007) Niek F. Molenaar 1 Robeco (Schweiz) AG, Uraniastrasse 12, CH-8001 Zurich, es el representante de fondos designado en Suiza. Se pueden obtener ejemplares del folleto, los estatutos, los informes anuales y semestrales y una lista de todas las compras y ventas de la cartera de valores durante el período sobre el que se informa, en la dirección indicada más arriba. UBS AG, Bahnhofstrasse 45, CH-8098 Zurich , Es el agente pagador de fondos en Suiza. Junta General de Accionistas La Junta General de Accionistas se celebrará el 23 de abril de 2008 a las 09:30 horas en el Hilton Rotterdam, Weena 10, Rotterdam, Países Bajos. Los titulares de certificados de acciones al portador que deseen asistir y votar en la reunión deberán solicitar una declaración por escrito de la entidad afiliada a Euroclear Países Bajos donde se encuentren sus acciones, lo que dará entrada a la reunión. Las entidades afiliadas a Euroclear Netherlands deberán remitir una copia de esta declaración al ABN AMRO Bank N. V. indicando el número de acciones de que dispondrá el accionista interesado antes de la reunión y que se congelarán hasta después de la reunión. Esta declaración deberá presentarse a más tardar el 16 de abril de 2008. Los tenedores de acciones K deberán presentar sus certificados de acciones a más tardar el 16 de abril de 2008 con uno de los bancos mencionados en la convocatoria de 4 de abril de 2008. Los titulares de sushares o una cuenta con Robeco Directin Rotterdam o Banque Robeco SA en París que deseen asistir a la reunión deberán informar al Consejo de administración por escrito a más tardar el 16 de abril de 2008. Este informe también se publica en neerlandés, francés, alemán, italiano y español. Únicamente la edición original neerlandesa es vinculante y se presentará a la Junta General de Accionistas. Prospecto simplificado y completo Se dispone de un folleto simplificado con información sobre Robeco N. V. y sus costos y riesgos asociados. Este folleto simplificado y el folleto completo están disponibles en la oficina de la empresa y vía robeco. Consejo de Supervisión Paulus C. van den Hoek (69), presidente desde 2000. Nacionalidad holandesa. Nombrado en 1990 y reelegido por última vez en 2005. Abogado y socio de Stibbe, abogados y notarios, en Amsterdam, Países Bajos, desde 1965. Ex Decano del National Bar (81/84). Director de supervisión de ASM International, Wavin, Robeco Groep N. V. (presidente desde 2000), Rolinco (presidente desde 2000) y Rorento (presidente desde 2000). Gilles Izeboud (65) Nacionalidad neerlandesa. Nombrado en 2004 y reelegido por última vez en 2007. Ex socio y consejero de PricewaterhouseCoopers. Magistrado adjunto de la Sección de Empresas del Tribunal de Apelación de Amsterdam. Director de Supervisión de Corporate Express, Robeco Groep N. V. Rolinco y Rorento. Philip Lambert (61) Nacionalidad neerlandesa. Nombrado en 2005. Ex director de Unilever Corporate Pensions N. V. y PLC en Londres. Director de supervisión de Robeco Groep N. V. Rolinco y Rorento. Dirk P. M. Verbeek (57) Nacionalidad neerlandesa. Nombrado en 2001 y reelegido por última vez en 2006. Ex miembro de la junta directiva de Aon Group en Chicago, EE. UU., y ex presidente de la junta directiva de Aon Holdings en Rotterdam, Países Bajos. Director de supervisión de Robeco Groep N. V. Rolinco y Rorento. nótese bien Sólo se mencionan los cargos directivos de supervisión en las sociedades cotizadas y el Grupo Robeco. Informe del Consejo de Supervisión A continuación se presentan las cuentas de Robeco N. V. correspondientes al ejercicio 2007, junto con el informe del Consejo de Administración. La forma en que el consejo de vigilancia ejerce sus funciones de supervisión está determinada de manera significativa por la estructura del Grupo Robeco. La discusión de la administración de Robeco N. V. puede tener lugar en el consejo de supervisión de la compañía o de Robeco Groep N. V. Como resultado de los vínculos personales entre los miembros de las dos juntas, en la práctica esto no presenta dificultades. Robeco NV gestiona a Robeco Fund Management BV una filial (indirecta) de Robeco Groep NV El consejo de administración de Robeco Fund Management BV está formado por Edith Sierman (Jefe de Inversiones de Renta Fija), Mark van der Kroft (Director de Inversiones de Acciones) Edwin de Weerd (vicepresidente ejecutivo de Robeco Direct NV), Ed van Wijk (vicepresidente ejecutivo de Robeco Alternative Investments) y Pieter Schuurs (director del Financial Service Center). Mark Glazener es el gestor de fondos de Robeco NV El objetivo de una institución de inversión como Robeco NV, tal como se establece en sus estatutos, se limita a invertir sus activos en valores de tal forma que los riesgos se diversifiquen con el objeto de Permitiendo a sus accionistas participar en los beneficios. En sus reuniones, el Consejo de Supervisión dedica su atención principalmente a la política de inversión, los resultados obtenidos y el desarrollo de los activos invertidos, sobre la base de informes frecuentes y detallados. También se presta atención a las cuestiones relacionadas con la gestión de riesgos, tales como los riesgos operacionales y de mercado, y el cumplimiento, como las restricciones de inversión y el cumplimiento y la aplicación de los requisitos del regulador. En relación con lo que ya se ha mencionado con respecto a la estructura del Grupo Robeco, temas como los riesgos asociados a la política de inversión, la aplicación de instrumentos para gestionar estos riesgos y las cuestiones de cumplimiento pueden también ser discutidos en las reuniones de los órganos de supervisión De Robeco Groep NV La política general del Grupo Robeco es determinada por el Consejo de Administración de Robeco Groep NV en consulta con su consejo de supervisión. Esto significa que las cuestiones tales como desarrollo de productos, adquisiciones y gestión de riesgos y cumplimiento se discuten en las reuniones del consejo de supervisión de Robeco Groep N. V. Este comité ha nombrado un comité de auditoría y cumplimiento y un comité de nominación, remuneración y gobierno corporativo. Dos miembros de cada uno de estos comités son también directores de supervisión de Robeco N. V. Dentro de estos comités se llevan a cabo amplias discusiones sobre auditoría interna, gestión de riesgos y cuestiones de cumplimiento y el funcionamiento y estructura de remuneración de la Junta de Administración de Robeco Groep N. V. Además de los temas mencionados, las propuestas de enmiendas al perfil de inversión se debatieron a fondo en las reuniones del consejo de supervisión durante el año de referencia. Hemos tomado nota del contenido del informe de auditores presentado por Ernst Young Accountants y recomendamos la aprobación de los estados financieros anuales. Estamos de acuerdo con la propuesta de gestión para distribuir un dividendo de 0,80 euros por acción en efectivo. En la Junta General de Accionistas celebrada el 26 de abril de 2007, Gilles Izeboud fue reelegido como director de supervisión de la sociedad con efecto inmediato. En la Junta General de Accionistas que se celebrará el 23 de abril de 2008, el Sr. P. C. Van den Hoek dimitirá como presidente del consejo de supervisión. El Sr. Van den Hoek ha sido miembro del Consejo de Supervisión de Robeco N. V. desde 1990 y ha actuado como presidente desde el año 2000, período durante el cual cumplió sus funciones de manera excelente. El Sr. Van den Hoek ha puesto sus considerables conocimientos jurídicos, experiencia en gestión y perspicacia empresarial al servicio de la empresa durante estos años. Le debemos una inmensa deuda de gratitud. Sr. D. P.M. Verbeek sucederá al Sr. Van den Hoek como presidente del consejo de supervisión. Rotterdam, 12 de marzo de 2008 El consejo de supervisión Informe del consejo de administración Introducción general Otro año de fuerte crecimiento económico mundial La economía mundial continuó su fuerte crecimiento en la segunda mitad del año pasado, como en años anteriores. El crecimiento fue apoyado principalmente por las economías emergentes. Por primera vez, la contribución de Chinas al crecimiento fue mayor que la de Estados Unidos. En el transcurso del año, la economía estadounidense se enfrentó a crecientes vientos negativos. La recuperación económica de las zonas del euro siguió siendo fuerte. La recuperación en Japón también continuó, pero de manera menos convincente. En la primera mitad del año, muchos bancos centrales se centraron principalmente en mantener la inflación bajo control. En muchos casos la inflación real fue moderada. Más tarde en el año, la inflación se incrementó casi a nivel mundial como resultado del fuerte aumento de los precios del petróleo y los alimentos. Mayor volatilidad en los mercados de renta variable Inicialmente, los precios subieron fuertemente en muchos mercados de renta variable, liderados por las acciones de los mercados emergentes. Este favorable desarrollo fue causado por el fuerte crecimiento continuo de las economías emergentes, las amplias posibilidades de financiamiento y la ola asociada de fusiones y adquisiciones. El escenario cambió después de julio, cuando se hizo evidente que las instituciones financieras habían sufrido pérdidas considerables en los activos que estaban vinculados a las hipotecas en el mercado de la vivienda de EE. UU. Esto llevó a una mayor volatilidad del mercado de valores en la segunda mitad del año ya la caída de los precios en los mercados bursátiles de las economías desarrolladas de todo el mundo. En resumen, las acciones mundiales tuvieron un rendimiento ligeramente negativo en 2007. El índice MSCI World tuvo un rendimiento de -1,2. Alemania fue una excepción importante a esto, ya que el índice subió más de 20 durante el año. Los mercados emergentes obtuvieron una excelente rentabilidad colectiva superior a 25. El descuento de las acciones de los mercados emergentes en relación con sus homólogos maduros ha desaparecido. Estados Unidos La corrección en el mercado de la vivienda de Estados Unidos se intensificó el año pasado, pero no causó una desaceleración considerable de la economía en su conjunto. Aunque el desempleo aumentó un poco, el consumo de los hogares se mantuvo bastante bien durante la mayor parte del año. El crecimiento saludable en el resto del mundo, en combinación con una depreciación del dólar, dio lugar a un fuerte crecimiento de las exportaciones. Sin embargo, la combinación de una corrección en curso en el mercado de la vivienda, el aumento de los precios de los alimentos y la energía y la incertidumbre en los mercados de crédito debilitaron las perspectivas de crecimiento económico en la segunda mitad de 2007. Después de una disminución inicial, Finales del año pasado. Desde septiembre pasado, la Fed ha reducido las tasas de interés de 5,25 a 4,25 en respuesta a los problemas en los mercados de crédito y su posible impacto en el crecimiento económico. Los rendimientos de los bonos cayeron alrededor de 70 puntos básicos en equilibrio a 4.0. Japón La recuperación económica japonesa continuó, aunque no fue muy espectacular. El crecimiento se mantuvo estático en torno a 1,5 y la tendencia a la deflación continuó. A finales de 2007, la inflación era apenas positiva. El banco central japonés sólo se atrevió a aumentar las tasas en una ocasión en 25 puntos básicos a 0,5. Las tasas a largo plazo estaban ligeramente por encima de 1.5 al cierre del año, negociando en el mismo rango en el que habían negociado durante la mayor parte del año. La zona del euro La zona euro registró un crecimiento de 2,5 a 3 en 2007, que fue una vez más fuerte que la tendencia. El desempleo cayó al nivel más bajo registrado. La inflación ascendió a menos de 2 hasta el otoño, pero luego subió fuertemente a más de 3 al final del año. En el momento en que comenzaron a surgir los problemas en los mercados de crédito, el Banco Central Europeo (BCE) elevó las tasas en dos pasos de 3,5 a 4. Después de eso, el banco adoptó una postura de espera y dejó las tasas sin cambios debido a El aumento de la incertidumbre. Los rendimientos de los bonos subieron menos que las tasas del mercado monetario, pasando de 3,9 a 4,3 en 2007. Perspectivas Los mercados bursátiles se enfrentaron a fuertes condiciones climáticas en las primeras semanas de 2008. En general, los mercados bursátiles mundiales han disminuido considerablemente