Financial results of real estate
Notes to financial results of real estate
Economic vitality and quality of life
Participating in the local community and strengthening economic and social vitality.This is one
of the aims of our new ambitions with respect to sustainability. We focus on current social
themes. Sustainability, economic vitality and quality of life is a theme in which Rabo Real Estate
Group is actively involved. BPD, part of Rabo Real Estate Group, sees that enthusiasm for
sustainably designed living space is increasing.The plan for plan Nieuw Kortenoord in
Wageningen is a practical example of this move towards sustainability. It is a new housing
project involving 1,000 homes that exudes sustainability and community vitality in many
aspects. The homes are being sold in close cooperation with Rabobank Vallei en Rijn.
The project has been developed in the environs of Wageningen on the site of a former
university, with both some of the buildings and the landscaping being maintained as far as
possible. Residents are actively guided with respect to energy-saving measures, which has led
to a saving of 60% compared to similar homes. With an area of 56 hectares and 1,000 homes,
Nieuw Kortenoord is one of the larger 'green' neighbourhoods.
Results
in millions of euros
2014
2013
Change
Interest
313
335
-7%
Commission
36
29
24%
Other results
261
-556
Total income
610
-192
Staff costs
198
193
3%
Other administrative expenses
104
119
-13%
Depreciation
9
27
-67%
Operating expenses
311
339
-8%
Gross result
299
-531
Bad debt costs
656
513
28%
Bank tax expense 8 8 0%
Operating result before taxation
-365
-1,052
-65%
Taxation
-102
-238
-57%
Net result
-263
-814
-68%
Bad debt costs (in basis points)
364
278
31%
Number of houses sold
7,064
5,169
37%
Balance sheet (in billions of euros)
31-Dec-14
31-Dec-13
Loan portfolio
16.7
18.4
-9%
Assets under management
6.4
5.9
8%
Capital requirements (in billions of euros)
Regulatory capital
1.3
1.6
-19%
Economic capital
1.5
1.9
-21%
Number of employees (in FTEs)
1,519
1,554
-2%
Income up by EUR 802 million
The total income of the real estate segment rose by EUR 802 million to EUR 610 (-192) million
in 2014. In line with the contraction of the loan portfolio, the interest result fell by 7% to
EUR 313 (335) million. Commissions were up on 2013 at EUR 36 (29) million, as a result of certain
Rock-solid bank: performance
