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 | 1,280,767 | 2,084,133 | 1,177,093 | (427,961) | 637,610 | 4,751,642 |
| | | | | | |
Comprehensive income | | | | | | |
Net result | - | - | - | - | 878,013 | 878,013 |
Total comprehensive income | - | - | - | - | 878,013 | 878,013 |
| | | | | | |
Other movements | | | | | | |
Issued shares | 65,146 | 188,854 | - | - | - | 254,000 |
Appropriation of result | - | - | - | 637,610 | (637,610) | - |
Dividends paid | - | - | - | (121,894) | - | (121,894) |
Movement revaluation reserve | - | - | 754,850 | (754,850) | - | - |
Total other movements | 65,146 | 188,854 | 754,850 | (239,134) | (637,610) | 132,106 |
Balance at 31 December 2018 | 1,345,913 | 2,272,987 | 1,931,943 | (667,095) | 878,013 | 5,761,761 |
* See explanation dividend restrictions in this Note.
For 2017, before appropriation of profit
| Issued capital | Share premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity |
Balance at 1 January 2017 | 1,213,959 | 1,923,441 | 681,336 | (490,045) | 666,343 | 3,995,034 |
| | | | | | |
Comprehensive income | | | | | | |
Net result | - | - | - | - | 637,610 | 637,610 |
Total comprehensive income | - | - | - | - | 637,610 | 637,610 |
| | | | | | |
Other movements | | | | | | |
Issued shares | 66,808 | 160,692 | - | - | - | 227,500 |
Appropriation of result | - | - | - | 666,343 | (666,343) | - |
Dividends paid | - | - | - | (108,502) | - | (108,502) |
Movement revaluation reserve | - | - | 495,757 | (495,757) | - | - |
Total other movements | 66,808 | 160,692 | 495,757 | 62,084 | (666,343) | 118,998 |
Balance at 31 December 2017 | 1,280,767 | 2,084,133 | 1,177,093 | (427,961) | 637,610 | 4,751,642 |
* 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. 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 Fund's FII status, the distributable dividends are made from retained earnings insofar as 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 the 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 2018 | 1,280,767 | 1,280,767 | 2,084,133 | 3,364,900 |
Dividends paid | - | - | - | - |
Issued shares | 65,146 | 65,146 | 188,854 | 254,000 |
Balance at 31 December 2018 | 1,345,913 | 1,345,913 | 2,272,987 | 3,618,900 |
Opening balance at 1 January 2017 | 1,213,959 | 1,213,959 | 1,923,441 | 3,137,400 |
Dividends paid | - | - | - | - |
Issued shares | 66,808 | 66,808 | 160,692 | 227,500 |
Balance at 31 December 2017 | 1,280,767 | 1,280,767 | 2,084,133 | 3,364,900 |
Issued capital
The authorised capital consists of five (5) million shares each with a nominal value of € 1,000. As at 31 December 2018, a total of 1,345,913 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 2018 was determined at the individual property level.