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

For 2016, before appropriation of result

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2016

1,116,243

1,731,157

198,564

(242,241)

347,475

3,151,198

       

Comprehensive income

      

Net result

-

-

-

-

666,343

666,343

Total comprehensive income

-

-

-

-

666,343

666,343

       

Other movements

      

Issued shares

97,716

192,284

-

-

-

290,000

Appropriation of result

-

-

-

347,475

(347,475)

-

Dividends paid

-

-

-

(112,507)

-

(112,507)

Movement revaluation reserve

-

-

482,772

(482,772)

-

-

Total other movements

97,716

192,284

482,772

(247,804)

(347,475)

177,493

Balance at 31 December 2016

1,213,959

1,923,441

681,336

(490,045)

666,343

3,995,034

  • *See explanation dividend restrictions in this Note.

For 2015, before appropriation of result

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2015

1,043,265

1,611,635

43,694

(116,465)

133,154

2,715,283

       

Comprehensive income

      

Net result

-

-

-

-

347,475

347,475

Total comprehensive income

-

-

-

-

347,475

347,475

       

Other movements

      

Issued shares

72,978

119,522

-

-

-

192,500

Appropriation of result

-

-

-

133,154

(133,154)

-

Dividends paid

-

-

-

(104,060)

-

(104,060)

Movement revaluation reserve

-

-

154,870

(154,870)

-

-

Total other movements

72,978

119,522

154,870

(125,776)

(133,154)

88,440

Balance at 31 December 2015

1,116,243

1,731,157

198,564

(242,241)

347,475

3,151,198

  • *See explanation dividend restrictions in this Note.

Dividend restrictions

The Residential 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. Dividends 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 2016

1,116,243

1,116,243

1,731,157

2,847,400

Dividends paid

-

-

-

-

Issued shares

97,716

97,716

192,284

290,000

Balance at 31 December 2016

1,213,959

1,213,959

1,923,441

3,137,400

Opening balance at 1 January 2015

1,043,265

1,043,265

1,611,635

2,654,900

Dividends paid

-

-

-

-

Issued shares

72,978

72,978

119,522

192,500

Balance at 31 December 2015

1,116,243

1,116,243

1,731,157

2,847,400

Issued capital

The authorised capital comprises five (5) million shares each with a nominal value of € 1,000.

As at 31 December 2016, in total 1,213,959 shares had been issued and fully paid up.

Share premium

The share premium 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 2016 was determined at the individual property level.

Appropriation of profit 2015

The Annual General Meeting of Shareholders on 18 April 2016 adopted and approved the 2015 financial statements of the Residential Fund. A dividend of € 98.33 (in cash) per share has been paid. The profit for 2015, amounting to € 347.5 million, was incorporated in the retained earnings.

Proposal for profit appropriation 2016

The management of the Fund proposes to the General Meeting of Shareholders that a dividend of € 94.03 (in cash) per share be paid for 2016. Of the net result for 2016 amounting to € 666.3 million, € 666.3 million will be incorporated in the retained earnings.

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