Offsetting this loss of revenue were lower expenses in an amount of
Dfl 5.2 million because of write-offs on projects that under current
circumstances are expected to show a loss upon sale (in 1982:
Dfl 37.8 million - both figures include write-offs in minority
participations).
Real estate holdings
In 1983, the following changes took place within our real estate
holdings (including minority participations in proportion to our
interest):
(in millions of guilders) development operations total 1982 total
Balance as at January 1
497.3
880.7
1,378.0
1,166.5
Acquisitions and investments
167.6
114.5
282.1
646.U
Costs included in results
of sale
(84.0)
(153.8)
(237.8)
(393.9)
Taken into operation
(98.6)
98.6
Depreciation project costs
(1.5)
(0.7)
(2.2)
(34.3)
Revaluation resulting from
currency fluctuations
0.7
16.9
17.6
(10.0)
Change in market value
resulting from new appraisals
Balance as at December 31,1983
(14.5)
(14.5)
3.7
481.5
941.7
1,423.2
1,378.0
Of which
Residential
197.8
451.4
649.2
684.5
Retail
2.2
53.0
55.2
61.2
Offices
264.2
315.6
579.8
401.1
Warehouses
1.5
97.0
98.5
76.0
Other
15.8
24.7
40.5
155.2
481.5
941.7
1,423.2
1,378.0
Conclusion
It should be evident from this annual report that FGH is on the
upswing again. The uncertainty of the market situation makes it hard
to express any expectations for 1984. However, the Managing Board
expects that-with proviso of unforeseen circumstances-1984 will
bring a higher net result than the previous year.
We wish to thank all our employees for the devotion they brought
to their work during the difficult year of 1983.
Utrecht, April 2,1984
J.W. van Dijk, Chairman
G.J. Jansen
A.C. van Uchelen
