Meanwhile, the necessary adjustments to be made in our administrative
organization resulting from this, have been started. Further progress was
made in our efforts to improve internal communication and cooperation
between divisions.
We feel that we have been able to achieve a better, more individual
approach to problems through performance talks, and illness-related
absence guidance policies.
The number of employees in the financing and real estate operations
dropped from 372 to 336, of which 13 employees are employed on a
temporary basis. As of December 31,1984, there were 974 (1983: 1,021)
people employed by the entire group.
This year again a large number of subjects were discussed in an open and
constructive atmosphere with the employees council.
Financial report and operating results
We would like to report the following concerning the financial results of
1984:
The group
The gross group result achieved over the financial year 1984 was Dfl 67.6
million. This amount is composed as follows:
(x Dfl 1 million)
1984
1983
FGH and affiliated banks
Real estate company and
62.3
63.7
other diversifications
5.3
(0.3)
67.6
63.4
Net group result:
Gross group result 67.6 63.4
Addition to the provision
for general contingencies 60.0 60.0
Corporate tax 2J> 2.0
62.5 62.0
Net group result 5.1 14
These figures show that the results achieved by financing operations over
1984 hardly deviate from those of 1983.
The real estate company and other diversifications increased their results
by Dfl 5.6 million, to a profit of Dfl 5.3 million. Taking into account a slightly
higher amount in corporate tax, on balance, the net result rose from Dfl 1.4
million in 1983 to Dfl 5.1 million in the year under review.
Financial operations
During the past financial year the mortgage portfolio (in the Netherlands
and abroad) declined by 157 million, to Dfl 5,018 million. This decline may
be primarily attributed to our operations abroad where redemptions and
repayment of a number of large items has led to a - it is to be expected -
temporary shrinking of the loan portfolio.
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