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

Year ended 31 December20082007(restated) 2007 2006(in millions of euro)Depreciation .................................... 31 32 32 21Operating expenses........................ 596 594 594 494Gross profit .................................... 419 401 401 348Value adjustments............................ 118 100 100 77Operating profit before taxation .. 301 301 301 271Taxation ........................................... 66 67 67 65Net profit................................................. 235 234 234 206Year ended 31 December 2008 compared to year ended 31 December 2007Total income. Total income increased by 2 per cent. to € 1,015 million compared to € 995 million in 2007.Although the spreads on new contracts improved, the spreads for the portfolio as a whole were lower due toincreased funding costs.Interest. Interest income rose by 2 per cent. to € 530 million compared to € 518 million in 2007 as a result ofgrowth of the loan portfolio.Fees and commission. Commission income was 17 per cent. higher, at € 61 million compared to € 52 millionin 2007, due to higher brokerage commission income.Other income. The greater part of income from car-leasing activities is recognised under other income. Otherincome remained stable, at € 424 million compared to € 425 million in 2007.Operating expenses. Total operating expenses were stable in 2008, at € 596 million compared to € 594 millionin 2007.Staff costs. Increased activities resulted in a 6 per cent. rise in staff numbers, to 4,667 (2007: 4,411) full-timeemployees. This contributed to the 2 per cent. rise in staff costs to € 377 million compared to € 369 million in2007.Other administrative expenses. Other administrative expenses decreased by 3 per cent. to € 188 millioncompared to € 193 million in 2007, mainly as a result of lower marketing and automation costs.Depreciation. Depreciation was stable in 2008, at € 31 million compared to € 32 million in 2007.Value adjustments. The growth in the loan portfolio and the worsened economic situation caused an 18 percent. increase in the item “value adjustments” in 2008, to € 118 million compared to € 100 million in 2007. Interms of basis points of the average loan portfolio, the bad debt costs were 64 (2007: 61) basis points. The baddebt costs exceeded the level of 2007 and were lower than the 10 year average of 66 basis points.Taxation. Taxation in 2008 decreased by € 1 million to € 66 million compared to € 67 million to 2007.Net profit. Net profit was virtually stable in 2008, at € 235 million compared to € 234 million in 2007.266