liidependent auditor`s report Report on the financial

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Building a better
worklng world
liidependent auditor's report
To: the board of directors of NN Investment Partners B.V.
Report on the financial statements
We have audited the accompanying financial statennents 2015 of NN Investment Partners B V
The Hague, which comprise the balance sheet as at December 31. 2015, the profit and loss account for
the year then ended and the notes, comprising a summary of the accounting policies and other
explanatory information.
Management's responslbility
Management is responsible for the preparation and fair presentation of these financial statements and
for the preparation of the management board report, both in accordance with Part 9 of Book 2 of the
Dutch Civil Code. Furthermore management is responsibie for such internal control as it determines is
necessary to enafale the preparation of the financial statements that are tree from material
misstatement, whether due to fraud or error.
Auditor's responslbility
Our responslbility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. This
requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are tree from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error.
In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity's internal control. An audit aiso includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficiënt and appropriate to provide a basis for
our audit opinion.
Opinion with respect to the financial statements
in our opinion, the financial statements give a true and fair view of the financial position of
NN Investment Partners B.V. as at December 31, 2015 and of lts result for the year then ended in
accordance with Part 9 of Book 2 of the Dutch Civil Code.
Ef
Page 2
Building a better
werking world
Report on other legal and regylatory requirements
Pursuant to the legal requirement under section 2:393 sub 5 at e and f of the Dutch Civil Code, we have
no deficiencies to report as a result of our examination whether the management board report, to the
extent we can assess, has been prepared in accordance with Part 9 of Book 2 of this Code, and whether
the information as required under section 2:392 sub 1 at b-h has been annexed. Further we report that
the management board report, to the extent we can assess, is consistent with the financial statements
as required by section 2:391 sub 4 of the Dutch Civil Code.
The Hague, April 29, 2016
Ernst & Young Accountants LLP
signed by M.J. Knijnenburg
Building a better
werking world
Publication of auditor's report
1 Condltlons
Authorization to publish the auditor's report Is granted subject to the
following condltlons:
Further consultatlon wlth the auditor is essential If, after this
authorization has been granted, facts and circumstances
become known which materlally affect the view glven by the
flnancial statements.
The authorization concerns inclusion of the auditor's report in
the annual report to be tabled at the Annual General Meeting
(hereafter AGM) incorporating the flnancial statements as drawn
up.
>¦ The authorization also concerns inclusion of the auditor's report
If the auditor becomes aware of events that may be of material
significance to the financial statements, the auditor must consider
whether those events have been adequately recognized and
sufficiently disclosed in the notes to the financial statements. If
between the date of the auditor's report and the date of publication
of the financial statements, the auditor becomes aware of a fact that
may have a material impact on the financial statements, the auditor
must assess whether the financial statements should be amended,
discuss the matter with management and act as circumstances
dictate.
2.5 Trade Registrar
2 Explanatlons to the condltlons
The financial statements are tabled at the AGM (legal entities coming
within the scope of Title 9 of Book 2 of the Dutch Civil Code table the
directors' report and the other Information as weil). The AGM
considers adoption of the financial statements. Oniy after the
financial statements have been adopted, do they become the
statutory (i.e., the company) financial statements. As a rule, the
statutory financial statements will be adopted without amendment.
The auditor's report must be attached to the statutory financial
statements as part of the other Information. As a rule, the text of
this report wiil be the same as that issued earlier. The documents to
be made public by filing at the offices of the Trade Registrar wiil
consist of the statutory financial statements, the directors' report
and the other Information. The auditor's report which refers to the
unabridged financial statements wiil then have to be incorporated in
the other Information. If consideration of the financial statements by
the AGM does not result in any amendments, the auditor's report
may be attached to the financial statements adopted, by the AGM
and, provided the annual report and financial statements are filed
promptly at the offices of the Trade Registrar, pubiished as part of
these annual report and financial statements.
2.1 Board of supervlsory drrectors and board of executlve
dlrectors
2.6 Other menner of publication
in the annual report to be filed with the Trade Registrar,
provided consideration of the flnancial statements by the AGM
does not result in any amendments.
Financial statements for filing at the offices of the Trade
Registrar which have been abridged in accordance with Section
397 of Book 2 of the Dutch Civil Code must be derived from the
flnancial statements adopted by the AGM and a draft version of
these financial statements for filing purposes must be submitted
to us for Inspection.
The auditor's report can also be included If the flnancial
statements are pubiished electronically, such as on the internet.
In such cases, the full flnancial statements should be pubiished
and these should be easily distingulshable from other
Information provided electronically at the same time.
* If the pubiished financial statements are to be included in
another document which Is to be made public, authorization to
include the auditor's report must again be granted by the
auditor.
The auditor usually forwards hls report to the board of supervlsory
dlrectors and to the board of executive directors. This is pursuant to
Book 2 of the Dutch Civil Code. section 393 which stipulates Inter
alla: "The auditor sets out the outcome of hls examination in a
report". "The auditor reports on hls examination to the board of
supervlsory directors and the board of executive directors".
2.2 Annual General Meeting (AGM)
Publication of the auditor's report will only be permitted subject to
the auditor's express consent. Publication Is understood to mean:
making avallable for circulatlon among the public or to such group of
persons as to make It tantamount to the public. Circulatlon among
shareholders or members, as approprlate, also comes within the
scope of the term "publication", so that Inclusion of the auditor's
report in the annual report to be tabled at the AGM similarly requires
authorization by the auditor.
2.3 Auditor's reports and flnancial statements
The authorization concerns publication in the annual report
Incorporating the financial statements that are the subject of the
auditor's report. This condltion is based on the auditors' rules of
professional practice, which state that the auditor will not be allowed
to authorize publication of hls report except together with the
flnancial statements to which this report refers.
The auditor will also at all times want to see the rest of the annual
report, since the auditor is not allowed to authorize publication of hls
report if, owing to the contents of the documents jointly pubiished,
an incorrect Impresslon is created as to the significance of the
financial statements.
