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Financial statements

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

For 2016, before appropriation of profit

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2016

291,013

318,992

128,330

(32,150)

32,150

738,335

       

Comprehensive income

      

Net result

-

-

-

-

64,250

64,250

Total comprehensive income

-

-

-

-

64,250

64,250

       

Other movements

      

Issued shares

21,159

33,841

-

-

-

55,000

Appropriation of result

-

-

-

32,150

(32,150)

-

Dividends paid

-

(4,318)

-

(29,066)

-

(33,384)

Movement revaluation reserve

-

-

35,184

(35,184)

-

-

Total other movements

21,159

29,523

35,184

(32,100)

(32,150)

21,616

Balance at 31 December 2016

312,172

348,515

163,514

(64,250)

64,250

824,201

For 2015, before appropriation of profit

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2015

265,254

306,991

98,077

(11,185)

11,185

670,322

       

Comprehensive income

      

Net result

-

-

-

-

32,150

32,150

Total comprehensive income

-

-

-

-

32,150

32,150

       

Other movements

      

Issued shares

25,759

39,241

-

-

-

65,000

Appropriation of result

-

-

-

11,185

(11,185)

-

Dividends paid

-

(27,240)

-

(1,897)

-

(29,137)

Movement revaluation reserve

-

-

30,253

(30,253)

-

-

Total other movements

25,759

12,001

30,253

(20,965)

(11,185)

35,863

Balance at 31 December 2015

291,013

318,992

128,330

(32,150)

32,150

738,335

Issued capital

The authorised capital comprises 1 million shares each with a nominal value of € 1,000. As at 31 December 2016, in total 312,172 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 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 Retail Fund. A dividend of € 108.84 (in cash) per share has been paid. Of the profit for 2015 amounting to € 32.2 million, € 32.2 million was 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 € 114.76 (in cash) per share be paid. Of the profit for 2016 amounting to € 64.3 million, € 64.3 million will be incorporated in the retained earnings.

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