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

 20142013 Bouwinvest Dutch Institutional Residential Fund N.V. 503- Bouwinvest Development B.V.

 20142013 Value added tax1,391876 Dividend tax5911 Total1,450887 Download XLS

 20142013 Deferred tax asset4,4704,250 Total4,4704,250 Download XLS  The compensable loss at year-end 2014 amounted to € 18,012,000 (2013: € 20,966,000).

 20142013 Bank balances12,48612,611 Total12,48612,611 Download XLS The cash and cash equivalents are freely available to the company.