2.4 Events between the date of the auditor's report and the
AGM
Attention should be paid to the fact that between the date of the
auditor's report and the date of the meeting at which adoption, as
approprlate, of the financial statements is consldered, facts or
circumstances may have occurred which materlally affect the view
given by the financial statements. Under COS 560, the auditor must
perform audit procedures designed to obtain sufficiënt audit
evidence to ensure that all events occurring before the date of the
auditor's report that warrant amendment of or disclosure in the
financial statements have been Identlfied.
The financial statements may also be pubiished other than by filing
at the offices of the Trade Registrar. In that event, too, inclusion of
the auditor's report is permitted, provided the financial statements
are pubiished in fuli. If publication concerns part of the financial
statements or If the financial statements are pubiished in abridged
form, publication of any report the auditor has issued on such
financial statements wiil be prohlbited, uniess:
a. He has come to the conclusion that, in the circumstances of the
case, the document concerned is approprlate
Or
b. Based on iegal regulations, publication of the document
concerned is ali that is required
If iess than the fuil financial statements are pubiished, further
consultatlon with the auditor is essential. If the financial statements
and the auditor's report are pubiished on the internet, It should be
ensured that the financial statements are easily distingulshable from
other Information contained on the internet site. This can be
achteved, for example, by inciuding the financial statements as a
separate file in a read-only format or by inciuding a warning message
when the reader exits the financial statements document.
2.7 Inclusion in another document
If the pubiished financial statements are to be included in another
document which is to be made public, this Is consldered a new
publication and authorization must again be obtained from the
auditor. An example of this situation is the publication of an offering
circular which includes the financial statements, after these financial
statements have been filed at the office of the Trade Registrar
together with the other annual reports. For each new publication,
authorization must again be obtained from the auditor.
2.8 Events after the AGM
Even if facts and circumstances have become known after the
adoption of the financial statements as a result of which they no
longer give the statutory true and fair view, the auditor must stand
by the report issued on the financial statements as adopted and by
the auditor's report filed at the offices of the Trade Registrar. In that
event, the legal entity is required to file a statement at the offices of
the Trade Registrar on these facts and circumstances accompanied
by an auditor's report. In this situation, too, further consultatlon
with the auditor is essential.
2015
Annual Report
- NN Investment Partners B.V.
NN investment
partners
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Annual Report contents
Board of Dircctors' report 3
Balonce
sheet
7
Profil and loss account 8
Stotement of cosh flows 9
Principles of voluotion and determinotion of results 10
Notes to the balonce sheet 11
Notes to the proftt and loss account 16
Signing by the Boord of Directors 19
Other
Information
20
For identifMatfbn purposês only
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Board of Directors' report
Company profile
NN Investment Partners B V. is a Dutch iegol entity prlmanly engoged in coilective end Individual portfolio management activlties NN Investment
Partners BV acts os manoger of all Dutch NN investment funds, as boord member of certain NN investment companies (NN Paraplufondsen)
and os investment manoger/odvlsor for proprietary ossets (NN Group ossets) and the ossets of third porties (institutional dients) NN
Investment Partners B V. is engoged in rendering investment management services abroad. including the management of the ossets of foreign
investment funds The company hos been oppointed os Global Distributor by the management company of the Luxembourg based NN SICAVs
Also NN Investment Partners B V's distribution platform 'Fitvermogen' enobles retail dients to invest in NN Funds
NN Investment Partners BV has been licensed since May lith 2006 pursuant to Section 265 Wft (management of non-UCITS funds) and hos
been licensed since June 6th 2014 pursuant to Section 2 69b Wft (management of UCITS funds) The company Is under supervision of the Dutch
Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB) The 2 65 Wft license was converted to an AIFMD license os of July
22nd 2014. In the course of 2015 an extension on the licence was gronted, authonzing NN Investment Partners B V to provide investment odvice
and individual portfolio management services
NN Investment Portners BV is under regulation of the AFM (and DNB with regards to the prudential supervision) and a prior reliability ond
suitability ossessment of its Board Members is required for their appointment in the Board of Directors
NN Investment Partners B V hos established branch offices in Germony, France. Spain. United Kingdom. Romonia and the Middle East
Governonce
Dutch law requires thot fund management companies toke care of independent supervision on the execution of its policies and the procedures
and systems of the monagement company The Dutch osset management industry ond its branch organisation are dedlcoted to self-regutation
on this area. which has resulted in the compliance of tho Dufas Principles of Fund Governonce These principles are the Industry-wide
interpretation of the legal requirements on sound management os mentioned in the "Wet op het financieel toezicht",
The shareholder of NN Investment Partners B V, as well as NN Group oims to have on adequate and balonced composition of the Management
Boord of NN Investment Partners BV Thereto. it oims to achieve o gender balance by hoving at leost 30% men and at least 30% women
omongst the members of the Baard However, seeing that the shareholder of NN Investment Partners B.V needs to balance several relevant
selection criteria when composing the Board, the composition of the Boord of NN Investment Partners B.V did not meet the above-mentioned
gender balance in 2015 The shareholder of NN Investment Partners B.V, will continue to strive for on adequate and balanced composition of the
Boord of NN Investment Partners B.V, in future oppointments, by taking into account oll relevont selection criteria including, but not limited to,
gender balance
Financial situatiën and result 2015
Gross income from operations increased to € 255 2m (2014 € 94 9m) The mam reason for the increosed gross income was due to the merger
of the Dutch offiliated Iegol entities AZL Vermogensbeheer B V. and NNIP Insurance Companies B.V (formerly known as ING AM Insurance
Companies B.V) and the demerger of NNIP Asset Management B V into NN Investment Partners B V
The fee and commisslon expenses and other operating expenses for the yeor increased significantly to € 68 6m (2014. € 24 6m) also as a result
of the de(merger)
For 2015 the positive result before tox generoted by NN Investment Partners B.V amounts to €1866m (2014- € 70 3m)
Risk fdanagement
Mettiodology
The NN Investment Partners BV (NN IP) organisation presents several "In Control" statements (eg iSAE3402) to dients. sharehoiders.
