ABN AMRO - BNP Paribas Investment Partners

BNP Paribas Investment Partners
BNP Paribas Investment Partners Funds
(Nederland) N.V.
Previously Fortis Funds (Nederland) N.V.
Condensed Interim Report 2010 I 30 June 2010
Unaudited

BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
Contents
Report of the Board of Directors
2
CONDENSED INTERIM FINANCIAL STATEMENTS
Condensed interim statement of financial position
Condensed interim statement of comprehensive income
Condensed interim statement of changes in equity
Condensed interim statement of cash flow
5
6
7
8
Selected notes to the condensed interim financial statements
9
Other information 13
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
Report of the Board of Directors
General
BNP Paribas Investment Partners is the autonomous global asset management arm of the BNP Paribas
Group. BNP Paribas Investment Partners Funds (Nederland) N.V. (the Company) (previously Fortis
Funds (Nederland) N.V.) is wholly owned by BNP Paribas Investment Partners NL Holding N.V.
(formerly known as Fortis Investment NL Holding N.V.). BNP Paribas Investment Partners NL Holding
N.V. is part of BNP Paribas Investment Partners (previously Fortis Investments) in the Netherlands. The
Company acts, amongst others, as director for other companies and operates as management company
for investment institutions and investment funds.
Corporate developments
As of 1 April 2010, Fortis Investments and BNP Paribas Investment Partners combined to form a top-tier
asset management company. As of 6 April 2010, Fortis Funds (Nederland) N.V. changed its name into
BNP Paribas Investment Partners Funds (Nederland) N.V. BNP Paribas Investment Partners Funds
(Nederland) N.V. is a 100% subsidiary of BNP Paribas Investment Partners NL Holding N.V.
Half year results in 2010
The Company’s net profit decreased by EUR 0.5 million to EUR -/- 0.3 million compared to the same
period in 2009. The earned management fees were affected positively compared to the same period
in 2009. Positive market developments in certain fund ranges, offset against outflows, contributed to
these higher fees.
Administrative expenses decreased by EUR 1.2 million to EUR 3.5 million, mainly due to lower
reinvoicing expenses offset against higher custody fees.
Compliance
The Board of Directors paid significant attention to applicable law and regulations, including the
Financial Supervision Act (Wet op het financieel toezicht (Wft)) and the in 2008 published DUFAS
Principles of Fund Governance. The Company’s Board assured that required amendments, where
necessary, were made in a timely manner, in prospectuses and other public information, internal
procedures, organisation and guidelines, amongst others.
Strategy, products and services
At the end of 2009 preparations were in its final stages for the liquidation of the Fortis Groen Fonds
and the launch of the BNP Paribas Groen Fonds. Fortis Groen Fonds contributed its assets and
liabilities to the new incorporated BNP Paribas Groen Fonds as per 15 January 2010 and ceased to
exist per the same date. Participants of the Fortis Groen Fonds received participations in the new
BNP Paribas Groen Fonds at an exchange ratio of 1:1.
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
Internal control framework and risk assessment policies
Although the Company is not exposed significantly to financial risks from financial instruments,
market movements may impact financial results as net income from fees is closely related to the
underlying net asset value of the investment funds while administrative expenses are only up to a
certain extend related to movements in net asset value. Furthermore, the performance of the
Company might be affected by a significant loss of clients due to weak performances of our
investments funds, changes in strategy by our distribution partners, inability to deliver the products
our clients need, operational errors and negative sentiment in the market in general.
The Board of Directors of BNP Paribas Investment Partners Funds (Nederland) N.V. is responsible
for the daily business, but the daily operations are outsourced to other BNP Paribas Investment
Partners entities and external parties. The Board has designed policies, procedures and structures as
well as reporting lines to monitor outsourced activities, to control operational activities and to identify
risks. The internal control framework has been designed to achieve the Company goals by effectively
evaluating and monitoring risks. Within this framework Compliance department ensures overall
compliance with external regulations and applicable law. The department of Operational Risk
Management assures the accuracy of the internal control measures and administration descriptions.
.
Other
On 1 June 2010 Mr. M.C. van Beusekom stepped down as Director of the Company and Ms. E.C.
Stienstra and Mr. D.M.J.M. van Ommeren were appointed as Director of the Company.
Amsterdam, 31 August 2010
The Board of Directors
J.L. Roebroek (Chairman)
C.A.M. Haas M.P. Maagdenberg E.C. Stienstra D.M.J.M. van Ommeren
Supervisory Board
P.L. Croockewit
W.G.G. De Vijlder
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
CONDENSED INTERIM FINANCIAL STATEMENTS
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
Condensed interim statement of financial position
(x € 1,000)
Notes
30-Jun-10
31-Dec-09
ASSETS
Current assets
Trade and other receivables 11,312 11,488
Cash and cash equivalents 54,948 47,062
66,260 58,550
Total assets 66,260 58,550
EQUITY AND LIABILITIES
EQUITY
Equity attributable to the owners of the Company
Share capital 3 225 225
Share premium 3 12,102 12,102
Other reserves 2 2
Retained earnings 1,868 2,150
14,197 14,479
LIABILITIES
Current liabilities
Trade and other payables 52,063 44,071
52,063 44,071
Total equity and liabilities 66,260 58,550
The notes on pages 9 to 12 are an integral part of these Financial Statements.
