GENERAL MEETING OF SHAREHOLDERS OF NSI N.V.
24 April 2020
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 2
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 3
Progress and strategy update
Bernd Stahli
"We enable our customers to achieve maximum productivity and growth,
providing best-in-class flexible space solutions and services in
modern, healthy, sustainable buildings in prime locations."
Report of the Management Board on the 2019 financial year | PROGRESS AND STRATEGY UPDATE |
A concentrated portfolio in growth locations
Emphasis on G5 growth locations
Total portfolio¹ | Disposals 2016-2019 | |
1) Pro Forma, adjusted for assets held for sale | NSI AGM 24 April 2020 | 6 |
Report of the Management Board on the 2019 financial year | PROGRESS AND STRATEGY UPDATE |
NSI portfolio composition - increasing focus
Emphasis on G5, especially Amsterdam
€ 1.1bn | € 1.2bn | € 1.2bn | € 1.1bn | € 1.2bn | € 1.3bn | |||||||
10% | 5% | |||||||||||
17% | 5% | |||||||||||
34% | 9% | 11% | ||||||||||
41% | ||||||||||||
47% | ||||||||||||
16% | 10% | |||||||||||
11% | 28% | |||||||||||
18% | 25% | |||||||||||
21% | 20% | 90% | Target | |||||||||
8% | ||||||||||||
cities | ||||||||||||
26% | ||||||||||||
8% | 17% | |||||||||||
5% | 16% | 45% | 51% | |||||||||
36% | ||||||||||||
27% | 15% | 23% | ||||||||||
14% | ||||||||||||
7% | ||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||
Amsterdam - Office | Other target cities - Office | Other - Retail & Industrial | ||||||||||
Other G4 - Office | Other NL - Office | |||||||||||
NSI AGM 24 April 2020 7
Report of the Management Board on the 2019 financial year | PROGRESS AND STRATEGY UPDATE |
Over € 1.1bn of transaction volume in 5 years
Average transaction volume over € 200m p.a.
Annual transaction volumes (€m)
600
400
200
0
-200
-400
-600
-800
Acquisitions
Disposals
Held for Sale
561
169 | 139 | 161 | |||||
61 | 32 | ||||||
-16 | |||||||
-48 | -63 | -121 | |||||
-129 | |||||||
-242 |
-602
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Total |
NSI AGM 24 April 2020 8
Report of the Management Board on the 2019 financial year | PROGRESS AND STRATEGY UPDATE |
Strong operational performance
Vacancy rate below market average
EPRA vacancy rate
0.8% | -17.2pp | |||||
23.8% | 24.3% | |||||
22.3% | 2.1% | 21.4% | 0.3% | |||
20.8% | ||||||
2.7% | 18.4% |
2.0%
2.6% 13.8%
4.1%
2.7% 7.1%
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
EPRA Vacancy LFL Disposals / Acquisitions
NSI AGM 24 April 2020 9
Report of the Management Board on the 2019 financial year | PROGRESS AND STRATEGY UPDATE |
Significant improvement in Key Performance Indicators 2016 - 2019
Delivering on all targets set out in the Q1 2017 business plan
Dec 2019 | Dec 2016 | |||
Vacancy rate | 7.1% | 21.4% | 14.3pp | |
Number of Assets (#) | 65 | 165 | | 100 |
Average asset Value (€m) | 19.8 | 7.0 | | 12.8 |
% of assets in offices¹ | 95% | 66% | | 29pp |
% of office assets¹ in G4 | 79% | 46% | | 33pp |
16.7pp | ||||
LTV (%) | 27.4 | 44.1 | ||
EPRA EPS (€) | 2.64 | 2.64 | Stable | |
DPS (€) | 2.16 | 2.16 | Stable | |
1) Offices and HNK as % of total portfolio | NSI AGM 24 April 2020 10 |
Report of the Management Board on the 2019 financial year | PROGRESS AND STRATEGY UPDATE |
A clear ambition for 2024 - The three pillars of the plan
Portfolio Optimisation, Development & Services
Creating value for all stakeholders
1 2 3
Portfolio | Development | Space-as-a- | ||
optimisation | service | |||
Active portfolio | Improving portfolio | Offering a wide range | ||
management & | quality and generating | of services to facilitate | ||
