That is the directory representation for the root of your repository. Think of directories in Subversion as being just files where the contents of the file are a hash dump (as described in the page you linked) of the directory.
If the representation is for the text contents of a directory node, the expanded contents are in hash dump format mapping entry names to " " pairs, where is "file" or "dir" and gives the ID of the child node-rev.
Until recently the directory representation was always written as a PLAIN
(i.e. full text) but as of 1.8.0 it can be written as a DELTA
(which greatly reduced the storage space required when repositories had a very deep tree).
The reason why we have directory representations is because we have abstracted the storage of an individual file away from its location in the tree. First this was used for implementing cheap copies. When you branch (via the copy command) Subversion doesn't write out a new file content representation for the files in the tree, but rather simply writes out new directory representations for that point to the existing file representations. This was further used in representation sharing (which uses a database to avoid storing the same content that is independently added or created via merges).
You may also want to read about the directory bubble up method that's used for storage which is described in the Subversion Design Document. Note that this document is terribly old and not entirely up to date. But the bubble up information is still accurate and informational.
I'd point you at Stefan Fuhrmann's talk from Subversion & Git Live 2013, but I don't think it's been posted to the web yet. But it would have some tidbits about the work that's being done on the file system format that you might find interesting.
Feel free to swing by #svn-dev on irc.freenode.net if you have further questions.