During 1976 movements in our holdings of real estate in operation
were as follows:
excluding minority
including
participations
book value
market value
minority par
ticipations*
market value
value at 1 st January 1976
M 83,703,000
208,700,000
344,700,000
purchases and projects taken
in operation
46,558,000
40,000,000
115,400,000
f 230,261,000
f 248,700,000
460,100,000
sales
18,425,000
13,700,000
20,700,000
f 211,836,000
235,000,000
f 439,400,000
depreciation
3,590,000
change in market value
as a result of new valuation
6,200,000
7,000,000
value at 31st December 1976
208,246,000
f 241,200,000
446,400,000
in the proportion of our interests therein.
Annualized rents including minority participations amounted to
40.2 million at 31st December 1976.
personnel and personal notes
Also in the past year the growth of our business activities resulted in
an increase in the number of employees. At the end of 1976 the
number of full-time employees in the finance and real estate sectors
was 248 against 226 at the end of 1975. We managed to replace
the greater part of part-time workers by full-time employees during
the past year.
Our Groningen office moved into a new building on Ubbo
Emmiussingel. These premises are better suited to the needs of our
office there and make a more efficient organisation possible.
Per 1st September 1976 Messrs. O. Bijl and V. G. Kalma were ap
pointed managers of the passive finance sector and the active
finance sector, respectively.
The meetings held with the Staff Council during the past year were
characterized by frank discussions during which a large number of
subjects came under review. It was decided for the first time to issue
a social report for 1976, in which attempts are made to throw light
on the various aspects of our social policy. In our opinion a social
report is primarily meant for the employees in our company. We,
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