9 Finance expenses
The Fund had no external loans and borrowings during 2022. The Fund was subject to the negative interest rate development for its bank balances during the first half of the year. During the second half of the year the interest was positive.
11 Employee benefits expense
The Residential Fund has no employees.
12 Investment property
The Fund’s investment properties are valued by independent external appraisers on a quarterly basis.
13 Investment property under construction
The right of use of land is included as an integrated part of the investment property under construction.
14 Trade and other current receivables
The other receivables contain half of a one-off settlement (€ 7.0 million). The Fund received ample guarantees from the counterparty.
15 Cash and cash equivalents
The bank balances of € 47.4 million are freely available to the Fund as at 31 December 2021.
16 Equity attributable to shareholders of Bouwinvest Dutch Institutional Residential Fund N.V.
For 2022, 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.