Income and costs
Fee income came in at € 30.5 million in 2015, 9.3% higher than in 2014. Combined with the overall management costs of € 25.4 million (2014: € 24.6 million), we recorded a higher than expected margin of € 5.1 million in 2015, up 55% compared to 2014. The total operating costs were higher than in 2014 due to the growth of the organisation and e related personnel costs.
Deferred tax assets are less the calculated corporate taxes of € 1.5 million for 2015. Deferred tax assets are recognised on the basis of losses from previous years that will be settled with the tax authorities.
The total result after taxes for 2015 came in at € 4.4 million, which is 18.1% above the average total profit of € 3.6 million recorded in the last five years.
As a result of the profit booked in 2015, shareholders’ equity increased to € 27.2 million in 2015, from € 29.4 million in the previous year. The solvency ratio was 89% (2014: 88%).
At year-end 2015, Bouwinvest had a total of € 16.8 million available in its current account with our bank ABN AMRO. This was more than sufficient to cover all outstanding liabilities and was also in line with the formal requirements of the Alternative Investment Fund Manager Directive (AIFMD).
Profit allocation and dividend policy
The management proposes to pay out a dividend of € 2.7 million in 2016.