ESE annual report-Today

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The history of the Erasmus School of Economics goes back to the year 1913 when the ‘Nederlandsche Handels-Hoogeschool’

(Netherlands School of Commerce) was established by several entrepreneurial

Rotterdam businessmen with the aim to bring economics and business to a higher level by

way of scientific methods. In 1939 the School changed names and became known as the

‘Nederlandse Economische Hogeschool’ (Netherlands School of Economics). The name change did not mean a change in the practice

orientated way of teaching. Education and research remained its primary focus. By 1973 the Netherlands School of Economics became Erasmus University Rotterdam, merging the

medical campus Hoboken and the social campus Woudestein. Its aim was the establishment

of a vigorous and flourishing university with a prominent Erasmus School of Economics. Nowadays the Erasmus School of Economics is an internationally renowned institute that contributes scientific knowledge to future

economic issues and aims to answer currently relevant issues of concern to government and

firms. We incorporate a wide range of economic expertise as well as keeping strong ties with the

regional and international markets.

In this part of the annual report we will give you a general survey of all the elements

of our School.

ESE'stoday

General survey

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A. ESE-organisation: lean and meanThe Erasmus School of Economics strategically has a clear focus on economics. It is the only school in the Netherlands which explicitly educates business economics. All faculty members are involved in both research and teaching. This allows the ESE to thrive.

The internal ESE organisation is essentially designed per scientific section, but also shows signs of a matrix organisation. The organisation of the primary processes of the ESE is designed along two axes, known as the scientific axis and the educational axis. Centred within the scientific/knowledge axis are the departments; the education management can be found within the educational axis. The ESE activities are mainly organised and directed from within its four departments as well as the education management. The ESE aims to group all its fundamental research in its two research schools accredited by the Royal Netherlands Academy of Arts & Science (KNAW): the Tinbergen Institute (TI) and the Erasmus Research Institute of Management (ERIM). Both research institutes are viewed as instruments involved in the execution of the School’s research policy. Regarding its contract funding (education and research), the ESE is supported by a group of private limited companies which are in turn, part of EUR Holding Ltd.

1. General survey

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OrganogramDean

Departments

Research

Institutes

Vice Dean

Student Council

Examination Board

EducationCommittees

Erasmus ResearchInstitute of Management

AdministrationOffice ESE

EducationManagement

Economics Business Economics Econometrics Applied Economics

Tinbergen InstituteResearch

Advisory Board


B. Statistics of ESE

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General survey


Students 2009/10 2008/09 2007/08 2006/07 2005/06

Registered students 4.470 4.248 4.258 4.396 4.579 Exchange students 99 108 147 116 140

Partner universities that participate 51 53 51 49 51 in student exchange

Educationprogrammes 4 Bachelor programmes (BSc) BSc Economics and Business Economics (including an International Bachelor in Economics and Business Economics, IBEB) BSc Econometrics and Management Science BSc Economics and Taxation BSc Economics and Information Science

4 Master programmes (MSc) MSc Economics and Business (E) MSc Econometrics and Management Science (E) MSc Economics and Taxation MSc Econometrics and Informatics (E) 2 Research Masters (MSc) MSc/MPhil in Economics MSc/MPhil in Business Research

17 Post -experience programmes

Affiliatedresearchinstitutes 2 research schools Tinbergen Institute (TI)

Erasmus Research Institute of Management (ERIM)

6 research programmes Finance and Accounting and International Markets Markets, Organisation and Government Applied Economics Econometrics Marketing Management Science


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MembershipResearchSchools(%) Fellows/membersofTIand/orERIM 2009 2008 2007 2006 Target