disciplined capital | attractive risk-adjusted | our customers | ||
recycling | returns | |||
NSI AGM 24 April 2020 11
Report of the Management Board on the 2019 financial year | PROGRESS AND STRATEGY UPDATE |
ESG is an integral part of the strategy
UN Sustainable Development Goals
Flexible building design | Carbon footprint | Tenants | ||
Sustainability as an integral | Energy efficiency | Employees | ||
part of investment decisions | improvements | |||
Communities | ||||
Sustainability innovations | Renewable energy | |||
Building facilities and | ||||
Certifications | Environmental awareness | amenities | ||
Promote sustainable use | ||||
NSI AGM 24 April 2020 12
Developments
Alianne de Jong
Report of the Management Board on the 2019 financial year | DEVELOPMENTS |
Sizeable development pipeline over next decade
Substantial value add potential
New build area | Increase in | Area | Expected Start | Current phase | |
(sqm) | area (sqm) | ||||
Near Term | |||||
Vitrum | 11,700 | TBD | Amsterdam | H2 2021 | Preliminary |
South-Axis | design | ||||
Laanderpoort | 35,000 | c. 22,000 | Amsterdam | Q1 2022 | Preliminary |
South East | design | ||||
Medium Term | |||||
Centerpoint | 60,000 - 90,000 | 45,000 - 75,000 | Amsterdam | Earliest 2023 | Feasibility |
South East | |||||
Motion building | 10,000 - 25,000 | 10,000 - 25,000 | Amsterdam | Earliest 2023 | Feasibility |
Sloterdijk | |||||
Other | TBD |
(4 projects) | |
8 | Projects | Proximity to major train station | |||||||
€ 700m | Capital Expenditure | 88%Within 5 minutes | |||||||
6.0% - 6.5% | Expected average yield on cost | 8%Between 5 and 10 minutes | |||||||
85% | Amsterdam (all-up costs) | 4%Between 10 and 15 minutes | |||||||
NSI AGM 24 April 2020 14
Report of the Management Board on the 2019 financial year | DEVELOPMENTS |
Redevelopment Laanderpoort Amsterdam
87.5% of floor area pre-let
Building a new office & shared facilities on ING campus | 35,000 sqm lettable floor area split over two buildings | |
- Signed & announced cooperation and lease agreement with ING
- New buildings will total 35,000 sqm
- 31,000 sqm to be rented by ING for15-years
- 4,000 sqm HNK concept
- Expected start date Q1 2022
- Estimated construction period 27 months
- Estimated capex € 120m (excluding leasehold correction)
- Circa 6% Yield on Cost
Acanthus
Laanderpoort
New HQ
NSI AGM 24 April 2020 15
Report of the Management Board on the 2019 financial year | DEVELOPMENTS |
Vitrum refurbishment
Modernising iconic bridge building, close to prime South-Axis
Preparing for planning application
• | Status: | Finalizing design |
• | Expected start date: | Mid 2021 |
• | Details: | RGB lease until June 2021 |
Major refurbishment of circa € 30m: | ||
- Modernising façade and office floors | ||
- Large new reception area | ||
- Transforming archive space into office space | ||
Potential extension being reviewed | ||
Substantial increase in rental values foreseen |
NSI AGM 24 April 2020 16
Report of the Management Board on the 2019 financial year | DEVELOPMENTS |
Bentinck Huis refurbishment
Progressing well
Update
• | Status: | Delivery foreseen early Q2 2020 | After | |
• | Investment | € 13.9 m | ||
• | Planned capex: | € 8.2 m |
- Increase in capex due to: - Capitalised interest € 0.4 m
- Additional fit-out costs € 0.2 m | ||
• | Leasing: | Negotiations ongoing |
• | Result: | Substantial increase in end value foreseen |
Before | After | |
NSI AGM 24 April 2020 17
Report of the Management Board on the 2019 financial year | DEVELOPMENTS |
Bentinck Huis
