Distribution of portfolio by nature of real estate at end of 1980:
(x 1.000,-)
Dwellings
Offices
Shops
Industrial halls
Combined objects
176.800
299.000
41.800
62.200
182.500
f 762.300
Annualized rents, including minority participations, amounted to 70,4
million at 31st December 1980.
Two of the other diversifications, Van Haften (securities business) and
Gebam (contracting), made satisfactory contributions to the results, but
the Kok Group (real estate management and broking) has failed as of yet
to achieve a positive result. For the last-mentioned company this was
also due to the lack of activity in the property market, which especially
hit the property brokerage business. The management activities have
shown a positive development.
Income from participations rose by 4,7 million to 8,2 million, which
among other things, was a result of profit distributions made in
connection with the results of sales of some American properties.
An amount of 2 million (1979: 2,5 million) was added to the
provision for loss due to non occupied premises. An amount of 1,4
million was charged off, so that the balance of this provision rose by
0,6 million to 4,8 million.
In conformity with our policy of keeping the dividend as stable as
possible we propose, in spite of the 35% decline of net profits, to
maintain the dividend at 4,30* per share of 10,-. This brings the
pay-out ratio to 39%.
In the current economic situation we see no signs as of yet which point
to a recovery in the markets where we are active.
Therefore, we anticipate a further decline in the group net profit for
1981. In that case a dividend cut will be inevitable.
In somewhat longer term we have confidence in a gradual recovery of
the property market which, added to our international expansion, may
improve our earning capacity again.
We wish to conclude by thanking all our employees for the way in which
they performed their tasks, often under more difficult circumstances
than was the case in the past.
Amsterdam, 23 March 1981.
The Managing Board
J.W. van Dijk, chairman
G.J. Jansen
A.C. van Uchelen
The dividend for 1980 is payable on presentation of dividend-coupon nr. 97,
as from 11 May 1981, less 25% dividend tax.
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