71 61.2 63.4 61 80

NumbersofPhDtheses NumbersofPhDtheses 2009 2008 2007 2006 2005

15 26 24 22 24

Finance Finance(x1000) 2009 2008 2007 2006 2005

29,043 27,249 24,837 23,009 24,733

1,518 1,683 1,557 359 241

Personnel ESEPersonnel(31/12) 2009 2008 2007 2006 2005

Numbers 405 361 371 322 314

FTE 279,97 258,7 258,4 242,3 230,6


2. Social annual report

Social annual report

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A. Development of personnel In the 2008 Annual Report it was mentioned that ESE still had a number of job openings. The figures for 2009 show that, in spite of a very tight labour market for economists, the vacancies have at least partially been filled. On the reference date, December 31st 2008, 361 people (258.68 FTE) were appointed in ESE. On this same date in 2009, 405 people had been appointed (279.97 FTE). One of the goals set is to have 80 PhD students appointed in ESE at any given point in time. By the end of 2009, this goal was achieved, even more than that, 81 PhD students had been appointed by that time. This is an increase as compared to 2008 (at the reference date in 2008, 70 PhD-students had been appointed).


Developmentofpersonnel(NumbersandFTE)

2005 2006 2007 2008 2009

Numbers of ESE staff 314 322 371 361 405

Numbers of female staff 91 92 116 113 134

FTE (total) 230.6 242,4 258,4 258,68 279,97

FTE (female) 63,2 65,1 72,75 78,35 88,4

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In 2009 a total of 55 new employees have been appointed in ESE (because some

employees also left ESE during the year, this figure does not add up to the total

difference between the number of employees on the two reference dates in 2008

and 2009). Fourteen of them were appointed to a position in the category support

staff and 25 were appointed in a position of PhD-student. ESE also appointed 3

new endowed professors, 1 associate professor and 12 new assistant professors.

Introduction meetings

Since October 2006, ESE has organized introduction meetings for newly acquired

staff to help to get to know each other and the School. In 2008 an evaluation

of the total induction policy has been done and based on this, the introduction

meeting was revised. In 2009, three introduction meetings have been held

according to the new programme. The programme contains both an informative

part, with speeches by the Dean and the Vice Dean on the history, strategy and

goals of the School, and an interactive part with a speed dating session and a quiz.

This is followed by a tour of the campus. During the tour practical information is

offered about the facilities and inhabitants of the campus. Furthermore, the most

interesting art works that can be found on site are highlighted. The programme

is completed with a lunch. These introduction meetings were evaluated positively

by the participants. They indicated that it is a good introduction to ESE, campus

and colleagues.



Developmentofnumbersofemployees2005-2009perjobcategory

full associate assistant mature professor professor professor talent

2005 23.72 17,14 46,96 0

2006 27,7 14,9 52,7 0

2007 27,1 13,4 57,7 3,6

2008 27,15 14 61,11 5,4

2009 35,55 5,7 58 7,6

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Internationalisation

By the end of 2009, ESE counted 29 different nationalities among its staff. The

percentage of people with a foreign nationality was 22% of all ESE staff. Of the

foreign nationals, 49% are EU citizen, and 51 % are Non-EU citizen. All long-

term international staff members are offered assistance by a specialised company

to help them to settle in to the Netherlands. In 2009 we also ran a trial with

a company that assists new staff members’ partners with finding a job in the

Netherlands. Furthermore, in 2009 a total revision has been done of the English

information provided on the website. Short-term international guests are

accommodated in a rented apartment in Rotterdam. This apartment has so far

been occupied for 44% of the time, by four different guests.

Information about ESE's staff

Of the 279.97 FTE that have been appointed as of December 31st 2009, 39% have

been appointed on a temporary basis. If student assistants and PhD-students

are excluded (they are always appointed on temporary contracts), this figure is

reduced to 63%. This is a moderate increase as compared to 2008, when on the

date set 59% of the staff was appointed on a temporary basis. As mentioned

earlier, ESE strives to attract and retain high quality staff. One of the goals is that

all Faculty hold a PhD degree. In 2009 89% of all academic staff (excluding PhD-

students) complied with this qualification. Another goal is that in 2013 all Faculty

will be members of either ERIM or TI. In 2009 71% complied with this stipulation.

