The compensable loss at year-end 2016 amounted to € 8.1 million (2015: € 11.9 million). Taking into account the compensable loss, the deferred tax asset has been set at 2.0 million.

The cash and cash equivalents are freely available to the company.

Before appropriation of result

The difference between the fiscal and commercial valuation of the participations is € 1.7 million for which a deferred tax liability of € 0.4 million is recognised. The deferred tax liability has a long-term nature.

The movements in the short-term debt with regard to pension premiums were as follows:

This is a fee incentive to be paid to bpfBOUW over the year 2016.

Bouwinvest has management agreements with the funds for an indefinite period with a two-year notice period, as well as a mandate with bpfBOUW regarding the International and Heritage portfolios for an indefinite period with a five year notice period.

All amounts in € thousands unless otherwise stated