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

For 2017, before appropriation of result

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2017

252,373

251,858

17,273

(26,022)

30,506

525,988

       

Comprehensive income

      

Net result

-

-

-

-

71,746

71,746

Total comprehensive income

-

-

-

-

71,746

71,746

       

Other movements

      

Issued shares

22,662

27,338

-

-

-

50,000

Appropriation of result

-

-

-

30,506

(30,506)

-

Dividends paid

-

-

-

(16,288)

-

(16,288)

Movement revaluation reserve

-

-

56,831

(56,831)

-

-

Total other movements

22,662

27,338

56,831

(42,613)

(30,506)

33,712

Balance at 31 December 2017

275,035

279,196

74,104

(68,635)

71,746

631,446

* See explanation dividend restrictions in this Note.

For 2016, before appropriation of result

 

Issued capital

Share premium

Revaluation reserve*

Retained earnings

Net result for the year

Total equity

Balance at 1 January 2016

272,175

277,334

5,214

(4,034)

4,034

554,723

       

Comprehensive income

      

Net result

-

-

-

-

30,506

30,506

Total comprehensive income

-

-

-

-

30,506

30,506

       

Other movements

      

Issued shares

4,700

5,300

-

-

-

10,000

Redemption of shares

(24,502)

(25,498)

-

-

-

(50,000)

Appropriation of result

-

-

-

4,034

(4,034)

-

Dividends paid

-

(5,278)

-

(13,963)

-

(19,241)

Movement revaluation reserve

-

-

12,059

(12,059)

-

-

Total other movements

(19,802)

(25,476)

12,059

(21,988)

(4,034)

(59,241)

Balance at 31 December 2016

252,373

251,858

17,273

(26,022)

30,506

525,988

* See explanation dividend restrictions in this Note.

Dividend restrictions

The Office 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 equivalents

Paid-up share capital

Share premium

Total share capital and share premium

Opening balance at 1 January 2017

252,373

252,373

251,858

504,231

Issued shared

22,662

22,662

27,338

50,000

Dividends paid

-

-

-

-

Balance at 31 December 2017

275,035

275,035

279,196

554,231

 

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 2016

272,175

272,175

277,334

549,509

Issued shared

4,700

4,700

5,300

10,000

Redemption of shares

(24,502)

(24,502)

(25,498)

(50,000)

Dividends paid

-

-

(5,278)

(5,278)

Balance at 31 December 2016

252,373

252,373

251,858

504,231

Issued capital

The authorised capital comprises 1 million shares each with a nominal value of € 1,000. As at 31 December 2017, in total 275,035 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.

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