other PhD student support academic staff student assistant staff

7,8 49,2 18,38 67,39 2005

1,8 66,3 17,9 61,1 2006

0 67,6 27,3 60,9 2007

0 69,4 19,28 62,34 2008

0 80,6 26,53 66,99 2009

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DistributionofpersonnelwithinthedepartmentsinnumberofpeopleandinFTE(betweenbrackets) Department fullprofessor associateprofessor assistantprofessor maturetalent PhDstudent studentassistant supportstaff total

Economics M 11 (6.5) 9 (7.30) 1 (1.00) 16 (3.40) 1 (0.50) 38 (18.70) F 1 (0.40) 3 (2.00) 4 (0.80) 5 (3.60) 13 (6.80)

Business Economics M 15 (11.45) 4 (2.70) 17 (12.30) 1 (1.00) 4 (1.70) 41 (29.15) F 1 (0.10) 1 (1.00) 7 (6.30) 2 (0.60) 9 (6.80) 20 (14.80)

Econometrics M 11 (8.70) 2 (1.40) 16 (14.10) 2 (2.00) 21 (5.38) 2 (2.00) 54 (33.58) F 2 (2.00) 7 (1.60) 4 (3.40) 13 (7.00)

Applied Economics M 8 (6.40) 2 (0.60) 11 (10.00) 1 (1.00) 1 (0.40) 1 (1.00) 24 (19.40) F 5 (4.00) 1 (1.00) 1 (0.20) 4 (3.40) 11 (8.60)

Administration Office M 7 (2.00) 12 (11.55) 19 (13.55) F 1 (0.20) 15 (10.40) 16 (10.60)

Education Management M 16 (3.60) 11 (9.04) 27 (12.64) F 15 (4.35) 14 (10.10) 29 (14.45)

PhD student M 62 (61.60) 62 (61.60) F 13 (13.00) 13 (13.00)

General M 1 (1.00) 4 (0.95) 1 (1.00) 6 (2.95) F 8 (7.60) 5 (1.35) 6 (4.20) 19 (13.15)

Total 48(34.55) 9(5.70) 70(58.00) 8(7.60) 81(80.60) 104(26.53) 85(66.99) 405(279.97)


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DistributionofpersonnelwithinthedepartmentsinnumberofpeopleandinFTE(betweenbrackets) Department fullprofessor associateprofessor assistantprofessor maturetalent PhDstudent studentassistant supportstaff total

Economics M 11 (6.5) 9 (7.30) 1 (1.00) 16 (3.40) 1 (0.50) 38 (18.70) F 1 (0.40) 3 (2.00) 4 (0.80) 5 (3.60) 13 (6.80)

Business Economics M 15 (11.45) 4 (2.70) 17 (12.30) 1 (1.00) 4 (1.70) 41 (29.15) F 1 (0.10) 1 (1.00) 7 (6.30) 2 (0.60) 9 (6.80) 20 (14.80)

Econometrics M 11 (8.70) 2 (1.40) 16 (14.10) 2 (2.00) 21 (5.38) 2 (2.00) 54 (33.58) F 2 (2.00) 7 (1.60) 4 (3.40) 13 (7.00)

Applied Economics M 8 (6.40) 2 (0.60) 11 (10.00) 1 (1.00) 1 (0.40) 1 (1.00) 24 (19.40) F 5 (4.00) 1 (1.00) 1 (0.20) 4 (3.40) 11 (8.60)

Administration Office M 7 (2.00) 12 (11.55) 19 (13.55) F 1 (0.20) 15 (10.40) 16 (10.60)

Education Management M 16 (3.60) 11 (9.04) 27 (12.64) F 15 (4.35) 14 (10.10) 29 (14.45)

PhD student M 62 (61.60) 62 (61.60) F 13 (13.00) 13 (13.00)

General M 1 (1.00) 4 (0.95) 1 (1.00) 6 (2.95) F 8 (7.60) 5 (1.35) 6 (4.20) 19 (13.15)

Total 48(34.55) 9(5.70) 70(58.00) 8(7.60) 81(80.60) 104(26.53) 85(66.99) 405(279.97)


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B. DiversityAs in previous years, one of the focal points of ESE HR policy was to enlarge the diversity of its staff. In 2009 the percentage of women appointed in ESE increased in all academic positions, (except for the PhDs and full / endowed professors). This is due to several newly recruited women and also because of promotions of the women that had already been appointed in ESE.