regulators and other stokeholders For thot purpose NN Investment Partners B.V. uses an integroted approach and governonce. The 'In
Control" statements ond the work performed for these statements (Risk assessments, Control testing, Evaluoting testing results) form lorgely
also the basis for this risk poragraph NN Investment Partners B.V. is internaliy governed by a management board On this boord all functional
llnes within the organisation are represented The IMC is responsible for maintaining a governonce framework that encourages a strong control
environment and contributes to integrity. ethicol values and operational excellence
For identiftca|;»on purposês only
NN Investment Partners B.V. 2015 Annuoi Repon
Ernst & Young AeeSnnratlts LLP 3
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Board of Directors' report - continued
The most significant risks and control measures
For NN Investment Partners B V, the risk oppetite is definod os the acceptoble and authorised maximum ievel of risk in each of the risk areos in
order to ochieve its business objectives within approved budgets The nsk areas ore categorised in the folowing areas
• Strategy
• Operating octivities
• Financial position
' Laws rules and regulotions
Strategy
The strategie nsk is included implicitly os part of business risk As a result of the credit crunch, NN Investment Partners B V hos performed an
assessment on the total outflow The outflow of the funds under the Europeen scape was relatively limited Bosed upon this no necessity orose
to close ony fund and the business impact therefore remained smaii The company saw almost no volatility in revenues This hos been ossessed
ond. combined with the cost contoinment at iMC and underlying departments' tevel, we fjelieve this risk is sufficiently controiied
Operating octivities
In this section we take into account several stress tests to see whot the operotionol impact will be and relate these scenarios to the impact of
our capital
Fraud
The risk of internol fraud inherentiy is within eoch business unit with employees The usuai mitigoting measures within NN IP, such as segregation
of duties between portfolio management, trading desk and back office, limit the octuoi risk of internoi froud There is however olways the risk of
internol fraud from overriding or bypossing the internal controls The company regards this os a limited risk Important to note is the segregation
of ossets, no physicai ossets can be stolen as these ore held by the custodians who only act upon instructions foilowing the process with the
segregation of duties.
- Conflicts of interest
A possible scenario could be to have a conflict of interest enocted through the transfer of securities between two funds, where the purpose is to
hove interest of one dient more ot heart than another dient. This may resuit in claims from clients, reputotion domoge or fines from the regulator
Controls within NN iP to prevent this from happening are the involvement of Compliance and Risk in fund restructuring guiding principles, as
described in the Affilioted Tronsoctlons Policy. where specific rules obout cross-trades are stipulated
Suppller Foilure
A critical third-party suppiier failing to provide the Ievel of service desired and contracted for. can cause operationai disruptions, potential
iitigation costs ond severe deciines in the quaiity of customer service Potential impact could be the loss of reputotion, higher cast of o new
service provider or cost of externoi staff when toking the activity back on o temporary basis. The company has controls in place thot mitigote
the risks, such as pre contract partner due diligence investigation. monitoring sen/ices provided, including potential breaches of mandates and
the outsourcing contract, regular Service Level Management ond internal review of the control reports from the service suppliers
- Partnership Failure
Default of 0 major partnership provider of critical services may resuit in disturbance of critical octivities untii exit/cantingency strotegies con be
enacted in order to mitigate this risk a number of measures ore in place including the monitoring of credit worthiness of partners, cleoriy
documented exit and contingency strotegies and iimits on counterparty exposures including independent monitoring of these limits
Pandemic
Outbreak of o globai pandemic of influenza can affect o lorge fraction of critical staff at NN IP and/or business partners and consequentiy
impact the business' operotions. Essentlal to reducing the impact of the pandemic is to prevent viruses spreoding across critical staff by
preventing them from physicolly interacting at the same place with staff that have been infected Such measures include the spreading of staff
of critical departments across independent sections of the office, working from several offices and hoving criticoi staff work from home The last
meosure hos olreody become common proctice within NN iP.
- Marketing of products
Deficiencies In the deveiopment, design or approvol of investment products can lead to loss of new business, finoncial losses or o liabiiity gap for
the firm This affects all eiements of the product including marketing moterial A complicoting factor is the differing local requirements on
products ond services This may resuit in reputotionai damage or regulatory fines
Measures to seriousiy reduce the impact of this scenario ore twofoid On the one hand NN IP hos implemented o solid product approvol process
covering oil new or omended products Invoiving control functions like Risk and Complionce Furthermore Compliance is involved in the
production of ail marketing materials ^
NN Investment Partners B.V. 2015 Annuol Report
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Board of Directors' report - continued
Financial position
The finoncial position risk pertoin to the balance sheet of NN Investment Partners BV os well of the revenue streoms.
- Credit and counterparty risk
The credit and counterparty risk exposures that NN IR has on its own balance sheet are lorgely related to recelvables and deposlts Recelvobles
consist mainly of dient invoices Client profiles (osset management clients usually have osset surpluses) historically hove shown thot defoults of
counterparties, os well os the loss given defaults, are very rore
- Earnings at risk
NN Investment Partners BV s most Important finonclol risks Involve losing clients due to poor performance, non-complionce with laws and
regulotions and operotionol risks in the investment processes. odministrative processes ond IT Other nsks relote to worsening markets and thus
decreasing ossets under management and related income (for exomple os a result of rislng interest rotes), while the cost base Is lorgely fixed
On the other hond, as NN Investment Portners BV only monoges third party and related party ossets, the credit. Iiquidity ond cash flow nsks ore
borne by the clients, NN Investment Partners B V occepts the risks of morket Impact on lts ossets under management ond the reloted Income
derived
Laws. rules and regulotions
Both the boord of NN IP and the Manogement Boord of NN Group are committed to preserving its integrity ond reputotion Therefore. NN
Group requlres oll lts businesses to have o good under-stonding of and odherence with opplicable laws. regulotions and stondards In eoch of the
markets ond jurisdictions in which it operotes NN IP hos odopted the NN Group Complionce Charter ond Framework to help businesses
effectively menage their complionce risks An overvIew of relevant locol lovrs ond regulotions ore covered in NN IP locol Complionce Chorts The
Complionce Chorts describe the complionce risks whlch ore moteriol ond relevant to NN IP.
