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FACTORS OF INCREASED EARNINGS IN 2004
in EUR m 2003 2004
Net interest income 23.1 42.5
Credit risk provisions (net) 0.0 -1.2
Other operating income 2.1 1.3
General administrative expenses
Balance of other income
-6.4 -7.0
and expenses -1.0 -1.5
Pre-tax profit 17.7 34.1
After-tax profit 16.5 25.7
Segment profit 11.4 15.6
Segment assets 682 763
Risk-earnings ratio 0.1% 2.9%
Cost-income ratio 25.4% 15.6%
Return on assets
Return on equity –
3.13% 3.55%
segment profit 14.2% 15.1%
0
There was an 84% overall improvement in net
interest income after refinancing expenses, bringing
it to EUR 42.5 m. That provided the basis for
the improvement in the result: Pre-tax profit
improved by 93% and the segment profit by 37%.
SEGMENT RESULT REAL ESTATE
SEGMENT REPORTING / REAL ESTATE
Fields of business in the
real estate segment
REAL ESTATE PROJECT
DEVELOPMENTS
“River City Prague” real estate project
developments
In real estate project developments, due to the
excellent rental level at “Danube House”, construction
of “Nile House” began
early in 2004. The completion
of this second office building in
the “River City Prague” project
is scheduled for the end of
2005. It has a usable floor space of 19,350 m2 “DANUBE HOUSE”
.
Work has started on the third stage of the “River
City Prague” project under the name of “Amazon
Court”. A Danish team of architects, Schmidt,
Hammer & Lassen, won the competition for this
mixed-use building. As well as office space that
can be flexibly arranged in the building, there will
also be retail space on the ground floor. Construction
should commence in the middle of 2006.
2000 2001 2002
2003
2004
After-tax profit Segment profit Return on equity (RoE) – Segment profit
“NILE HOUSE” CARRIES
ON THE SUCCESS OF
in EUR m RoE in %
2.0%
1
1
11
16.7%
7
14
15.6%
8
18
11
34
14.2% 15.1%
16
20%
15%
10%
5%
0%
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