BNP Paribas Investment Partners Funds (Nederland) N.V.

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1 BNP Paribas Investment Partners Funds (Nederland) N.V. Semi-annual Report 2015 (unaudited) 30 June 2015

2 Contents Report of the Board of Directors 1 CONDENSED INTERIM FINANCIAL STATEMENTS Condensed interim statement of financial position 5 Condensed interim statement of comprehensive income 6 Condensed interim statement of changes in equity 7 Condensed interim statement of cash flow 8 Selected notes to the condensed interim financial statements 9 Other information 13

3 Report of the Board of Directors General BNP Paribas Investment Partners (BNPP IP) is the autonomous global asset management division of the BNP Paribas Group. BNP Paribas Investment Partners Funds (Nederland) N.V. (the Company), wholly owned by BNP Paribas Investment Partners NL Holding N.V., acts, amongst others, as director and/or management company (beheerder) for Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs) (together: investment funds). Half year results 2015 The Company s net loss increased by EUR 0.5 million to a loss of EUR 3.540k compared to the same period in The net fee margin of the Company has been negatively impacted by new X shareclasses, for which no management fee is received by the Company, whilst advisory costs have been paid to the respective Investment Centers. On the cost side, in comparison to the same period in 2014 the total administrative expenses have slightly increased due to an increase in recharges of operational expenses incurred with the Transfer Pricing policy (TP). Compliance and Fund Governance The Board of Directors paid significant attention to applicable laws and regulations, including the Act on Financial Supervision (Wet op het financieel toezicht or Wft). The Company s Board assured that required amendments, where necessary, were made in a timely manner, in amongst others prospectuses, its Principles of Fund Governance (as available on the Company s website and based on the requirements concerning sound business operations (as set out in the Wft)) and other public information, internal procedures, organisation and guidelines. On 22 June 2015 the Authority for the Financial Markets granted permission to the Company to provide the following ancillary investment services on the basis of its AIFMD-license: - portfolio management; - investment advice; and - reception and transmission of orders in relation to one or more financial instruments. In the light of creating a more efficient and transparent local group structure in line with the global group structure, the objective is to transfer the services mentioned above which are currently being provided by BNP Paribas Investment Partners Netherlands N.V. to the Company in the course of Other notable regulatory changes for BNP Paribas Investment Partners Funds (Nederland) N.V. include EMIR and FATCA. Strategy, products and services As described above, the Company operates as Management Company for a range of UCITS and AIFs. On 5 March 2015, the Company published a convening notice and information memorandum for a Meeting of Participants of ABN AMRO Strategie Fondsen ( AASF ) which was held on 20 March

4 During this meeting: - participants voted in favor of the proposal of the Company and Stichting Bewaarder BNP Paribas Beleggingsfondsen NL ( the Titleholder ) to change the conditions of AASF to make it possible to do a liquidation-distribution in shares of sub-funds of the Luxembourg ABN AMRO Multi-Manager Funds SICAV ( AAMMF ); - participants were informed of the intention of the Company and the Titleholder to transfer the assets and liabilities of the sub-funds of AASF into equivalent sub-funds of AAMMF against receipt of shares and to subsequently liquidate AASF whereby participants receive shares of the equivalent sub-funds of AAMMF as liquidation-distribution. The conditions of AASF were changed as per 8 June 2015 followed by the liquidation of AASF as per 31 July Internal control framework and risk assessment policies Although the Company is not significantly exposed to 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 extent related to movements in net asset value. Furthermore, the performance of the Company might be affected by redemptions by investors of our investment funds, changes in strategy by our distribution partners and negative sentiment in the market in general. The Board of Directors of the Company is responsible for the day-to-day management, but 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 s goals by effectively mitigating, evaluating and monitoring risks. Within this framework, the Compliance department ensures overall compliance with applicable laws and regulations. The department of Operational Risk Management assures the accuracy of the internal control measures and administration descriptions. During this financial year and as far as the Board of Directors is aware, the Company has effectively operated under the system of Internal Control. Outlook second half year of 2015 The impact of the ban on retrocessions in combination with a structural negative margin on service fees leave the Company in a loss-making situation. To avoid possible issues with regards to the Company s minimum capital requirements the shareholders equity has been increased by EUR 3.5 million in March It is the intention of BNP Paribas Investment Partners NL Holding N.V. to (continue to) provide sufficient financial support to the Company for the second half year 2015, to enable the Company to meet the capital requirements arising under the Act on Financial Supervision. There are currently no changes foreseen in the Dutch fund range offered by the Company for the second half of Other On 1 January 2013, Book 2 of the Dutch Civil Code (Burgerlijk Wetboek) was amended and a new temporary rule, which will expire on 1 January 2016, on gender diversity was introduced for large 2