Upgrading from energy D to A label and targeting BREEAM-in-use Excellent
Green roof | New cooling system with highest |
energy performance | |
Increase natural light | Solar panels |
ingress by 42% |
Ventilation and carbon,
Smart sensors temperature, and lighting controllable via app
LED | LED-lighting with | Thermal energy |
control system | storage system |
NSI AGM 24 April 2020 18
Financial update
Alianne de Jong
Report of the Management Board on the 2019 financial year | FINANCIALS UPDATE |
EPRA Earnings
2019 | 2018 | Change % | |
Gross rental income | 82.8 | 83.7 | -1.1% |
Service costs not recharged | -1.6 | -1.2 | 29.4% |
Operating costs | -14.0 | -13.3 | 5.6% |
Net rental income | 67.2 | 69.2 | -2.9% |
Administrative costs | -7.9 | -7.9 | 0.0% |
Net financing result | -9.8 | -12.5 | -21.3% |
Direct investment result before tax | 49.4 | 48.8 | 1.4% |
Corporate income tax | -0 | -0 | 0.0% |
Direct investment result / EPRA earnings | 49.4 | 48.7 | 1.4% |
Direct investment result / EPRA earnings per share | 2.64 | 2.64 | 0% |
NSI AGM 24 April 2020 20
Report of the Management Board on the 2019 financial year | FINANCIALS UPDATE |
EPRA Earnings
(€ per share) | ||
2.70 | ||
2.60 | 0.02 | |
0.15 | ||
2.50 | -0.02 | |
-0.03 | 0.01 | |
2.40 | 0.20 | |
2.30 | -0.66 | |
2.64 | ||
2.64 | ||
2.20 | ||
0.33 | ||
2.10 | ||
2.00 | ||
1.90 |
EPRA EPS GRI Disposals | GRI | GRI LFL | Service costs | Operating costs Administrative | Net financing | Other | EPRA EPS |
2018 | Acquisitions1 | not recharged | costs | result | 2019 |
1) Impact of acquisitions in 2018 € 0.25 and 2019 € 0.08 | NSI AGM 24 April 2020 21 |
Report of the Management Board on the 2019 financial year | FINANCIALS UPDATE |
EPRA NAV
(€ per share)
50.0 | ||||||||
0.47 | -0.32 | -0.05 | ||||||
45.0 | ||||||||
7.79 | ||||||||
2.64 | -2.16 | 47.97 | ||||||
40.0 | -0.14 | |||||||
39.75 | ||||||||
35.0 | ||||||||
EPRA | EPRA | Dividend | Effect of | Revaluation | Result | Unwinding | Other | EPRA |
NAV | Earnings | stock | on | swaps | NAV | |||
31 Dec 18 | dividend | sales | 31 Dec 19 |
NSI AGM 24 April 2020 22
Report of the Management Board on the 2019 financial year | FINANCIALS UPDATE |
Balance sheet de-risked, cost of debt stable
Significant capacity to invest
Loan-to-value | Cost of debt | |
58.0 | 5.2% | |||
4.9% | ||||
-30.6pp | -3.1% | |||
48.9 | ||||
45.4 | 43.3 | 44.1 | 3.7% | |
36.9 | 36.9 | 2.8% | ||
2.3% | 2.0% | 2.1% | |
27.4 |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
LTV target range | ||||||||||||||
Lower leverage and better-quality portfolio resulting in lower financing costs
NSI AGM 24 April 2020 23
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 24
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 25
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 26
Controleverklaring van PwC bij de jaarrekening 2019 van NSI N.V.
Aandeelhoudersvergadering
24 April 2020
Ons oordeel
Naar ons oordeel:
- geeft de in dit jaarverslag opgenomengeconsolideerde jaarrekeningeen getrouw beeldvan de grootte en samenstelling van het vermogen van NSI N.V. op 31 december 2019 en van het resultaat en de kasstromen over 2019, in overeenstemming met de International Financial Reporting Standards zoals aanvaard binnen de Europese Unie (EU-IFRS) en met Titel 9 Boek 2 van het in Nederland geldende Burgerlijk Wetboek (BW);
- geeft de in dit jaarverslag opgenomenvennootschappelijke jaarrekeningeen getrouw beeldvan de grootte en samenstelling van het vermogen van NSI N.V. op 31 december 2019 en van het resultaat over 2019 in overeenstemming met Titel 9 Boek 2 BW.
