Results 2003: higher profit despite lower dollar; profit € 116.5 mln; EPS € 4.45; proposed dividend: € 4.45 p.s.
The exchange rate differences on result, caused by a 16% lower average exchange rate for the US-dollar, were compensated by higher rental income and additions to the portfolio. Lower interest charges were absorbed by higher taxes, resulting in a € 0.2 mln increase in profits.
Profit after tax increased by € 0.2 mln or 0.01 per share, compared to the previous year. The adverse effect on the results of lower exchange rates of € 6.5 mln, € 2.3 mln higher taxes and € 0.7 higher general costs were compensated by autonomous increases in net rental income (+ € 4.9 mln), lower interest charges (+ € 2.6 mln) and additions to the investment portfolio (+ € 2.2 mln).