5 entities. The Company qualifies as such. Based on this new rule, the Board of Directors and Supervisory Board of a large entity should consist of at least 30% women and at least 30% men, to the extent that the (Supervisory) Board members are natural persons. Non-compliance with this provision must be explained in the annual report. As per 30 June 2015, the Board of Directors of BNP Paribas Investment Partners Funds (Nederland) N.V. is in compliance, with 50% female members. As currently two men constitute the Supervisory Board of BNP Paribas Investment Partners Funds (Nederland) N.V., the Supervisory Board of the Company does not meet the gender diversity rule. For future nominations of (new) members of the Supervisory Board, the Company will actively pursue to find and nominate suitable female candidates for appointment by the General Meeting taking into account the gender diversity provision. Amsterdam, 27 August 2015 The Board of Directors: Due to maternity leave E.C. Stienstra is unable to act in her capacity as Director. In accordance with article 17 of the Articles of Association of the Company, the remaining Directors are charged with the management of the Company in her absence. J.L. Roebroek (Chairman) M.P. Maagdenberg E.C. Stienstra D.M.J.M. van Ommeren 3

6 CONDENSED INTERIM FINANCIAL STATEMENTS 4

7 Condensed interim statement of financial position (x 1,000) Notes 30-Jun Jun-14 ASSETS Non current assets Current tax assets 1,070 - Current assets Trade and other receivables 7,599 7,960 Cash and cash equivalent 10,017 13,273 Total assets 18,686 21,233 EQUITY AND LIABILITIES EQUITY Equity attributable to the owners of the Company Share capital Share premium 3 18,902 15,402 Other reserve 2 2 Retained earnings (16,994) (10,950) 2,135 4,679 LIABILITIES Current liabilities Trade and other payables 16,551 16,554 16,551 16,554 Total equity and liabilities 18,686 21,233 The notes on pages 9 to 12 are an integral part of these Financial Statements. 5

8 Condensed interim statement of comprehensive income (x 1,000) Half year ended 30 June Notes Continuing operations Management and other fees 9,443 11,822 Distribution, sales and advisory costs (10,502) (12,441) Other gains and losses - - Income from fees - net (1,059) (619) Administrative expenses (3,661) (3,460) Operating profit (4,720) (4,079) Finance income and costs - 14 Finance income - 14 Profit / (loss) before income tax (4,720) (4,065) Deferred tax expenses Current tax expenses 4 1,180 1,016 Profit / (loss) FOR THE YEAR (3,540) (3,049) Other comprehensive income - - TOTAL COMPREHENSIVE INCOME FOR THE YEAR (3,540) (3,049) The notes on pages 9 to 12 are an integral part of these Financial Statements. 6

9 Condensed interim statement of changes in equity (x 1,000) Attributable to owners of the Company Share Share Other Retained Total Capital Premium Reserve Earnings Equity Notes At 1 January ,102 2 (7,901) 4,428 Capital contribution in ,300 3,300 Result distribution (3,049) (3,049) Dividend distribution in At 30 June ,402 2 (10,950) 4,679 Result distribution (2,504) At 31 December ,402 2 (13,454) 2,175 Result distribution (3,540) (3,540) Capital contribution in ,500 3,500 At 30 June ,902 2 (16,994) 2,135 The notes on pages 9 to 12 are an integral part of these Financial Statements. 7

10 Condensed interim statement of cash flow (x 1,000) Half year ended 30 June Notes Operating activities Profit / loss before income tax (4,720) (3,049) Adjustment to reconcile profit before income tax to net cash flows Cash / Non-cash: Finance income - (14) Working capital adjustments: Decrease/ (increase) in trade and other receivables 2,751 2,794 Increase/ (decrease) in trade and other payables 3,055 (3,587) Income tax paid - - Net cash flows from/ used in operating activities 1,086 (3,856) Investing activities Interest received - 14 Net cash flows from investing activities - 14 Financing activities Capital contribution from owners of the Company 3,500 3,300 Net cash flows used in financing activities 3,500 3,300 Net increase/ (decrease) in cash and cash equivalents 4,586 (542) Cash and cash equivalents at 1 January 5,431 13,815 Cash and cash equivalents at 30 June 10,017 13,273 The notes on pages 9 to 12 are an integral part of these Financial Statements. 8