debido a la incertidumbre sobre la crisis crediticia. Las pérdidas sufridas por los bancos y las preocupaciones sobre una recesión económica en los EE. UU. Este último puede ocurrir, pero es más probable un período de lento crecimiento. En el curso de este año, las perspectivas económicas para 2009 pueden comenzar a mejorar gradualmente. Una continuación de la política monetaria acomodaticia, que ha sido confirmada por los dos federales dos cortes drásticamente inesperados de la tarifa que sumaron 1.25 en enero de 2008, y las medidas fiscales comenzarán a dar el apoyo a la economía de ESTADOS UNIDOS en el curso de este año. En la zona del euro y en el Japón es probable una disminución limitada del crecimiento económico. El BCE puede reducir un poco los tipos de interés en la segunda mitad de este año y el Banco de Japón aumentará modestamente su tipo de política en uno o dos pasos. Se prevé que las economías emergentes seguirán creciendo vigorosamente. La inflación mundial probablemente bajará gradualmente. El primer semestre de 2008 no será fácil para las acciones. La volatilidad seguirá siendo alta como resultado de la incertidumbre sobre las consecuencias de la crisis crediticia para la economía y los beneficios empresariales. Suponiendo que la economía se recuperará en 2009 y la crisis de crédito y liquidez no empeorará, es posible que se esperen retornos ligeramente positivos para el conjunto del año 2008, a pesar del débil inicio del año para la mayoría de los mercados bursátiles mundiales. Además, las acciones se valoran de forma atractiva desde una perspectiva histórica y también en comparación con otras categorías de activos. Se espera que los mercados bursátiles de las economías emergentes sigan funcionando relativamente bien, aunque se espera que el diferencial de rentabilidad con los mercados maduros sea menor en 2008 que el año pasado. El principal riesgo asociado a esta perspectiva es la combinación de un crecimiento más lento y mayores tasas de inflación de lo previsto, lo que sería negativo para los mercados de renta variable en todo el mundo. Resultado de inversión Resumen 2003 - 2007 En promedio durante el último 2007 2006 2005 2004 2003 5 años Basado en: - precio de mercado -1,3 7,5 28,6 5,0 1,4 7,8 - valor liquidativo -0,4 7,0 28,3 5,1 5,4 8,6 Índice mundial MSCI 1 -1,2 7,9 26,8 6,9 11,3 10,0 Dividendo en euros2 0,80 0,60 0,48 0,40 0,36 0,53 Activo neto total3 6,2 7,1 7,2 6,2 6,5 1 Las divisas se han convertido a las tasas proporcionadas por World Market Reuters. 2 Propuesta para 2007. 3 millones de euros. Durante 2007, el precio de la acción de Robeco cayó de EUR 28.87 a EUR 27.93. Suponiendo reinversión del dividendo de 0,60 euros por acción distribuido en mayo de 2007, se trata de un resultado de inversión de -1,3. Sobre la base del valor liquidativo, que pasó de 28,80 a 28,10 euros, y teniendo en cuenta la reinversión del dividendo, el resultado de la inversión fue de -0,4. El índice de referencia de fondos, el MSCI World Index, cayó 1,2 en el mismo período. El fondo Robeco obtuvo un resultado positivo de 1,9 frente a su índice de referencia en términos de valor liquidativo antes de deducción de costes. La sólida selección de valores en los distintos sectores fue la fuerza impulsora de este rendimiento superior y, de los 1.9 mencionados anteriormente, 1.5 fue atribuible a la selección de valores, 0.5 a la política de asignación sectorial y -0.1 a la política monetaria. Después de deducir los costes, se mantiene un rendimiento superior a 0,8. 2007 fue un año difícil para las acciones de los mercados desarrollados. El año estaba claramente dividido en dos partes. En el primer semestre del año, el precio de las acciones de Robecos subió 7,5, sin embargo, esta ganancia se había evaporado hacia fines de año como resultado de la depreciación del dólar estadounidense y la crisis en los mercados internacionales de crédito en el segundo semestre. La selección de valores fue excelente dentro de los sectores de consumo, telecomunicaciones, tecnología de la información y materiales. El desempeño de la selección de acciones en los sectores de consumo-discrecional y financiero se quedó por debajo de la media. En los otros sectores el resultado fue promedio. El fondo Robeco tiene como objetivo lograr un rendimiento estable en relación con el índice de referencia por lo que su desempeño se genera por una amplia gama de acciones en lugar de una selección limitada. Sin embargo, nos gustaría destacar algunas acciones que obtuvieron un desempeño por encima de la media. El rendimiento de Monsanto fue de 114.3. El precio de esta acción recibió un impulso del crecimiento del mercado estadounidense de maíz (el maíz también se usa para producir etanol) y de aumentar su participación en este mercado. Rio Tinto, la compañía minera con una lista dual en el Reino Unido y Australia, disfrutó de un retorno de 99,7. Los precios de las materias primas importantes para Rio Tinto, como el cobre, el mineral de hierro y la alúmina, aumentaron sólo moderadamente. Sin embargo, incluso si estos precios siguen siendo los mismos, todavía permite a las empresas mineras generar un enorme flujo de caja libre. A finales de 2007, también quedó claro que los precios de contrato para ese importante mineral de hierro de commodities aumentarían en 2008 y además de esta noticia surgió la oferta de BHP en noviembre de 2007. El rendimiento de Nokia fue de 74,9. Esto fue el resultado de una mejor cuota de mercado en los mercados emergentes y de excelentes operaciones comerciales que permiten a Nokia convertir el crecimiento en efectivo. CIT Group (-55,8) fue uno de los mayores declinadores. El CIT saca dinero del mercado de capitales y lo presta a particulares (en forma de hipotecas y préstamos estudiantiles) ya compañías (en forma de arrendamiento de aeronaves y préstamos corporativos). La compañía estaba activa en hipotecas subprime y decidió terminar esta actividad justo después del estallido de la crisis hipotecaria en los Estados Unidos. La evolución en el mercado de crédito de Estados Unidos causó la fuerte caída en el precio de las acciones de CIT. Política de inversión La política de inversión de Robeco se centra en la selección global de valores dentro de los sectores empresariales y en la determinación de los pesos relativos de los propios sectores. La asignación regional es, por lo tanto, principalmente el resultado de esta selección. Durante el año de referencia, 47 de la cartera se entregó, lo que es comparable al nivel de los últimos años y es adecuado para un horizonte de inversión de 4 años. Energía Los precios del petróleo subieron casi constantemente durante todo el año, desde un nivel justo por debajo de USD 60 hasta casi USD 100. La demanda de los mercados emergentes de petróleo aumentó constantemente. La oferta fue limitada porque los grandes proyectos de petróleo entraron en funcionamiento más adelante y incurrieron en costos más altos. Estos costos más altos hicieron que las compañías estuvieran reacias a iniciar grandes proyectos arriesgados y la OPEP mantuviera un control de hierro en el mercado del petróleo. Dentro del sector petrolero, el fondo vendió toda su participación en Valero Energy (refinerías estadounidenses). Como resultado de la desaceleración económica, los ciudadanos estadounidenses harán menos uso de automóviles o camiones para el transporte, por lo que la demanda de gasolina disminuirá. Al mismo tiempo, la capacidad de la refinería se incrementará en los próximos años. Las regulaciones también asegurarán que una cantidad creciente de etanol se mezcle con la gasolina, lo que llevará a una disminución en la utilización de la capacidad de la refinería. En resumen, la demanda disminuirá mientras la oferta esté aumentando. Esto significa precios más bajos y, por lo tanto, menores ganancias. El producto de la venta de Valero Energy se invirtió en Devon Energy, un productor estadounidense de petróleo y gas. Halliburton también se agregó a la cartera. El alto precio del petróleo y la creciente complejidad de los nuevos campos petroleros aumentarán aún más la demanda de servicios de petróleo y gas. Las tenencias de cartera en Weatherford y Schlumberger también se beneficiarán de esta tendencia. Materiales Durante el año, el fondo tenía una posición de peso inferior al normal en materiales. La exposición a los metales se amplió al incluir a Teck Cominco en la cartera. Teck Cominco produce cobre, zinc y carbón. La valoración de las acciones se quedó atrás de la de otras empresas mineras, lo que ofrece un potencial alcista para su precio de las acciones. El interés en International Paper fue vendido. Las fábricas de papel se cerraron con el fin de reducir la capacidad, pero esto no sucedió lo suficientemente rápido y la demanda de papel fue decepcionante. La posición en Holcim se incrementó aún más ya que la demanda de cemento está aumentando fuertemente en los mercados emergentes. Dentro de este sector también tenemos intereses en empresas agroquímicas como Syngenta y Monsanto. Los precios de los productos blandos, como el grano, la soja y el maíz, aumentarán debido al aumento de la demanda de Asia, pero también porque estos productos se están utilizando como fuentes de energía alternativas. Los productos Syngentas y Monsantos ayudan a los agricultores a cultivar sus tierras de la manera más productiva posible. Industriales El sector industrial tuvo sobrepeso durante todo el año. Muchas de nuestras acciones en este sector obtuvieron buenos rendimientos. ABB fue una de las acciones que también recibió una mención en el informe anual de los últimos años como uno de los más fuertes. ABB fabrica productos para la transmisión de electricidad, cuya demanda era sólida en casi todas las partes del mundo. Después de que su precio de las acciones aumentó en más de 50 dólares, el interés de los fondos en Parker Hannifin (un conglomerado industrial estadounidense) fue vendido. Siemens se compró en el último trimestre de 2007. Los márgenes de esta empresa son inferiores a la media de la industria, pero la gestión se esfuerza por aumentar estos. El interés en las acciones japonesas en este sector se redujo al vender posiciones en Central Japan Railway y Kawasaki Heavy Industries. Notas sobre las 10 principales acciones Total es una compañía petrolera integrada francesa con mejores perspectivas de crecimiento de la producción. Royal Dutch Shell es una compañía petrolera integrada holandesa / británica con una cartera bien diversificada. Cisco Systems vende productos utilizados en la construcción de redes de transporte de datos en todo el mundo. Este es un mercado en crecimiento que sigue creciendo. Oracle suministra software y bases de datos que mejoran el suministro de información dentro de las empresas e instituciones. Microsoft es el proveedor de software más grande del mundo. BHP Billiton es la empresa minera más grande del mundo y produce commodities como petróleo, cobre, mineral de hierro, níquel, uranio y carbón. Chevron es una compañía petrolera integrada con una cartera bien diversificada. ATT es una compañía telefónica con sede en los Estados Unidos que suministra servicios telefónicos móviles y de línea fija. Siemens es un conglomerado industrial con actividades que van desde centrales eléctricas a sistemas médicos. Se espera que aumenten los márgenes de estas diversas actividades. ING Groep es una aseguradora bancaria con una combinación favorable de actividades de generación de efectivo (como las actividades neerlandesas de seguros y bancarias) y áreas de crecimiento en mercados emergentes en Europa Oriental y Asia. Global Stars La cartera de Robeco está ampliamente diversificada. Esta es una estrategia deliberada, emprendida para cumplir con el perfil de fondos (ver el fondo Robeco). En los últimos años, el valor se creó principalmente mediante la selección de las acciones adecuadas. Queremos reforzar esta exitosa política, por lo que una cartera de Global Stars se creó dentro del fondo Robeco. Esta cartera Global Stars contiene aquellas acciones con las mejores perspectivas. Se trata de una cartera concentrada de 29 acciones, todas las cuales también están incluidas en la cartera de Robeco en la que tienen un peso por encima del promedio. La creación de la cartera de Global Stars aumenta aún más estos pesos. Gestión de riesgos Robeco hace uso de instrumentos financieros cuyos riesgos asociados se especifican en los estados financieros. El fondo observa límites de liquidez basados en la capitalización de mercado y la negociabilidad de las acciones en las que invierte. El fondo invierte en 192 nombres (excluyendo la cartera de mediados de cartera) distribuidos en 24 países y 10 sectores dando lugar a una amplia diversificación y un riesgo de precio limitado. Las inversiones se realizan dentro de los límites establecidos en el folleto. Sobre la base de los informes, el Consejo de Administración ha debatido cuestiones relacionadas con la gestión del riesgo y el cumplimiento, temas que también se abordaron en reuniones con el Consejo de Supervisión. La crisis que se desató en los mercados financieros en todo el mundo desde el verano de 2007 fue desencadenada por problemas en el mercado de hipotecas subprime de Estados Unidos. Las 10 principales acciones Interés del país en el rendimiento al 31/12/2007 01 / 01-31 / 12/2007 En euros En moneda local 1. Total Francia 2.0 7.8 7.8 2. Royal Dutch Netherlands 1.6 11.7 11.7 Shell A 3. Cisco Systems United Estados 1.5 -10.7 -1.0 4. Sistema Oracle Estados Unidos 1.4 18.8 31.7 5. Software más grande de Microsoft 1.2 9.0 20.8 Proveedor de Estados Unidos. 