Comploints ore olso on important element of event identlficotion A comploint hondling ond response procedure is ovoiloble and the process has
been Implemented Our Client Servicing team Is awore of the procedures surroundlng the receiving of comploints Complolnts handling is deolt
with In employee training ond communicoted by manogement to employees
Also 0 Whistleblower procedure Is ovoiloble ond reporting of Whistleblower coses Is implemented Whistleblowing reporting officers have been
oppointed and Instructed There Is o documented methodology for Investlgotlon that protects oll involved porties during the process
To ollow the complionce function to perform its duties, it has direct reporting lines to both the boord and Corporale Legol & Complionce of NN
Group
Impact on the finoncial position and result in case significant risks would moterialize
As O result of vorious finoncial crises, dynomics of the Investment morket chonged significontly ond morket circumstonces have become more
volotile ond unpredictoble We however feel thot. considering olso our losses from incidents related to the morket circumstonces in the lost 7
yeors. the current copital is sufficiënt to cover for future losses from operotionol incidents Besides these operotionol losses we olso used stress
scenorios on our gross revenues ond operoting results from morket circumstonces These stress tests olso led to the conclusion thot our current
capita! IS sufficiënt to obsorb market shocks
- Risk and uncertainties that had a significant impact during the year
During 2015 the finoncial morkets hove been highly volatile The market impact on the Asset under Management of NN Investment Partners BV.
have been significont This has negatively impocted the revenue during the yeor
- Improvements to the risk management systems
During 2015 the risk manoged systems undergone updates ond smoll improvements No significont chonges to the risk management systems
were undertoken os NN Investment Partners B V believes to be in control of the opplicoble risks
Key Developments 2015
In relotion to the IPO of NN Group in 2014 o rebronding program hos been executed As port of this rebronding program, the business line ING
Investment Management was rebronded into NN Investment Partners The name of the compony chonged from ING Fund Monogement B,V. Into
NN Investment Partners B V effective os of April 7'^ 2015
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NN Investment Portners B.V. 2015 Annuol Report
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Board of Directors' report - continued
With the introduction of the new brand it was onnounced thot NN Investment Partners would continue to pursue further opportunities to
improve the (legal) orgonization
• As of April 15,2015 the Dutch affiliated lego! entities AZL Vermogensbeheer BV and NNIP Insurance Companies BV. (formerly known as
ING AM Insurance Companies B V.) merged into NN Investment Partners B V
• Subsequently NNIP Asset Management BV partially demerged Into NN Investment Partners BV effective as of June 8.2015 As a result
most of the rights. duties and obligations (inciuding the octivities of most bronch offices) of NNIP Asset Monagement BV have been
outomatically and entirely tronsferred to NN Investment Partners B V,
As 0 result of a periodical evoluotion of the costs applicoble to the P and N share classes as well os an assessment of future oosts. NN
Investment Partners B V decided to olter the fixed service fees opplicoble to the relevant share classes os of July Ist, 2015
Two new funds were lounched in 2015. the NN Dutch Residential Mortgoge Fund (AIFMD regime) and the NN First Closs Selective Possive
Return Fund (UCITS regime) In close partnership with NN Bank. the NN Dutch Residential Mortgages Fund is providing access to Dutch
mortgages accommodoted by NN Bank The NN First Closs Selective Possive Fund has been lounched to meet morket demand in Dutch
pension space for DC possive solutions End of 2015 NN Investment Partners BV was monoging 70 funds of which 47 funds ore governed by the
UCITS regime and 23 are governed by the AIFM Directive regime
Outlook 2016
The long term ambitions of the company ore to achieve top quartile customer satisfaction scores in the vorious customer segments that we
operote in. become o leoding osset manager by size and profitobility within our peer group. and to provide employees with on open, diverse and
stimulating work environment The product strotegy of the company hos been oligned with the overall strategie goals, resulting in the definition
of several key pockets that will drive future growth enhonced by ESQ considerotions across the product ronge and volue choin
In order to maintain profitobility while at the some time investing in new and promising product oreos and dient initlotives. NN Investment
Partners B V Initioted o restructuring program In 2015, under the header Focus, Simplify and Optimise As a result, o number of octivities will be
rightsized while at the some time the appropnote octivities will receive more focus and attention A key strategie agenda Item for 2016 wili be
the delivery of this program, resulting In an organizotion thot is reody to benefit from important morket trends, without jeopardizing current
business in force, and hence securing the future of NN Investment Portners B V as o significant contributor to the growth of NN Group N V.
The Hague, 29th of April 2016
fhc Board of Directors
C.E.M Beckers
D.G.Keiller
J W van der Wol
M C,W. den Hollander
M O Nijkamp
BGJ van Overboek
MC. Vink
J W.F. Stoter
NN Investment Partners B.V. 2015 Annuai Report
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Balance Sheet
Balance sheet
As ot 31 December
Amounts In EUR
iiourj
2015
2014
129294
164,367
0
0
303013
0
0
Fixed ossets
Finoncial fixed ossets
t
Tongible fixed ossets
Intongible fixed ossets
¦i
Totol fixed ossets
^ 9.352
Current ossets
Debtors
Group Compomes
Other ossets
Cosh ond cosh equivalents
Totol current ossets
Totol ossets
;
38271.232
8.233,151
262.533,067
76.518.661
62,927,515
0
1399,967
0
365.131.781
84,751,812
365,434,794 84,751,812
Equity
Shareholders' equity
Issued and poid-up copitoi
Ölher reserves
Totai equity
193375
193.385
262,246,959 70.756.615
i^44Ö,344 7Ö,949l99Ö
Liabilltles
Provisions
1.31B218
2958557
Current liabilltles
Creditors
taxes
Ötber iiabiïilies
totqj liabilities
Totol equity ond liabilities
570341
8.974.681
3769 946
14152.538
6 502978
78549013
101,676,232 10,843^65
365,434,794 84.751,812
For identific^^ purposes onfy
Ernst & Young Acctiü^nts LLP -t
NN Investment Partners B.V. 2015 Annual Report
SlUnH'h; jiv i>!C'
'.'V
Profit and loss account
Profit and loss account
For ihe yeor ended 31 December
Amounis in EUR
iwres 2015 2014
Gross manogement fee and commisson rncome
Fee ond commission expenses
t¦
Otfier operaling expenses
P.
