17 Equity attributable to shareholders of Bouwinvest Dutch Institutional Retail Fund N.V.

For 2014, before appropriation of profit

 Issued capitalShare premiumRevaluation reserve*Retained earningsNet result for the yearTotal equity
Balance at 1 January 2014233,529301,04271,213(47,149)47,149605,784
       
Comprehensive income      
Net result- - - - 11,18511,185
Total comprehensive income- - - - 11,18511,185
       
Other movements      
Issued shares31,72549,275- - - 81,000
Appropriation of result- - - 47,149(47,149)-
Dividends paid- (43,326)- 15,679- (27,647)
Movement revaluation reserve- - 26,864(26,864)- -
Total other movements31,7255,94926,86435,964(47,149)53,353
Balance at 31 December 2014265,254306,99198,077(11,185)11,185670,322
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* See explanation dividend restrictions in this Note.

 

For 2013, before appropriation of profit

 Issued capitalShare premiumRevaluation reserve*Retained earningsNet result for the yearTotal equity
Balance at 1 January 2013227,918332,62025,564(22,421)22,421586,102
       
Comprehensive income      
Net result- - - - 47,14947,149
Total comprehensive income- - - - 47,14947,149
       
Other movements      
Issued shares5,6118,389- - - 14,000
Appropriation of result- - - 22,421(22,421)-
Dividends paid- (39,967)- (1,500)- (41,467)
Movement revaluation reserve- - 45,649(45,649)- -
Total other movements5,611(31,578)45,649(24,728)(22,421)(27,467)
Balance at 31 December 2013233,529301,04271,213(47,149)47,149605,784
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* See explanation dividend restrictions in this Note.

Dividend restrictions

The Retail 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 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 equivalentsPaid-up share capitalShare premiumTotal share capital and share premium
Opening balance at 1 January 2014233,529233,529301,042534,571
New shares issued31,72531,72549,27581,000
Dividend paid- - (43,326)(43,326)
Balance at 31 December 2014265,254265,254306,991572,245
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Opening balance at 1 January 2013227,918227,918332,620560,538
New shares issued5,6115,6118,38914,000
Dividend paid- - (39,967)(39,967)
Balance at 31 December 2013233,529233,529301,042534,571
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Issued capital

The authorised capital comprises 1 million shares each with a nominal value of € 1,000. As at 31 December 2014, in total 265,254 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 2014 was determined at the individual property level.

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