6. BHP Billiton mayor Australia 1.2 61,9 61,1 empresa minera y 7. Chevron Estados Unidos 1,1 17,8 30,6 8. ATT Estados Unidos 1,1 8,8 20,6 9. Siemens Alemania 1,1 46,0 46,0 10. ING Groep Países Bajos 1,0 -16,9 -16,9 In de activos netos. La disminución de los precios de los valores respaldados por activos cubiertos por el fondo hipotecario subprime creó una crisis de confianza que se extendió a otros mercados e instrumentos. A finales de 2007, los mercados se caracterizaron por una elevada volatilidad, una mayor aversión al riesgo y una falta de liquidez en muchos segmentos del mercado, especialmente en valores respaldados por activos. Para reaccionar ante esta crisis, Robeco instaló un Comité de Crisis con miembros de la junta directiva de Robeco Fund Management B. V. y otras compañías de Robeco, equipos de inversión, tesorería corporativa, cumplimiento y gestión de riesgos. Este Comité supervisó estrechamente el impacto de la evolución del mercado en todas las carteras de fondos y, en caso necesario, tomó medidas adicionales para salvaguardar los intereses de los fondos, dentro de los límites de las restricciones internas y externas aplicables a esas carteras. Durante la crisis, Robeco Fund Management B. V. siguió en estrecho contacto con los reguladores y auditores locales. Dado que las carteras administradas por Robeco Fund Management B. V. no tenían una exposición directa al mercado de subprimes, el impacto directo de la crisis en las carteras administradas por Robeco Fund Management B. V. se ha restringido. La cuidadosa composición y supervisión de la cartera aseguró que no se produjeran ventas forzadas como consecuencia de los flujos de efectivo y la evolución del mercado. Los efectos indirectos de la crisis en las carteras incluyen el impacto de la falta de liquidez y la alta volatilidad en casi todos los segmentos del mercado. El fondo Robeco El fondo Robeco se esfuerza por ser un socio confiable para invertir en acciones globales en mercados maduros. Este objetivo debe reflejarse en una rentabilidad estable frente al MSCI World Index. Dentro de los segmentos de renta variable global, los clientes de Robeco Group pueden elegir entre los siguientes fondos: Rolinco (acciones de crecimiento), Robeco Global Value Equities (acciones de valor) y Robeco. En lugar de elegir entre valores y acciones de crecimiento, el fondo Robeco une ambos mundos en un fondo de inversión. Ley de Supervisión Financiera de los Países Bajos La Ley de Supervisión Financiera de los Países Bajos Wet op het financieel toezicht (Wft) entró en vigor el 1 de enero de 2007. Esta ley regula la supervisión del sector financiero holandés. El Wft ha sustituido a la legislación vigente de supervisión (incluida la Ley de Supervisión de las Instituciones de Inversión neerlandesa Wet toezicht beleggingsinstellingen). Sistema de gestión operativa General La organización administrativa y el control interno (en lo sucesivo denominados "gestión operativa") de la sociedad gestora Robeco Fund Management BV se tratan a continuación en la medida en que se refieren a las actividades de la institución de inversión Robeco NV El sistema de gestión operativa está en sintonía con El tamaño de la organización y cumple los requisitos del artículo 121 del Decreto sobre la Supervisión de la Conducta del Mercado de las Empresas Financieras Besluit gedragstoezicht financile ondernemingen, o Bgfo. El sistema de gestión operativa nunca puede ofrecer garantías absolutas, sino que está diseñado para proporcionar una garantía razonable de la eficacia de las medidas de control interno en relación con los riesgos de las actividades de la institución de inversión. La evaluación de la eficacia y buen funcionamiento de la gestión operativa es responsabilidad de la sociedad gestora. Activities Within the scope of the application for a license under the 2005 Dutch Investment Institutions Supervision Act Wet toezicht beleggingsinstellingen 2005, or Wtb, the structural aspects of operational management applied were assessed and adjusted in accordance with legislation. The relevant risks were identified and corresponding internal-control measures formulated. The effectiveness and good functioning of operational management are assessed in various ways. The management board is informed periodically by means of control reports which are based on the process descriptions and the internal-control measures included therein. Furthermore, there are incident and complaints procedures. During the reporting period, the effective functioning of the internal-control measures was tested by means of partial tests to verify their design, existence and effectiveness. This involved generic test activities that were carried out in a process-oriented way for the various investment institutions for which Robeco Fund Management B. V. acts as management company. The test activities may therefore differ for the individual investment institutions. The tests were executed by various departments at group and business-unit level, in consultation with internal and external auditors. The tests did not lead to relevant findings for this annual report. Report on operational management Over the reporting period, we assessed the various aspects of the system of operational management. In our assessment we noted nothing that would lead us to conclude that the description of the structural aspects of operational management within the meaning of article 121 of the Bgfo failed to meet the requirements as specified in the Bgfo and related regulations. Neither did we conclude that the internalcontrol measures were ineffective or failed to function according to the description provided. Rotterdam, 12 March 2008 The management board Financial statements Balance sheet Before profit appropriation, EUR x thousand 31/12/2007 31/12/2006 Investments Financial investments Stocks 1 6,129,421 7,188,880 Derivatives 2, 11 4,036 9,660 Total investments 6,133,457 7,198,540 Accounts receivable Dividends receivable 3 4,349 4,442 Receivable on securities transactions 31,869 12,227 Affiliated companies 4 563 393 Sundry debtors 5 28,714 35,373 65,495 52,435 Other assets Cash 6 19,339 15,081 Accounts payable Liabilities arising from derivative 2, 11 12,219 6,629 instruments Payable on securities transactions 13,635 - Payable to credit institutions 21,822 99,209 Affiliated companies 7 5,077 9,617 Sundry creditors 8 3,400 13,030 56,153 128,485 Accounts receivable and other assets less accounts payable 28,681 -60,969 Shareholders equity 9 6,162,138 7,137,571 Composition of shareholders equity Issued capital 9, 10 219,257 247,849 Other reserves 9 5,932,665 6,406,071 Net result 9 10,216 483,651 6,162,138 7,137,571 Profit and loss account EUR x thousand 2007 2006 Investment income 12, 21 141,291 149,720 Changes in value 1, 2, 12, 17 -53,670 413,476 87,621 563,196 Costs 13 Management costs 14 68,803 71,283 Service fee 14 6,705 6,946 Other costs 15 1,897 1,316 77,405 79,545 Net result 10,216 483,651 The numbers of the items in the. nancial statements refer to the numbers in the Notes. Cash-flow summary Indirect method, EUR x thousand 2007 2006 Cash flow from investment activities Net result 10,216 483,651 Realized and unrealized results 53,670 -413,476 Purchase of investments -1,984,188 -2,199,823 Sale of investments 3,005,895 2,625,807 Increase(-)/decrease() accounts receivable -13,060 -4,617 Increase()/decrease(-) accounts payable 3,186 10,256 1,075,719 501,798 Cash flow from financing activities Received for own shares subscribed 448,063 794,588 Paid for repurchase of own shares -1,290,053 -1,238,931 Profit distribution -143,659 -125,003 Increase()/decrease(-) accounts payable -3,721 3,721 -989,370 -565,625 Net cash flow 86,349 -63,827 Currency and cash revaluation -4,704 -5,922 Increase()/decrease(-) cash 81,645 -69,749 Cash at opening date 6 15,081 3,280 Accounts payable to credit institutions at -99,209 -17,659 opening date Total cash at opening date -84,128 -14,379 Cash at closing date 6 19,339 15,081 Accounts payable to credit institutions at -21,822 -99,209 closing date Total cash at closing date -2,483 -84,128 The numbers of the items in the. nancial statements refer to the numbers in the Notes. Notes General Robeco N. V. (hereafter also referred to as the fund) is a Dutch investment company with variable capital within the meaning of article 28 of the 1969 Dutch Corporate Income Tax Act Wet op de vennootschapsbelasting 1969 and has the fiscal status of an investment institution. This means that no corporate-income tax is due, providing that the fund makes its profit available for distribution to shareholders in the form of dividend within eight months of the close of the financial year and satisfies any other relevant regulations. UCITS Both the fund and the Manager have a license under the Dutch Financial Supervision Act Wet op het financieel toezicht, or Wft. The Wft became effective on 1 January 2007 and has replaced the existing supervision laws. An undertaking for collective investment in transferable securities (UCITS), such as Robeco N. V. which has been granted a license on the basis of the Wft may trade its shares in other EC member states in agreement with the EC directive, and its investment policy is subject to a number of restrictions to protect the investor. Manager Robeco Fund Management B. V. is the Manager within the meaning of article 1:1 of the Dutch Financial Supervision Act Wet op het financieel toezicht, or Wft. It has been granted a license by the Netherlands Authority for the Financial Markets (the AFM) as referred to in section 2:65 paragraph 1 and 2 of the Wft. The tasks for which the Manager will be responsible include the execution of the investment policy, management of the fund assets as well as handling the funds financial administration, marketing and distribution. Robeco Fund Management B. V. belongs to Robeco Group. The agreement between the funds management board and the Manager includes the stipulation that the Manager will comply with the provisions of the prospectus, the Articles of Association and the directives of the funds management board, insofar as these are in line with the shareholders interests, and that the Manager will observe the applicable legislation and regulations. The Manager will also regularly report to the management board on its duties. The Manager has outsourced the following activities to Robeco Institutional Asset Management B. V. (RIAM) in accordance with article 4:16 of the Wft: - management of the fund assets in line with the investment policy - financial administration of the fund - marketing and distribution of the fund. RIAM is affiliated with the Robeco Group and has been granted a license by the AFM, as defined by article 2:96 of the Wft. Inclusion in AFM register Both the fund and its manager are included in the AFM register. Models The annual financial statements have been drawn up in conformity with the models provided by Dutch legislature. In certain areas, descriptions have been used which better express the nature of the items and relate better to the characteristics of an