(NLG x 1,000,000)
1986
1985
Finance business
40.9
43.9
Real estate and
other activities
6.2
5.9
Gross Group
operating result
47.1
49.8
Addition to reserve
for general
contingencies
(125.0)
(38.0)
Exceptional charges
(28.5)
Minority interests and
and extraordinary income
and expenditure
(0.4)
1.8
Corporate income tax
(3.5)
(3.0)
(157.4)
(39.2)
(110.3)
10.6
The movements in
net interest are analyzed
below:
(NLGx 1,000)
1986
1985
Interest income
485,232
530,867
Add: capitalized interest
included in Result
on real estate
development and sales
8,252
21,393
493,484
552,260
Interest expense
(439,325)
(518,663)
54,159
33,597
The gross operating result fell by NLG 2.7 million
in 1986 compared with 1985 to NLG 47.1 mil
lion. In the finance business, there was a slight
fall in net interest. The increase in the net inter
est figure for 1986 compared with 1985 was
achieved in the real estate business, in which
there was a sharp drop in interest expense due to
the transfer of real estate to Transveer B.V and
the consequent repayment of long-term loans
which this made possible. This improvement did
not lead to a higher gross operating result
because, owing to the transfer to Transveer B.V,
the operating result was down and because the
sales results on real estate were considerably
lower than in 1985.
In the year under review, the mortgage
portfolio declined by NLG 707.0 million to NLG
4,273.0 million. This decline includes a drop of
NLG 777.9 million due to transfers to Transveer
B.V Allowing for the transfers to Transveer B.V,
there was an improvement of NLG 70.9 million
in 1986, mainly on our foreign activities.
(NLG x 1,000,000) 1986 1985
New loans 962.0 866.2
Repayments and write-offs:
Transferred to
Transveer B.V (777.9)
Other (891.1) (739.0)
(1,669.0) (739.0)
Balance (707.0) 127.2
The real estate portfolio declined by NLG 617.1
million in the past financial year to NLG 514.0
million (market value). An amount of NLG 572.9
million of this decline is attributable to transfers
17
