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HY1 2020 Interim Financial Statements RIAM FINAL

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HY1 2020 Interim Financial Statements RIAM FINAL Robeco Institutional Asset Management B.V. Interim financial statements For the six-month period ended 30 June 2020 Contents General information 222 Report of the Executive Committee 333 Interim Financial Statements 2020 999 Interim Income Statement 10 Interim Balance Sheet as at 30 June 11 Accounting principles for measurement of assets and liabilities and the determination of the result 12 Notes to the interim income statement 13 Notes to the interim balance sheet 15 2020 Interim financial statements Robeco Institutional Asset Management B.V. – unaudited 1 GGGeneralGeneral information Executive Committee (‘ExCo’(‘ExCo’)))) G.O.J.M. (Gilbert) Van Hassel* K. (Karin) van Baardwijk* A.J.M. (Lia) Belilos – Wessels P.J.J. (Peter) Ferket (until 22 May 2020) M.C.W. (Mark) den Hollander* M.O. (Martin) Nijkamp H-Ch.(Christoph) von Reiche V. (Victor) Verberk * Also statutory director Supervisory Board M.F. (Maarten) Slendebroek (since 13 August 2020) S. (Sonja) Barendregt – Roojers S.H. (Stanley) Koyanagi (since 13 August 2020) J.J.M. (Jeroen) Kremers (until 30 March 2020) M.A.A.C. (Mark) Talbot R.R.L. (Radboud) Vlaar More information on the ExCo and Supervisory Board can be found on the website www.robeco.com. Address Robeco Institutional Asset Management B.V. Weena 850, 3014 DA Rotterdam P.O. Box 973, 3000 AZ Rotterdam The Netherlands Tel: +31 10 224 1224 Internet : www.robeco.com E-mail : [email protected] Rotterdam Chamber of Commerce number 24123167 2020 Interim financial statements Robeco Institutional Asset Management B.V. – unaudited 2 Report of the Executive Committee General We are pleased to present the interim financial statements of Robeco Institutional Asset Management B.V. (also referred to as ‘Robeco' or ’the Company’) for the first half-year 2020 along with the report of the Executive Committee. Established in Rotterdam in 1929, Robeco offers investment management and advisory services to institutional and private investors, and manages UCITS1 and alternative investment funds. As such, Robeco acts as the manager of investment funds (and as director in case the funds have the form of legal entities) in the Netherlands and operates as the direct distribution channel in the Dutch retail market for Robeco funds. Robeco has both an AIFMD license as referred to in Article 2:65 of the Dutch Financial Supervision Act (‘Wft’) and a license to act as manager of UCITS as referred to in Article 2:69b of the Wft and to offer the additional services within the meaning of Article 2:97 under 3. Corporate structure The Company is established in the Netherlands. Robeco Holding B.V. holds 100% of the shares of the Company. ORIX Corporation is the sole shareholder of ORIX Corporation Europe N.V., the domestic parent company of Robeco Holding B.V., which also holds 100% of the shares in Robeco Nederland B.V., the Dutch central service company of Robeco. Robeco Nederland B.V. is the formal employer of all Robeco staff based in the Netherlands, these employees are provided to Robeco by Robeco Nederland B.V. by way of an inter-company service agreement. Corporate governancegovernance,, audit and risk management The Company has a two-tier board: an Executive Committee (also referred to as the ‘ExCo’) of which three members are also statutory directors and a Supervisory Board. The governance principles of the Company are laid down in its Articles of Association, Supervisory Board Rules, Management Board Rules and ExCo Rules and in the Charters of the Supervisory Board committees: the Audit & Risk Committee and the Nomination & Remuneration Committee. As the so-called ‘moderate version’ of the ‘Large Company Scheme’ (Structuurregime, Article 2:155 of the Dutch Civil Code) applies, a Supervisory Board has been established for Robeco. In addition to performing general duties relating to supervision and advice, the Supervisory Board must also approve certain resolutions of the ExCo. The 2020 interim financial statements of the Company have not been audited or partially assessed by the external auditor. We refer to the Report of the Executive Committee in our 2019 financial statements for the section Risk management. This is unchanged for the first half-year of 2020, except for changes in the crisis organization which is discussed below as part of the effects of the Covid-19 Pandemic. 