training program, in restructuring tasks, and in drawing up a system of
remunerations.
In the year under review a restructuring was furthermore initiated at our
real estate department. Because of a better administrative organization
and the progress of automation, a new organizational structure was
introduced for the controllers department.
In the past fiscal year many subjects were discussed and prepared with
the staff council. Just as in the previous year, we are pleased to note that
there has been a good spirit of cooperation which, we hope, will
continue with the new staff council which will be elected in the spring of
1981.
In 1980 the number of employees (finance business and real estate)
decreased by6from376to370; 13 employees were transferred to other
positions within our organization and 43 vacancies were filled through
the recruitment of new staff members. Staff turnover increased to 13%;
the average number of staff employed in 1980 was higher than in 1979.
Including Gebam, Kokand Van Haften the total number of staff
employed by us at the end of 1980 was 956.
In connection with the less favorable economic prospects anticipated
for the next year our short-term policy is to plan for the smallest
possible increase in staff in 1981. If vacancies arise, our aim is to
restructure tasks and transfer employees internally to cover any unfilled
spots.
Financial report and operating income
For the fiscal year 1980 a net group profit of
26,9 million was realized which was composed as follows:
Gross profit FGH and
affiliated banks
Gross profit real estate
and other diversifications
1980
66.800.000
3.100.000
69.900.000
1979
74.100.000
18.400.000
92.500.000
Corporation tax 29.000.000 40.600.000
Addition to provision for
general contingencies 14.000.000 43.000.000 10.500.000 51.100.000
Net group profit f 26.900.000 f 41.400.000
The group gross profit lagged more than 22 million, or 24%, behind
the level of results achieved in 1979. The net result dropped by 35%.
This relatively stronger decline in the net result is the consequence of a
bigger addition to the provision for general contingencies, while on the
other hand the Corporation tax due is relatively lower than in 1979 due
to the increase of the tax-free income from participations.
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