Results (in millions of euros)
Outlook
2008
2007
Change
Interest
78
86
-9%
Fees and commission
33
19
74%
Other income
348.
565.
-38%
total income
45.9
670
31%
Staff costs
220.
217.
1%
Other administrative expenses
131
122
7%
Depreciation and amortisation
12
13
-8%
Operating expenses
363
352
3%
Gross result
96.
318
-70%
Value adjustments
2
0perating profit before taxation
9.6
316
-70%
Taxation
20.
70.
-71%
Profit for the year Rabo Real Estate Group12
76
246
-69%
Minority interest
-10
3
Net profit Rabo Real Estate Group12
86
243
-65%
Other results
62
-89
-30%
Net orofit Real estate
24
154
-84%
Number of houses sold
8,746.
13,173.
-34%
Other information (in billions of euros)
31-Dec-08
31-Dec-07
Loan portfolio
16.5
13.5
22%
Assets under manaaement
6.8
5.1
35%
Number of employees (in FTEs)
1,743
1,700
3%
Due to the deteriorating market for real estate, Rabo Real Estate Group expects 2009 to be a difficult
year. The market uncertainty, both at home and abroad, will continue, with growth of the loan portfolio
and the assets under management expected to level out.
The organisation does not rule out the possibility of more official reports being filed in the future in
connection with the'Klim-Op'affair. Where possible, Rabo Real Estate Group will claim financial damages.
Unfortunately, that will not be possible for the moral damage that has been done to our business, our
staff and the real estate sector. Rabo Real Estate Group expects that 2009 will be another year full of
challenges, knowing that changing market conditions offer opportunities for vigorous and innovative
operations. Rabo Real Estate Group intends to distinguish itself further in the areas of services, expertise
and sustainable innovations in 2009 and will work hard towards its ambition of achieving a prominent
position for all its activities in the Netherlands. In addition, selective activities will be launched in a
number of European countries, particularly France and Germany. Rabo Real Estate Group will intensify
its collaboration with other Rabobank Group divisions. For example, Bouwfonds Property Development
will work even more closely with the local Rabobanks in mortgage selling. Bouwfonds REIM likewise, will
intensify its collaboration with the local Rabobanks in the distribution of real estate funds. Bouwfonds
REIM, together with Rabobank International, will establish agricultural real estate funds around the
world through Rabo FARM. In addition, Bouwfonds REIM intends to develop more alternative real estate
as well as products of a debt-related nature.
12) The items 'Result Rabo Real Estate Group' and 'Net profit Rabo Real Estate Group' correspond with the results as published by
Rabo Real Estate Group. The item'Net profit Real Estate division'is net of amortisation and financing charges and the effects of the
harmonisation of accounting principles due to the acquisition of parts of Bouwfonds.
52
Rabobank Group Annual Report 2008
