TlB Annual Report 2009 - Triodos Bank

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REAL ESTATE Our sustainable real estate activities have been growing year by year since the launch of Triodos Vastgoedfonds five years ago. These activities now include financing, development and investing in sustainably built or maintained real estate. Despite the unfavourable market circumstances our activities have grown in all segments in 2009. We benefited from the combination of a clear and ambitious vision on sustainability in real estate and growing public awareness that we need to act now to fight Bas Rüter: ‘Today we talk about solving multiple global crises. Putting our money where our mouth is, will be a precondition for a better quality of life for generations to come.’ climate change. In that sense the real estate crisis had an upside, putting sustainability at the top of the market agenda. Our focus has been to manage these conflicting trends professionally. TRIODOS VASTGOEDFONDS (THE NETHERLANDS) Triodos Vastgoedfonds could not entirely avoid the impact of the decline in the Dutch real estate market. Since access to finance for real estate transactions is increasingly restricted, property prices for offices remain under pressure. The fund has partly avoided the impact of this, thanks to its long-term rental contracts with financially sound lessees and the absence of vacant premises. Nonetheless, at year-end 2009 the premises were valued at a lower price on average. The return based on the stock exchange quotation was minus 8.2%. Despite the market sentiment, the fund increased its outstanding shares by 11%. The investment portfolio increased to eur 82 million, partly due to an acquisition totalling eur 5 million and a sale worth eur 1.4 million. REAL ESTATE DEVELOPMENT (THE NETHERLANDS) Interest in our real estate development services remained strong during the year. Sustainable real estate remained a dominant force in a real estate market under continuous pressure. Brand awareness and business growth continued thanks to winning the award for the most sustainable project developer in The Netherlands. Risk management and the alignment between our development and investment management activities are important points of attention for the future given continuing levels of interest and the critical state of the market. At year-end 2009, Triodos Real Estate Development was involved in, or pitching for the development of, 30 sustainable projects. REAL ESTATE PROSPECTS FOR 2010 We expect that in 2010 the real estate market will remain under pressure at least until the summer. After this it may stabilise or slightly improve in the second half of the year, but any recovery will depend on the extent to which the recession continues. We expect continued growth in our real estate activities in general. And, despite market conditions, Triodos Bank also expects the limited growth of Triodos Vastgoedfonds of 2009 to continue. Finally, we will prepare the launch of an institutional sustainable offices fund investing on the Dutch market. SOCIALLY RESPONSIBLE INVESTMENT Socially Responsible Investment (sri) concerns the management of internationally distributed funds that invest in listed companies globally. The investments involve buying shares and bonds of multinational companies that distinguish themselves by their good social and environmental policies and socially responsible management. They also involve investing in rapidly growing, innovative companies whose products contribute to the fight against climate change, a clean earth, and a healthy lifestyle. The funds have two key objectives. Firstly, they aim to encourage companies to continually improve their sustainability. Secondly, they offer investors the opportunity to invest in companies whose products and management meet strict sustainability criteria, while aiming to achieve a competitive return on the stock exchange. 48 TRIODOS BANK - ANNUAL REPORT 2009
TRIODOS MEERWAARDE AANDELENFONDS (THE NETHERLANDS) AND TRIODOS VALUES EQUITY FUND (EUROPE) Triodos Meerwaarde Aandelenfonds has been available in The Netherlands since 2000 and uses the same investment strategy as Triodos Values Equity Fund, which has been distributed in Belgium, Denmark and Luxembourg since 2007. Both funds invest in the shares of multinational companies worldwide. As a consequence of the overall recovery in stock market prices after losses until early March, these two funds realised a return of 30% and 27% respectively. Following these returns and the successful merger with the Panda Fund in Belgium, the total net assets of both funds increased by 31% and 152% to eur 134 million and eur 22 million respectively. TRIODOS MEERWAARDE OBLIGATIEFONDS (THE NETHERLANDS) AND TRIODOS VALUES BOND FUND (EUROPE) Triodos Meerwaarde Obligatiefonds has also been available in The Netherlands since 2000 and uses the same investment strategy as Triodos Values Bond Fund, which has been distributed in Belgium, Denmark and Luxembourg since 2007. Both funds invest in the bonds of multinational companies globally. After the upheaval in the financial markets and the decline in confidence in 2008, the funds benefited from the tightening risk spreads between corporate and government bonds in 2009. Triodos Meerwaarde Obligatiefonds and Triodos Values Bond Fund realised a return of 7.1% and 7.7% respectively. The net assets of both funds increased by 23% and 25% to eur 133 million and eur 12 million respectively. TRIODOS MEERWAARDE MIXFONDS (THE NETHERLANDS) The Triodos Meerwaarde Mixfonds has been available in The Netherlands for more than ten years. In 2009, the fund maintained a defensive investment strategy for most of the