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Financial statements

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

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.

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