The global structure of Robinson–Trautman space-times is studied. When the space-time topology isR+xRxS2it is shown that all Robinson–Trautman space-time can beC117extended (in the vacuum Robinson–Trautman class of metrics) beyond ther= 2m'Schwarzschild-like' event horizon; evidence is given supporting the conjecture, that no smooth extensions beyond ther= 2mevent horizon exist unless the metric is the Schwarzschild one. When the space-time topology isR+xRx2M, with 2Ma higher genus surface, and the mass parametermis negative, Schwarzchild-like event horizons are shown to occur. The Proofs of these results are based on the derivation of a detailed asymptotic expansion describing the long-time behaviour of the solutions of a nonlinear parabolic equation.