ANNUAL REPORT 2004 - Breevast

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FINANCIAL STATEMENTS 2004Notes to the consolidated profit and loss account(x EUR 1,000)3. UNREALIZED CHANGES IN VALUE ON INVESTMENTSIn 2003:Properties under managementProperties under developmentSubsidiariesTheNetherlands13,461-(831)12,630UnitedStates1,328-4431,771Belgium----Curacao-(2,060)-(2,060)Total14,789(2,060)(388)12,341BREEVAST ANNUAL REPORT 200434In 2004:Properties under managementProperties under developmentSubsidiaries8,545-(945)7,6005,57816,2181,07522,871(3,119)--(3,119)The unrealized changes in value in the United States mainly arise from an upward value adjustment of a shopping center to bedelivered in 2005 and from two sales that were previously agreed (and for which an initial payment of USD 3 million was made)and for which the conveyance will take place in 2005. In that case, a movement of more than EUR 9 million from unrealizedchanges in value to realized changes in value will take place.4. OTHER OPERATING INCOMEInterest incomeManagement feesDevelopment feesOther20041,7672791,6311,0074,684----20033,7263411,2942,6688,02911,00416,21813027,352
FINANCIAL STATEMENTS 2004Notes to the consolidated profit and loss account(x EUR 1,000)5. TOTAL OPERATING EXPENSES20042003BREEVAST ANNUAL REPORT 200435Management costs:Gross salariesSocial security / pensionsOffice rentForeign managementAdvisorsDepreciation of office inventory/vehiclesOtherInterest charges:Netherlands mortgage interest chargesUnited States mortgage interest chargesBelgium mortgage interest chargesOther interest charges3,5022884501071,2192402,5498,35517,2337361,9512,76622,686The company had 37.5 FTEs at the end of 2004 (2003: 36), including the 9 employees (2003: 10) ofWattson Breevast, LLC and 14 employees in Belgium (2003: 9). The profit and loss account for 2003does not include any income and expenses for the Belgian organization (only the balance sheet wasconsolidated at the end of 2003).The remuneration of the members of the Supervisory Board amounted to EUR 73,000 in 2004(2003: EUR 73,000). The remuneration of the Management of Breevast amounted to EUR 413,000in 2003 (Article 383(1), Book 2 of the Netherlands Civil Code prevails with respect to 2004).2,9234263481149962422,1767,22519,4781,8902894,36326,020The other operating expenses item includes the write-downs on claims and obligations that ensue fromguarantees issued to third parties. In 2004, this concerns an additional provision of EUR 1.5 millionfor a claim with respect to a Belgian group company acquired in 2003 (2003: EUR 7.7 million).6. CORPORATE INCOME TAX20042003Tax dueDeferred tax liabilitiesTotal(7,962)(13,598)(21,560)(630)(4,484)(5,114)
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Page 4 and 5: RIJKSADMINISTRATIEFCENTRUM (RAC) AN
Page 7 and 8: K EY FI GURES(x EUR 1,000)INVESTMEN
Page 9 and 10: MOLENPOORT SHOPPINGMALL IN NIJMEGEN
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Page 21 and 22: MANAGEMENT REPORTOutlook / Personne
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Page 50: DISTRIBUTIONCENTRE, SCHARENBURG,WES
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Page 56 and 57: DE WIJK NEAR MEPPEL,THE NETHERLANDS
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