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Financial management

Results

Income Statement summary (all amounts in € thousands)

2021

2020

Change

in %

Revenues

257,762

264,642

(6,880)

-3%

Operating expenses

(71,404)

(70,001)

(1,403)

2%

Net rental income

186,358

194,641

(8,283)

-4%

Net valuation gain / (loss)

621,405

264,521

356,884

135%

Result on disposal

-

22,858

(22,858)

100%

Administrative expenses

(37,522)

(34,989)

(2,533)

7%

Finance expenses

(4,175)

(4,478)

303

-7%

Income taxes

(10)

(15)

5

-33%

Result for the year

766,056

442,538

323,518

73%

Financial occupancy

97.8%

98.4%

  

REER

0.89%

0.92%

  

TGER

0.53%

0.52%

  

In 2021, the full-year result increased to € 766.1 million from € 442.5 million in 2020 (73%). The increase of € 323.5 million was mainly driven by the higher valuations of the investment properties.

Revenues of € 257.8 million were € 6.9 million lower than 2020 (€ 264.6 million) driven by lower other income (€ 14.0 million) due to a one-off settlement in 2020, partly offset by higher gross rental income (€ 7.1 million) due to investments made in the course of the year. The occupancy rate declined by 0.6 %-points to 97.8% compared with 2020 (98.4%).

Operating expenses of € 71.4 million were € 1.4 million higher than 2020 (€ 70.0 million). This increase was primarily driven by higher maintenance costs (€ 1.6 million), and higher letting and lease renewal fees (€ 1.1 million). The addition to the provision for bad debtors in 2021 (€ 0.2 million) was € 0.7 million lower than in 2020 (€ 1.0 million) due to less uncertainty regarding rent deferrals and lower overall outstanding tenant receivables. Despite the increase in operating expenses, the REER fell to 0.89% in 2021 from 0.92% in 2020 as a result of the higher average NAV.

Administrative expenses, consisting primarily of the management fee, increased to € 37.5 million (2020: € 35.0 million). The increase of € 2.5 million was primarily due to higher management fees (€ 2.0 million) resulting from higher NAV. The finance result fell by just € 0.3 million to € 4.2 million as a result of continued negative interest rates. As a result of the higher average GAV, the TGER justincreased to 0.53% in 2021 from 0.52% in 2020. 

Dividend

As a result of the Fund’s fiscal investment institution (FII) status, Bouwinvest will distribute all of the distributable result to the shareholders through four quarterly interim dividend payments and one final dividend payment.

The Executive Board of Directors proposes to pay a dividend of € 147.8 million for 2021 (2020: € 157.4 million), which corresponds to a pay-out ratio of 100%. It is proposed that the dividend will be paid in cash, within the constraints imposed by the company’s fiscal investment institution (FII) status. Of this total dividend, 76% was paid out in the course of 2021. The fourth instalment was paid on 15 February 2022. The rest of the distribution over 2021 will be paid in one final instalment following the adoption of the financial statements in the Annual General Meeting of shareholders on 6 April 2022.

Performance per share

2021

2,020

Dividends (in €)

102.56

110.50

Net earnings (in €)

532.49

314.40

Net asset value IFRS (in €, at year-end)

5,301.91

4,875.16

Net asset value INREV (in €, at year-end)

5,311.69

4,879.63

Funding

According to the funding policy, the Fund is allowed to have an unsecured pipeline, which is capped at 5% of the Fund's NAV with a maximum of € 300 million (as of 1 January 2022: € 370 million). At the end of 2021, the funding for the acquisition pipeline was completely secured.

In 2021, the Fund managed to make € 131.3 million in capital calls and welcomed nine new clients, bringing the total number of clients to 32 (2020:23). The total amount of committed new capital was € 356.5 million. One transfer of shares took place for an amount of € 400.0 million. The shares were fully taken over from the anchor investor by three existing shareholders.

Shareholder

Number of shares at year-end 2021

 

Shareholder

Number of shares at year-end 2021

Shareholder A

1,039,824

 

Shareholder K

12,896

Shareholder B

136,330

 

Shareholder L

10,746

Shareholder C

40,882

 

Shareholder M

10,264

Shareholder D

31,070

 

Shareholder N

9,392

Shareholder E

26,733

 

Shareholder O

8,939

Shareholder F

20,685

 

Shareholder P

8,651

Shareholder G

19,598

 

Shareholder Q

8,065

Shareholder H

18,537

 

Shareholder R

5,866

Shareholder I

17,596

 

Shareholder S

5,825

Shareholder J

13,486

 

Shareholder T

2,319

   

Shareholder U

1,039

   

Total

1,448,743

Leverage

Leverage policy: In line with the Fund's Information Memorandum, it is allowed to incur debt up to a maximum of 3% of the Net Asset Value, to bridge any temporary liquidity constraints and accommodate distributions to shareholders and redemptions of shares.

In 2021, the Fund was financed solely with equity and did not use any loan capital for liquidity management purposes.

Treasury management

Treasury policy: For treasury management purposes, the Fund acted in accordance with Bouwinvest’s treasury policy in 2021, to manage the Fund’s liquidity and financial risks. The main objectives of the treasury management activities were to secure shareholders’ dividend pay-out, ensure other obligations could be met and to manage the Fund’s cash position.

At year-end 2021, the Fund had € 92.0 million (2020: € 248.5 million) freely available in cash.

In 2021, the Fund’s cash position declined by € 156.5 million compared with year-end 2020. In 2021, the Fund paid out € 147.5 million in dividend to its shareholders. 

Interest rate and currency exposure

Interest and currency policy: As the Fund had no external loans and borrowings, nor any foreign currency exposure, the Fund had no exposure to interest rate risks or currency exposure risks. The interest rate risk related to bank balances is limited for the Residential Fund.

In 2021, the Fund’s bank balances were affected by negative interest rate developments.

Tax

FII regime: The Fund qualifies as a fiscal investment institution (FII) under Dutch law and as such is subject to corporate tax at a rate of zero percent. Being an FII, the Fund is obliged to distribute its entire fiscal result annually. In 2021, the Fund complied with FII requirements.

Furthermore, the Fund met its obligations related to value added tax, transfer tax and other applicable taxes in their entirety in 2021.