Before appropriation of profit, all amounts in € thousands As at 31 DecemberNote20142013  Assets    Non-current assets    Investment property12446,309459,830 Investment property under

For 2014, before appropriation of profit, all amounts in € thousands  Issued capitalShare premiumRevaluation reserve*Retained earningsNet result for the yearTotal equity Balance at 1 January

All amounts in € thousands  Note20142013 Operating activities    Rental receipts 38,13442,586 Service charge receipts 1,7612,884 Operating payments (10,582)(5,101) Service charge

All amounts in € thousands, unless otherwise stated

The Retail Fund is a public limited liability company incorporated under the laws of the Netherlands, with its corporate seat in Amsterdam, the Netherlands.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated.

3.1 Financial risk factors The risk management function within the Fund is carried out with respect to financial risks.

Estimates and judgements are continually evaluated and are based on historical experience and adjusted for current market conditions and other factors.

A spread by retail location is applied in the analysis of the valuation of the investment property portfolio. The Fund’s key retail locations are: high street retail, shopping centres, other retail locations.

 20142013 Theoretical rent38,09040,866 Incentives(301)(347) Vacancies(2,127)(2,899) Total gross rental income35,66237,620 Download XLS The future contractual rent from leases in existence on 31 December 2014, until