16 Equity attributable to shareholders of Bouwinvest Dutch Institutional Residential Fund N.V.
For 2023, before appropriation of profit
17 Non-current lease liabilities
The average discount rate used for discounting the lease payments is 3%.
18 Current trade and other payables
The other payables relate to invoices yet to be received for maintenance of and investments in the portfolio.
19 Earnings per share
Basic earnings per share are calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year.
20 Dividends per share
In 2023, the Fund paid out a dividend of € 116.54 per share (2022: € 100.91) which amounts to a total of € 170.0 million (2022: € 148.2 million).
21 Contingent liabilities and assets
As at 31 December 2023, the Fund’s total future liabilities amounted to € 242 million (2022: € 332 million).
22 Related parties
The Fund’s subsidiaries and members of the Supervisory Board and the Management Board of Bouwinvest and the other entities under management by Bouwinvest, qualify as related parties of the Residential Fund.
23 Management fee
Bouwinvest is the manager and the Statutory Director of the Fund. The management fee paid for the year 2023 amounted to € 32.6 million (2022: € 38.7 million).
24 Audit fees
The table below shows the fees charged over the year 2023 by Deloitte Accountants B.V. and the Deloitte Network in respect of activities for the Residential Fund.
25 Subsequent events
In February 2024 shares are redeemed for a total amount of € 50 million.