During the year under review, the mortgage portfolio increased by
NLG 127.2 million to 4,980.0 million:
(in millions of guilders)
1985
1984
New loans
866.2
779.8
Repayments and write-offs
739.0
936.8
127.2
(157.0)
The real estate portfolio rose by NLG 5.7 million in the past financial year to
NLG 1,131.1 million (market value). Earnings on sale of real estate totaled
NLG 46.6 million, NLG 10.6 million of which is included in Results of participating
interests. Sales included several large office properties in the USA developed by us
in collaboration with partners. A diminution of NLG 23.3 million in the value of
development projects was deemed necessary, NLG 3.0 million of this being
accounted for in Results of participating interests.
The following movements took place in 1985 in the market value of our real estate
assets (including minority interests on a pro rata basis):
(in millions of guilders)
under
operated by
1985
1984
development
the company
total
total
Market value, January 1
460.3
665.1
1125.4
1166.5
Purchases and investments
154.4
149.7
304.1
378.3
taken into operation
(298.8)
298.8
Market value of sales
Revaluation due to
(67.6)
(201.1)
(268.7)
(431.4)
exchange differences
(1.3)
(9.0)
(10.3)
9.8
Change in market value
following new valuations
(22.1)
2.7
(19.4)
2.2
Market value, December 31
224.9
906.2
1,131.1
1,125.4
Conclusion
On the assumption that stockholders approve the proposals concerning the associa
tion with AEGON N.V. and Postbank N.V., we look to 1986 with confidence despite
the increasingly stiff competition.
In a statement to stockholders to be published separately, we give further details of
the proposed association and of forecast earnings for 1986.
To our staff we should like to express our sincere thanks for their efforts in 1985; we
are confident that, with their full support, we shall also achieve our goals for 1986.
Utrecht, March 26, 1986
J.W. van Dijk
W.A.J.M. van der Heijden
A.C. van Uchelen.
19