investment company. Open-end fund Robeco N. V. is an open-end investment company, meaning that, barring exceptional circumstances, Robeco N. V. issues and repurchases its shares on a daily basis at prices approximating net asset value. On 26 February 2007, the new trading system for open-end investment institutions on Euronext Amsterdam was introduced. According to the Euronext guidelines, orders can be placed until 16:00 hours (cut-off time). Orders that are placed via Euronext Amsterdam will be processed once a day only and will be executed on the next stock-exchange day at the net asset value, augmented or reduced by a limited surcharge or discount. The only purpose of this surcharge or discount is to cover the costs made by the fund related to the entry and exit of investors. The maximum current surcharge or discount is 0.35. Until 26 February 2007 a spread between the bid and offer price was applied to cover costs related to issuance and repurchase of own shares. The issue price was not more than 0.5 higher than the net asset value and the repurchase price was not more than 0.5 lower than the net asset value. The abovementioned margin between the net asset value and the issue and repurchase prices, and the associated costs, were for the account and risk of Robeco Investment Consulting B. V. as a result of which Robeco N. V. issued and repurchased its shares at net asset value. Robeco Investment Consulting B. V. distributed any positive spread results to the funds, in proportion to each funds positive contribution to the spread result. A buffer was maintained to cover any future losses. The remaining spread result has since been distributed. Non-certificated participation in the Netherlands Shares may be held in non-certificated form in Robeco Direct N. V. accounts or via 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. Accounting principles General Unless stated otherwise, items shown in the annual financial statements are included at nominal value and expressed in thousands of euros. Financial investments Unless stated otherwise, financial investments are included at fair value. The fair value of stocks is determined on the basis of market prices and other market quotations at closing date. For derivatives such as forward exchange transactions, this value is based on the currency rates and reference interest rates at closing date and for futures the value is determined on the basis of the market price and other market quotations at closing date. Transaction costs incurred in the purchase and sale of investments are included in the purchase or sale price as appropriate. The transaction date of an investment determines its inclusion in the Balance sheet. Securities lending Investments for which the legal ownership has been transferred by the fund for a given period of time as a result of securities-lending transactions, will continue to be included in the funds Balance sheet during this period, given their economic advantages and disadvantages, in the form of investment income and changes in value will be added to or deducted from the funds result. The way in which collateral ensuing from securitieslending transactions is reported depends on the nature of this collateral. If the collateral is received in the form of investments these will not be included in the Balance sheet as the economic advantages and disadvantages relating to the collateral will be for the account and risk of the counter party. If the collateral is received in cash it will be included in the Balance sheet as, in this case, the economic advantages and disadvantages will be for the account and risk of the fund. Affiliated parties Both the fund and its Manager are affiliated to the entities belonging to Robeco Groep N. V. The affiliation with Robeco Groep N. V. stems from its capacity to have decisive control or a substantial influence on the funds or the Managers 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 funds 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. The members of the supervisory board of Robeco N. V. are also members of the supervisory boards of Robeco Groep N. V. Rolinco N. V. and Rorento N. V. Besides services of other market parties, Robeco N. V. and the Manager also use 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 own shares, fund-administration services, as well as management activities. Transactions are executed at market rates. Structure of Robeco Groep N. V. The schematic diagram below shows the position of the entities referred to in this report and their mutual relationship within Robeco Groep N. V. Only therelationships that are relevant to the fund are shown. Determination of the result General Investment results are determined by investment income, rises or declines in stock prices, rises or declines in foreign exchange rates and results of transactions in currencies, including forward transactions, and derivatives. The results are accounted for in the Profit and loss account. Investment income Net cash dividends declared during the year under review, the nominal value of stock dividends declared, interest received and paid and proceeds from loan transactions. Accrued interest at balance-sheet date is taken into account. Changes 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 Risks 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. General investment risk The value of your investments may fluctuate. Past performance is no guarantee of future results. The net asset value of the fund is affected by developments in the financial markets and may both rise and fall. Shareholders run the risk that their investments may end up being worth less than the amount invested or even worth nothing. General investment risk can be broken down into market risk, concentration risk and currency risk: Market risk The net asset value of the fund is sensitive to market movements. In addition, investors should be aware of the possibility that the value of investments may vary as a result of changes in political, economic or market circumstances. Concentration risk Based on its investment policy, the fund may invest in financial instruments from issuing institutions that (mainly) operate within the same sector or region, or in the same market. If this is the case, the concentration of the investment portfolio of the fund may cause events that have an effect on these issuing institutions to have a greater effect on the fund assets than would occur with a less concentrated investment portfolio. Currency risk All or part of the securities portfolio of the fund may be invested in currencies, or financial instruments denominated in currencies other than the euro. As a result, fluctuations in exchange rates may have both a negative and a positive effect on the investment result of the fund. The fund minimizes the risks by making a balanced selection with regard to distribution across regions, sectors, individual stocks and currencies. Counterparty risk A counter party of the fund may fail to fulfill its obligations towards the fund. This risk is limited as much as possible by taking every possible care in the selection of counter parties. Wherever it is customary in the market, the fund will demand and obtain collateral. Risk of lending financial instruments In the case of financial-instrument lending transactions, the fund runs the risk that the borrower cannot comply with its obligation to return the financial instruments on the agreed date or furnish the requested collateral. The lending policy of the fund is designed to control these risks as much as possible. As of balance-sheet date, the fund had received collateral ensuing from securities-lending transactions. More information can be found in the Notes to the balance sheet. Liquidity risk The actual buying and selling prices of financial instruments in which the fund invests partly depend upon the liquidity of the financial instruments in question. It is possible that a position taken on behalf of the fund cannot be quickly liquidated at a reasonable price due to a lack of liquidity in the market in terms of supply and demand. The fund minimizes this risk by mainly investing in financial instruments that are tradable on a daily basis. Insight into actual risks The Report of the management board, the Balance sheet, the Notes to the balance sheet and the Spread of net assets, which includes the geographic distribution of the investments, the net currency position and distribution over sectors, give an insight into the actual risks at balancesheet 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. Derivatives 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. The market value of derivatives is reported in the Balance sheet. The presentation of the market value is based on the liabilities and receivables per counter party. The receivables are reported under Financial investments and the liabilities are reported under Accounts payable. The value of the derivatives underlying instruments is not included in the Balance sheet. If applicable, they are explained under the heading Commitments not shown in the balance sheet. Movements in the stock portfolio EUR x thousand 2007 2006 Book value (market value) at opening date 7,188,880 7,192,191 Purchases 1,971,207 2,172,727 Sales -3,005,161 -2,625,807 Realized and unrealized results: stocks 305,653 857,083 currencies -331,158 -407,314 Book value (market value) at closing date 6,129,421 7,188,880 Notes to the balance sheet 1 Stocks A breakdown of the portfolio and overviews of purchases and sales exceeding an amount of EUR 20 million and the spread of net assets can be found at the end of this report. Shares in an amount of EUR 1,579 million (EUR 922 million at the end of last year) were lent at balance-sheet date. To cover the risk of non-restitution, adequate collateral with a value of EUR 1,745 million (EUR 1,004 million at the end of last year) was demanded and obtained this collateral is not included in the Balance sheet. 2 Derivatives Movements in derivatives EUR x thousand Forward exchange Futures Total transactions 2007 2006 2007 2006 2007 2006 Book value (market value) at opening date -3,663 2,413 6,694 3,893 3,031 6,306 Sales/expirations -734 19,334 12,981 7,762 12,247 27,096 Realized and unrealized 751 -25,410 -24,212 -4,961 -23,461 -30,371 results Book value (market value) at closing date -3,646 -3,663 -4,537 6,694 -8,183 3,031 The presentation of derivatives in the Balance sheet is based on the liabilities and receivables per counterparty. Presentation of derivatives in the Balance sheet EUR x thousand Under financial Under accounts investments payable 2007 2006 2007 2006 Type of derivative Forward exchange - transactions 4,036 2,966 7,682 6,629 Futures - 6,694 4,537 - Total 4,036 9,660 12,219 6,629 3 Dividends receivable Concerns dividends declared but not yet received. 4 Receivables on affiliated companies This is income receivable ensuing from securities-lending transactions. 5 Sundry debtors This includes recoverable dividend tax, tax withheld at source outside the Netherlands on behalf of the Dutch Tax Office, in accordance with article 6 Resolution Investment Institutions, receivables ensuing from class actions, and suspense items. 6 Cash Includes balances in current accounts at banks. 7 Debts to affiliated companies These are management and service fees to be paid. 8 Sundry creditors Current liabilities such as unpaid expenses, dividends payable and suspense items. 