i i
9 i i
Financial results
1
Growth in assets managed due to
acquisitions
Income down 31%
Operating expenses up 3%
Number of houses sold in 2008
by country
The Netherlands
France
Germany
Other
Loan portfolio
in billions of euros
16
12
10
■f
8
MAB Development completed 76,778 (223,782) m2 of
commercial real estate. Due to the change in market
conditions, fewer real estate construction projects
were taken on in 2008. At year-end 2008,
MAB Development had 536,993 (570,970) m2 of
commercial real estate under construction.
Loan portfolio growth in the first months
of 2008
FGH Bank's new granted loans amounted to
EUR 4.8 billion in the year under review. The gross
loan portfolio increased by 22% to EUR 16.5 (13.5)
billion. This growth was realised mainly in the
first months of 2008. The net loan portfolio, after
syndications, increased by 17% to EUR 14.6 (12.5)
billion. Repayments amounted to EUR 2.2 billion.
Investment financing makes up 76% of the portfolio.
2004 2005 2006 2007 2008
Assets under management in real estate by
Bouwfonds REIM increased by 35% in 2008, to
EUR 6.8 (5.1) billion. The increase was partly due to
the acquisition of cable company CAIW's network,
in order to strengthen the Rabo Bouwfonds Dutch Communication Infrastructure Fund, and the
acquisition, by IEF Capital, of a shops portfolio from Unibail-Rodamco.The acquisition of a real estate
related loan portfolio was another contributor to this portfolio growth.
In 2008, total income fell by 31% to EUR 459 (670) million. Interest income was 9% lower, at EUR 78 (86)
million, despite higher interest income at FGH Bank as a result of portfolio growth. Commission income
increased by 74% to EUR 33 (19) million, thanks to higher asset management commission income at
Bouwfonds REIM. The decline in the number of owner-occupied houses sold depressed other income.
Other income was 38% lower, at EUR 348 (565) million, due to lower project results.
Total operating expenses were 3% higher in 2008, at EUR 363 (352) million. Staff numbers rose by 3% to
1,743 (1,700) FTEs. As a result, staff costs increased by 1% to EUR 220 (217) million. Other administrative
expenses were 7% higher, at EUR 131 (122) million, due in part to higher costs of both automation
and advice.
51
Report of the Executive Board
