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15 Equity attributable to shareholders of Bouwinvest Dutch Institutional Healthcare Fund N.V.

For 2016, before appropriation of result

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net profit for the year

Total equity

Balance at 1 January 2016

45

34,041

215

(2,145)

1,910

34,066

       

Comprehensive income

      

Net profit

-

-

-

-

1,100

1,100

Total comprehensive income

-

-

-

-

1,100

1,100

       

Other movements

      

Issued shares

24,955

(24,955)

-

-

-

-

Share premium contribution

-

20,000

-

-

-

20,000

Appropriation of profit

-

-

-

1,910

(1,910)

-

Dividends paid

-

(1,480)

-

47

-

(1,433)

Movement revaluation reserve

-

-

912

(912)

-

-

Total other movements

24,955

(6,435)

912

1,045

(1,910)

18,567

Balance at 31 December 2016

25,000

27,606

1,127

(1,100)

1,100

53,733

* See explanation dividend restrictions in this Note.

For 2015, before appropriation of result

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net profit for the year

Total equity

Balance at 1 January 2015

45

16,041

-

(883)

369

15,572

       

Comprehensive income

      

Net profit

-

-

-

-

1,910

1,910

Total comprehensive income

-

-

-

-

1,910

1,910

       

Other movements

      

Issued shares

-

-

-

-

-

-

Share premium contribution

-

18,000

-

-

-

18,000

Appropriation of profit

-

-

-

369

(369)

-

Dividends paid

-

-

-

(1,416)

-

(1,416)

Movement revaluation reserve

-

-

215

(215)

-

-

Total other movements

-

18,000

215

(1,262)

(369)

16,584

Balance at 31 December 2015

45

34,041

215

(2,145)

1,910

34,066

* See explanation dividend restrictions in this Note.

Dividend restrictions

The Healthcare 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

45

45

34,041

34,086

Issued shares

24,955

24,955

(24,955)

-

Dividends paid

-

-

(1,480)

(1,480)

Share premium contribution

-

-

20,000

20,000

Balance at 31 December 2016

25,000

25,000

27,606

52,606

Opening balance at 1 January 2015

45

45

16,041

16,086

Issued shares

-

-

-

-

Dividends paid

-

-

-

-

Share premium contribution

-

-

18,000

18,000

Balance at 31 December 2015

45

45

34,041

34,086

Issued capital

In January 2016, the Fund issued 24,955 shares at par value, satisfied by conversion of a part of the current share.

The authorised capital comprises 100,000 shares each with a nominal value of € 1,000. As at 31 December 2016, in total 25.000 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 Healthcare Fund. A dividend of € 34,089 (in cash) per share has been paid. The profit for 2015, amounting to € 1.9 million, has been 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 € 54.06 (in cash) per share be paid for 2016. Of the net result for 2016 amounting to € 1.1 million, € 1.1 million will be incorporated in the retained earnings.

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