Based on the segment profit of EUR 15.6 m, the real estate segment accounted for 29% of the consolidated result.
| 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 | -6.4 | -7.0 |
| Balance of other income 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 | 3.13 % | 3.55 % |
| Return on equity – segment profit | 14.2 % | 15.1 % |
The investments made back in the second half of 2003 and the completion of a number of properties showed up in 2004 in the form of significantly higher rental income. Moreover, the valuation of the real estate at market values brought a EUR 10.0 m increase in the values previously set. 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%.
