Exceptional high profit of € 341 mln for Oranje-Nassau Groep

The net profit of Oranje-Nassau Groep B.V. (energy, real estate and private equity) in Amsterdam in 2002 amounted to € 341.1 million compared with € 51.4 million in 2001. The profit is largely due to the result realised by the sale of a participation by the private energy sector. However, also without this sale, the net profit would have exceeded that of 2001. The cash flow amounted to € 403.3 million (2001 : € 98.6 million). Total gross investments made by the sectors ran to € 529.8, compared with € 152.5 million in 2001, of which 93.9 million was for the account of the energy division (2001: € 34.2 million) and € 435.9 million for acquisitions and increases of interests in companies by the private equity division (2001: € 113.0).

Despite the somewhat lower oil prices expressed in Euro currency, the net proceeds of the energy sector increased from € 112.5 million in 2001 to € 145.8 million in 2002 due to a considerably higher production level. Net profit of the energy sector rose with more than 10%. 2002 was the first full production year for the Elgin and Franklin complex of oil and gas fields in the British part of the Continental Shelf as well as the Hanze oil field in the Dutch sector. Due to the acquisition of further interests in producing oil fields on the British part of the Continental Shelf from ENI (formerly AGIP) the annual production was amply replaced.

The net rental income from the real estate sector went up from € 10 million in 2001 to € 11 million in 2002. Main efforts were directed to the maintenance of the real estate portfolio. In contrast to 2001, no disinvestments were made in 2002.

The private equity sector realized net proceeds of € 307.0 million, compared with € 22.1 million in 2001. This increase is mainly attributable to the sale of the interest in bioMérieux. New interests were acquired in Bureau Veritas and Stallergènes.

At the general meeting of shareholders of 8 April 2003 Messrs. Geert F. Boreel and Harry Langman stepped down as members of the Supervisory Board. Further Messrs. Peter W.H. Houx and Jacques H. Schraven were reappointed as members of the Supervisory Board of the Group.

For 2003 a net profit of about € 55 million is foreseen. This forecast assumes a moderate development of oil and gas prices and no significant disinvestments.

Oranje-Nassau Groep

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