11 Selected notes to the condensed interim financial statements 1. Corporate information BNP Paribas Investment Partners Funds (Nederland) N.V. is a public limited liability company with its registered office in Amsterdam, 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 The organisation chart of the Group to which the Company belongs is as follows: BNP Paribas S.A. BNP Paribas Investment Partners S.A. BNP Paribas Investment Partners BE Holding S.A. BNP Paribas Investment Partners NL Holding N.V. BNP Paribas Investment Partners Funds (Nederland) N.V. A more detailed Group structure is included in the registration document (registratiedocument) as published by the Company on its website (www.bnpparibas-ip.nl, under Informatie Wet Financieel Toezicht ). The Company acts, amongst others, as director and management company for Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs) (together: investment funds). Investment funds offered to Dutch investors are registered with the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten or AFM). The Company is subject to supervision of the Dutch Central Bank (De Nederlandsche Bank or DNB) and the AFM and holds a license under the Act on Financial Supervision (Wet op het financieel toezicht or Wft). These Financial Statements of BNP Paribas Investment Partners Funds (Nederland) N.V. were authorized for issue by the Board of Directors on 27 August 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 applied consistently 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 Financial Statements of BNP Paribas Investment Partners Funds (Nederland) N.V. have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the 9

12 European Union (EU), with Part 9 of Book 2 of the Dutch Civil Code (Burgerlijk Wetboek) and the Act on Financial Supervision (Wet op het financieel toezicht or Wft). The condensed interim Financial Statements should be read in conjunction with the Financial Statements for the year as at 31 December 2014¹. 1 Please see 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 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 ,102 12,327 At 31 December ,402 15,627 At 30 June ,902 19,127 Issued and paid up capital At 30 June 2015, 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 2015 is 25% (same as the first half year of 2014). In the tax calculation for 2015 non-deductible expenses aren t included. 5. Dividends During the first half year of 2015 (and 2014) the Company hasn t executed any dividend payments to BNP Paribas Investment Partners NL Holding N.V. The loss for 2014 and the first half-yearly loss of 2015 are all reported under retained earnings as per the equity statement on page 7. 10

13 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. (a company wholly owned by BNP Paribas Investment Partners NL Holding N.V.) and BNP Paribas Investment Partners Belgium S.A. (a company wholly owned by BNP Paribas Investment Partners S.A. in France). 7. Related-party transactions The Company has related-party transactions with its BNP Paribas group entities (including EEIG) and other related parties (e.g. BNP Paribas Securities Services). The following transactions were carried out with the related parties: Distribution, sales and advisory costs, custodian and other support fees Six months ended 30 June Other BNP Paribas Investment Partners Other related parties 9,631 11,031 1,423 1,924 11,054 12,955 Re-invoicing revenues and costs Six months ended 30 June Re-invoicing revenues other BNP Paribas Investment Partners 9,111 9,211 Re-invoicing costs other BNP Paribas Investment Partners (10,783) (10,161) Net Re-invoicing (cost) (1,672) (950) Period-end balances arising from related-parties transactions: Receivables from related-parties: 30-Jun Dec-14 Other BNP Paribas Investment Partners 4,390 6,678 Receivables from related-parties relate to distribution fees and the re-invoicing revenues following the TP of BNP Paribas Investment Partners. These receivables are not secured, non-interest bearing and settle normally within days. 11

14 Payables to related-parties: 30-Jun Dec-14 Other BNP Paribas Investment Partners Other related parties 6,744 7,658 3,141 3,116 9,885 10,774 Payables to related parties relate to distribution, sales and advisory fees, internal settlement cost and the re-invoicing costs based on the TP. The payables bear no interest. No guarantees are given. Depending on the underlying agreement payables settle normally within days. 8. Compliance Act on Financial Supervision (Wft) The license under the Act on Financial Supervision requires the Company, amongst other requirements, to: Publish its Annual Financial Statements within 4 months after the end of its financial year; Comply with a minimum amount of shareholders equity. Shareholders equity The shareholders equity of the Company amounts to at least EUR together with supplementary shareholders equity of at least 0,02% of the amount by which the value of the assets under management exceeds EUR , up to a required maximum of EUR The Company s shareholders equity at 30 June 2015 (and 2014) is sufficient. 12

15 OTHER INFORMATION 13

16 Organisation BNP Paribas Investment Partners Funds (Nederland) N.V. Registered office Herengracht 595 P.O. Box DG Amsterdam The Netherlands Directors J.L. Roebroek (Chairman) M.P. Maagdenberg E.C. Stienstra D.M.J.M. van Ommeren Supervisory Board M. Diulius M. Raynaud Auditor DELOITTE Accountants B.V. P.O. Box HC Amsterdam The Netherlands Banks BNP Paribas Fortis SA/NV, Netherlands Branch Amsterdam The Netherlands Regulators The Dutch Authority for the Financial Markets (AFM) (supervision of conduct of business) The Dutch Central Bank (DNB) (prudential supervision) 14

17 For more information Investor services BNP Paribas Investment Partners Fund Client Services Herengracht 595 P.O. Box DG Amsterdam The Netherlands Website: Amsterdam Trade Register no How to order reports Publications can be downloaded from Where available, printed copies can be ordered: on the internet at by 15

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