Notes to financial results of asset management
Income up 16%
Operating expenses up 3%
The consolidated financial statements for 2012 of Rabobank Group recognise the activities
undertaken by Robeco as discontinued operations under IFRS, meaning that the figures for
2012 in the segment information of the financial statements will be reclassified to a single line
in the statement of financial position and the statement of income. The statement of income
for 2011 will also be restated accordingly. Net profit from continuing operations comprises
the former operations of Schretlen Co and Sarasin. Total net profit from discontinued and
continuing operations in the asset management segment stood at EUR 216 (62) million.
Robeco's total income was up 16% in 2012, rising to EUR 780 (671) million. Interest income
fell by 59% to EUR 22 (55) million due, in part, to lower margins on savings deposits.
Commission rose by 10% to reach EUR 680 (620) million thanks to a strong increase in
assets under management. Other income grew by EUR 81 million, reaching EUR 78 million,
as a result of higher bond values and gains on the sale of debt instruments.
Robeco's total operating expenses were up 3% in 2012, landing at EUR 481 (467) million.
Routine pay rises caused an increase in staff costs by 10% to EUR 308 (279) million. Over the
past few years, Robeco has made choices with respect to the scope of its product offering
and its target markets. This reduction in complexity contributed to the 11 decline in other
administrative expenses, which fell to EUR 135 (151) million. At EUR 38 (38) million,
depreciation and amortisation charges were stable.
77 Our specialist subsidiaries