year, investing a relatively large proportion of its money in bonds and liquidities and maintaining a relatively small position in shares. The bond fund realised a return of 16.3%. Partly due to this return, net assets increased by 10% to eur 54 million. TRIODOS VALUES PIONEER FUND (EUROPE) Triodos Values Pioneer Fund, which is part of Triodos Meerwaardefonds, has been distri buted in Belgium, Denmark, Luxembourg and The Netherlands since 2007. In 2009, the fund invested in companies that are pioneers in climate protection, promoting healthy lifestyles and corporate social responsibility. The return was slightly better then the reference index with 31% and the net total assets increased by eur 12 million (54%) to eur 35 million. The promotion of corporate social responsibility produced very positive results. We entered into dialogue with almost 700 multinational companies, resulting in a number of significant improvements in their corporate social responsibility policies and performance. These results came in a number of sectors, including a large number of financial institutions globally. Through this, Triodos Bank has demonstrated that sustainable investment on the stock market is crucial to encourage sustainable corporate behaviour. SOCIALLY RESPONSIBLE INVESTMENT FUNDS PROSPECTS FOR 2010 Whether the real economy has felt the worst impact of the financial crisis remains unclear. Market sentiment on the stock exchanges will depend on the severity of the next stages in the economic recession, its expected recovery, and its impact on corporate turnover and profit forecasts. Triodos Bank expects that the stock market will, in time, again focus on issues of structural growth, such as resolving the energy issue and tackling climate change. The performance of investments funds (in terms of both return and net assets) investing in shares of listed companies will, on the whole, develop in line with movements on the stock exchange. Triodos Bank’s funds can benefit from their preference for shares in subsectors that contribute to solutions for several of our global crises, such as climate change and the food and energy crises. INVESTMENT IN ARTS AND CULTURE (THE NETHERLANDS) Triodos Bank offers its Dutch clients Triodos Cultuurfonds. The fund was launched in 2006 and invests in cultural projects as defined by the Dutch government because they aim to improve and preserve arts and culture. In this TRIODOS BANK - ANNUAL REPORT 2009 49
Page 1 and 2: TlB Annual Report 2009
Page 3 and 4: Key figures in pounds amounts in mi
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Page 8 and 9: Triodos Group Structure at 1 Januar
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The movement in goodwill paid is as
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The movement in equipment is as fol
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The movement of the provisions is a
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Fair values The following table set
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INCOME 20. INTEREST INCOME 2009 200
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EXPENSES 26. CO-WORKER AND OTHER AD
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The salary expenses and reimburseme
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27. DEPRECIATION, AMORTISATION AND
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Segment reporting KEY FIGURES 2009
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KEY FIGURES 2008 BY BRANCH AND BUSI
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LENDING BY SECTOR IN 2009 in thousa
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LENDING BY SECTOR IN 2008 in thousa
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Solvency in thousands of EUR The so
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Risk management in thousands of EUR
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Corporates: 100%; Retail exposures:
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Risk-weighted value per country The
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The following table sets out the ac
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Notes: Interest bearing securities
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Solutions for Biotectura is an inno
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Company balance sheet as at 31 Dece
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Company statement of changes in the
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Notes to the company’s financial
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The movement in goodwill paid is as
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36. PROVISIONS 2009 2008 Pension pr
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Auditor’s fees The table below sp
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TO THE ANNUAL GENERAL MEETING OF DE
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Two years ago, Vincent Remy receive
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helping to make sure that we combin
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Board of SAAT MR. J.C. VAN APELDOOR
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MR. J. LAMERS (1948) Jan Lamers is
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Alara in Camden, London, makes cere
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GRI Content Index Triodos Bank prep
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SOCIAL PERFORMANCE INDICATORS: SOCI
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Production Triodos Bank NV 2009 Ann
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