1 Undertaking for Collective Investment in Transferable Securities 2020 Interim financial statements Robeco Institutional Asset Management B.V. – unaudited 3 Financial situation and result for the sixsix----monthmonth period ended 30 June 2020 The operating result over the reporting period increased from EUR 42.2 million to EUR 54.1 million, due to an increase in gross margin and lower operating expenses. During the first half-year of 2020, the financial markets have been heavily impacted by the Coronavirus crisis, however the average Assets under Management of the Company was higher in the first half-year 2020 compared to the prior period after high market rise end of 2019. Total client assets2 (assets managed, sub-advised or distributed by the Company) amounted to around EUR 155.2 billion as at 30 June 2020 (EUR 173.5 billion as at 31 December 2019 and EUR 149.5 billion as at 30 June 2019). The Company’s half-year 2020 gross margin over the reporting period was EUR 181.3 million, EUR 6.5 million (4%) higher than in the first half of 2019 mainly due to higher average Assets under Management and higher performance fees compensated by lower fees from the discontinued businesses. Administrative expenses decreased from EUR 114.5 million in the first half of 2019 to EUR 107.5 million in the first half of 2020 due to lower recharges from other Robeco entities and lower expenses to support the set-up of distribution opportunities in China, Japan, Singapore and the US. The tax expense in the first half of 2020 was EUR 13.9 million (first half of 2019: EUR 12.3 million). The result after tax for the period was EUR 40.2 million, an increase of EUR 7.8 million (24%) compared to the previous year. Management considers the financial position of the Company sound. During the financial period a dividend of EUR 33.0 million was distributed. As the result for the year 2019 amounted to EUR 66.1 million, the remaining EUR 33.1 million was added to the other reserves. Due to the net result for the first half year 2020 of EUR 40.2 million and the dividend distribution, equity increased with EUR 7.2 million to an amount of EUR 201.0 million (31 December 2019: EUR 193.8 million), which is sufficient to meet regulatory requirements. The unrestricted available cash position at the end of the period is EUR 94.2 million. Significant events and transactions Effects of the Covid-19 Pandemic We are currently experiencing exceptional and challenging times, with the Covid-19 pandemic affecting clients, employees, service providers and financial markets. Over the past few months Robeco has proven its resilience. Adequate decision making and our BCM (Business Continuity Management) procedures and infrastructure have ensured continuity of operations globally. However, the working from home situation in combination with the high market volatility resulted in higher operational risks and operational losses due to incidents. Financial markets experienced a significant drop in March 2020. It is uncertain how long the current situation will persist and what its longer term (economic) effects will be, but a continuous higher volatility is to be expected. The Covid-19 pandemic puts Robeco on multiple challenges. Robeco needs to ensure that its employees work in a safe environment, meet with local lock-down requirements and ensure that investment portfolios are managed in the best way to protect its clients’ interest. In addition, all of these developments will impact the profitability of Robeco and the capital requirements. Robeco has taken measures to ensure business continuity and to protect clients interest. For 2020 the ExCo anticipates a positive net result and that the Company meets regulatory capital requirements. Robeco has several governance bodies and processes in place to cope with crisis situations. The Corona Crisis is coped by (1) the Robeco Crisis Team (to ensure the health and safety of our people and the continuation of Robeco’s processes and services to clients), (2) Business Continuity Management, (3) the Financial Crisis Committee (monitoring on counterparty, market and liquidity risks and intraday monitoring of capital flows in 2 Related to all Robeco entities 2020 Interim financial statements Robeco Institutional Asset Management B.V. – unaudited 4 and out of Robeco’s portfolios), and (4) the Valuation Committees (discuss pricing matters within the funds). The Coronavirus is discussed regularly in the weekly ExCo meetings. In addition, several meetings between the CEO and representatives of the crisis team have taken place and will continue to take place whenever there are relevant updates. In the last period the Business Continuity Management calls are held on a monthly basis, the Financial Crisis Committee went back to the regular status and the Valuation Committees returned back to regular meeting cycles. Given the rapid development of the Coronavirus in the Netherlands, Robeco’s Executive Committee decided as per 11 March 2020 to divide employees over various locations in the Netherlands to help protect the health and safety of the people, and ensure the continuity of the business. Our staff in the Netherlands has been divided into three groups (A) work from Robeco’s alternative office location at Schiphol-Rijk (B) continues to work from Robeco’s Rotterdam office and (C) working from home. Over May and June 2020 we have phased out this division of our staff. Robeco’s alternative office location was discontinued as of 8 June 2020.
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