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
Condensed interim statement of comprehensive
income
(x € 1,000)
Half year ended 30 June
Notes 2010 2009
Continuing operations
Management and other fees 57,900 47,924
Distribution, sales and advisory costs (54,856) (43,159)
Income from fees - net 3,044 4,765
Administrative expenses (3,485) (4,711)
Operating profit (441) 54
Finance income 63 173
Finance income 63 173
Profit before income tax (378) 227
Income tax expenses 4 96 (58)
PROFIT FOR THE YEAR (282) 169
Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (282) 169
The notes on pages 9 to 12 are an integral part of these Financial Statements.
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
Condensed interim statement of changes in equity
(x € 1,000)
Attributable to owners
of the Company
Share Other Share Retained Total
Capital Reserve Premium Earnings Equity
Notes
At 1 January 2009 225 2 12,102 14,032 26,361
Profit for the period 169 169
Dividend 2008 5 (11,587) (11,587)
At 30 June 2009 225 2 12,102 2,614 14,943
Profit for the period (464) (464)
At 31 December 2009 225 2 12,102 2,150 14,479
Profit for the period (282) (282)
At 30 June 2010 225 2 12,102 1,868 14,197
The notes on pages 9 to 12 are an integral part of these Financial Statements.
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
Condensed statement of cash flow
(x € 1,000)
Half year ended
Notes 2010 2009
Operating activities
Profit before income tax (379) 227
Adjustment to reconcile profit before income tax to net cash flows
Working capital adjustments:
Decrease/ increase in trade and other receivables 176 2,771
Increase/ decrease in trade and other payables 8,089 11,102
Net cash flows from/ used in operating activities 7,886 14,100
Investing activities
Investments - -
Net cash flows from investing activities - -
Financing activities
Equity: Proceeds from capital contribution - -
Equity: Dividends paid to owners of the Company 5 - (11,587)
Net cash flows used in financing activities - (11,587)
Net increase/ decrease in cash and cash equivalents 7,886 2,513
Cash and cash equivalents at 1 January 47,062 44,656
Cash and cash equivalents at 30 June 54,948 47,169
The notes on pages 9 to 12 are an integral part of these Financial Statements.
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
Selected notes to the condensed interim financial
statements
1. Corporate information
BNP Paribas Investment Partners Funds (Nederland) N.V. (the Company) is a public limited liability
company domiciled in The Netherlands and is a wholly-owned subsidiary of BNP Paribas Investment
Partners NL Holding N.V. The Company was incorporated in The Netherlands on 30 December 1966.
As per 29 March 2010 Fortis Investment Management S.A. was renamed into BNP Paribas
Investment Partners BE Holding S.A.
The organisation chart of the group to which the Company belongs is as follows:
BNP Paribas Investment Partners BE Holding S.A.
BNP Paribas Investment Partners NL Holding N.V.
BNP Paribas Investment Partners Funds (Nederland) N.V
The Company acts, amongst others, as director for other companies and operates as management
company for investment institutions and investment funds. Investment funds offered to Dutch private
clients are registered with the Netherlands Authority for the Financial Markets (AFM). The Company
is subject to supervision of the Netherlands Central Bank (DNB) and the AFM and holds a license
under the Financial Supervision Act (Wet op het financieel toezicht (Wft)).
On 6 April 2010, Fortis Funds (Nederland) N.V. changed its name into BNP Paribas Investment
Partners Funds (Nederland) N.V. and Fortis Investment NL Holding N.V was renamed to BNP
Paribas Investment Partners NL Holding N.V.
These financial statements of BNP Paribas Investment Partners Funds (Nederland) N.V. have been
authorized for issue by the Board of Directors and Supervisory Board on 31 August 2010.
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these Financial Statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise
stated. The Financial Statements are presented in euros, which is also the functional currency of the
group to which the Company belongs, rounded to the nearest thousand, unless otherwise stated.
2.1 Basis of preparation
The condensed interim financial statements for the six months ended 30 June 2010 have been
prepared in accordance with IAS 34 “Interim Financial Reporting”. The condensed interim financial
statements should be read in conjunction with the financial statements for the year as at 31
December 2009¹.
1 Please see www.bnpparibas-ip.com
2.2 Accounting policies
The same principles are used for the valuation of the assets and liabilities and determination of
results as in the financial statements for the year ended 31 December 2009.
3. Share capital and share premium
Number of shares Ordinary Share Total
shares premium
x € 1,000 x € 1,000 x € 1,000
At 1 January 2009 500 225 12,102 12,327
At 31 December 2009 500 225 12,102 12,327
At 30 June 2010 500 225 12,102 12,327
Issued and paid up capital
At 30 June 2010, 500 shares have been issued and fully paid.
