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Financial statements

4 Equity attributable to shareholders of Bouwinvest Dutch Institutional Residential 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

1,213,959

1,923,441

681,336

(490,045)

666,343

3,995,034

       

Comprehensive income

      

Net result

-

-

-

-

637,610

637,610

Total comprehensive income

-

-

-

-

637,610

637,610

       

Other movements

      

Issued shares

66,808

160,692

-

-

-

227,500

Appropriation of result

-

-

-

666,343

(666,343)

-

Dividends paid

-

-

-

(108,502)

-

(108,502)

Movement revaluation reserve

-

-

495,757

(495,757)

-

-

Total other movements

66,808

160,692

495,757

62,084

(666,343)

118,998

Balance at 31 December 2017

1,280,767

2,084,133

1,177,093

(427,961)

637,610

4,751,642

* 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

1,116,243

1,731,157

198,564

(242,241)

347,475

3,151,198

       

Comprehensive income

      

Net result

-

-

-

-

666,343

666,343

Total comprehensive income

-

-

-

-

666,343

666,343

       

Other movements

      

Issued shares

97,716

192,284

-

-

-

290,000

Appropriation of result

-

-

-

347,475

(347,475)

-

Dividends paid

-

-

-

(112,507)

-

(112,507)

Movement revaluation reserve

-

-

482,772

(482,772)

-

-

Total other movements

97,716

192,284

482,772

(247,804)

(347,475)

177,493

Balance at 31 December 2016

1,213,959

1,923,441

681,336

(490,045)

666,343

3,995,034

* 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, a total of 1,280,767 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 2017

The Annual General Meeting of shareholders on 12 April 2017 adopted and approved the 2016 financial statements of the Residential Fund. A dividend of € 94.03 (in cash) per share was paid. Of the profit for 2016 amounting to € 666.3 million, € 666.3 million was incorporated in the retained earnings.

Proposal for profit appropriation 2018

The management of the Fund proposes to the General Meeting of shareholders that a dividend of € 90.82 (in cash) per share is to be paid. Of the profit for 2017 amounting to € 637.6 million, € 637.6 million will be incorporated in the retained earnings.

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