Statement of changes in equity in accordance with INREV valuation principles

Issued capital

Share premium

Revaluation reserve

Retained earnings

Net result for the year

Total equity

Balance according to IFRS at 1 January 2015

265,254

306,991

98,077

(11,185)

11,185

670,322

Changes according to INREV at 1 January 2015

-

-

-

3,355

1,163

4,518

Balance at 1 January 2015

265,254

306,991

98,077

(7,830)

12,348

674,840

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

-

-

-

12,348

(12,348)

-

Dividends paid

-

(27,240)

-

(1,897)

-

(29,137)

Movement revaluation reserve

-

-

30,253

(30,253)

-

-

Changes according to INREV

-

-

-

-

(1,400)

(1,400)

Total other movements

25,759

12,001

30,253

(19,802)

(13,748)

34,463

Balance at 31 December 2015

291,013

318,992

128,330

(27,632)

30,750

741,453

Issued capital

Share premium

Revaluation reserve

Retained earnings

Net result for the year

Total equity

Balance according to IFRS at 1 January 2014

233,529

301,042

71,213

(47,149)

47,149

605,784

Changes according to INREV at 1 January 2014

-

-

-

3,696

(341)

3,355

Balance at 1 January 2014

233,529

301,042

71,213

(43,453)

46,808

609,139

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

-

-

-

46,808

(46,808)

-

Dividends paid

-

(43,326)

-

15,679

-

(27,647)

Movement revaluation reserve

-

-

26,864

(26,864)

-

-

Changes according to INREV

-

-

-

-

1,163

1,163

Total other movements

31,725

5,949

26,864

35,623

(45,645)

54,516

Balance at 31 December 2014

265,254

306,991

98,077

(7,830)

12,348

674,840