Financial results
Results (in millions of euros)
Income up EUR 387 million
Operating expenses up EUR 258 million
Net profit up EUR 97 million
In 2007, the parts of Bouwfonds that were acquired in 2006 contributed in full to Rabo
Bouwfonds' results.
The item 'Net profit Rabo Bouwfonds' corresponds with the annual profit as published by
Rabo Bouwfonds. The item 'Net profit real estate division' is net of amortisation and financing
charges resulting from the acquisition of parts of Bouwfonds.
2007
2006
Change
Interest
86
98
Fees and commission
1
1
Other income
583
184
Total income
670
283
Staff costs
217
55
Other administrative expenses
122
36
Depreciation and amortisation
13
3
Operating expenses
352
94
Gross result
318
189
68%
Value adjustments
2
-1
Operating profit before taxation
316
190
66%
Taxation
70
41
71%
Net profit Rabo Bouwfonds
246
149
65%
Other expenses
45
104%
Net profit Real estate division
154
104
48%
Number of houses sold
13,173
14,073
-6%
Other information (in billions of euros)
31-Dec-07
31-Dec-06
Loan portfolio 13.5 10.3 31%
Assets managed and held in custody 5.1 4.2 21%
Number of employees (in fte) 1,700 1,654 3%
Total income increased by EUR 387 million in 2007 to EUR 670 (283) million. The decline in
interest income by EUR 12 million to EUR 86 (98) million was due to the expansion of the
development activities since late 2006, which caused interest expense to increase.
Chiefly because the former parts of Bouwfonds, unlike 2006, contributed to income for the
full year 2007, other income grew by EUR 399 million to EUR 583 (184) million.
Total operating expenses were EUR 258 million higher in 2007, at EUR 352 (94) million.
Staff numbers grew by 3% in the year under review, to 1,700 (1,654) FTEs. Mainly as a result
of the acquisition of parts of Bouwfonds, staff costs rose by EUR 162 million to EUR 217 (55)
million and other administrative expenses were EUR 86 million higher, at EUR 122 (36)
million. The depreciation charges were EUR 10 million higher, at EUR 13 (3) million, mainly
due to higher depreciation of equipment.
The EUR 129 million increase in gross profit was an important driver for the EUR 97 million
rise in net profit Rabo Bouwfonds to EUR 246 (149) million.
