Financial results of real estate
Results
Notes to financial results of real estate
in millions of euros
2013
2012
Change
Interest
322
311
4%
Commission
32
35
-9%
Other results
-589
84
Total income
-235
430
Staff costs
195
193
1%
Other administrative expenses
120
89
35%
Depreciation
10
10
Operating expenses
325
292
11%
Gross result
-560
138
Value adjustments
513
238
Operating profit before taxation
-1,073
-100
Taxation
-249
8
Result Rabo Real Estate Group*
-824
-108
Minority interest
-7
5
Net result Rabo Real Estate Group*
-817
-113
Other
2
6
Net result Real estate*
-815
-107
The items 'Result Rabo Real Estate Group'
and 'Net result Rabo Real Estate Group'
Bad debt costs (in basis points)
278
124
correspond to the financial results
published by Rabo Real Estate Group
Number of houses sold
5,169
6,312
-18%
itself.The item 'Net result real estate'
includes the amortisation and financing
Other information (in billions of euros)
31-Dec-13
31-Dec-12
expenses due to the acquisition of
Loan portfolio
19.4
19.2
1%
elements of Bouwfonds and differences in
Assets under management
5.9
5.5
7%
accounting policies.
Number of employees (in FTEs)
1,554
1,528
2%
Income down
The total income of Rabo Real Estate Group fell by EUR 665 million to EUR -235 (430) million in
2013. Impairments on land holdings and revaluations of land operations amounted to EUR 567
million, partly due to the postponement of projects. Large impairments were also recognised
on commercial real estate holdings. This led to a decline in other results of EUR 673 million to
EUR -589 (84) million. Interest income rose 4% due to improved margins on new loans and
extensions, to EUR 322 (31 1) million. The size of the loan portfolio was more or less unchanged.
Commissions also remained fairly stable, at EUR 32 (35) million.
Operating expenses rise
Rabo Real Estate Group's total operating expenses rose by EUR 33 million to EUR 325 (292) million
in 2013. The increase was mostly due to the formation of a reorganisation provision for the
phasing out of the activities of MAB Development. This especially affected other administrative
expenses, which rose 35% to EUR 120 (89) million. Due in part to additional staff at FGH Bank
and Fondsenbeheer Nederland, the staff complement increased by 26 FTE to 1,554 (1,528) FTE.
Staff costs rose slightly as a result, by 1% to EUR 195 (193) million. Depreciation and amortisation
remained unchanged at EUR 10 (10) million.
93 Our specialised subsidiaries
