Financial results
Results (in millions of euros)
More securities orders handled in the Netherlands due to adverse stock market conditions
The unfavourable stock market conditions also affected the number of securities orders. In the
Netherlands, Rabobank Group handled 4.7 million orders for securities and in-house funds, compared
with 4.5 million in 2007, excluding the 3.7 million orders Alex handled. The number of orders handled
by the local Rabobanks decreased by 14%. For Rabobank Group, the total number of orders increased
by 5%, thanks to the substantial higher transaction volume at Robeco. Especially in the last months of
2008 there were a lot of trading activities.
2008
2007
Change
Interest
Fees and commission
Other income
IotaI income
Staff costs
Other administrative expenses
Depreciation and amortisation
Operating expenses
Gross result
Value adjustments
Operating profit before taxation
Taxation
Net profit
144
82
76%
1,084 1,0890%
390 308 27%
1,618 1,4799%
.559 5814%
35232010%
102 9013%
1,0139912%
605
24%
42
563..
125.
438
1
487.
125.
.362
16%
0%
21%
Number of orders in the Netherlands (in millions)
4.7. 4.55%
31-Dec-08 31-Dec-07
Assets under management and held in custody (in billions of euros)
Number of employees (in HEs)
184. 232 -2.1%
3,620 3,468 4%
Transtrend has contributed in full to Rabobank Group's results since March, 2007.
Income up 9%
The gain from the sale of Alex and the Transtrend Diversified Trend Program's strong investment
performance were the main drivers for the 9% rise in total income, to EUR 1,618 (1,479) million, in 2008.
Mainly due to the increase of interest income at Robeco, interest income was 76% higher, at EUR 144 (82)
million.The decrease in assets under management had a negative impact on the asset management
fees. This decrease was however offset by the Transtrend Diversified Trend Program's strong investment
results. Since Alex has ceased to be consolidated as from 2008, income from securities brokerage
decreased sharply. In net terms, commission income was virtually unchanged at EUR 1,084 (1,089)
million. Other income was 27% higher, at EUR 390 (308) million, due to the gain from the sale of Alex.
In 2007, the main drivers of other income were gains from Sarasin's disposal of its Luxembourg activities
and income from its brokerage business.
Operating expenses up 2%
Total operating expenses increased by 2% in 2008, to EUR 1,013 (991) million, due to the expansion of
Sarasin's activities. The sale of Alex and staff redundancies at Robeco caused a decrease in staff numbers.
Due, however, to the expansion of Sarasin's activities, the total staffing level rose by 4% to 3,620 (3,468)
FTEs. Staff costs were 4% lower, at EUR 559 (581) million, as a result of a reorganisation at Robeco and
decreased bonuses. Other administrative expenses rose by 10% to EUR 352 (320) million, as a result of the
expansion of activities at Sarasin. Due in part to higher depreciation on intangible assets, depreciation
and amortisation charges were 13% higher, at EUR 102 (90) million.
43
Report of the Executive Board