9 Shareholders equity Notes to the profit and loss account 12 Performance Performance per share EUR x 1 2007 2006 2005 2004 2003 Investment income 0.60 0.58 0.43 0.37 0.37 Changes in value -0.23 1.60 5.89 0.92 0.91 Management costs, service fee and other costs -0.33 -0.31 -0.27 -0.20 -0.17 Net result 0.04 1.87 6.05 1.09 1.11 Based on the average amount of shares outstanding during the reporting year. The average number of shares outstanding is calculated on a daily basis. Costs 13 Total expense ratio Total expense ratio In 2007 Prospectus 2006 Cost item Management costs 1.00 1.00 1.00 Service fee 0.10 0.12 0.10 Other costs 0.02 0.02 0.02 Total 1.12 1.12 This concerns only the custody fee of the securities portfolio. The total expense ratio expresses the costs charged to the fund during the reporting period as a percentage of the average assets entrusted during the reporting period. The total expense ratio as shown does not include transaction costs. The total expense ratio was 1.12 during the reporting period. The management costs cover all current costs resulting from the management and marketing of the fund. If the Manager outsources its operations to third parties, any costs associated with this will be paid by the Manager and will therefore not be charged to the fund. The management costs also include the costs related to registering shareholders in the fund. Current costs do not include 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. Other costs relate to bank charges and the custody fee charged by third parties for the custody of the funds securities portfolio. The custody fee is EUR 1,048 thousand (last year EUR 795 thousand). Costs relating to issue and repurchase of company shares are not included in the total expense ratio. 14 Management costs and service fee Management costs relate exclusively to the management fee of 1.00 per year. The service fee amounts to 0.12 per year. Formal and operational expenses are paid from the service fee. These are explained in the notes to the total expense ratio. For assets exceeding EUR 1 billion the service fee is 0.10 for assets exceeding EUR 5 billion the service fee is 0.08. The management fee and service fee are charged by the Manager. 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. 15 Other costs This includes custody costs, bank costs and costs related to issue and repurchase of company shares. 16 Performance fee Robeco N. V. is not subject to a performance fee. 17 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. These costs and fees are charged to the result ensuing from changes in value. The quantifiable transaction costs are shown below. The transaction volume of the quantifiable transaction costs is 98 (previous year 95) of the total transaction volume. Transaction costs EUR x thousand 2007 2006 Transaction type Stocks 7,045 7,756 Futures 219 436 18 Commission-sharing arrangements, soft-dollar arrangements and hard commissions Various independent research institutions/third parties provide services to the company to support its decisionmaking process. Part of the commissions paid to brokers is used to pay for these services in so-called commissionsharing arrangements. This commission is used exclusively for research services. In the reporting period commissionsharing arrangements represented an amount of EUR 1,747 thousand (last year EUR 1,905 thousand). Furthermore, there are so-called soft-dollar arrangements to pay for financial-service companies services and products. These services and products are financed from part of the commission paid to brokers for the execution of securities transactions. Only the aforementioned commission-sharing arrangements were used during the reporting year. There were no soft-dollar arrangements and hard commissions during the reporting period. 19 Turnover ratio This shows the turnover of the investments against the average assets entrusted and is a measure of the incurred transaction costs resulting from the portfolio policy pursued and the ensuing investment transactions. In the calculation method used, the amount of the turnover is determined by the sum of the purchases and sales of investments less the sum of issuance and repurchase of own shares. If the outcome is negative, the turnover ratio is 0. The turnover ratio is determined by expressing the amount of turnover as a percentage of the average assets entrusted. The turnover ratio over 2007 was 47 (previous year 39). 20 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 2007 2006 Transaction type Forward exchange transactions 4.8 10.3 Deposits - 100.0 Call money - 80.7 21 Securities lending Robeco Securities Lending B. V. is the intermediary for all Robeco N. V.s securities-lending transactions. Until 1 April 2007, Robeco Securities Lending B. V. received a fee of 40 of the gross income resulting from these securities-lending transactions as compensation for its services. An external agency periodically assesses whether the agreements between the fund and Robeco Securities Lending B. V. are still in line with the market. On the basis of the outcome of the assessment that was carried out, as of 1 April 2007, the percentage was lowered to 30 of the gross income. The proceeds for the fund over the reporting period were EUR 3,958 thousand (last year EUR 3,305 thousand) and for Robeco Securities Lending B. V. EUR 1,913 thousand (last year EUR 2,203 thousand). 22 Voting policy for stocks in the investment portfolio In 2007, Robeco N. V. voted at the majority of the general meetings of shareholders of the companies in which it invests. If the shares of an investment position have been lent out, the voting rights attached to those shares may not be exercised during general meetings of shareholders. If an important event were to occur, the shares that have been lent out may be recalled in order for the voting rights attached to these shares to be able to be exercised. The voting policy and more information about votes cast can be found on the Robeco Groups Internet site, robeco. 23 Personnel costs Robeco N. V. does not employ personnel. Robeco Nederland B. V. is the employer of Robeco N. V.s management board and personnel in the Netherlands. Their remuneration is paid out of the management fees received. Robeco Nederland B. V.s remuneration policy for fund managers consists of both fixed and variable income. The secondary conditions of employment are in line with what is common practice in the financialservices industry. The fixed income offers a good and competitive remuneration basis within the Dutch assetmanagement 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 results, including performance results, and competencies. The variable income offers the fund manager remuneration for his individual, long-term outperformance. The system 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 three-year period (60 in the first year, 30 in the second and 10 in the third year). Fund managers are given the opportunity to participate directly in Robeco Groep N. V.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 individuals own business unit. The E notes represent a value which is directly linked to Robeco Groep N. V.s value. Rotterdam, 12 March 2008 Supervisory Board Paulus C. van den Hoek, chairman Gilles Izeboud Philip Lambert Dirk P. M. Verbeek Management Board Robeco Fund Management B. V. Mark F. van der Kroft Pieter F. F.M. Schuurs Edith J. Siermann Edwin de Weerd Ed B. van Wijk Other data Stock-exchange listings The ordinary shares of Robeco N. V. are listed on Euronext Amsterdam, Euronext Fund Service segment. In addition, Robeco N. V. has a stock-exchange quotation in Paris, Brussels, Luxembourg, London, Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Vienna and Zurich. Articles of Association rules regarding profit appropriation According to article 39 of the Articles of Association, the profit less allocations to the reserves deemed desirable by the management board in agreement with the supervisory board shall be at the disposal of the General Meeting of Shareholders. Proposed profit appropriation We propose to declare a dividend of EUR 0.80 per share for the 2007 financial year (previous year EUR 0.60). If this proposal is accepted, the dividend will be payable on Friday 2 May 2008. With effect from Friday 25 April 2008, Robeco N. V.s shares will be listed ex-dividend coupon no. 106 on the stock exchange. Shareholders will be offered the opportunity to reinvest the dividend (less dividend tax) in Robeco N. V. shares at the companys expense. The price used to calculate this is the opening price of the shares on the stock market of Euronext Amsterdam, Euronext Fund Service segment, on Friday 2 May 2008. Any collection commissions charged by banks in line with the relevant regulations in their respective countries will be borne by the shareholder. In some countries, reinvestment will not be possible for technical reasons. Supervisory directors fee An amount of EUR 32,670 (previous year EUR 32,670) has been allocated from the profit appropriation for this purpose. The chairman of the supervisory board receives a remuneration of EUR 10,890 (last year this was also EUR 10,890) and an ordinary member of the supervisory board receives a remuneration of EUR 7,260 (last year this was also EUR 7,260). Directors interests The table below shows the total personal interests in investments of the investment institution held by the directors of the investment institution and/or the management company on 1 January 2007 and 31 December 2007. Supervisory directors held a joint interest of 4,769 and 4,850 Robeco N. V. shares on 1 January 2007 and 31 December 2007, respectively. The managing directors of the management company held a joint interest of 11,893 and 10,423 Robeco N. V. shares on 1 January 2007 and 31 December 2007, respectively. On 1 January 2007 and 31 December 2007, no options had been granted to supervisory directors managing directors of the management company held options to acquire 14,999 and 10,880 Robeco N. V. shares on the respective dates. Under the option scheme, Robeco Groep N. V. grants the right at its own expense to purchase Robeco N. V. shares for 5 years, the value of the shares being at least the opening price on the first trading day following the day of granting. Aon Risk Services International, of which Dirk P. M. Verbeek is an adviser, acted as an intermediary for various insurance policies concluded at Rabobank Group level, including a Bankers, General Liability and DO liability policy. Furthermore Aon Risk Services International insures several of Robecos 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 in investments of Robeco N. V Description Supervisory Managing Total directors directors Quantity Quantity Quantity At 1 January 2007 AXA stocks 11,239 11,239 BNP Paribas stocks 2,706 2,706 E. On stocks 770 770 HSBC Holdings stocks 4,550 4,550 ING Groep stocks 13,200 13,200 Intel stocks 5,000 5,000 Nestl stocks 315 315 Novartis stocks 3,062 3,062 Reed Elsevier stocks 5,299 5,299 Royal Bank of Scotland stocks 2,539 2,539 Royal Dutch Shell A stocks 18,692 200 18,892 SNS Reaal stocks 577 577 Syngenta stocks 4 4 Telenor stocks 15,000 15,000 TNT stocks 1,000 1,000 Total stocks 3,700 3,700 Unicredito Italiano stocks 12,950 12,950 At 31 December 2007 BNP Paribas stocks 600 600 ING Groep stocks 8,950 8,950 KPN stocks 7,240 7,240 Novartis stocks 1,260 1,260 Rio Tinto stocks 900 900 Royal Dutch Shell A stocks 6,721 200 6,921 SNS Reaal stocks 3,753 3,753 Syngenta stocks 4 4 Telefnica stocks 1500 1500 TNT stocks 2,680 2,680 Total stocks 2,210 2,210 Interests of the fund manager The fund manager should act in accordance with Dutch legislation and, insofar as is relevant, legislation in other countries. As an employee of Robeco Nederland B. V. he is bound by Robecos internal regulations and procedures, including the Rules and regulations regarding private investment transactions, which are based on the Dutch Financial Supervision Act Wet op het financieel toezicht, or Wft/the Dutch Market Conduct Supervision of Financial Businesses under the Wft decree Besluit Gedragstoezicht financile ondernemingen Wft, or Bgtfo. These Rules should guarantee that insider trading and mixing of business and private interests, or semblance thereof, is avoided at all times. At 1 January 2007 and 31 December 2007 the fund manager had an interest of 5,271 and 8,087 Robeco N. V. shares respectively. Furthermore, at these same dates, he held interests in the following Robeco N. V. investments: 1,170 Royal Dutch Shell A shares and 3,500 Reed Elsevier shares. Statement for the London Stock Exchange The members of the supervisory board and the management board of Robeco N. V. hereby declare that their beneficial interests and those of their children below the age of 18 years do not in the aggregate exceed 5 of the company, in respect of either share capital or voting control. Rotterdam, 12 March 2008 To the General Meeting of Shareholders and members of the supervisory board Auditors report Report on the financial statements We have audited the financial statements 2007 of Robeco N. V. Rotterdam, which comprise the Balance sheet as at 31 December 2007, the profit and loss account for the year then ended and the notes. Managements responsibility The companys management is responsible for the preparation and fair presentation of the financial statements and for the preparation of the report of the management board, both in accordance with Part 9 of Book 2 of the Netherlands Civil Code and the Dutch Financial Supervision Act Wet op het financieel toezicht, or Wft. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Auditors responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with Dutch law. This law requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. An audit also includes an evaluation of how appropriate the accounting policies and how reasonable the management boards accounting estimates are, as well as an evaluation of the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Robeco N. V. as at 31 December 2007, and of its result for the year then ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code and the Wft. Report on other legal and regulatory requirements Pursuant to the legal requirement under 2:393 sub 5 part e of the Netherlands Civil Code, we report, to the extent of our competence, that the report of the management board is consistent with the financial statements as required by 2:391 sub 4 of the Netherlands Civil Code. The Hague, 12 March 2008 for Ernst Young Accountants signed by Joost J. Hendriks Spread of net assets Across countries and currencies Across countries Across currencies Stocks Stocks derivatives 31/12/2007 31/12/2007 31/12/2006 31/12/2007 31/12/2006 31/12/2007 31/12/2006 EUR x in in in in in in thousand By country America (45.96) United 2,648,273 42.98 46.36 45.20 46.36 47.18 46.70 States Canada 117,247 1.90 1.40 1.90 1.40 4.01 2.33 Bermuda 40,926 0.66 - 0.66 - - - Brazil 25,583 0.42 0.54 0.42 0.54 - - Europe (38.58) France 456,568 7.41 7.86 7.41 7.86 - - United 437,165 7.09 7.41 7.09 7.41 10.71 10.21 Kingdom Switzerland 367,615 5.97 5.86 5.97 5.86 3.22 3.88 Netherlands 314,070 5.10 5.33 5.10 5.33 - - Germany 258,868 4.20 2.92 4.20 2.92 - - Italy 93,916 1.52 1.20 1.52 1.20 - - Spain 91,172 1.48 1.07 1.48 1.07 - - Norway 88,439 1.44 1.23 1.44 1.23 0.46 0.95 Sweden 73,461 1.19 2.11 1.19 2.11 0.95 1.71 Finland 66,579 1.08 0.79 1.08 0.79 - - Ireland 48,982 0.79 0.82 0.79 0.82 - - Greece 37,849 0.61 0.36 0.61 0.36 - - Belgium 26,803 0.44 0.46 0.43 0.46 - - Hungary 11,777 0.19 0.21 0.19 0.21 0.19 0.21 Denmark 3,917 0.06 0.07 0.06 0.07 0.06 0.07 Austria 446 0.01 0.02 0.01 0.02 - - Euro - - - -3.29 -2.49 18.89 16.13 Asia (12.83) Japan 545,600 8.86 10.09 9.83 12.32 9.41 13.04 Hong Kong 118,609 1.92 1.54 1.92 1.54 0.78 1.54 Singapore 46,530 0.76 0.72 0.76 0.72 0.76 0.73 South Korea 35,658 0.58 0.52 0.58 0.52 0.04 - China 29,757 0.48 - 0.48 - - - Kazachstan 14,474 0.23 - 0.23 - - - Taiwan - - - - - 0.04 0.04 Australia (1.85) Australia 113,175 1.84 1.82 1.84 1.84 3.29 2.46 New-Zealand 635 0.01 - 0.01 0.01 0.01 - Africa (0.25) Egypt 15,327 0.25 - 0.25 - - - Other 32,717 0.53 -0.71 0.64 -0.45 - - assets and liabilities (0.53) Total 6,162,138 100.00 100.00 100.00 100.00 100.00 100.00 In addition to investments in stocks, the portfolio may include positions in derivatives. The sum of stocks and derivatives re. ects the true volume of the investments by country and in total. At 31 December 2007 the portfolio contained derivatives, in this case index futures, as was also the case at 31 December 2006. These derivatives have been included in the geographic distribution. The positions in forward exchange transactions have been included in the currency position. By sector In 31/12/2007 31/12/2006 Financials 20.6 24.2 Information technology 13.2 11.1 Energy 11.1 9.3 Industrials 10.9 11.8 Consumer discretionary 10.4 11.2 Health care 9.5 11.3 Consumer staples 8.7 9.1 Materials 6.8 5.8 Telecommunication services 4.7 3.9 Utilities 3.6 3.0 Other assets and liabilities 0.5 -0.7 Total 100.0 100.0 Exchange rates 31/12/2007 31/12/2006 31/12/2007 31/12/2006 EUR 1 EUR EUR AUD 1.6652 1.6731 AUD 1 0.6005 0.5977 BRL 2.6024 2.8153 BRL 1 0.3843 0.3552 CAD 1.4430 1.5344 CAD 1 0.6930 0.6517 CHF 1.6553 1.6095 CHF 1 0.6041 0.6213 CNY 10.6790 10.2881 CNY 1 0.0936 0.0972 DKK 7.4565 7.4571 DKK 1 0.1341 0.1341 GBP 0.7345 0.6738 GBP 1 1.3616 1.4842 HKD 11.4002 10.2564 HKD 1 0.0877 0.0975 HUF 252.80 251.39 HUF 1 0.0040 0.0040 JPY 163.3329 157.1339 JPY 100 0.6122 0.6364 KRW 1,368.5525 1,226.9939 KRW 100 0.0731 0.0815 NOK 7.9388 8.2102 NOK 1 0.1260 0.1218 SEK 9.449 9.0253 SEK 1 0.1058 0.1108 SGD 2.1046 2.0231 SGD 1 0.4752 0.4943 USD 1.4621 1.3186 USD 1 0.6840 0.7584 List of securities at 31 December 2007 Market value Market value Largecaps (93.99) America (44.06) EUR USD United States (41.50) 17,673,015 25,838,831 Adobe Systems 34,269,690 50,104,000 Aflac 37,442,354 54,742,594 Altria 34,428,741 50,336,541 Amdocs 11,090,712 16,215,176 Amgen 39,277,973 57,426,360 Apache 36,918,573 53,976,800 Apple 20,880,271 30,528,000 Applied Biosystems 33,224,643 48,576,090 Assurant 67,235,783 98,302,076 ATT/new 19,990,424 29,227,000 Avery Dennison 28,543,361 41,731,821 Avon Products 39,844,734 58,254,994 Bank of America 35,137,649 51,373,000 Bank of New York 16,815,434 24,585,006 Boeing 23,191,945 33,907,782 Bristol Myers 18,147,191 26,532,100 Broadcom 68,110,569 99,581,057 Chevron 90,222,632 131,909,999 Cisco Systems 21,885,946 31,998,348 CIT Group 33,850,815 49,491,584 Citigroup 50,198,010 73,392,000 Coach 23,474,269 34,320,555 Coca-Cola 27,463,320 40,152,747 ConocoPhillips 27,516,914 40,231,104 Cooper Industries A 26,639,147 38,947,765 Corning 11,458,285 16,752,585 Dell 23,108,512 33,785,800 Devon Energy 13,061,455 19,096,500 DR. Horton 15,780,480 23,071,851 Edison International 25,867,604 37,819,730 EMC 9,884,580 14,451,750 Energen 1,750,967 2,560,002 Energysolutions 43,069,012 62,969,049 Exxon Mobil 29,735,134 43,474,252 Fannie Mae 22,799,680 33,334,272 Firstenergy 20,861,804 30,501,000 FPL Group 18,377,148 26,868,309 Genentech 38,396,716 56,137,918 General Electric 35,944,379 52,552,480 Google/A 13,483,260 19,713,200 Halliburton 39,657,555 57,981,328 Hewlett Packard 20,622,003 30,150,400 IAC/InterActive 53,505,994 78,228,438 Intel 28,338,638 41,432,505 ITT 58,892,644 86,103,990 J. P. Morgan Chase 57,838,145 84,562,260 Johnson Johnson 10,710,988 15,660,000 KB Home 37,276,849 54,500,616 Kraft Foods/A 30,070,859 43,965,100 L-3 Communications 12,160,049 17,778,600 Lexmark International Market value Market value EUR USD 18,126,603 26,502,000 Limited Brands 28,886,008 42,232,788 Lincoln National 31,335,828 45,814,548 Lowes Companies 4,482,770 6,554,034 MBIA 50,539,908 73,891,873 Medtronic 28,052,418 41,014,038 Merck 31,843,414 46,556,664 Merrill Lynch 75,812,331 110,841,419 Microsoft 14,087,775 20,597,032 Mirant 35,059,444 51,258,660 Molson Coors Brewing 27,104,143 39,627,612 Monsanto 13,211,195 19,315,428 Nabors Industries 36,202,904 52,930,456 News B 77,346,705 113,084,750 Oracle 12,862,419 18,805,500 Panera Bread Company 34,030,186 49,753,833 Pfizer 41,146,033 60,157,558 Procter Gamble 20,993,126 30,693,000 Qualcomm 30,593,913 44,729,830 Raytheon Company 51,100,862 74,712,015 Schlumberger 9,594,810 14,028,092 Sprint Nextel-FON 23,866,215 34,893,600 Supervalu 26,603,057 38,895,000 Synopsys 32,896,116 48,095,766 Texas Instruments 16,376,006 23,942,540 Textron 39,956,899 58,418,984 Time Warner 23,376,565 34,177,707 Trane 30,542,047 44,654,000 Travelers Companies 39,994,966 58,474,640 Weatherford 37,326,218 54,572,797 Wellpoint 13,601,108 19,885,500 Wyeth 16,639,399 24,327,634 Yahoo 27,146,814 39,690,000 Zimmer EUR CAD Canada (1.60) 24,428,523 35,250,358 CDN Pacific Railway 15,219,543 21,961,800 National Bank of Canada 32,067,792 46,273,824 Petro-Canada/Variable Vtg. Shs 26,860,998 38,760,420 Teck Cominco EUR USD Bermuda (0.55) 34,079,717 49,826,250 Covidien EUR USD Brazil (0.42) 25,583,237 37,403,972 Ambev Pref ADR Market value Market value Europe (36.26) EUR EUR France (6.91) 40,359,531 40,359,531 Air Liquide 40,572,451 40,572,451 Axa 50,828,602 50,828,602 BNP Paribas 22,115,350 22,115,350 Carrefour Supermarche 30,560,478 30,560,478 Regie Nationale des Usines Renault 20,653,094 20,653,094 Sanofi-Aventis 25,162,500 25,162,500 Societe Television Francaise 1 16,998,050 16,998,050 Suez 115,281,587 115,281,587 Total 29,967,174 29,967,174 Vinci 33,456,132 33,456,132 Vivendi EUR GBP United Kingdom (6.87) 14,290,149 10,495,400 AstraZeneca 32,456,365 23,837,577 Barclays 33,473,878 24,584,889 BP 39,726,711 29,177,283 British American Tobacco 11,911,438 8,748,355 BT Group 11,936,871 8,767,035 Debenhams 32,402,210 23,797,803 GlaxoSmithkline 383,636 281,762 GlaxoSmithkline/STK/31-10-2007 15,852,319 11,642,736 Man Group 14,782,083 10,856,701 Old Mutual 6,693,600 4,916,115 Petrofac 20,358,091 14,952,000 Prudential 47,886,736 35,170,413 Rio Tinto 19,178,164 14,085,403 Royal Bank of Scotland 11,882,192 8,726,876 Standard Life 40,732,665 29,916,106 Tesco 42,118,092 30,933,633 Vodafone Group 620,483 455,714 Vodafone Group shs/STK/21-11-2007 26,444,862 19,422,429 WPP 2005 EUR CHF Switzerland (5.59) 43,043,856 71,248,343 ABB 22,074,533 36,538,871 Adecco Cheserex 38,525,202 63,768,840 Credit Suisse Group 50,562,296 83,693,240 Holcim 42,697,333 70,674,760 Nestl 52,408,348 86,748,918 Novartis 26,728,278 44,241,982 Roche Holding 26,521,307 43,899,393 Swiss Reinsurance 21,188,911 35,072,945 Syngenta/(novartis) 20,405,372 33,775,992 UBS EUR EUR Netherlands (4.86) 54,483,330 54,483,330 ING Groep 15,200,407 15,200,407 Koninklijke Ahold 19,665,164 19,665,164 Koninklijke KPN 35,181,264 35,181,264 Reed Elsevier 99,126,608 99,126,608 Royal Dutch Shell A 16,604,498 16,604,498 SNS Reaal 28,250,000 28,250,000 TNT 31,164,564 31,164,564 Wolters Kluwer Market value Market value EUR EUR Germany (3.87) 44,428,646 44,428,646 Bayer 18,881,100 18,881,100 Deutsche Post 42,191,371 42,191,371 E. ON 31,447,000 31,447,000 Henkel/Vorzugsaktien 31,903,442 31,903,442 RWE/A 56,378,400 56,378,400 Siemens 13,524,132 13,524,132 Tognum EUR EUR Spain (1.46) 44,641,936 44,641,936 Banco Bilbao Vizcaya Argenta 45,188,636 45,188,636 Telefnica EUR EUR Italy (1.41) 27,785,906 27,785,906 Enel 8,122,292 8,122,292 Saras 50,773,520 50,773,520 Unicredito Italiano EUR NOK Norway (1.30) 29,414,228 233,512,200 DNB Holding 18,077,758 143,514,800 StatoilHydra 32,413,058 257,319,162 Telenor EUR SEK Sweden (1.16) 22,712,110 214,618,083 Skandinaviska Enskilda Bank A 12,576,364 118,840,350 SKF/B free 11,910,519 112,548,450 Tele2/B 24,541,300 231,903,018 Volvo/B EUR EUR Finland (0.97) 59,787,192 59,787,192 Nokia/A EUR EUR Ireland (0.70) 33,426,024 33,426,024 Allied Irish Banks 9,977,083 9,977,083 CRH EUR EUR Greece (0.57) 35,316,886 35,316,886 National Bank of Greece EUR EUR Belgium (0.40) 24,421,876 24,421,876 Delhaize Group EUR HUF Hungary (0.19) 11,777,367 2,977,318,260 MOL Hungarian Oil and Gas Nyrt Market value Market value Asia (11.68) EUR JPY Japan (8.15) 18,444,250 3,012,552,780 Astellas Pharma 31,747,896 5,185,476,000 Denso 32,400,282 5,292,032,000 Fanuc 35,967,952 5,874,750,000 Honda Motor 8,764,431 1,431,520,000 Jafco 18,404,130 3,006,000,000 Japan Tobacco 27,510,832 4,493,424,000 Komatsu 17,311,270 2,827,500,000 Millea Holdings 41,518,065 6,781,266,000 Mitsubishi 25,853,946 4,222,800,000 Nidec 19,085,408 3,117,275,000 Nomura Holdings 13,698,085 2,237,348,000 Orix 35,032,758 5,722,002,000 Shin-Etsu Chemical 12,996,558 2,122,765,550 Shionogi Co 26,558,030 4,337,800,000 Shiseido 34,683,398 5,664,940,000 Sony 41,718,582 6,814,017,000 Sumitomo Mitsui Financial Group 18,943,902 3,094,162,500 TD Holdings 14,438,242 2,358,240,000 Tokyo Electric Power 27,082,896 4,423,528,000 Yamada Denki EUR HKD Hong Kong (1.83) 40,306,424 459,501,300 Esprit 41,755,513 476,021,200 Sun Hung Kai Properties 30,824,028 351,400,080 Swire Pacific A EUR SGD Singapore (0.65) 21,670,950 45,607,598 Singapore Telecom 18,088,760 38,068,700 United Overseas Bank EUR USD South Korea (0.48) 29,641,025 43,336,661 Samsung Electronics GDR EUR USD China (0.37) 22,771,109 33,292,500 China Medical Tech-Spon ADR EUR GBP Kazachstan (0.20) 12,302,866 9,035,840 Eurasian Natural Resourc-W/I Australia (1.73) EUR AUD Australia (1.73) 74,691,738 124,372,947 BHP Billiton 14,664,576 24,418,718 Brambles Industries 17,452,530 29,061,080 Macquarie Group Africa (0.25) EUR USD Egypt (0.25) 15,327,793 22,410,000 Orascom Telecom Holding/GDR Market value Market value