Net resuftfrom operations
Financiol income ond expenses
Result from operations before tox
Income tox
Net result from continued operations
Apprcpnation oi the result
Add to other reserves
NN Investment Partners B.V, 2015 Annual Repon
255213358
94.87t.314
-46,744706
-11033,724
-21,887,651
-13.537,476
186^1,001
70,300.115
-1,067
-50109
186579.934
70,250.005
-47,201,307
•17.591,689
139,378.627
52.658,316
2015
2014
139,378.627
52,658.316
Bouiti of DirectOiS
Sigmnti by tlie Booi O
I Oi'tl.M 1
oi Diieciois
Ufiit^i iüforiHCitiOfi
Statement of cash flows
Statement of cash flows
For the yeor ended 31 December
Amounts in EUR
2015
2014
139.378,627
52658316
-1.640339
2958.557
Cash flows from operatlng actlvities:
Result from opeiotions ofter tox
Adjustments for Provisions
Chonges in
Debtors
-30,038.082
3,571237
Group componies
-186014.406
-8.212592
Other ossets
-62927515
-780.565
Current liabilities
90,832958
372 878
45044
-5599945
0
0
3,364
197,111.717
0
0
147,124,256
44,775,007
Chonges in
Dividends received
Depreciotion tongib'e fixed ossets
Depreciotion intongible fixed ossets
Tronsfer of ossets ond liobilities due to de(merger)
Net cash ftow from operatlng octivities
Cash flows from Investmenl activltiGs;
224.993
Movement in secunlies
-195,700
Transfer of fixed ossets due to de(merger)
Acquisition of fixed ossets
""502.172
O
Transfer of finoneial fixed ossets due to de(merger)
~m,299"
Net cash flow from investing activitles
224,993
Cash flows from financing oclivities
Dividend poid -145Öo5,OÖO -45.000.000
10
Issuonce of shores
0
-144,999,990 -45,000,000
Net cosh flow from financing octivities
Net cosh flow
Cash ond cosh equivolents os ot the beginning of the period
1,399,967
0
0
0
Cash and cash equivalents as at the end of the period 1,399,967 O
For identlfica^ purposés only
NN Investment Partners B.V. 2015 Annuo! Report
Ernst & Young AcccwrantS LLP Q
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Principies of valuotion and determination of results
General
NN Investment Partners B V is through o number of group componies o wholly-owned subsldiary of NN Group N V,, (its Immediote porent is NN
investment Partners Hoidings B V.) situoted in The Hague, Aii omounts ore in euros uniess stoted otherwise
Principies of valuotion of ossets and liobilities and the determination of results
The 2015 finoncioi statements of NN investment Partners B V ore prepored in occordance with genercliy occepted accounting principies
inciuded in Port 9. Bock 2 of the Dutch Civii Code For the profit and ioss account the categoncol ciassification is appiied,
The cash fiow statement has boen prepored oppiying the indirect method The merger of the iegal entities AZL Vermogensbeheer B V and, NNiP
Insurance Companies B V, as weii as the demerger of NNiP Asset Management BV. hos been processed according to "carry over occounting"
principies
The finoncioi statements of NN investment Partners BV ore inciuded in the consoiidated financial statements of NN Group NV
Basis of preporotion
If no explicit accounting poiicy is given for on individuoi item on the balonce sheet and profit and loss account, the item is accounted for ot fair
volue
Finonciai fixed ossets
investments in porticipations ore vaiued ot the net osset voiue per 31 December 2015 and translated at year-end foreign exchange rate. The
resuit of the foreign porticipations is translated at the average rote For participations, which ore vaiued at net osset value, but no controi con be
exercised on dividend poiicy, the unpoid results are added or removed from the legai reserve participations, if the cumulative resuit is positive
Tangible and intangible fixed ossets
Tangibie and intangible fixed ossets ore vaiued at the cost price model The corrying voiue is cost price minus depreciation or amortization
Assets and liabihties
Cash and provisions are at nominai vaiue and receivabies, group companies, debtors, other assets and short term iiabllities ore at omortized
cost
Foreign currencies
Transoctions in foreign currencies ore translated to the respective functionol currencies of the foreign cntilies ot the exchange rate ot the dates
of the transoctions. The foreign currency gains and iosses orising on the monetary assets and iiobiiities are inciuded in the profit and loss
account.
Taxes
Aii taxes ore caicuiated bosed on the current tox iegisiation.
Income and expenses
Ail income and expenses ore oiiocoted to the finoncioi period to which the income or expenses reiates
Comparotive finonciols
Bolonce sheet accounts hove not been restoted ofter the merger of the obove mentloned entities in 2015
Exchange rate agoinst euro as ot 31 December
US dollar
(USD)
Bntish pound
(GBP)
(CZK)
(DKK)
(HÜF)
Czech crown
Danish crown
Hungorion forlnt
Joponese Yen
(jPY)
Romanio Leu
(RON)
(SEK)
(THB)
(AED)
Swedish Crown
Thoi boht
United Arob Emirotes Dirhom
20t5
2014
108900
0734400
2702000
7462500
3155200
1311400
4 523300
9184600
1215000
0778622
2771050
7445500
3154260
1451190
4482803
9384296
3997350
4462756
3924760
3999900
For identlficat^^fjurpo^s onfy
NN Investment Partners B.V. 2015 Annuai Report
Ernst & Young Accoupslrtts LLP IU
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Notes to the balance sheet
1 Financial fixect ossets
Financial fixed ossets
2015 2014
NN Investment Poaners Belgium S A
NN Investment Portners Luxemljourg S A
77
0
129.217
0
0
129,294
Toto!
