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Directors’ report

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Financial analysis management organisation


Net income amounted to € 6.5 million in 2021 (2020: € 4.3 million). The operating result of € 7.4 million recorded in 2021 was
€ 2.2 million higher than in 2020. This increase was due to a higher management fee, combined with a less sharp increase in operating expenses.

Management fee

The management fee increased by €2.9 million year-on-year to €53.2 million in 2021 (2020: €50.3 million). This increase was due to the higher (average) Net Asset Value (NAV). Compared with year-end 2020, the NAV of the international mandates had increased by € 1.3 billion and the NAV of the Dutch funds by € 950 million at year-end 2021. The entire portfolio increased by 17% when compared with year-end 2020.

Operating expenses

Operating expenses increased by € 0.6 million (1.5%) to € 45.7 million in 2021, from € 45.1 million in 2020. This increase was the result of the € 1.4 million higher personnel costs and € 0.8 million lower other operating expenses.

The higher personnel costs were due to an increase in the number of employees to 196.6 FTEs (year-end 2020: 191.4 FTEs) and extra temporary staff. These extra temporary staff were primarily used to fill vacancies and in the execution of projects. Depreciation came in at the same level as in 2020 and amounted to € 1.3 million.

Other operating expenses declined by € 0.8 million in 2021 compared with 2020. Non-deductible VAT was € 0.9 million lower than in 2020, mainly due to lower non-deductible VAT as a result of lower total costs than initially budgeted (impact of € 0.3 million) and a release of part of the provision for the right to deduct VAT for costs resulting from the fiscal unity (impact € 0.6 million).

Corporate income tax

The total corporate income tax expense amounted to € 2.2 million; € 1.8 million of this was current corporate income tax, while € 0.3 million was related to a change in the deferred tax liability and € 0.1 million was related to the release of a deferred tax asset.

The deferred tax liabilities are related to the difference between the fiscal and commercial valuation of the participations in the Dutch funds (cost price versus fair value) valued at the expected tax rate. Deferred tax assets are related to the difference between the fiscal and commercial carrying amount of tangible and intangible fixed assets. For tax purposes, assets cannot be depreciated more quickly than over five years, while some assets have a shorter depreciation period for commercial purposes.

Financial position


Bouwinvest's shareholders’ equity increased by € 6.5 million to € 45.2 million in 2021 (2020: € 38.7 million). This increase was due to the addition of the net income for 2021 (€ 6.5 million). The solvency ratio stood at 72% in 2021, unchanged from 2020.

Cash position

At year-end 2021, Bouwinvest had € 37.8 million of current account balances available with the company's bank ABN AMRO. This is more than enough to cover all outstanding liabilities and also meets the formal requirements of the AIFM directive.

Profit distribution and dividend policy

The Executive Board of Directors proposes to add € 0.5 million of the 2021 profit of € 6.5 million to its retained earnings and to pay out a dividend of € 6.0 million. Bouwinvest aims to have future-proof shareholders’ equity to facilitate the growth of the organisation and to achieve its strategic objectives. Bouwinvest's capital policy is geared towards achieving this and the proposed dividend pay-out is in line with this capital policy.