Midcaps (2.61) America (0.74) EUR USD United States (0.53) 716,850 1,048,070 ADC Telecom 565,744 827,146 Alliant Energy 674,792 986,580 American Greetings A 1,234,256 1,804,544 Applied Biosystems 673,985 985,400 Avis Budget 498,436 728,739 Axis Capital Holdings 468,419 684,852 BEA Systems 428,197 626,046 Centurytel 493,789 721,944 Compuware 505,492 739,054 Convergys 456,191 666,974 Covance 549,400 803,250 Denbury Resources 475,501 695,206 Energizer Holdings 1,807,202 2,642,220 FMC Technologies 541,233 791,310 Frontier Oil 1,095,248 1,601,308 Hasbro 910,853 1,331,712 Intersil A 1,661,133 2,428,660 Invitrogen 1,235,091 1,805,765 Janus Capital Group 466,997 682,773 Jones Apparel 341,789 499,712 King Pharmaceuticals 298,200 435,984 Lincare 659,381 964,048 Lubrizol 1,290,517 1,886,800 Mosaic 522,253 763,560 Navteq 1,182,723 1,729,200 NVR 657,765 961,685 OGE Energy 2,210,834 3,232,350 Owens-Illinois 1,744,247 2,550,177 Partnerre 595,460 870,592 Patterson-Uti Energy 1,303,957 1,906,450 Pepco 1,318,448 1,927,638 Radioshack 1,380,281 2,018,040 Renaissancere 461,976 675,432 Roper Industries 1,772,730 2,591,820 SPX 917,462 1,341,375 Tyson Foods A 545,497 797,544 Western Digital EUR CAD Canada (0.20) 856,521 1,235,960 Astral Media 1,037,877 1,497,656 Biovail 1,304,054 1,881,750 Celestica 1,774,242 2,560,231 CGI 1,790,021 2,583,000 Fairfax Financial 1,367,105 1,972,732 Fording Cdn Tr Units 1,711,279 2,469,376 Methanex 1,522,780 2,197,372 Onex 1,271,137 1,834,250 TransAlta Market value Market value Europe (0.87) EUR GBP United Kingdom (0.22) 957,736 703,409 Amec 1,294,636 950,846 Berkeley 477,669 350,824 Bovis Homes 1,027,478 754,632 British Airways 1,186,116 871,143 Davis Service 1,503,859 1,104,509 De La Rue 459,342 337,364 Emap 1,296,582 952,275 London Stock Exchange 372,793 273,798 Misys 1,368,322 1,004,964 National Express 1,234,103 906,387 Schroders 1,693,233 1,243,595 Stagecoach 1,162,043 853,462 United Business Media EUR EUR Finland (0.11) 1,320,200 1,320,200 Kesko B 732,370 732,370 Kone B 589,874 589,874 Nokian Renkaat (Nokian Tyres) 1,224,692 1,224,692 Orion B 1,261,934 1,261,934 Rautaruukki 1,662,609 1,662,609 Wartsila B EUR EUR Germany (0.09) 514,600 514,600 Altana 941,056 941,056 Arcandor 1,601,571 1,601,571 Hochtief 1,043,924 1,043,924 ProSieben Sat,1 Media/Vorzugsaktien 1,169,220 1,169,220 Wincor Nixdorf EUR EUR France (0.07) 1,163,659 1,163,659 Air France 1,153,754 1,153,754 Bic 882,814 882,814 Gecina 1,128,000 1,128,000 Valeo EUR DKK Denmark (0.06) 765,406 5,707,250 Carlsberg B 1,533,972 11,438,063 East Asiatic 1,617,381 12,060,000 Jyske Bank EUR CHF Switzerland (0.05) 514,444 851,534 Logitech International Namen Akt. 453,310 750,341 Lonza Group/New 1,974,694 3,268,612 Sonova Holding REG EUR EUR Greece (0.04) 538,513 538,513 Coca-Cola Hellenic Bottling 1,538,832 1,538,832 Hellenic Exchanges 454,716 454,716 Public Power EUR EUR Belgium (0.04) 1,341,918 1,341,918 Euronav 1,038,728 1,038,728 Tessenderlo Chemie Market value Market value EUR NOK Norway (0.04) 534,247 4,241,250 Frontline 1,819,180 14,442,013 Petroleum Geo-Services EUR EUR Netherlands (0.04) 1,204,574 1,204,574 Oc 1,042,891 1,042,891 SBM Offshore EUR SEK Sweden (0.03) 465,892 4,402,450 Axfood 356,003 3,364,050 Hoganas B 898,555 8,490,900 SAS EUR EUR Spain (0.02) 1,341,831 1,341,831 Iberia (Linea Aer De Espana) EUR EUR Ireland (0.02) 1,329,598 1,329,598 Paddy Power EUR EUR Italy (0.01) 1,260,802 1,260,802 Snam Rete Gas EUR EUR Austria (0.01) 445,523 445,523 Oest Elektrizitatswirts A Asia (0.91) EUR JPY Japan (0.71) 500,350 81,723,600 Alps Electronic 1,028,097 167,922,000 Amada 1,007,990 164,638,000 Asatsu 464,818 75,920,000 Canon Marketing Japan 1,864,585 304,548,000 Daito Trust Construction 1,067,427 174,346,000 Denki Kagaku Kogyo 1,316,232 214,984,000 Familymart 1,210,531 197,719,500 Glory 1,314,848 214,758,000 Gunma Bank 973,888 159,068,000 H20 Retailing 1,015,595 165,880,000 Hachijuni Bank 1,349,685 220,448,000 Hitachi Cable 802,361 131,052,000 Hitachi High-Technologies 786,529 128,466,000 Japan Steel Works 420,919 68,750,000 Joyo Bank 960,780 156,927,000 Kinden 381,123 62,250,000 Komori 711,397 116,194,500 Kuraray 877,227 143,280,000 Kyowa Hakko Kogyo 350,756 57,290,000 Mabuchi Motor 1,712,209 279,660,000 Makita 1,476,830 241,215,000 Matsushita Electric Works 1,287,481 210,288,000 Meitec 1,321,332 215,817,000 Minebea 1,228,165 200,599,700 Mitsubishi UFJ Lease Finance 1,240,044 202,540,000 Mitsumi Electric 1,136,005 185,547,000 Nissan Chemical Industries Market value Market value 1,320,965 215,757,000 Nisshin Steel 1,029,437 168,141,000 Nisshinbo 1,569,714 256,386,000 Sankyo 1,165,488 190,362,500 Seiko Epson 1,355,820 221,450,000 Taisho Pharmaceutical 1,215,524 198,535,000 Takara 1,217,758 198,900,000 The Bank of Kyoto 1,358,575 221,900,000 Tokai Rika 1,613,919 263,606,000 Toyo Seikan Kaisha 1,454,147 237,510,000 Toyo Suisan Kaisha 1,345,289 219,730,000 Yamaha 985,717 161,000,000 Yamato Kogyo EUR SGD Singapore (0.11) 1,139,724 2,398,607 Allgreen Prop 1,621,810 3,413,180 Jardine Cycle and Carriage 1,213,195 2,553,230 Neptune Orient Lines 741,536 1,560,600 Sembcorp Industries 1,362,572 2,867,600 Singapore Exchange 691,530 1,455,360 Singapore Petroleum EUR HKD Hong Kong (0.09) 456,678 5,206,215 Kerry Properties 1,508,561 17,197,900 Kingboard Chemical Holdings 451,295 5,144,850 Television Broadcasts 1,635,971 18,650,400 The Wharf Holdings 53,499 609,900 The Wharf Holdings/CLM/13-12-2007 1,617,393 18,438,600 Wing Hang Bank Australia (0.12) EUR AUD Australia (0.11) 1,183,767 1,971,150 Challenger Financial Service 1,444,476 2,405,269 Harvey Norman 2,005,415 3,339,317 Leighton 1,731,927 2,883,918 Qantas Airways EUR NZD New Zealand (0.01) 635,492 1,207,339 Fletcher Building Market value Market value Global Stars (2.87) America (1.16) EUR USD United States (0.95) 6,309,067 9,224,172 Amdocs 6,649,305 9,721,616 Apache 2,087,350 3,051,810 CIT Group 3,310,977 4,840,814 Coach 7,924,804 11,586,460 Ishares SP Global Utilities 6,648,671 9,720,690 Oracle 3,795,026 5,548,518 Panera Bread Company 5,727,355 8,373,680 Qualcomm 5,242,869 7,665,336 Supervalu 11,049,759 16,155,300 Weatherford EUR USD Bermuda (0.11) 6,846,236 10,009,540 Covidien EUR CAD Canada (0.10) 6,035,131 8,708,694 Teck Cominco Europe (1.46) EUR EUR France (0.43) 5,983,097 5,983,097 BNP Paribas 3,928,711 3,928,711 Regie Nationale des Usines Renault 7,999,991 7,999,991 Societe Television Francaise 1 8,372,764 8,372,764 Total EUR CHF Switzerland (0.33) 6,157,213 10,191,728 ABB 8,161,715 13,509,678 Credit Suisse 6,198,410 10,259,918 Holcim EUR EUR Germany (0.24) 6,258,233 6,258,233 Henkel 8,585,129 8,585,129 Siemens/New EUR EUR Netherlands (0.20) 6,161,221 6,161,221 ING Groep 5,985,568 5,985,568 Koninklijke KPN EUR NOK Norway (0.10) 6,179,622 49,058,475 Telenor EUR EUR Italy (0.10) 5,973,707 5,973,707 Unicredito Italiano EUR EUR Ireland (0.07) 4,249,756 4,249,756 Allied Irish Banks Asia (0.25) EUR USD China (0.11) 6,986,176 10,214,139 China Medical Tech-Spon/ADR EUR USD South Korea (0.10) 6,016,988 8,797,138 Samsung Electronics/GDR EUR GBP Kazachstan (0.03) 2,171,094 1,594,560 Eurasian Natural Resources/WI Purchases and sales of more than EUR 18 million during the financial year Stocks Amount Purchases EUR United States 800,000 31,693,060 Aflac 1,145,100 27,665,149 Amdocs 900,000 19,974,045 Applied Biosystems 550,000 27,080,423 Avery Dennison 1,116,800 35,860,814 Bank of NewYork 1,278,574 26,296,612 Bristol Myers 1,500,000 28,918,775 Cisco Systems 1,005,000 33,815,650 Coach 380,000 20,862,641 Devon Energy 450,000 20,015,029 FPL Group 400,601 25,227,334 Genentech 1,169,029 28,063,877 Kraft Foods/A 1,400,000 29,644,206 Limited Brands 867,300 49,065,331 Merrill Lynch 992,800 27,685,990 Qualcomm 1,134,300 32,044,106 Supervalu 1,419,800 23,994,634 Synopsys Canada 792,800 36,652,370 Teck Cominco Bermuda 1,351,000 37,805,534 Covidien France 1,812,158 33,365,699 Societe Television Francaise 1 United Kingdom 4,640,942 51,517,542 Barclays 3,918,818 32,744,073 BP 2,100,000 22,333,504 Prudential Switzerland 272,815 23,469,631 Credit Suisse Germany 999,319 37,475,333 Henkel/Vorzugsaktien 599,184 59,142,407 Siemens Spain 2,033,692 35,293,693 Telefnica Japan 816,000 21,444,336 Tokyo Electric Power Stocks Amount Sales EUR United States 1,100,000 30,357,650 Aeropostale 1,046,240 39,716,043 Aetna 400,000 19,616,062 Alltel 1,130,000 59,133,968 Amgen 897,000 33,090,736 Bank of America 691,275 49,220,650 Bunge 743,035 21,402,722 Carnival 1,171,210 18,407,338 Chicos Fas 495,000 19,764,718 Citigroup 494,269 25,769,249 ConocoPhillips 894,518 24,211,841 CVS 865,500 31,681,983 Edison 633,000 35,319,646 Exxon Mobil 396,549 57,706,574 Goldman Sachs 350,000 25,415,058 Hartford Financial Services 325,283 23,083,359 IBM 933,218 26,560,264 International Paper 430,000 25,016,557 Ishares Nasdaq Biotechnology Index 660,000 26,704,553 Lilly (Eli) 578,000 33,295,200 Monsanto 832,700 23,898,665 Newmont Mining 437,200 22,674,574 Parker-Hannifin 675,100 43,205,793 Prudential Financial 975,900 30,267,939 Republic Services 1,190,000 40,189,660 St, Jude Medical 860,000 40,386,096 Stryker 750,640 34,731,932 Valero Energy 766,678 30,677,939 Wyeth France 435,000 23,590,350 Carrefour Supermarche 447,586 25,601,924 Danone 293,550 25,181,111 LVMH Moet Hennessy Louis Vuitton 252,862 38,012,122 Pernod-Ricard 356,960 28,023,429 Saint-Gobain United Kingdom 1,690,000 31,494,518 GlaxoSmithkline 4,029,972 55,461,373 HSBC 789,905 25,668,740 Imperial Tobacco 3,970,000 32,542,412 Royal Bank of Scotland Switzerland 1,214,808 19,524,324 ABB 444,814 21,046,207 UBS Netherlands 945,089 26,029,940 Royal Dutch Shell A Germany 262,094 30,928,922 E. ON Purchases and sales of more than EUR 18 million during the financial year Stocks Amount Sales EUR Spain 2,344,123 32,238,971 Banco Santander Sweden 11,108,000 31,874,456 Ericsson/B 1,340,200 20,355,189 SKF/B free Finland 1,055,666 23,975,641 Nokia/A Japan 922,200 18,259,604 Hitachi Construction Machine 3,800 19,913,123 KDDI 1,089,000 19,943,957 Mitsui Fudosan Hong Kong 1,186,000 18,797,534 Esprit Australia 1,075,000 24,194,258 BHP Billiton 2,558,870 20,799,614 Brambles Industries Geographical spread, incl. futures in , at 31/12/2007 North America 48.2 Europe excl. Netherlands 30.2 Japan 9.8 Netherlands 5.1 Other Asian countries and Australia 6.1 Other assets and liabilities 0.6 Consumer discretionary The consumer-discretionary sector was underweight in the portfolio throughout the year. US consumer spending lost momentum due to the weakening housing market. Growth in retail sales and consumer spending has fallen, although the decrease has been remarkably mild. However, the same cannot be said of retail sector stock prices in the United States and the United Kingdom. Our interests in Debenhams, Coach and Lowes had a particularly tough time. This was partly compensated by stocks from the Far East such as Esprit Holdings (which is mainly active in Germany, the Benelux and France) and Yamada Denki (a Japanese electronics retailer). In the media sector emphasis was on publishers of professional and scientific information, such as Wolters Kluwer and Reed Elsevier, which achieved the best returns. Consumer staples This sector was overweight throughout the year. The funds interest in various breweries have been very rewarding. The stocks of Molson Coors and Ambev (the Brazilian subsidiary of Belgian brewer InBev) realized excellent returns. The expected restructuring at Molson Coors started to take shape and Ambev benefited from increasing demand for beer in Brazil. Our position in Bunge also generated very solid returns. Bunge processes soy beans and sells fertilizer. The company helps farmers by offering them the possibility to pay for fertilizer with future crop production, thereby lowering their cash-flow requirements. Bunges fertilizer activities were the driving force behind the companys stock price gains. By the end of the year the price of the stock had risen so quickly that most of the positive expectations had already been discounted in the share price. So we sold our position and thus reduced the sectors weight. Health care The weight of this sector was gradually reduced to neutral throughout the year. The sector lagged the average and in the second half of 2007, when stock prices dropped, it showed few defensive characteristics. The Democrats are ready to take