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11. Prepayments and Accrued Income

The balance sheet value of the prepayments and accrued income as at 31 December can be broken down as follows:

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in thousands of EUR

2016

2015

 

 

 

 

 

 

Premium on investments in interest bearing securities

39,603

39,653

Interest receivable

37,449

39,770

Deferred taxes

9,653

8,044

Derivatives

35,747

38,541

Other prepayments and accrued income

29,897

26,276

 

 

 

 

 

 

Balance sheet value as at 31 December

152,349

152,284

 

 

The deferred tax asset relates for an amount of EUR 7.3 million (2015: EUR 6.9 million) to tax losses incurred by the German branch for which it is expected that these will be fully recovered against future profits. No compensation is expected for 2017, but for the years thereafter. Under the German corporate income tax code tax losses have no expiration date.

Breakdown of derivatives by remaining term to maturity and fair value:

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Notional amount

Fair value

2016
in thousands of EUR

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

273,638

234,566

33,367

5,705

18,671

Non deliverable forwards

63,502

16,961

41,309

5,232

7,932

Swap

144,411

90,803

53,608

9,144

 

 

 

 

 

 

 

 

 

 

 

 

Total derivates

481,551

342,330

128,284

10,937

35,747

 

 

 

 

 

Download XLS

 

 

 

 

 

 

 

Notional amount

Fair value

2015
in thousands of EUR

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

308,366

277,767

30,599

27,312

Non deliverable forwards

39,774

13,212

26,562

7,002

Swap

70,833

64,621

6,212

4,227

 

 

 

 

 

 

 

 

 

 

 

 

Total derivates

418,973

355,600

63,373

38,541

 

 

 

 

 

Triodos Bank entered into currency contracts with Triodos Investment Management in order to manage the currency risk of the investment funds. Triodos Bank hedges these positions directly in the market. Therefore the long and short position are almost the same.