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.