NN Investment Partners BV. holds one share at 77 Euro per share of NN Investment Partners Belgium S A,
located In Brussels, Belgium This represents O 0001% of this Belgium entity
Due to the portiol demerger of NNIP Asset Management B V into NN Investment Partners B V the financial fixed
ossets Increased from €0 in 2014
NN Invesiment Partners Belgium S A
Ö"
O
cT
ff
"ö
O
Bolonce os of 1 Jonuory
Resuïl current yeor
transfer of porticipotions due to the de(merger)
Dividends recewed
77
Ëkilance as of 31 December
O
O
On Ist June 2015, NN Investment Partners BV were tronsferred the share of NN Investment Partners Belgium 5 A
from NNIP Asset Management BV.through the demerger process mentioned obove
NN Investment Partners LuxemlxurgSA
O O
" cT
O
'502.09^
T
Bolonce os of 1 Jonuory
Rosull cutrent yeor
tronsfer of porticipotions due to tho de(merger)
-372,878 O
Dividends received
"129017 Ö
Bolonce os of 31 December
On 8th June 2015, NN Investment Partners B V were tronsferred 227 shores in NN Investment Partners Luxembourg S A by NNIP Asset
Management B V, through the demerger process mentioned above this represents 3 37% of the total shares of Luxembourg
2 Tongibte fixed cissots
Tongible fixed ossets
2015 2014
Cumulotive cost volue os of 1 Jonuory
Cumulotive depreciotion os of 1 Jonuory
Book volue os of 1 Jonuory
Cumulotive cost volue tronsferred from the defmerger) 213,592
-30608
Cumulotive depreciotion tronsferred due to the defmergor)
26,427
Investments
0
0
Book volue os of 31 December
164.367
0
0
Cumulotive cost volue os of 31 December
240,019
0
Cumulotive depreciotion os of 31 December
-75,652
0
0
-45,044
Depreciotion
164.367
Toto!
Tongible fixed ossets relote to office equipment and the depreciotion methcd used is ollocating the percentage of the osset occross the period
in which it is utilized Referred to os the straight line method The period of depreciotion reiotes to 2 to 5 years
For identiflcatjhwvpurposes ohfv
Ernst & Young Accoiirft^iS LLP -j-j
NN Investment Partners B.V. 2015 Annuoi Report
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Notes to the balance sheet ~ continued
3 Intangible fixeci cissuts
Intangible fixed ossets
2015 2014
Cumulative cost value as of 1 Jonuary O O
CumutalivedepreciaiionosoTi
ianuary
BookvalueasoflJanuary
O
O
O
O
Cumulative cosl volus Ircnsferred due to the de(merger) 14,972 O
Cumulative depreciation tronsforred due to the do(mergor) -2 256 O
investments
Depreciotion
Bookvalueasof
31
Ö
O
-3364
December
O
9,352
O
Cumulative cost value as of 31 December 14 972 O
Cumulative depreciation os of 31 December -5.620 O
Totcl
^
Intangible fixed ossets relote to an liccnces and development of a software application for mobile phones of clients The depreciation method
used is oliocoting the percentage of the osset accross the period in which it is utilized Referred to as the straight line method The period of
depreciation relates to 3 years
4 Debtors
Debtors
2015 2014
Management fee to be received 38 271,232 8.233151
Totcl
debtors
'
38,2703?
8,233,151
Within management fees received is an omount of € 16,275.825 (2014 € 0) for group componies. The increose
relates to the de(merger) of group entities in 2015
5 Group Componies
Group Companies
2015 2014
Inlercompony occount NN Investment Partners inlernotionol Holdings B V 258 534.170 76,518,661
IntercompanyaccountNNIP Beleggersgiro BV 8998,897 O
Totcl Group Componies 262,533,067 76,518,661
For pyrposés eniy
NN Investment Partners B.V. 2015 Annuol Report
Ernst SYoungA^SrlrarttstlP "12
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Notes to the balonce sheet - continued
6 Other cissets
Other ossets
Receivobles
Receivables branches
Other ossets
Provision for receivobles
Prepoyments
Revenues for the yeor to be billed bronches
Totol
other
2015
2014
35,937,606
740996
0
0
329,381
0
-797852
21.659979
0
0
0
5.057,415
ossets
62,927.515
Ö
The provision for receivables relotes to on Indian tox ossessment claim to be recovered
Within receivables is an amount of € 30.659.530 (2014 was € 0) for group companles, while in revenue to be bllled for the yeor Is on amount of
€ 8,102,460 (2014 wos € 0) for group compomes The increose relotes to the merger of group entitles in 2015
The prepoyments relotes to the upfront commissions poid to distributors for the sole of o certoln shore closs reloting to specific fund ranges NN
Investments Partners poys this upfront commission to these distributors ond recovers the commission over 3 yeors vlo the increosed
monogement fee opplicoble to thIs shore closs
7 Casli and cash equivalents
Cash and cash equivalents
2015 2014
Cosh ond txink bolonces
236.436
0
Cash and bonk tialances bronches
1.163.531
0
1,399,967
0
Total cash ond cash equivalents
The cash ond cash equivalents ore ot the free disposol of NN Investment Partners B V
8 IssuecI and pciici-up copilcil
Issued and paid up capitol
38,677 shores of € 500 eoch
2015
2014
193385
193375
NN Investment Partners International Holdings B V Is shareholder of oll issued shores An odditlonol 2 shores of € 5 00 eoch were issued on the
8th June 2015 to the obove porent in relotlon to the de(merger)
