Also in a growing number of cases good management is made more
difficult by the work of pressure groups. Our management portfolio
however is increasing due to owners now turning to leasing the apart
ments because of softening apartment sales. After a strong growth in
1980 due in part to the taking over of several large management port
folios, the number of apartments under our management stabilized at
approximately 70,000 units in 1981. This may be expanded due to a
growing demand from investors for government subsidized rental
projects. Apartment and house brokerage is experiencing little activity,
while the effects of recession on industrial buildings can be clearly seen.
Van Haften Co nv has had a good year. Even though the stock market
was generally depressed, there was an increase in the turnover of
securities, especially in fixed rate securities. Van Haften was able to
maintain its share of the market which was experiencing a growing
number of foreign participants. Good results plus a good market
position have strengthened our faith in the policy of giving Van Haften
more room for manoeuvring and of allowing for further expansion. As a
first step, its equity was increased by a total of 4 million guilders at the
end of the year.
Our contracting firm Gebam substantially maintained its turnover of
inventory in the face of a weakening building market. It timely shifted its
activities from house building and turned to the construction of utility-
facilities. The move of its headquarters at the end of 1980 from Rijswijk
to Houten also had a positive effect on the running of the company.
Being located in an area away from the traffic congestion of the
Randstad' metropolitan area and having the office, workshops, and
storage facilities all centralized have improved efficiency. The number
of orders on hand as of January 1,1982 justifies our expectation that
Gebam will again make a satisfactory contribution to group profits in
1982.
Financial report and operating income jn
SG
In fiscal 1981, the group realized a gross profit of 66.1 million guilders, m
broken down as follows:
1981
1980
FGH and affiliated banks
Real estate and other
63.7
66.8
diversifications
2A
3.1
f 66.1
f 69.9
26
