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Financial management

Results

Income Statement summary (all amounts in € thousands)

2021

2020

change

in %

Revenues

54,777

54,786

(9)

0%

Operating expenses

(13,142)

(12,825)

(317)

2%

Net rental income

41,635

41,961

(326)

-1%

Net valuation gain / (loss)

3,481

(31,045)

34,526

-111%

Result on disposal

707

(1,461)

2,168

-148%

Administrative expenses

(5,098)

(5,249)

151

-3%

Finance expenses

(432)

(457)

25

-5%

Income taxes

-

77

(77)

-100%

Result for the year

40,293

3,826

36,467

953%

Financial occupancy

96.6%

95.8%

  

REER

1.14%

1.09%

  

TGER

0.54%

0.54%

  

In 2021, the result for the year increased to € 40.3 million from € 3.8 million in 2020 (953%). The increase of € 36.5 million was primarily driven by higher valuations of the investment properties.

Revenues of € 54.8 million were equal to 2020 (€ 54.8 million), driven by lower rental income (€ 0.3 million) offset by lower vacancy (€ 0.3 million). The lower vacancy is reflected in the higher occupancy rate of 96.6%.

Operating expenses of € 13.1 million were € 0.3 million higher than in 2020 (€ 12.8 million). This increase was primarily driven by higher service charge expenses due to settlements of previous years. As a result of the increase in operating expenses, the REER rose to 1.14% in 2021, from 1.09% in 2020.

Administrative expenses, mainly consisting of the management fee, declined to € 5.1 million (2020: € 5.2 million). The drop of € 0.1 million was mainly driven by the management fee due to a lower average NAV.

The finance expenses declined as a result of lower bank charges. Because there were no activities in the subsidiaries, income tax was nil in 2021. As a result of these small differences in administration and other fund level expenses, the TGER remained stable at 0.54%.

Dividend

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

The Executive Board of Directors proposes to pay a dividend of € 36.3 million for 2021 (2020: € 36.4 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, € 28.6 million or 79% 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 annual report by the Annual General Meeting of shareholders on 6 April 2022.

Performance per share

2021

2020

Dividends (in €)

104.20

105.74

Net earnings (in €)

112.14

10.78

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

2,673.69

2,665.07

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

2,690.41

2,680.09

Funding

According to internal guidelines the Fund is not allowed to have an unsecured pipeline. At the end of 2021, the funding for the acquisition pipeline was completely secured.

In 2021, the Fund received no additional commitments, keeping the number of shareholders at seven. Last year, the Fund made two capital calls for a total amount of € 27 million, resulting in a total of € 78 million in uncalled capital.  

Shareholder

Number of shares at year-end 2021

Shareholder A

285,156

Shareholder B

37,424

Shareholder C

18,969

Shareholder D

9,440

Shareholder E

9,247

Shareholder F

3,847

Shareholder G

788

Total

364,871

Leverage

Leverage policy: In line with the Fund's Information Memorandum, it is allowed to incur debt up to 3% of the Net Asset Value, to bridge any temporary liquidity constraints and accommodate distributions to shareholders and redemption 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 are to secure shareholders’ dividend pay-out, ensure other obligations can be met and to manage the Fund’s cash position.

At year-end 2021, the Fund had € 21.8 million in cash. In 2021, the Fund’s cash position increased by € 12.9 million compared with year-end 2020.

Interest rate and currency exposure

As the Fund had no foreign currency exposure, there was no currency exposure risk. The Fund did not have any loans and borrowings. The interest rate risk was therefore limited to the negative interest rate developments on the Fund's bank balances.

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.