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Financial statements

16 Equity attributable to shareholders of Bouwinvest Dutch Institutional Office Fund N.V.

For 2015, before appropriation of result

Attributable to owners of the Fund

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2015

267,445

292,063

5,605

(612)

612

565,113

       

Comprehensive income

      

Net result

-

-

-

-

4,034

4,034

Total comprehensive income

-

-

-

-

4,034

4,034

       

Other movements

      

Issued share

4,730

5,270

-

-

-

10,000

Appropriation of result

-

-

-

612

(612)

-

Dividends paid

-

(19,999)

-

(4,425)

-

(24,424)

Movement revaluation reserve

-

-

(391)

391

-

-

Total other movements

4,730

(14,729)

(391)

(3,422)

(612)

(14,424)

Balance at 31 December 2015

272,175

277,334

5,214

(4,034)

4,034

554,723

  • *See explanation dividend restrictions in this Note.

For 2014, before appropriation of result

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2014

200,411

262,366

6,424

1,260

(1,260)

469,201

       

Comprehensive income

      

Net result

-

-

-

-

612

612

Total comprehensive income

-

-

-

-

612

612

       

Other movements

      

Issued share

67,034

76,966

-

-

-

144,000

Repayment of share premium

-

(22,000)

-

-

-

(22,000)

Appropriation of result

-

-

-

(1,260)

1,260

-

Dividends paid

-

(25,269)

-

(1,431)

-

(26,700)

Movement revaluation reserve

-

-

(819)

819

-

-

Total other movements

67,034

29,697

(819)

(1,872)

1,260

95,300

Balance at 31 December 2014

267,445

292,063

5,605

(612)

612

565,113

  • *See explanation dividend restrictions in this Note.

Dividend restrictions

The Office Fund is subject to legal restrictions regarding the amount of dividends it can pay to its shareholders. Dutch Law stipulates that dividends can only be paid up to an amount equal to the excess of the Fund’s own funds over the sum of the paid-up capital, statutory reserves and reserves required by law.

The revaluation reserve, being a legal reserve, cannot be freely distributed. Dividends are all payments from the free reserves. The free reserves consist of the share premium and retained earnings. Dividend will consist partly of profits and other payments.

In order to further align the processing of the distributable dividends with Dutch Law and taking into account the FII status of the Fund, the distributable dividends are made from retained earnings insofar the retained earnings – being the total amount of retained earnings and result for the year – are not negative. The remaining amount of legally required distributable dividends is subsequently made from share premium. Any residual negative retained earnings is supplemented from the share premium.

 

Number of shares in fully paid up equivalents

Paid-up share capital

Share premium

Total share capital and share premium

Opening balance at 1 January 2015

267,445

267,445

292,063

559,508

Issued shared

4,730

4,730

5,270

10,000

Dividends paid

-

-

(19,999)

(19,999)

Balance at 31 December 2015

272,175

272,175

277,334

549,509

Opening balance at 1 January 2014

200,411

200,411

262,366

462,777

Issued shared

67,034

67,034

76,966

144,000

Repayment of share premium

-

-

(22,000)

(22,000)

Dividends paid

-

-

(25,269)

(25,269)

Balance at 31 December 2014

267,445

267,445

292,063

559,508

Issued capital

The authorised capital comprises 1 million shares, each with a nominal value of € 1,000. As at 31 December 2015, in total 272,175 shares had been issued and fully paid up.

Share premium

The share premium reserve consists of capital paid on shares in excess of the nominal value. At the establishment of the Fund, the shareholder bpfBOUW contributed an investment property portfolio under legal title of share premium.

Revaluation reserve

The revaluation reserve relates to the revaluation of the property investments. The (unrealised) positive or negative difference between the cumulative increase or decrease in the fair value of the investment property owned at the end of the year has been included in the revaluation reserve. The revaluation reserve as at year-end 2015 was determined at the individual property level.

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