9 Other reserves
Other reserves
70756615
2014
63098299
-145000,000
-45 000.000
6335781
0
2015
Balonce os of 1 Jonuory
Dividend poid
Transfer of other reserves AZL Vermogensbeheer B V due to merger
T ronsfer of other reserves NNIP Insurance Companies BV due to merger
Transfer of other reserves NNIP Assel Management B V due to de(merger)
T ronsfer of result branches NNIP Assel Management BV due to de(merger)
102,481,823
0
87.144.981
0
1,149.132
0
52,658316
139.378 627
Appropnation of resull
Balonce as of 31 December 262,246,959 70,756,615
NN Investment Partners B,V, 2015 Annuol Report
6ull<fingabeH?f
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Notes to the balance sheet - continued
10 Piovisions
Provisions
Proviaon lor Fund Tox Assesmenl
2,958.557
2014
0
0
3756.419
2015
Balance os of 1 Jonuory
Additions
Release
Balance as of 31 December
-1640339
-797.862
1,318,218
2,958,557
NN Investment Partners BV decided to indemnify the NN Emerging Markets Equity (EME) Fund for a capital gains tox assessment thai was
Imposed by the Indien Tox authonties and was paid by the EME Fund
The EME fund filed an appeal In India on the copital gems tax assessment In case the appeal is successful, NN Investment Partners B.V hos the
right to be disbursed by the EME Fund for lts odvonce poyment of the Indien capltol goins tox In 2016 the Indian Tox outhority ruled In fovor of
the EME fund on unpaid tox assessment for the period T' April 2012 end 3T' Morch 2013 The part of the provision related to the unpald port of
the tox assessment for the remoinlng periods remains until a further assessment Is mode
Tl Crociilois
Credltors
2015 2014
570.341
6763928
2210753
0
Credltors
Credltors brunches
Balance as of 31 December 8.974.681 570.341
Within credltors Is on amount of € 6288.210 (2014 was € 403,476) for group componies
The increase rclotes to the de(merger) of group entities in 2015
12 Taxos
Income laxes
Income lax
2015 2014
Tax
47,201.307
Transfer tax payoble group componies
7890848
26621
3 811228
17494349
0
0
-44,736.184
-17535.631
3769946
Balance as of 1 Jonuory
Transfer tax poyable Branches
Settled with NN Investment Partners Imernotional Holdings BV
Balance as of 31 December 14,152,538 3,769,946
Income tox will be settled with NN Investment Partners International Holdings B V based on commercial profit at statutory tax rate The
statutory Dutch income tox rote In 2015 was 25.0% (2014 25,0%) The effectlve income tox rate in 2015 was 25 3% (2014 25 0%)
The average statutory tax rate has increased slightly due to the demerger of NNIP Asset Management B,V, with lts associated branch actlvlties
in various locations with differing tax rates Hence the effective tax rate is higher than the local Dutch statutory tax rate of 25%
For ldentif(cattoft^ürpOSe$ onSv
Ernst & Young LLP -i a
NN Investment Partners B.V. 2015 Annuoi Report
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Notes to the balance sheet - continued
13 Other licibilities
Other liobilities
2015
2014
Other liobilities
1,605,599
1.541,629
Other liabilities branches
5250435
Soles fee payoble global distribuiion activities
13.738.684
0
4309128
586715
0
0
Trailer fees payoble
1558,224
45150.015
0
0
2,727105
Monogement fees poyable
Sub management fees poyable
5226.915
Sales fee poyable
3.196264
Trailer fees payoble global distribution activities
Rebale
poyable
95,772
65,506
ifotol otherliabiiities re.549,Ö13 6.50:^978
Within totol other liabailities is on amount of € 57,545.127 (2014 was € 2.482,261) for group companles The increose relates to the defmerger) of
group entities in 2015,
Off bolanco sheet commitmonts
Tax commitments
NN Investment Partners BV, is in o fiscal unity with its indirect parent NN Group NV along with oll its Dutch subsidiaries
NN Group N V and its subsidiaries. thot form part of the fisca! unity ore jointly ond severally liable for toxotion poyable by the fiscal unity
NN Investment Portners B.V. 2015 Annual Report
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Notes to the profit and loss account
14 Gross management fee and comniission income
Gross management fee and commission income
2015 2014
Manogement fees 207186783 94344,112
Sub
manogemenl
Performance
Soies
fees
Secumies
(ees
fees
'
fees
fees
Otfienncome
267,842
289
240
1,347.791
IT
271
457
O
O
19,901343
lending
Advisory
25,980.071
Ö
Ó
527,202
totol gross manogement fee and commission income 255^13,368 94,8A314
2015 2014
~~ 239B34rë 935lÖ,997"
Ëuröpe'"
Asio
USA
fotol
"
"
'
12181314'
'3408
566''"
255,213.358
Ö
960.317
94,8n3Ï4
The main items mentioned above ore os foltows
Management fee
The management fee relotes to fees received for NN fnvestment Partners B V for monoging the ossets of the
dient throughout the yecr
Sub manogement fee
The sub management fee relates to fees received for NN fnvestment Partners B V for co-monoging the ossets of
the dient with ether managers either internol crexternol throughout the yeor
Soles fee
The safes fee relotes to fees received for NN Investment Partners B V for selling the funds monoged on behalf of
the dient throughout the yecr.
