The distribution of the portfolio by nature of real estate at the end of
1981 is as follows:
(x 1000)
Dwellings
246.200
Offices
158.900
Shops
62.800
Industrial premises
99.700
Miscellaneous
130.300
f 697.900
Annual rents, including those of the minority participations, totalled
68.4 million guilders at December 31,1981.
The securities business of Van Haften Co improved substantially over
the past year.
The contracting business of Gebam managed to make a positive
contribution to group results in spite of unfavorable market conditions.
The real estate management and brokerage business of the Kok Group
showed a modest profit in 1981, partly due to the reorganization which
was carried out last year.
Although gross profits for 1981 were down only slightly from 1980
levels, the major additions to the reserve provision for general
contingencies caused a substantial decline in net profit. In line with
what was said in last year's annual report, we shall recommend a lower
dividend of 3.50* guilders per 10 guilders nominal share as compared to
4.30 guilders in 1980, representing a pay-out of 57 per cent of net profits.
Amsterdam, 12 March 1982
J.W. van Dijk, chairman
G.J. Jansen
A.C. van Uchelen
*The dividend for 1981 is payable on presentation of dividend-coupon nr. 98,
as from 26 May 1982, less 25% dividend tax.
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