In 2009 the Mature Talent project continued. The goal of this project is to recruit

people who have already gained some working experience in business or with

governmental organisations, and give them the opportunity to acquire their

PhD in a compressed period of time. They are offered a tenure position, with

the ultimate aim of appointing them to the position of associate professor and

/ or endowed/full professor. In 2009 four new mature talents were recruited,

amounting to a total of 10 mature talents that have been recruited in the last

three years. Furthermore, the first mature talent successfully completed her PhD

thesis and continued to the next step within the tenure track, in a position of

assistant professor.



Relativenumberoffemalestaffperjobcategory(%)

full associate assistant mature professor professor professor talent

2005 0 0 8 0

2006 0 0 14 0

2007 0 3 15 100

2008 2 14 23 100

2009 1 18 25 100

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other PhD student support total academic staff student assistant staff ESE staff

21 28 36 57 27 2005

0 22 40 59 27 2006

0 15 38 65 28 2007

0 17 34 63 30 2008

1 17 34 63 32 2009

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C. Age StructureThe age structure of ESE is slowly becoming younger. The student assistants are not included in the age structure numbers, as they are not part of the permanent staff and the majority is in the age category of 18-24 years. As can be seen from the following table showing the percentage of people per age group in that year, the percentage of people in the younger age groups has gradually increased over the past years. Although the percentage in the highest age group also increases slightly, the average age is still slowly becoming lower. The demographic development of increased ages is not reflected in our staff.



Developmentofagerateintime(%)

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age category < 26 8 13 10 11 13

age category 26 - 30 20 22 21 21 22

age category 31 - 40 24 24 29 26 26

age category 41 - 50 26 19 18 18 17

age category 51 - 60 20 21 21 21 18

age category > 61 3 2 3 3 4


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D. Sickness & HealthAbsence management has a high priority at ESE, and this is reflected in the figures. In 2009, the percentage rate of absence due to illness was 1.72. This is a significant decrease of the percentage as compared to 2008 and is also less than the absence due to illness percentage for the EUR as a whole. The decrease was due to both the reduction of duration of the absence due to illness, as well as the frequency amongst the support staff.

Absence due to illness

Traditionally, the absence due to illness is higher amongst support staff than

amongst academic staff. In 2009, the figures were nearly the same in both groups.

The duration of the absence was longer among academic than among support

staff. This shows that among the academic staff there was a smaller group of

people who were ill for a longer period of time. The raise in 2009 in the academic

staff was almost completely caused by employees staying absent for a longer

period than the previous year. They were actively guided during their illness.

By the beginning of 2010, most of them were successfully reintegrated. In 2009

one of our employees was granted a so-called “WIA allowance”, a benefit claim

because of long-term illness.

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Absenceduetoillness2009(%) Absence Durationof Reporting 0%absent percentage absence frequency

ESE EUR ESE EUR ESE EUR ESE EUR

academic staff 183 1.45 19.16 14.64 0.49 0.56 72.38 72.75 support staff 1.49 3.28 4.99 9.63 0.87 1.45 80.83 60.4

Total 1.72 2.32 10.2 10.89 0.66 1.04 77.17 65.59


Evacuation programme

In 2009 all safety procedures were updated, in particular the plan for evacuating

the building in which ESE is situated. Two security officers were allocated per floor.

All of these officers participated in building evacuation training, in order to update

their knowledge of the procedure. A test evacuation was held in November. All

occupants were successfully evacuated from the building. The test also served

as an information session on what to do if evacuation should be necessary. The

outcome of the test was evaluated and points to improve on have been integrated

into the evacuation procedure.