over the White House and the new president Sector spread in of invested assets at 31/12/2007 Financials 20.7 Information technology 13.3 Energy 11.2 Industry and services 11.0 Consumer discretionary 10.5 Health care 9.5 Consumer staples 8.7 Materials 6.8 Telecom 4.7 Utilities 3.6 may be Hillary Clinton. In 1994 investors were not very positive about her plans to reform the health-care sector either. Furthermore, the sector is struggling with complex problems such as patent expirations and a strict FDA (Food and Drug Administration), which approves only a small number of new drugs. The United States is still the most important market if you want to make a profit on drugs, as prices there are determined by market mechanisms and in many other countries government regulations have caused margins to decline. Throughout the year the funds preferences were once again the services (Wellpoint) and suppliers (Medtronic, Zimmer and Sryker) subsectors. China Medical Technologies was a gem in the portfolio. This company supplies to Chinese hospitals, an excellent example of a growth market. Financials The sector was underweight throughout the year. We were underweight in US banks and in indirect real estate in Europe and the United States throughout the year. This certainly helped, but was not enough to prevent us from encountering some setbacks such as the declines of stocks such as Fannie Mae and MBIA in spite of their AAA ratings. These stocks held up well until mid October, but fell when the crisis spread further and became more serious. Initially Japanese financial stocks appeared to be untouched by the mortgage crisis in the United States, but later it transpired that Japanese financial companies had also wanted to benefit from the possibility of easy money. Almost all the large Japanese banks were involved in one way or another in subprime loans and, in Japan itself, bad loans also started to reemerge after several quiet years. The activities of institutions which lent money to consumers at very high rates were restricted by the government. These loan sharks also had to pay back some of the money they had earned at such exorbitant rates. Japanese banks held minority interests in these institutions. However, there was some good news as well. Our interests in Sun Hung Kai and Swire Pacific generated good returns. Lower interest rates in the United States lead to lower rates in Hong Kong, which makes real-estate financing cheaper. In addition to this, there is also the enormous Chinese demand for real estate in Hong Kong. Interests in insurance companies, such as Aflac (a US company which sells medical insurances in Japan) and Assurant (a specialist non-life insurer in the United States), had good results. Throughout the year we further reduced our interests in US (Citigroup, Bank of America) and British banks (Royal Bank of Scotland). The interest in continental European banks (National Bank of Greece, Unicredito) was increased. New stock Bank of New York (after the merger Mellon was added to the name) was also introduced to the portfolio. Bank of New York Mellon is a custodian and asset manager. Information technology The funds weight in the information-technology sector was raised during the year. The sector was overweight at the beginning of the year. The successes in this sector came from the big names. Oracle was one of our favorites. The takeovers of the past years (Peoplesoft, Siebel, etc.) have been successfully integrated and sales of databases continued to grow steadily. Other stocks which saw good results translated into higher stock prices were Nokia, Google, Intel, Apple and EMC. The fund sold its interests in Ericsson and Motorola at the right time. Qualcomm took their place in the portfolio. This company will benefit from growth in data traffic via mobile applications, as it supplies many of the chipsets used for these applications. The emphasis within the sector remains on software. This is a segment with an average valuation combined with enormous free cash flow as investment is limited and licenses generate a constant stream of income. Telecommunication services The telecommunication-services sector has a neutral weight. Phone rates (both fixed and mobile) appear to be stabilizing in Europe and the United States. Since margins are still high, a high level of free cash flow is generated. We added two new stocks to the portfolio - Tele2 and Telefnica. These names and our positions in Telenor and Singapore Telecom also contributed to the good results in this sector. All four companies have large interests in telecommunication services in emerging markets, where growth is considerably higher than in mature markets. Utilities The utilities sector had an above-average performance in 2007. This sector has a relatively high dividend return, which made it once again popular among investors and meant that the funds underweight here did not yield the desired result. The sectors valuation has risen again which is why we will maintain the underweight position early into the new year. Outlook The first half of 2008 will not be easy for equities in developed markets. Growth is weakening and it will take time for the problems in the international credit markets to be solved. Forecast earnings growth will ultimately determine how stock prices move. In the last few years this earnings growth has been positively affected by numerous factors: increasing economic growth, improved productivity and cost reduction at corporate level, and lower financing costs as a result of falling interest rates. This has resulted in record-high profits in a number of countries. However, this period of easy corporate-profit growth (through restructuring and increased operating efficiency) is over. The likely scenario now appears to be one of lower levels of earnings growth. Stock-market returns will be less secure and more volatile in the first half of 2008. The impact of the credit crisis is expected to subside in 2008, partly due to the series of rate cuts the Fed has recently implemented. Valuations of many stocks will then become attractive again. By the end of the year we expect performance to improve as well. Position in smallcaps The MSCI World Index contains a large number of smallcaps and if these rise significantly, as was the case in 2007, this has a negative impact on Robecos performance relative to the index. Smallcaps usually have limited liquidity, which makes it difficult to select a limited number of these stocks in which to invest. Therefore we hold a portfolio of smallcaps in this segment which was developed especially for the fund Robeco. The stocks in this portfolio are selected using a quantitative model. In 2007 smallcaps underperformed largecaps, but selecting these stocks using the quantitative model worked well once again this year. Composition of and movements in shareholders equity EUR x thousand 2007 2006 Issued capital Situation at opening date 247,849 263,797 Received on shares issued 15,339 29,031 Paid for shares repurchased -43,931 -44,979 Situation at closing date 219,257 247,849 Other reserves Situation at opening date 6,406,071 5,325,545 Received on shares issued 432,724 765,557 Paid for shares repurchased -1,246,122 -1,193,952 Net result from previous financial year 483,651 1,633,924 Profit distribution -143,659 -125,003 Situation at closing date 5,932,665 6,406,071 Net result 10,216 483,651 Shareholders equity 6,162,138 7,137,571 The companys authorized share capital amounts to EUR 800 million, divided into 800,000,000 ordinary shares with a nominal value of EUR 1 each. Survey of movements in net assets EUR x thousand 2007 2006 Assets at opening date 7,137,571 7,223,266 Company own shares issued 448,063 794,588 Company own shares repurchased -1,290,053 -1,238,931 6,295,581 6,778,923 Investment income 141,291 149,720 Management costs -68,803 -71,283 Service fee -6,705 -6,946 Custody costs -1,048 -795 Other costs -849 -521 63,886 70,175 Changes in value -53,670 413,476 Net result 10,216 483,651 Profit distribution -143,659 -125,003 Assets at closing date 6,162,138 7,137,571 10 Assets, shares outstanding and net asset value per share Assets, shares outstanding and net asset value per share 31/12/2007 31/12/2006 31/12/2005 Assets in EUR x thousand 6,162,138 7,137,571 7,223,266 Shares issued in financial year 15,338,735 29,031,142 27,169,492 Shares repurchased in financial -43,930,709 -44,978,555 -47,251,035 year Number of shares outstanding 219,257,838 247,849,812 263,797,225 Net asset value per share in EUR 28.10 28.80 27.38 x 1 11 Commitments not shown in the balance sheet The forward exchange transactions current at closing date represent purchases of AUD 152 million, CAD 182 million, GBP 154 million, JPY 7,530 million, and USD 148 million, against sales of CHF 283 million, EUR 247 million, HKD 943 million, NOK 475 million and SEK 144 million. Futures contracts purchased at balance-sheet date represent an additional exposure of JPY 9,677 million and USD 199 million futures contracts sold represent a reduced exposure of EUR 203 million. Forward exchange transactions and futures contracts have been included in the Spread of net assets at the end of this report. Unrealized results of these transactions at closing date are included in the Profit and loss account. Copyright Hugin AS 2008. All rights reserved. Content continues below ad Latest news Rachel Lavine, CEO, is Stepping Down and Agreed to Continue to Serve as Vice Chairman of Atrium and on Citycon Board Dori Segal Named CEO Today 08:53 TEL-AVIV, Israel, 2016-11-27 09:53 CET (GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), a leading global real estate company focused on the ownership, manageme. Rachel Lavine, CEO, is Stepping Down and Agreed to Continue to Serve as Vice Chairman of Atrium and on Citycon Board Dori Segal Named CEO Today 08:18 TEL-AVIV, Israel, Nov. 27, 2016 (GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), a leading global real estate company focused on the ownership, manageme. Rachel Lavine, CEO, is Stepping Down and Agreed to Continue to Serve as Vice Chairman of Atrium and on Citycon Board Dori Segal Named CEO Today 08:11 TEL-AVIV, Israel, Nov. 27, 2016 (GLOBE NEWSWIRE) -- Gazit-Globe (NYSE:GZT) (TSX:GZT) (TASE:GZT), a leading global real estate company focused on the ownership, management, ac. Today 01:13 PRNAdminLive - Test Message PRNAdminLive - Test Message PR Newswire London, November 27.Real Time Aandelen Indexen Futures De onderstaande tabel toont realtime streaming wereld indices futures CFD tarieven. De koersen zijn beschikbaar voor 30 van s werelds top aandelen indices. In de tabel vindt u de laatste prijs, evenals de dagelijkse high, low en verandering voor elk future contract. De Basis is de prijs waarop ieder future contract wordt gesloten vanaf 16:30 ET, terwijl de verandering is berekend op basis van de Basis prijs. Real Time Streaming Futures Koersen (CFDs) copy 2016 Market data provided and hosted by Barchart Market Data Solutions. Datos fundamentales de la empresa proporcionados por Morningstar y Zacks Investment Research. La información se proporciona tal cual y únicamente con fines informativos, no con fines comerciales o de asesoramiento, y se retrasa. To see all exchange delays and terms of use please see disclaimer . AV: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Todos los CFD (acciones, índices, futuros) y los precios de la divisa no son proporcionados por los intercambios, sino más bien por los creadores de mercado, y por lo que los precios pueden no ser exactos y puede diferir del precio real del mercado, lo que significa precios son indicativos y no son apropiadas para fines comerciales. Por lo tanto, Fusion Media no asume ninguna responsabilidad por las pérdidas comerciales que pueda incurrir como resultado del uso de estos datos. Fusion Media o cualquier persona involucrada con Fusion Media no aceptará ninguna responsabilidad por pérdidas o daños como resultado de la confianza en la información incluyendo datos, cotizaciones, gráficos y señales de compra / venta contenidas en este sitio web. Por favor, estar plenamente informado acerca de los riesgos y costos asociados con el comercio de los mercados financieros, es una de las formas más arriesgadas de inversión posible.
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