Dit prospectus is gemaakt voor de uitgifte van dit product en ... - Iex

Year ended 31 December20082007*(restated) 2007 2006(in millions of euro)Net profit ........................................ 438 362 362 223Year ended 31 December 2008 compared to year ended 31 December 2007Total income. Total income increased by 9 per cent. to € 1,618 million compared to € 1,479 million in 2007.The gain was primarily due to the sale of Alex and the Transtrend Diversified Trend Programme’s stronginvestment performance.Interest. Mainly due to the increase of interest income at Robeco, interest income was 76 per cent. higher, at€ 144 million compared to € 82 million in 2007.Fees and commission. The decrease in assets under management had a negative impact on the assetmanagement fees. This decrease was, however, offset by the Transtrend Diversified Trend Programme’sstrong investment results. Since Alex has ceased to be consolidated as from 2008, income from securitiesbrokerage decreased sharply. In net terms, commission income was virtually unchanged at € 1,084 millioncompared to € 1,089 million in 2007.Other income. Other income was 27 per cent. higher, at € 390 million compared to € 308 million in 2007, due,in part, to the gain from the sale of Alex. In 2007, the main drivers of other income were gains from Sarasin’sdisposal of its Luxembourg activities and income from its brokerage business.Operating expenses. Total operating expenses increased by 2 per cent. in 2008 to € 1,013 million compared to€ 991 million in 2007, mainly due to the expansion of Sarasin’s activities.Staff costs. The sale of Alex and staff redundancies at Robeco caused a decrease in staff numbers. Due,however, to the expansion of Sarasin’s activities, the total staffing level rose by 4 per cent. to 3,620 (2007:3,468) full-time employees. Staff costs were 4 per cent. lower, at € 559 million compared to € 581 million in2007, as a result of a reorganisation at Robeco and decreased bonuses.Other administrative expenses. Other administrative expenses rose by 10 per cent. to € 352 million comparedto € 320 million in 2007, as a result of the expansion of activities at Sarasin.Depreciation. Due in part to higher depreciation on intangible assets, depreciation and amortisation chargeswere 13 per cent. higher, at € 102 million compared to € 90 million in 2007.Value adjustments. The adverse conditions in the financial markets resulted in a number of write-offs onfinancial institutions by Sarasin. As a result, the item “value adjustments” increased by € 41 million to € 42million compared to € 1 million in 2007.Taxation. Taxation was stable in 2008, at € 125 million in each of 2007 and 2008.Net profit. Net profit increased by 21 per cent. to € 438 million compared to € 362 million in 2007.264