Financial results of real estate
Notes to financial results of real estate
Results (in millions of euros)
2011
2010
Change
Interest
277
246
13%
Commission
41
27
52%
Other results
205
210
-2%
Total income
523
483
8%
Staff costs
200
193
4%
Other administrative expenses
122
79
54%
Depreciation and amortisation
10
8
25%
Total operating expenses
332
280
19%
Gross result
191
203
-6%
Value adjustments
136
57
Operating profit before taxation
55
146
-62%
Taxation
19
42
-55%
Profit Rabo Real Estate Group13
36
104
-65%
Minority interest
5
-2
Net profit Rabo Real Estate Group13
31
106
-71%
Other
9
-64
Net profit Real estate13
40
42
-5%
Bad debt costs (in basis points)
69
36
92%
Number of houses sold
8,206 9,278
-12%
Other information (in billions of euros)
Loan portfolio
31-Dec-l 1 31-Dec-10
19.0 1 7.8
7%
Assets under management
7.2
7.2
Number of employees (in FTEs)
1,608
1,559
3%
13 The items 'profit for the year Rabo
Real Estate Group'and 'net profit Rabo
Real Estate Group'correspond to the
financial results published by Rabo Real
Estate Group itself. The item 'net profit
real estate division'is inclusive of the
amortisation and financing charges
that were incurred due to the
acquisition of Bouwfonds divisions and
differences in accounting policies.
Income up 8%
Rabo Real Estate Group saw its total income increase by 8%, rising to EUR 523 (483) million
in 2011. An increase in lending and higher margins on new loans and renewals fuelled a 13%
rise in interest income to EUR 277 (246) million. Commission income was up 52%, reaching
EUR 41 (27) million, thanks to new loans and renewals, particularly in the first half of 2011,
and higher commissions at Bouwfonds REIM.The increase in revenue from property
development, especially in countries other than the Netherlands, was cancelled out by
impairment losses on available land positions in the Netherlands. Other results fell by 2% to
EUR 205 (210) million on balance.
Operating expenses up 19%
Rabo Real Estate Group's total operating expenses rose to EUR 332 (280) million in 2011
Owing, in part, to an increase in headcount, staff costs were up 4% to EUR 200 (193) million.
Restructuring provisions were a contributing factor in the increase in other administrative
expenses by 54% to EUR 122 (79) million. Depreciation and amortisation charges were virtually
stable at EUR 10 (8) million.
79
Our specialised subsidiaries
