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Financial statements

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

For 2019, before appropriation of result

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2019

307,717

326,514

95,937

(34,889)

75,962

771,241

       

Comprehensive income

      

Net result

-

-

-

-

172,585

172,585

Total comprehensive income

-

-

-

-

172,585

172,585

       

Other movements

      

Issued shares

56,245

93,755

-

-

-

150,000

Appropriation of result

-

-

-

75,962

(75,962)

-

Dividends paid

-

-

-

(16,671)

-

(16,671)

Movement revaluation reserve

-

-

136,806

(136,806)

-

-

Total other movements

56,245

93,755

136,806

(77,515)

(75,962)

133,329

Balance at 31 December 2019

363,962

420,269

232,743

(112,404)

172,585

1,077,155

* See explanation dividend restrictions in this Note.

For 2018, before appropriation of result

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2018

275,035

279,196

74,104

(68,635)

71,746

631,446

       

Comprehensive income

      

Net result

-

-

-

-

75,962

75,962

Total comprehensive income

-

-

-

-

75,962

75,962

       

Other movements

      

Issued shares

32,682

47,318

-

-

-

80,000

Appropriation of result

-

-

-

71,746

(71,746)

-

Dividends paid

-

-

-

(16,167)

-

(16,167)

Movement revaluation reserve

-

-

21,833

(21,833)

-

-

Total other movements

32,682

47,318

21,833

33,746

(71,746)

63,833

Balance at 31 December 2018

307,717

326,514

95,937

(34,889)

75,962

771,241

* 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 2019

307,717

307,717

326,514

634,231

Issued shared

56,245

56,245

93,755

150,000

Dividends paid

-

-

-

-

Balance at 31 December 2019

363,962

363,962

420,269

784,231

 

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 2018

275,035

275,035

279,196

554,231

Issued shared

32,682

32,682

47,318

80,000

Dividends paid

-

-

-

-

Balance at 31 December 2018

307,717

307,717

326,514

634,231

Issued capital

The authorised capital comprises 1 million shares each with a nominal value of € 1,000. As at 31 December 2019, in total 363,962 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 2019 was determined at the individual property level.

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