Controleverklaring van PwC bij de jaarrekening 2019 van NSI N.V. | April 2020 |
28
De hoofdlijnen van onze controle aanpak
Materialiteit: €2.400.000
Controlewerkzaamheden centraal uitgevoerd vanuit één locatie
Waardering van vastgoed
Controleverklaring van PwC bij de jaarrekening 2019 van NSI N.V. | April 2020 |
29
Jaarverslag
Wij zijn van mening dat de andere informatieopgenomen in het jaarverslag:
- met de jaarrekeningverenigbaar is engeen materiële afwijkingen bevat;
- alle informatiebevat die op grond van Titel 9 Boek 2 BW is vereist.
Wij hebben voldaan aan de vereisten in Titel 9 Boek 2 BW en de Nederlandse Controlestandaard 720.
Deze werkzaamheden hebben niet dezelfde diepgang als onze controlewerkzaamheden bij de jaarrekening.
Het remuneratieverslag bevat de informatie zoals vereist op grond van artikel 2:135b en 2:145 lid 2 van het Burgerlijk Wetboek
Controleverklaring van PwC bij de jaarrekening 2019 van NSI N.V. | April 2020 |
30
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 31
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 32
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 33
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 34
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 35
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 36
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 37
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 38
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 39
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 40
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 41
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 42
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 43
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 44
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 45
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and | Vote | ||
12b), subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 46
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued | Vote | ||
under 12a, subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 47
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued | Vote | ||
under 12b, subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 48
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of | Vote | ||
the Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 49
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 50
Outlook
Bernd Stahli
NSI AGM 24 April 2020 51
Outlook for 2020
Acquisition One20
Teleportboulevard 120,Amsterdam | Impressions | ||
Area: | 9,743 sqm | ||
Tenant: | Multi-tenant | ||
Vacancy: | 31.0% | ||
GIY / Reversionary yield: | 3.5% / 6.3% | ||
WAULT: | 4.0 years | ||
Energy label: | A | ||
Acquisition price: | €34.0m | ||
Bird view Sloterdijk
1 | 2 | 3 |
One20 |
NSI Buildings | |
1. Motion | 4 |
- Glass House
- Q-port
- Solaris Eclips
Bird view sloterdijk | NSI AGM 24 April 2020 52 |
Outlook for 2020
Issue of € 40m of 10-year notes
at a fixed coupon of 1.6%
Impact on balance sheet and financing
- In March NSI issued € 40m of10-year unsecured notes to clients of Metlife Investment Management
- The notes are Euro denominated and have a fixed coupon of 1.6%
- The average debt maturity is thereby extended to 5.6 years per the end of March (Dec 19: 5.4 years)
-
No major loan maturities until 2023, with a small € 25m secured loan due in July
2020 - NSI holds a strong liquidity position with € 280m of cash and committed undrawn credit lines available
- LTV has increased fractionally to 27.6% (Dec 19: 27.4%)
Net debt - March 31 (€m) & Covenants
Mar-20 | Dec-19 | Change | ||||||
Debt outstanding | 382.5 | 342.8 | 39.7 | |||||
Amortisation costs | -1.3 | -1.3 | 0.0 | |||||
Book value debt | 381.2 | 341.5 | 39.7 | |||||
Debt to credit institutions | 0.0 | 12.6 | -12.6 | |||||
Cash | -20.1 | -1.4 | -18.6 | |||||
Net debt | 361.2 | 352.6 | 8.5 | |||||
Covenant | Dec 16 | Dec 17 | Dec 18 | Dec 19 | Mar 20 | |||
LTV | ≤60% | 44.1% | 36.9% | 36.9% | 27.4% | 27.6% | ||
ICR | ≥ 2.0x | 3.8x | 4.7x | 5.5x | 6.8x | 7.2x | ||
Maturity profile | |||||||||||||||||
US PP | |||||||||||||||||
Secured debt | |||||||||||||||||
68 | RCF Headroom | ||||||||||||||||
260 | RCF | ||||||||||||||||
Term Loan | |||||||||||||||||
80 | 50 | ||||||||||||||||
40 | 40 | 40 | 40 | ||||||||||||||
