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

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

312,172

348,515

163,514

(64,250)

64,250

824,201

       

Comprehensive income

      

Net result

-

-

-

-

61,059

61,059

Total comprehensive income

-

-

-

-

61,059

61,059

       

Other movements

      

Issued shares

14,917

25,083

-

-

-

40,000

Appropriation of result

-

-

-

64,250

(64,250)

-

Dividends paid

-

(11,919)

-

(24,445)

-

(36,364)

Movement revaluation reserve

-

-

36,614

(36,614)

-

-

Total other movements

14,917

13,164

36,614

3,191

(64,250)

3,636

Balance at 31 December 2017

327,089

361,679

200,128

(61,059)

61,059

888,896

* See explanation dividend restrictions in Note 16 of the consolidated financial statements.

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

* See explanation dividend restrictions in Note 16 of the consolidated financial statements.

Issued capital

The authorised capital comprises 1 million shares each with a nominal value of € 1,000. As at 31 December 2017, in total 327,089 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 2017 was determined at the individual property level.

Appropriation of profit 2016

The Annual General Meeting of shareholders on 12 April 2017 adopted and approved the 2016 financial statements of the Retail Fund. A dividend of € 114.76 (in cash) per share has been paid. Of the profit for 2016 amounting to € 64.3 million, € 64.3 million was incorporated in the retained earnings.

Proposal for profit appropriation 2017

The management of the Fund proposes to the General Meeting of shareholders that a dividend of € 117.77 (in cash) per share be paid. Of the profit for 2017 amounting to € 61.1 million, € 61.1 million will be incorporated in the retained earnings.

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