Income and costs
Fee income came in at € 27.9 million in 2014, 1.9% higher than in 2013. Combined with the reduced overall management costs of € 24.6 million, compared with € 25.3 million in 2013, we recorded a higher than expected margin of € 3.3 million in 2014, up € 1.3 million compared to 2013. The reduced operating costs, which came in € 0.7 million lower than in 2013, were key factors in the reduction of overall management costs.
The revaluation of the fiscally compensable losses for corporate tax purposes had a positive impact of € 1.0 million on Bouwinvest results. This item includes the effects of losses booked in previous years which, on the basis of the ruling from the tax authorities, may be offset against the current and future profits of Bouwinvest.
The total profit for 2014 came in at € 3.2 million, almost equal to the average total profit of € 3.3 million recorded in the last five years.
As a result of the profit booked in 2014, shareholders’ equity increased to € 27.2 million in 2014, from € 24.0 million in the previous year. The solvency ratio had risen to 88% (excluding dividend) at year-end 2014, from 83% a year earlier.
At year-end 2014, Bouwinvest had a total of € 12.5 million available in its current account with our bank ABN AMRO. This was more than sufficient to cover all outstanding liabilities and was also in line with the formal requirements of the Alternative Investment Fund Manager Directive (AIFMD).
Profit allocation and dividend policy
The management proposes to pay out a dividend of € 2.1 million in 2015.
The thermal energy storage installations were sold at market value to the Bouwinvest Funds, resulting in a negative result of € 0.6 million. In the last quarter of 2014, Phui Energy was liquidated.