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Year ended 31 December20082007(restated) 2007 2006(in millions of euro)Staff costs ........................................ 220 217 217 55Other administrative expenses......... 131 167 167 43Depreciation .................................... 43 51 51 3Operating expenses........................ 394 435 435 101Gross profit .................................... 33 211 211 143Value adjustments............................ 0 2 2 (1)Operating profit before taxation .. 33 209 209 144Taxation ........................................... 9 55 55 40Net profit ........................................ 24 154 154 104Year ended 31 December 2008 compared to year ended 31 December 2007Total income. In 2008, total income fell by 34 per cent. to € 427 million compared to € 646 million in 2007.Interest. Interest income was 19 per cent. higher, at € 85 million compared to € 72 million in 2007, due tohigher interest income at FGH Bank as a result of portfolio growth.Fees and commission. Commission income increased by € 30 million to € 31 million compared to € 1 millionin 2007, primarily as a result of higher asset management commission income at Bouwfonds REIM.Other income. Other income was 46 per cent. lower, at € 311 million compared to € 573 million in 2007, dueto lower project results and in particular the decline in the number of owner-occupied houses sold.Operating expenses. Total operating expenses were 9 per cent. lower in 2008, at € 394 million compared to€ 435 million in 2007.Staff costs. Staff numbers rose by 3 per cent. to 1,743 (2007: 1,700) full-time employees. As a result, staffcosts increased by 1 per cent. to € 220 million compared to € 217 million in 2007.Other administrative expenses. Other administrative expenses were 22 per cent. lower, at € 131 millioncompared to € 167 million in 2007, mainly due to the decrease in depreciation of intangible assets.Depreciation. Depreciation decreased in 2008 by € 8 million to € 43 million compared to € 51 million in 2007.Value adjustments. Value adjustments decreased in 2008 to € 0 million compared to € 2 million in 2007.Taxation. Taxation decreased in 2008 by € 46 million to € 9 million compared to € 55 million in 2007.Net profit. Net profit fell by 85 per cent. to € 24 million compared to € 154 million in 2007.268