In 2002 KFN achieved a total investment result of Ã¢âÂ¬ 65.2 million compared to Ã¢âÂ¬ 64.3 million in 2001. Profit per share is thereby Ã¢âÂ¬ 3.25 of which Ã¢âÂ¬ 2.60 from the direct investment result (Ã¢âÂ¬ 2.74 in 2001) and Ã¢âÂ¬ 0.65 from the indirect investment result (Ã¢âÂ¬ 0.66 in 2001). Return on shareholders´ equity amounted to 9.1 % (9.9% in 2001). Portfolio occupancy rate in 2002 was 94%.
In an office market currently dominated by excess supply and declining demand from companies and public institutions, KFN nonetheless succeeded in maintaining 2002 average rental income and total investment result at a satisfactory level.
At the end of the financial year KFN was operating almost 500,000 m2 of office space (compared to 450,000 m2 at the end of 2001); an increase on 2001 of 11%. In 2002 five (5) new major projects were delivered and put into operation - the new office buildings Crystal Tower in Amsterdam (20,373 m2), Il Fiore at the CÃÂ©ramique site in Maastricht (13,607 m2), HagePoint in Breda (6,300 m2) and Zaragossa in Zoetermeer (4,930 m2). The fifth project was the renovated and massively expanded World Trade Center in Amsterdam (total floor surface of 85,000 m2) - a joint initiative of KFN and ING Vastgoed.
KFN management expects the direct investment result for the year 2003 to be similar to the achievement for 2002.
Source: Kantoren Fonds Nederland