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20. Group equity

The participation rights issued can be specified as follows:

 

2020

2019

As at 1 January

35,897,595

35,897,595

Issued in the year

-

-

Redeemed in the year

-

-

As at 31 December

35,897,595

35,897,595

The participation rights carry a nominal value of €1.00, and all participation rights are fully paid. There are no restrictions relating to profit and capital distribution. For further information on movements, we refer you to the consolidated statement of changes in equity.

The distributions can be specified as follows:

 

2020

2019

January

37

36

April

81

73

July

39

37

August

-

161

October

39

37

Total

195

344

The interim distributions amount to 60% of budgeted distribution for 2020, and was paid out in three instalments (3 x €38.5 million) in the course of the financial year, each within two weeks after the end of the quarter. The distribution paid in April 2020 also included the €42.7 million distribution (€1.19 per participation right) related to the financial results for 2019.

The remaining part of the distribution for the financial year 2020 will be paid out in two instalments after the closing of the financial year 2020, one in January, shortly after the fourth quarter, and one after the adoption of the distribution proposal in April 2021. The total distribution proposed for the financial year 2020 will be €184 million.

Vesteda Residential Fund FGR is a mutual fund, which is not classified as a legal entity under Dutch law. Vesteda Residential Fund FGR does therefore not have any legal requirements related to reserves. However, the Fund has decided to present its statement of changes in equities as if the Fund was subject to the rules for the determination of revaluation reserves.

The property reserve is the difference between the market value and historical book value. The revaluation of property is accounted for in the event of positive revaluations. Negative revaluation is deducted from this reserve, as long as the reserve is positive on an individual basis.

In 2020, no new participation rights were issued, redeemed or withdrawn.

In each financial year, participants may request redemption of their participation rights in accordance with the Terms and Conditions and the fund manager will seek to satisfy these redemption requests, for which an amount of at least €50 million will be made available in each financial year. If the participants make no redemption requests during the year, the amount of €50 million available for redemption requests in that particular year will be rolled over to the next year, unless the participants determine otherwise by ordinary consent.

In 2020, no participants submitted a redemption request. It will be proposed to the Annual Meeting of Participants to be held on 7 April 2021 that the amount of €50 million made available for redemption requests in 2020 not be rolled over to the financial year 2021.

Earnings per participation right

Basic earnings per participation right are calculated by dividing the result after tax for the year attributable to equity holders of the parent/participants by the weighted average number of participation rights outstanding during the year. The table below reflects the income and number of participation rights used in the basic earnings per participation right computations:

 

2020

2019

Result after tax attributable to equity holders

466

854

Weighted average number of participation rights

35,897,595

35,897,595

Earnings per participation right in €

  

Basic and diluted earnings, on result after tax

12.98

23.79

There have been no other transactions involving a change in the number of participation rights or the number of potential participation rights between the reporting date and the date these financial statements were completed.

Net asset value (NAV) per participation right

Basic IFRS NAV per participation right is calculated by dividing net assets in the balance sheet attributable to ordinary equity holders of the parent/participants by the number of participation rights at year-end. The following reflects the net asset value and number of participation rights used in the basic NAV per participation right computations:

 

2020

2019

NAV attributable to equity holders of the parent

6,294

6,022

Participations at year-end

35,897,595

35,897,595

Net Asset Value (NAV) per participation right in €

  

Basic and diluted IFRS NAV

175.32

167.74

There is no difference between basic and diluted IFRS NAV.