Statement of changes in equity in accordance with INREV valuation principles

Issued capital

Share premium

Revaluation reserve

Retained earnings

Net result for the year

Total equity

Balance according to IFRS at 1 January 2015

1,043,265

1,611,635

43,694

(116,465)

133,154

2,715,283

Changes according to INREV at 1 January 2015

-

-

-

600

(600)

-

Balance at 1 January 2015

1,043,265

1,611,635

43,694

(115,865)

132,554

2,715,283

Comprehensive income

Net result

-

-

-

-

347,475

347,475

Total comprehensive income

-

-

-

-

347,475

347,475

Other movements

Issued capital

72,978

119,522

-

-

-

192,500

Appropriation of result

-

-

-

132,554

(132,554)

-

Dividends paid

-

-

-

(104,060)

-

(104,060)

Movement revaluation reserve

-

-

154,870

(154,870)

-

-

Changes according to INREV

-

-

-

-

-

-

Total other movements

72,978

119,522

154,870

(126,376)

(132,554)

88,440

Balance at 31 December 2015

1,116,243

1,731,157

198,564

(242,241)

347,475

3,151,198

Issued capital

Share premium

Revaluation reserve

Retained earnings

Net result for the year

Total equity

Balance according to IFRS at 1 January 2014

1,010,353

1,560,547

28,712

941

(941)

2,599,612

Changes according to INREV at 1 January 2014

-

-

-

1,200

(600)

600

Balance at 1 January 2014

1,010,353

1,560,547

28,712

2,141

(1,541)

2,600,212

Comprehensive income

Net result

-

-

-

-

133,154

133,154

Total comprehensive income

-

-

-

-

133,154

133,154

Other movements

Issued capital

32,912

51,088

-

-

-

84,000

Appropriation of result

-

-

-

(1,541)

1,541

-

Dividends paid

-

-

-

(101,483)

-

(101,483)

Movement revaluation reserve

-

-

14,982

(14,982)

-

-

Changes according to INREV

-

-

-

-

(600)

(600)

Total other movements

32,912

51,088

14,982

(118,006)

941

(18,083)

Balance at 31 December 2014

1,043,265

1,611,636

43,694

(115,865)

132,554

2,715,283