Distribution of profit
Dividends are recognised as a liability in the period in which they are declared.
4. Income tax expenses
The standard and effective tax rate for the period from 1 January to 30 June 2010 was 25.5% (2009:
25.5%).
5. Dividends
Dividend 2008 (EUR 11.587 thousand) was paid in June 2009.
The loss for the year 2009 (EUR 295 thousand) has been deducted from the company’s retained
earnings conform the annual general meeting of shareholders.
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
6. Commitments
Capital commitments
Capital expenditure contracted for at the balance sheet date, but not yet incurred does not exist.
Service Level Agreements
The Company is committed to payments under service level agreements with BNP Paribas
Investment Partners Netherlands N.V. (formally known as Fortis Investment Management
Netherlands N.V.). BNP Paribas Investment Partners Netherlands N.V. is providing finance and
management services to the company.
7. Related-party transactions
The Company has related-party transactions with its direct shareholder; BNP Paribas Investment
Partners Holding N.V, and other BNP Paribas Investment Partners related entities.
The following transactions were carried out with related parties:
Distribution, sales and advisory costs and re-invoicing
Six months ended 30 June
2010 2009
Shareholder 9,822 9,124
Other BNP Paribas Investment Partners 8,558 6,851
18,380 15,975
Year-end balances arising from related-parties transactions:
Receivables from related-parties:
30-Jun-10 31-Dec-09
Shareholder - 491
Other BNP Paribas Investment Partners 431 643
431 1,134
Receivables from related-parties relate to distribution, sales and advisory fees. These receivables are
not secured, non-interest bearing and settle normally within 30 - 90 days.
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
Payables to related-parties:
30-Jun-10 31-Dec-09
Shareholder 2,578 5,183
Other BNP Paribas Investment Partners 1,781 1,478
4,359 6,661
Payables to related-parties relate to distribution, sales and advisory fees and internal settlement cost.
The payables bear no interest. No guarantees are given. Depending on the underlying agreement
payables settle normally within 30 - 90 days.
8. Declaration of liability
BNP Paribas Investment Partners BE Holding S.A., having its offices at Avenue de l’Astronomie 14,
1210 Brussels, Belgium, declared that it assumes as per 1 January 2008 the joint and several
liabilities for the debts resulting from Legal acts of the Company, such in accordance with Section
2:403, section 1(f) of the Dutch Civil Code.
The financial data of BNP Paribas Investment Partners Funds (Nederland) N.V. is consolidated in the
semi annual accounts of BNP Paribas Investment Partners BE Holding S.A..
9. Compliance
Financial Supervision Act (Wft)
The license under the Financial Supervision Act requires the Company, amongst other requirements
to:
Publish its condensed interim financial statements within 9 weeks after period ended;;
Comply with a minimum amount of shareholders equity.
Shareholders’ equity
The shareholders’ equity of the Company amounts to at least EUR 125,000 together with
supplementary shareholders’ equity of at least 0.02% of the amount by which the value of the assets
under management exceeds EUR 250,000,000, up to a required maximum of EUR 10,000,000.
The Company’s shareholders’ equity at 30 June 2010 (and 2009) is sufficient.
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
OTHER INFORMATION
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
Organisation
BNP Paribas Investment Partners Funds (Nederland) N.V.
Registered office
Burgerweeshuispad 201 – Tripolis 200
P.O. Box 71770
1008 DG Amsterdam
The Netherlands
Directors
J.L. Roebroek (Chairman)
C.A.M. Haas
M.P. Maagdenberg
M.C. van Beusekom (until 1 June 2010)
E.C. Stienstra (as from 1 June 2010)
D.M.J.M. van Ommeren (as from 1 June 2010)
Supervisory Board
P.L. Croockewit
W.G.G. De Vijlder
Company secretariat
M.D. Schuurman
Auditor
DELOITTE Accountants B.V.
P.O. Box 58110
1040 HC Amsterdam
The Netherlands
Banks
ABN AMRO Bank N.V. (as successor in title of Fortis Bank (Nederland) N.V. as from 1 July 2010)
Amsterdam
The Netherlands
Regulators
The Netherlands Authority for the Financial Markets (AFM) (supervision of conduct of business)
The Netherlands Central Bank (DNB) (prudential supervision)
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BNP Paribas Investment Partners Funds (Nederland) N.V. Condensed Interim Report 2010
30 June 2010 UNAUDITED
For more information
Investor services
BNP Paribas Investment Partners
Client Service
Burgerweeshuispad 201 – Tripolis 200
P.O. Box 71770
1008 DG Amsterdam
The Netherlands
Website: www.bnpparibas-ip.com
Email: clientservice@bnpparibas-ip.com
Amsterdam Trade Register no. 33.179.578
How to order reports
Publications can be downloaded from www.bnpparibas-ip.com. Where available, printed copies can
be ordered:
on the internet at www.bnpparibas-ip.com
by email: clientservice@bnpparibas-ip.com
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