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Financial statements

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

For 2019, before appropriation of profit

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2019

350,495

396,265

222,920

(48,675)

48,675

969,680

       

Comprehensive income

      

Net result

-

-

-

-

43,659

43,659

Total comprehensive income

-

-

-

-

43,659

43,659

       

Other movements

      

Issued shares

4,354

7,646

-

-

-

12,000

Appropriation of result

-

-

-

48,675

(48,675)

-

Dividends paid

-

(13,117)

-

(32,829)

-

(45,946)

Movement revaluation reserve

-

-

10,830

(10,830)

-

-

Total other movements

4,354

(5,471)

10,830

5,016

(48,675)

(33,946)

Balance at 31 December 2019

354,849

390,794

233,750

(43,659)

43,659

979,393

* See explanation dividend restrictions in this Note.

For 2018, before appropriation of profit

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2018

327,089

361,679

200,128

(61,059)

61,059

888,896

       

Comprehensive income

      

Net result

-

-

-

-

48,675

48,675

Total comprehensive income

-

-

-

-

48,675

48,675

       

Other movements

      

Issued shares

23,406

41,594

-

-

-

65,000

Appropriation of result

-

-

-

61,059

(61,059)

-

Dividends paid

-

(7,008)

-

(25,883)

-

(32,891)

Movement revaluation reserve

-

-

22,792

(22,792)

-

-

Total other movements

23,406

34,586

22,792

12,384

(61,059)

32,109

Balance at 31 December 2018

350,495

396,265

222,920

(48,675)

48,675

969,680

* 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 2019

350,495

350,495

396,265

746,760

New shares issued

4,354

4,354

7,646

12,000

Dividend paid

-

-

(13,117)

(13,117)

Balance at 31 December 2019

354,849

354,849

390,794

745,643

 

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

327,089

327,089

361,679

688,768

New shares issued

23,406

23,406

41,594

65,000

Dividend paid

-

-

(7,008)

(7,008)

Balance at 31 December 2018

350,495

350,495

396,265

746,760

Issued capital

The authorised capital comprises 1 million shares each with a nominal value of € 1,000. As at 31 December 2019, in total 354,849 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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