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Developmentofpersonnel(Numbers)

2006 2007 2008 2009

academic staff 0,72 1,3 1,82 1,83

support staff 2,77 3,86 4,09 1,49

total ESE staff 1,29 1,93 2,34 1,72

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D. Learning and developmentTo equip all staff members properly for their tasks, the Basic Qualification for Teaching (BQT) and the Academic Leadership Course (ALC) are part of the training program for academic staff. In 2009 a total of twelve assistant professors have attended the BQT, five (assistant) professors attended the ALT. Furthermore, a workshop on the use of theatre techniques in teaching is offered, which has been attended by four academic staff members in 2009. Nine Faculty attended a Media Training. The latter two are very highly appreciated by the participants. For the support staff a Time Management Training and an English Language course have been offered in 2009. Furthermore several members of the support staff attended a computer skills course.

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F. Other topics

Sir Clive W.J. Granger passed away (1934-2009)

At the moment, ESE is looking for a worthy successor for the Henri Theil Chair.

His first incumbent was Professor Sir Clive Granger who was awarded the Nobel

Memorial Prize in Economic Sciences in 2003. His work fundamentally changed

the way economists analyze financial and macro economic data. Clive Granger

was a true academic, always full with new ideas and insights and a first class

colleague. His audience was inspired by his presentations, the PhD students and

staff members loved him because he always made time for them and gave food

for thought. His contributions radiated with enthusiasm and accompanied with

a great sense of humour had an immense effect on their work. His capacity to

write highly readable articles and books and communicate so well with all of us,

regardless our academic level, made us very much aware of the vital role that

good communication skills play in the transmission of scientific knowledge.

Ancillary activities

In 2009 a new policy was introduced regarding ancillary activities. The policy entails

that only activities carried out outside the scope of the appointment with ESE are

considered ancillary activities. Ancillary activities may only be undertaken after

approval by the Dean. As the last inventory of ancillary activities was held in 2005

and the authorisation is valid for three years, most requests were due for renewal,

so in 2009 all staff handed in a new request for authorisation of ancillary activities.

In line with the Dutch law on Publication of Governance (Wet Openbaarheid van

Bestuur), the ancillary activities are registered in a system, which is open to the

public.Social annual report

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http://www.eur.nl/ese/english/news/detail/article/11843/

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3. Financial annual report

A. IntroductionThe ESE ended the calendar year 2009 with a positive financial result (K€ 1,518). The ESE has achieved a reserve position of K€ 3,721 which is 16, 4 % from the budget transferred (K€ 22,736). The development in income includes an increase in budget transferred (first flow) as well an increase in other income. The rise in first flow budget is the result of an increase of the contribution based on the Delta model. The rise in other income is the result of an increase in second flow of funds (projects funded by the Netherlands Organization for Scientific Research) and more funds from contracts with third parties.

In 2009 new staff has been recruited which can be seen in the development of personnel costs. For a continuation of the primary processes, in particular in the field of teaching, external lecturers are being hired.

Financial annual report

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Profitandlossstatement (ineurosx1000) 2009 2008

(1) Budget transferred Education based funding 19,376 17,786 Matching second flow of funds 184 196 Other budget transferred 3,176 3,587

(2) Other income Within the EUR 895 903 Within the EUR Holding 1,181 1,347 External Second flow of funds 743 648 Third flow of funds 3,488 2,782

Totalincome 29,043 27,249

(3) Wages and Salaries 14,488 13,243 (3) Pension expenses 1,891 1,683 (3) Social charges 1,329 1,057 Other staff expenses 851 853 Temporary workers and claimants 1,326 1,709

Depreciation 88 78

Other expenses (4) Within the EUR 2,291 2,060 (5) Within the EUR Holding 1,659 1,486 (6) External 3,602 3,397

Totalexpenses 27,525 25,566

Result 1,518 1,683

Assets Fixed assets (7) Tangible fixed assets 138 219 (8) Financial fixed assets 110 110

Currentassets (9) Receivables, prepayments and accrued income 1,416 1,610 Liquid assets 6,437 5,072

