Equipment is stated at purchase price less straight-line depreciations, calculated while taking into consideration the estimated economic life of the assets in question, and, if applicable, less impairments in value.

Where significant influence is exercised, associated companies in non-consolidated group companies are valued under the net asset value method, but not lower than a nil value.

Upon initial recognition the receivables are included at fair value and then valued at amortised cost. The fair value and amortised cost equal the face value. Any provision for doubtful accounts deemed necessary is deducted.

The cash is valued at face value. If cash equivalents are not freely disposable, then this has been taken into account upon valuation.

The management fee is calculated based on the assets under management and project turnover.

Corporate income tax is calculated at the applicable rate on the result for the financial year, taking into account permanent differences between profit calculated according to the financial statements and profit calculated for taxation purposes,

The cash flow statement is drawn up according to the indirect method. The funds in the cash flow statement consist of cash and cash equivalents. Cash equivalents can be considered to be highly liquid investments.

 Leasehold ImprovementsEquipmentTotal 2014Total 2013 Book value as at 1 January9601,0221,9822,932 Investments13931245112 Disposal- - - - Depreciations(334)(431)(765)(962) Book value as at 31

The movement in the group companies recorded as financial fixed assets is as follows:  Book value 31-12-2013DisposalResult 2014Book value 31-12-2014 Phui Energy B.V.4,552(3,983)(569)- DRI I Beheer B.

The movement in the other participations and loans recognised in the financial fixed assets that do not belong to the group are as follows:  Book value 31-12-2013Deposit/ repaymentDividendResult 2014Book value