TlB Annual Report 2009 - Triodos Bank

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way, the fund helps make the sector less dependent on grants and helps to encourage cultural entrepreneurship. In 2009, Triodos Cultuurfonds realised its biggest growth since its launch. The fund increased its net assets by eur 65 million to eur 139 million. It expanded its portfolio with 46 new initiatives, delivering a return of 2.6%, excluding a 2.5% tax credit for private investors, exceeding its long term return ambition. When investing the fund will continue to focus primarily on small-scale private projects that are created by innovative cultural entrepreneurship. Prospects for the bond funds are neutral to positive. The risk premiums for corporate bonds the funds invest in have come down only partly after record heights during the worst parts of the financial crisis. At the same time, the risk appetite for investments on the stock markets has diminished and interest rates are low. The Dutch and the Luxembourg sri fund families are expected to merge in 2010. When they do, we expect to be able to increase the visibility and sales of our sri funds as a whole. In addition we intend to start to distribute our funds in up to four European countries, including France. We expect our sri funds to grow moderately in 2010 following the outlook for the stock market as a whole, the merger and the additional distribution. TRIODOS INVESTMENT MANAGEMENT PROSPECTS FOR 2010 Triodos Investment Management’s activities are expected to produce further growth in 2010. We expect growth in all sectors, even though the market circumstances for investments are less predictable then in recent years. All the sectors we work with are currently, to varying degrees, negatively affected by the financial crisis. The extent to which private clients invest more in our retail funds depends partly on developments on the stock markets. They could affect investor sentiment and the flow of assets in or out of the investment funds. This is equally true of the funds that invest outside the stock market, such as our tax free funds. However, we anticipate that the continually increasing popularity of investments in sustainable products and services, supported by relatively good returns on Triodos Bank’s investment funds, will have a positive impact. The expectation is that the largest growth will be achieved in the retail investment funds that invest in projects and companies that are not listed on the stock market. In addition, we expect to be able to attract more institutional investors in several of the sectors where we are active. As a result, Triodos Investment Management expects an increase of both the number of funds and the total net assets in 2010. Zeist, 24 February 2010 Triodos Investment Management bv Marilou van Golstein Brouwers*, Managing director Bas Rüter*, Managing Director Hans Schut, Managing Director James Vaccaro, Managing Director uk * Indicates overall management responsibility For more information: www.globalimpactinvestingnetwork.org 50 TRIODOS BANK - ANNUAL REPORT 2009
Key figures Triodos Investment Management amounts in thousands of EUR* 2009 2008 Retail funds under management 1,393,125 1,065,605 Institutional funds under management 198,178 152,754 Total funds under management 1,591,303 1,218,359 Total income 19,157 14,936 Operating expenses -14,357 -11,456 Operating result before taxation 4,800 3,480 Taxation on operating result -1,219 -888 Net profit 3,581 2,592 Number of co-workers at year-end ** 84 56 * The figures in this statement may differ from those in the annual accounts of Triodos Investment Management BV, due to the processing of elimination items during the consolidation with Triodos Bank. ** In 2009 11 co-workers, who work in the United Kingdom for Investment Management, are presented under Triodos Investment Management. TRIODOS BANK - ANNUAL REPORT 2009 51
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TlB Annual Report 2009
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Page 13 and 14: Executive Board Annual Report The y
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Page 49 and 50: in developing countries. The fund d
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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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