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

For 2015, before appropriation of profit

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2015

265,254

306,991

98,077

(11,185)

11,185

670,322

       

Comprehensive income

      

Net result

-

-

-

-

32,150

32,150

Total comprehensive income

-

-

-

-

32,150

32,150

       

Other movements

      

Issued shares

25,759

39,241

-

-

-

65,000

Appropriation of result

-

-

-

11,185

(11,185)

-

Dividends paid

-

(27,240)

-

(1,897)

-

(29,137)

Movement revaluation reserve

-

-

30,253

(30,253)

-

-

Total other movements

25,759

12,001

30,253

(20,965)

(11,185)

35,863

Balance at 31 December 2015

291,013

318,992

128,330

(32,150)

32,150

738,335

  • *See explanation dividend restrictions in this Note.

For 2014, before appropriation of profit

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2014

233,529

301,042

71,213

(47,149)

47,149

605,784

       

Comprehensive income

      

Net result

-

-

-

-

11,185

11,185

Total comprehensive income

-

-

-

-

11,185

11,185

       

Other movements

      

Issued shares

31,725

49,275

-

-

-

81,000

Appropriation of result

-

-

-

47,149

(47,149)

-

Dividends paid

-

(43,326)

-

15,679

-

(27,647)

Movement revaluation reserve

-

-

26,864

(26,864)

-

-

Total other movements

31,725

5,949

26,864

35,964

(47,149)

53,353

Balance at 31 December 2014

265,254

306,991

98,077

(11,185)

11,185

670,322

  • *See explanation dividend restrictions in this Note.

Dividend restrictions

The Retail 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

265,254

265,254

306,991

572,245

New shares issued

25,759

25,759

39,241

65,000

Dividend paid

-

-

(27,240)

(27,240)

Balance at 31 December 2015

291,013

291,013

318,992

610,005

Opening balance at 1 January 2014

233,529

233,529

301,042

534,571

New shares issued

31,725

31,725

49,275

81,000

Dividend paid

-

-

(43,326)

(43,326)

Balance at 31 December 2014

265,254

265,254

306,991

572,245

Issued capital

The authorised capital comprises 1 million shares each with a nominal value of € 1,000. As at 31 December 2015, in total 291,013 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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