4 Equity attributable to investors of Bouwinvest Dutch Institutional Office Fund
For 2023, before appropriation of result
Issued capital | Premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity | |
Balance at 1 January 2023 | 404,373 | 504,858 | 254,120 | 76,676 | (41,334) | 1,198,693 |
Comprehensive income | ||||||
Net result | - | - | - | - | (106,774) | (106,774) |
Total comprehensive income | - | - | - | - | (106,774) | (106,774) |
Other movements | ||||||
Issued units | 28,206 | 51,794 | - | - | - | 80,000 |
Appropriation of result | - | - | - | (41,334) | 41,334 | - |
Dividends paid | - | - | - | (32,330) | - | (32,330) |
Movement revaluation reserve | - | - | (105,059) | 105,059 | - | - |
Total other movements | 28,206 | 51,794 | (105,059) | 31,395 | 41,334 | 47,670 |
Balance at 31 December 2023 | 432,579 | 556,652 | 149,062 | 108,070 | (106,774) | 1,139,590 |
* See explanation dividend restrictions in Note 15 of the consolidated financial statements.
For 2022, before appropriation of result
Issued capital | Share premium | Revaluation reserve* | Retained earnings | Net result for the year | Total equity | |
Balance at 1 January 2022** | 390,413 | 473,818 | 331,152 | (41,820) | 84,976 | 1,238,539 |
Comprehensive income | ||||||
Net result | - | - | - | - | (41,334) | (41,334) |
Total comprehensive income | - | - | - | - | (41,334) | (41,334) |
Other movements | ||||||
Issued shares | 13,960 | 31,040 | - | - | - | 45,000 |
Appropriation of result | - | - | - | 84,976 | (84,976) | - |
Dividends paid | - | - | - | (43,512) | - | (43,512) |
Movement revaluation reserve | - | - | (77,033) | 77,033 | - | - |
Total other movements | 13,960 | 31,040 | (77,033) | 118,497 | (84,976) | 1,488 |
Balance at 31 December 2022 | 404,373 | 504,858 | 254,120 | 76,676 | (41,334) | 1,198,693 |
* See explanation dividend restrictions in Note 15 of the consolidated financial statements.
** As per 1 January 2023 investors will hold units instead of shares, due to the restructuring of the Fund to FGR. The applicable share/unit exchange ratio is 1:1.
Issued capital
The authorised capital comprises 1 million units each with a nominal value of € 1,000. As at 31 December 2023, in total 473,518 units had been issued and fully paid up.
Premium
The premium reserve consists of capital paid on units in excess of the nominal value. At the establishment of the Fund, the investor bpfBOUW contributed an investment property portfolio under legal title of the 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 2023 was determined at the individual property level. From a fiscal perspective a margin on development activities has been realised in the development entity. On a consolidated level this margin (negative) has been eliminated. As a result the cost price on company only level is lower than on consolidated level and the revaluation reserve on company only level is higher than on consolidated level.
Appropriation of profit 2022
The Annual General Meeting of Investors on 12 April 2023 adopted and approved the 2022 financial statements of the Office Fund. A dividend of € 35.4 million (in cash) was paid. Of the profit for 2022 amounting to -€ 41.3 million, -€ 41.3 million was incorporated in the retained earnings.
Proposal for profit appropriation 2023
The management of the Fund proposes to the General Meeting of Investors that a dividend of € 41.0 million (in cash) is to be paid. Of the profit for 2023 amounting to -€ 106.8 million, -€ 106.8 million will be incorporated in the retained earnings.