25 | |||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | ||||||
Net debt - Mar 2020 (€m) & Covenants | NSI AGM 24 April 2020 53 |
Outlook for 2020
Update on rent collection & leasing profile
Rent collection | Historical data on rent collection per quarter1 | |||||||||||||||||||||||||
1 Apr 2020 | 15 Apr 2020 | 23 Apr 2020 | 100% | |||||||||||||||||||||||
80% | ||||||||||||||||||||||||||
Offices | 71.1% | 87.2% | 89.2% | |||||||||||||||||||||||
60% | ||||||||||||||||||||||||||
40% | ||||||||||||||||||||||||||
HNK | 68.3% | 85.9% | 89.1% | 20% | ||||||||||||||||||||||
0% | ||||||||||||||||||||||||||
Other | 57.6% | 56.6% | 56.6% | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |||||
16 | 16 | 16 | 16 | 17 | 17 | 17 | 17 | 18 | 18 | 18 | 18 | 19 | 19 | 19 | 19 | 20 | 20 | |||||||||
Total | 69.4% | 84.6% | 86.7% | On time | < 30 days | > 30 days | ||||||||||||||||||||
NSI portfolio score on D&B2rating (% contracted rent) | ||||||||||||||||||||||||||
Lease expiry schedule (€m) |
35
30
25
20
15
10
5
0
2020 | 2021 | 2022 | 2023 | 2024 | > 2024 | ||
31 March 2020 | 31 December 2019 | ||||||
1. | 2020 Q2 data until 23 April 2020 included | NSI AGM 24 April 2020 54 |
2. | NSI uses Dunn & Bradstreet to assess the credit risk of its customers |
Outlook for 2020
- Strong liquidity and balance sheet provide substantial comfort
- Leasing activity and lease expiry schedule in line with budget
- Team is preparing our assets for the new 1.5m society
- Withdrawal EPRA EPS guidance
- Lack of clarity of coronavirus on our customers' business
- Key is to provide support to viable customers
NSI AGM 24 April 2020 55
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 56
Agenda
1. | Chairman opens the meeting | |||
2. | Report of the Management Board on the 2019 financial year | |||
3. | Report of the Supervisory Board on the 2019 financial year | |||
3a. | Discussion of the remuneration report for the 2019 financial year and advisory vote | Vote | ||
4. | Adoption of the financial statements for the 2019 financial year | Vote | ||
5. | Dividend policy of NSI | |||
6. | Declaration of the final dividend for 2019 | Vote | ||
7. | Discharge of the members of the Management Board for the policy pursued in the 2019 financial year | Vote | ||
8. | Discharge of the members of the Supervisory Board for the supervision exercised during the 2019 financial year | Vote | ||
9. | Composition of the Management Board | Vote | ||
9a. | Proposal for the reappointment of Mr B.A. Stahli as Director (CEO) | Vote | ||
10. | Composition of the Supervisory Board | Vote | ||
10a. | Proposal for the reappointment of Ms K.M. Koks - Van der Sluijs as member of the Supervisory Board | Vote | ||
10b. | Proposal for the reappointment of Mr H.M.M. Meijer as member of the Supervisory Board | Vote | ||
10c. | Proposal for the appointment of Mr J.W. Dockheer as member of the Supervisory Board | Vote | ||
11. | Remuneration policies | |||
11a. | Revision of the Remuneration Policy for the Management Board | Vote | ||
11b. | Revision of the Remuneration Policy for the Supervisory Board | Vote | ||
12. | Authorisations | |||
12a. | Proposal to authorise the Management Board to issue ordinary shares up to a maximum of 10% of the outstanding number of shares, subject | Vote | ||
to the approval of the Supervisory Board | ||||
12b. | Proposal to authorise the Management Board to issue up to an additional 10% of ordinary shares (i.e. 20% in aggregate for 12a and 12b), | Vote | ||
subject to the approval of the Supervisory Board | ||||
12c. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12a, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12d. | Proposal to authorise the Management Board to limit or exclude pre-emptive rights upon the issuance of ordinary shares issued under 12b, | Vote | ||
subject to the approval of the Supervisory Board | ||||
12e. | Proposal to authorise the Management Board to buy back ordinary shares in the company's own capital, subject to the approval of the | Vote | ||
Supervisory Board | ||||
13. | Outlook for 2020 | |||
14. | Any other business | |||
15. | Closing | |||
NSI AGM 24 April 2020 57
Attachments
- Original document
- Permalink
Disclaimer
NSI NV published this content on 24 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2020 12:42:04 UTC