* Net income increased by 5.6% to EUR 347 million (2000: EUR 328 million)
* Development operating profit down 35% to EUR 62.1 million (2000: EUR 94.9 million)
* Financing operating profit up 32% to EUR 86.5 million
* (2000: EUR 65.6 million)
* Higher net profit of EUR 106.5 million (2000: EUR 92.2 million)
* Modest growth in net profit expected for 2002
Despite the sometimes difficult market conditions, Bouwfonds - which concentrates on the development, financing and management of property - took significant steps in 2001 to realize its ambition to grow into a leading European property company. Due to the lower housing production volume in the Netherlands, the development activities posted a lower profit last year. The financing and asset management activities posted continuing growth.
Higher net profit despite lower operating profit
Net income - the aggregate of the interest margin, the gross margin from property activities and other income - increased by 5.6% to EUR 347 million. The operating profit before taxes fell by 7.4% to EUR 148.6 million, compared to EUR 160.5 million in 2000. Net profit rose to EUR 106.5 million thanks to a lower tax and premium burden and the absence of extraordinary expenses, which had depressed the result in 2000.
Total assets increased by 25% to EUR 21.1 billion, not least owing to the takeover of ABN AMROÂ's financing portfolios. The total loan portfolio grew by 24% to EUR 19.4 billion, equivalent to 92% of total assets. Furthermore, property assets (mainly building sites and work in progress) increased by 35% to EUR 1.2 billion.
For more information please visit www.bouwfonds.com.