In West Germany we have a 50% stake in both a housing project still
to be developed, consisting of 200 houses in Neu Wulmstorf, and a
vacation cottage park in Zeltingen which is in the preparatory stage.
In France, sales of our projects were good, taking into account the less
than favorable conditions. We expect in 1984, after selling the
remaining few condominiums, to be able to conclude our projects in
St. Raphael. Our portfolio will then consist of the project in Cannes
Marina, of which 2 buildings are under construction and 2 are being
developed; 2 projects in Fréjus, construction and selling of which has
already commenced, and of 3 possible construction sites, 2 in Cannes
Marina and 1 in Fréjus. Our organization in France was brought in line
with the decreasing number of projects.
In England, as was indicated in the annual report of 1982, our interests
were concentrated in 'New England Properties pic', a real estate
company in which we have above 20% participation.
In the United States we are developing or investing in 5 projects in
cooperation with Bredero (Brefries). The portfolio of Dutch Property
Investments Lts. consists of some eleven real estate projects.
Group Financing
As was mentioned in the introduction, in 1983 we were able to attract
a satisfactory amount of funding. The pressure put on the open capital
market by the government in 1983, together with the problems in
our industry left, however, little leeway for placement of our mortgage
bank bonds. In 1983 we attracted funds totalling around Dfl 475 million
(private loans around Dfl 250 million, mortgage bank bonds about
Dfl 225 million).
Additionally, FGH Finance N.V., Dutch Antilles raised a floating rate
dollar loan of 20 million on the Euromarket.
After declining during the first months of 1983, the interest rates on
the capital market started to climb after a revaluation in April, peaking
in June, when the interest level of government loans reached 91/2%.
After that, interest rates fell as a result of decreasing inflation, the
decline in interest rates internationally and renewed faith abroad in
the Dutch guilder. This trend was fostered by the policy of
De Nederlandsche Bank (Dutch Central Bank).
In further expansion of our bank, we will devote much attention to
special forms of funding, in which loan terms, interest rates, and
currency forms will link up to the corresponding needs of both our
company in the Netherlands as well as our companies abroad.
Diversifications
Our diversifications cover a number of areas closely aligned to the
financing- or real estate business.
Activities include bank- and stock brokerage (Van Haften Co),
insurance brokerage, real estate management and brokerage
(Kok Group), and housing- and office construction (Gebam).
Van Haften was able to profit from the favorable conditions on the
Amsterdam Stock Exchange by further strengthening its already
expert knowledge of the stock- and option sectors.
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