Totalassets 8,102 7,011

Liabilities (10) Equity capital 3,721 2,322 (11) Provisions 162 299 (12) Long-term debts 492 374

Currentliabilities (13) Debts, accruals and deferred income 3,726 4,016

Totalliabilities 8,102 7,011


B. Notes to the balance sheet and the profit & loss statementThe profit and loss statement and balance sheet of the Erasmus School of Economics are shown. Financial transactions with other organisational divisions of the EUR and with private limited companies affiliated with the ESE, which are subsidiaries of the EUR Holding B.V., are shown separately. The assets and liabilities are valued in accordance with the EUR’s accounting principles. Reference is made to the annual financial report of the EUR.

Budget transferred (1)

The budget transferred comprises the share of the government contribution from

the Ministry of Education, Culture and Science received by the EUR and allocated

to the ESE (the first flow of funds).

The model-based allocated budget consists partly of lump-sum amounts for

teaching and research. Another part of this model-based budget is dependent on

the volume realised on certain performance parameters, such as the number of

first-year students, the number of bachelor and master degrees and the number

of doctorates awarded. When calculating the performance-dependent amounts,

three-year averages are taken. This means that the funds allocated to the School

depends on the average of the parameters over the three years prior to the

financial year. Besides the model-based budget, the School is also allocated the

matching of the EUR of Veni/Vidi/Vici grants as budget (matching second flow of

funds).

The other budgetary allocations concern amongst other things adjustments

for price indexations wages and salaries, development of minors and just as in

previous years a contribution from the Executive Board to reform the ESE.


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Other income (2)

The other income realised within the EUR and the EUR Holding relates to the use

of staff of the ESE in activities of other organisational divisions of EUR (Group).

These are primarily:

• Providing education for the International Business Administration of

the Rotterdam School of Management, Erasmus University (RSM);

• Payments from the private limited companies affiliated to the ESE for:

o Directorships of ESE staff at affiliated private limited companies;

o Use of accommodation and from delivery of other services (such as I&A);

o The use of School of Economics staff in post-initial education and

commercial research projects;

o Contributions from Eur Holding B.V. for the results of supporting private

limited companies.

The income from the second flow of funds in 2009 comes largely from income

from Veni/Vidi/Vici grants and research grants for PhD/students of the Netherlands

Organisation for Scientific Research (NWO).

The ESE will continue to receive income directly from the third flow of funds. The

third flow funds come from contracts with parties such as the European Union,

but also from tuition fees, chair funding and secondments. Besides these forms of

income, the third flow of funds comprises contributions from the VU Amsterdam

and the University of Amsterdam towards the funding of the Tinbergen Institute.

Wages and salaries, pension expenses and social contributions (3)

The increase of these costs is mainly the consequence of an increase of the number

of personnel.

Other expenses within the EUR (4)

In 2009, 29% of these expenses comprised payments to ERIM. Accommodation

expenses paid by the ESE make up 18% of these expenses, the use of other central

services and facilities make up 27% and costs from other Schools make up 26%

of the other expenses within the EUR. As far as accommodation is concerned, it

should be noted that the ESE is housed in a building owned by the EUR. The ESE

only pays accommodation expenses if it uses more than the standard floor area.


Other expenses within the EUR Holding (5)

These are mostly the expenses of hiring staff from the private limited companies

for teaching purposes at the ESE.

Other external expenses (6)

About 35% of these expenses in 2009 were expenses of the Tinbergen Institute

(teaching expenses for MPhil students and PhD students, as well as expenses

relating to (and for facilitating) research activities. In addition, 8% of the expenses

were IT expenses (investment and depreciation), 4% for office equipment, 17%

for business travel expenses, conference fees and representational expenses, 20%

for outsourced activities such as printing and typesetting and legal advise and 16%

for other office and general expenses. The increase of other external expenses is

mainly the result of a rise in expenses for the Tinbergen Institute.

