Profit on sales from, among others, a number of very large projects in the
United States amounted to Dfl 58 million, Dfl 54 million of which has been
accounted for as results from participations.
Under the item 'Depreciation project costs', the depreciation in the real
estate portfolio has been set at Dfl 35 million. Furthermore, in connection
with expected purchase losses on a few projects an amount of Dfl 9 million
was added to the provision for vacancy.
As has been mentioned before, the diversifications can look back on a
successful year; on balance, real estate operations and the diversifications
booked a gross result of Dfl 5.3 million (compared to a negative result of
Dfl 0.3 million in 1983).
The following changes took place within our real estate holdings
(including minority participations in proportion to our interest therein)
during 1984:
(x Dfl 1 million)
Market value as at January 1
481.5
941.7
1,423.2
1,378.0
Acquisitions and investments
320.7
59.1
379.8
282.1
Market value sales
(300.3)
(292.1)
(592.4)
(237.8)
Taken into operation
(22.6)
22.6
Revaluation resulting from
currency fluctuations
4.0
5.8
9.8
17.6
Change in market value
resulting from new appraisals
(7.3)
9.5
2.2
(16.7)
Market value as at December 31
476.0
746.6
1,222.6
1,423.2
Of which:
Residential
133.7
325.3
459.0
649.2
Retail
2.2
29.1
31.3
55.2
Offices
269.4
291.3
560.7
579.8
Warehouses
86.0
86.0
98.5
Other
70.7
14.9
85.6
40.5
476.0
746.6
1,222.6
1,423.2
1984 is the last year in which the financial statement will be incorporated
in its present form in our annual report. As of the beginning of the financial
year 1985, the annual accounts will be prepared in conformity with the
model set up by De Nederlandsche Bank (Dutch Central Bank) and taking
into account the regulations under titel 8 of Volume 2 of the 'Burgerlijk
Wetboek' (civil code). Moreover, some changes will be made in the
presentation of the results leading to a different organization of the
account without effecting the net result.
It should be evident from this annual report that FGH has confidence in the
future. In view of the persisting uncertain market situation it is difficult to
express any concrete expectations with regard to net profits in 1985.
Real estate holdings
in
in
1984
1983
development
operation
total
total
General
Conclusion