'!5 Fee and commission expenses
Fee and commission expenses
2015 2014
Ivtanogement fees paid
Sub manogfiment fees poid
7.343,936
11,033723
13 586 764
0
0
0
0
0
83,539
Advisory fees pad
Soles fees poid
4,778106
Trailer fees pad
17818,695
Rebate
3,133,666
Totol fee and commission expenses 46,744,708 11,033.723
The moin items mentioned obove ore os follows
Management fees
The management fee relates to fees paid by NN Investment Partners B V to Internol and external managers for
monoging the assets of the dient throughout the yeor
Sub management fees
The sub management fee relates to fees poid by NN Investment Partners B V, to internol and external managers
for co-manoging the assets of the dient throughout the yeor
Trailer fees
The trailer fee relates to fees poid by NN Investment Partners B V to external disbributors for selling the funds
monaged on behalf of the dient throughout the year
For identlfl^lbfi'purposis Pnïy
NN Investment Partners B.V. 2015 Annuol Report
Ernst & Young^^eCwntarits ULP 16
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Notes to the profil and loss account - continued
16 Othet operating expenses
Other operating expenses
Total expenses branches
2015 2014
0
738674
0
319,804
0
82994
0
0
3345865
0
9.464.877
Fixed service fee costs
10.998,299
8.033,581
1,424,475
5,503,895
21.887.651
13.537.476
Solorles expenses
4.977.540
Social securities
Pension expenses
Expenses share bosed compensatlon
Direct costs bronches
Other direct costs
Total other operating expenses
An amount of €78,147 including VAT (2014; € 17,033) hos been taken into account for oudit fees Due to the de(merger) of entities disclosed
eorlier the audit oosts have increcsed for 2015
The fixed service fee costs relote to the Dutch fund costs for certoin shore classes In the Dutch fund range. These costs ore paid by the
company and a fixed service fee revenue item ollocated os additionai management fees are recelved tooffsets these costs
Shore Bosed Compensatlon
Included In the solaries expenses are the expenses for Share Bosed Compensatlon for staff In the branches of NN Investment Partners B,V
The shares ore granted to o number of senior executlves and to a considerobie number of employees The purpose of the shore schemes, is to
ottract, retain and motivate senior executlves and staff
Shore awords comprise deferred shares and (until Morch 2014) performance shares The entitlement to the deferred shares and performance
shores is granted conditionally, If the porticipont remoins in employment for an uninterrupted period between the grant date and the vesting
date, the entitlement becomes unconditional In oddition to the employment conditiën, the performance shares contain o performance conditlon
A retention period applies from the moment of gront respectively vesting of these owords
17 Financial income cind expenses
Financial income and expenses
2015
Interest and similor income
Inierest and similor expenses
Exchange rate differences
Total financia! income and expenses
2014
0
0
-2394
-2,038
1,327
-48,071
-1.067
-50.109
Exchange rate differences
Foreign currency goins
268247
4.309
Foreign currency losses
-266920
-52,380
1.327
-48.071
Total exchange rote differences
Other explanatory notes
The compony reports 50 employees in 2015, (2014 O employees) This is due to the demerger of NNIP Asset Management B V os o result of
which the activities of the bronch offices of NNIP Asset Management B V were tronsferred to NN Investment Partners B V These bronch
employees now oll work for the bronch offices of NN Investment Partners B V
For identifjcfltiofTjjurposes only
Ernst & Young AcTOuntants LLP . _
NN Investment Partners B.V. 2015 Annuol Report
Byiidirjg a btrttef
worhing worid
17
Notes to the profit and loss account -- continued
Number of employees per branch as of 3112.2015
NN
Investmem
Partners
B
V
Ö"
NN Investmant Partners B.V (Dubai) Branch 3
NN Investmem Partners B V Spanish Branch " "
5
NN InvestmentPartners BV French Branch ~ '9
NN investmem Partners B V UKBrandi " ' '
NN investment Partners BV The Neiherlands.Bucharest Branch
NN investment Partners B V Germon Branch
^
~ 12
AH ether persons of NNI Investment Partners thot perform cctivities for NN Investment Partners BV ore employed by NNIP Personeel BV,
however the solary expenses ore not chorged to this entity, as they are charged to its Immediate parent NN Investment Partners Holdings B V
os with all Dutch employees for oil Dutch group entities
The expense administrotion is performed by NN Investment Partners International Holdings BV
Refoted porties
All related porties transoctions are at arnVs length. Actual reloted party tronsoctions ore reported under the notes for eoch relevant section
obove
NN investment Partners B.V. 2015 Annual Reporl
-• fi'Vtid !.{ O'iectfus Afinuni ^ - ' C)!)!-,-?! UiiOitVïfUjrHi
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¦¦-_¦
Signing by the Boord of Directors
The 2015 finoncial statements of NN Investment Partners BV with o bolcnce sheet totol of € 365,434,794 and o profit ofter tox of € 139,378.627
os well os the notes to these accounts, ore signed occording to the orticles of ossociotion of the compony ond the opplicoble lows ond
regulotions,
TheiHague, 29'"of April 2016
fhe Boord of Directors
CEM Beckers
DG Keilier
J W van der Vt/ol
M C W den Hollander
M O Nijkomp
BGJ vonOverbeek
MC Vink
JVtf F Stoter
NN Investment Partners B.V. 2015 Annuol Report
DuÜdinööbetfijf
worWng worid
19
Other information
Auditor's report
The auditor's report is induded on the next pogo
Stotutory regulations concerning the appropriotion of the result
The result, occording to the opproved financic! statements, is at the disposa! of the sharehoiders' meeting
Profits may only be distributed aft er adoption of the finonciol statements which evidence that the compony's equity exceeds the reserves to be
maintcined pursuont to the low and orticies of ossociation and after the Board of Ivfanogement has opproved the distribution
Dividend Poyment
The company proposcd and paid a final dividend (€ 145,000.000) out of prior yeor oudited profits to its parent entity NN Investment Partners
International Holdings B V on June 30.2015 through the joint current account
Proposed oppropriatlon of the result
The company proposes to odd the finonciol year's result of € 139,378,627 to the other reserves This proposol hos been recorded in the balance
sheet-
Significant events after bolonce sheet date
There ore no significant events ofter balance sheet date
Por IdentlfiCjg^purposes only
NN Investment Partners B.V. 2015 Annuol Report
Ernst 8. Young LIP 20
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