Tangible fixed assets (7)

ESE adopts the rule that only investments in fixed assets with an acquisition

price of more than K€ 12 are capitalised and written off over their economic life.

The first depreciation is made in the year of purchase. The depreciation period

depends on the type of equipment and varies from 3 to 25 years.


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The book value of the tangible fixed assets covers mostly equipment.

Financial fixed assets (8)

These are solely loans to the EUR Holding B.V. to finance the equity capital of a

number of private limited companies affiliated to the ESE. Valuation is at nominal

value.

Receivables, prepayments and accrued income (9)

Receivables are valued at nominal value. A provision for bad debts is made for

receivables on external parties. Included under receivables are:

Overviewoftangiblefixedassets (ineurosx1000) Furnitureandequipment

Acquisition price 2008 1,056 Decline in value and depreciation - 837

Bookvalueatend2008 219

Investments 2009 Depreciation 2009 - 81

Bookvalueatend2009 138

Receivables2008and2009 (ineurosx1000) 2009 2008

Debtors external 506 523 Debtors EUR and EUR group* 590 797 Other internal receivables EUR 295 26 Other receivables external 1 2 Prepayments and accrued income 25 262

Total 1,416 1,610

* ThedebtorsrankedasEURandEURgrouparereceivablesfromotherorganisationaldivisions oftheEURandprivatelimitedcompaniesundertheEURHoldingB.V.


http://www.eur.nl/ese/english/about_ese/affiliated_companies/

Equity capital (10)

The positive annual result of K€ 1,608 has led to a positive equity capital

of K€ 3,812

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Provisions (11)

In 2005 a provision was made to settle existing obligations arising from the

reorganisation of the ESE. This is mostly the School’s share of redundancy pay

costs. The provision is determined statically. At the end of each financial year an

estimate is made of the situation in respect of the necessary provision, which has

led in this financial year to the release of the provision.

Long-term debts (12)

These relate to the share of the VU Amsterdam and the University of Amsterdam

in the assets of the Tinbergen Institute. This procedure is the result of the

cooperative agreement between the participating parties (EUR, VU Amsterdam

and UvA) which says that if the institute closes down, the remaining financial

reserves and assets will be divided among the three faculties, in the proportion

that had been adopted until then for payment of the fixed contributions of ESE

to the institution.

* Thedirectcapitalmovementconcernsthetransfer,inaccordancewithEURpolicy, ofapartoftheannualresultoftheTinbergenInstitute,forwhichtheErasmusSchoolof Economicsisbudgetholder,tothelong-termdebt.

Equitycapital (ineurosx1000) Equitycapital

Equity capital at end 2008 2,322 Result of financial year (2009) 1,518 Direct capital movements* - 118

Bookvalueatend2009 3,721


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* ThecreditorsrankedasEURandEURgrouparereceivablesfromotherorganisationaldivisions oftheEURandoperatingcompaniesundertheEURHoldingB.V.

Shorttermdebts2008and2009 (ineurosx1000) 2009 2008

Installments received in advance for work in progress 943 905

External creditors 109 392

EUR an EUR group creditors* 870 1,460

Other internal debts EUR 303 536

Other external debts 2 1

Accruals and deferred income 1,165 723

Total 3,392 4,017

Short-term debts (13)

The composition of the short-term debts is as follows:



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ESE's inspiration

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ESE's ambitions

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ESE's today

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ESE's visibility

Ann

ual R

epor

t 20

09

ESE's road to 2013

Ann

ual R

epor

t 20

09

The digital version of our annual report can be found

on our website: www.ese.eur.nl/annual_report. Here

you can find more information on several subjects as

well as photo impressions and film clips. Additional

information, photo impressions and film clips are

indicated by .

ESE's ambitions

ESE's inspiration

ESE's visibility

ESE's todayESE's road to 2013

Annualreport 2009

P.O. Box 1738 | NL-3000 DR Rotterdam | T +31 (010) 408 13 70 | F +31 (010) 408 91 45 | E [email protected]

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ESE annual report-Today

Documents