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15. Accruals and Deferred Income

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

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in thousands of EUR

2016

2015

 

 

 

 

 

 

Discount on investments

970

1,460

Interest payable

10,807

13,109

Deferred taxes

4,582

3,646

Derivates

34,652

37,508

Other accruals and deferred income

49,991

23,117

 

 

 

 

 

 

Balance sheet value as at 31 December

101,002

78,840

 

 

The deferred tax liability relates for an amount of EUR 2.0 million to a taxable temporary difference following the tax losses incurred by the German Branch over the period 2009 – 2011 amounting to EUR 8.1 million which have been offset against taxable income in the Triodos Dutch corporate income tax return over the same period. The Dutch corporate income tax act 1969 allowed income tax deduction on losses incurred by foreign branches of a Dutch resident taxpayer in so far that these tax losses could not be recovered in the country of residence till 2011. This Dutch income tax deduction is subsequently reversed when the branch recovers profitability and the incurred tax losses are offset in the local income tax return, resulting in a taxable temporary difference. Under the German corporate income tax code tax losses have no expiration date.

The deferred tax item further relates to temporary differences between the carrying amounts of intangible fixed assets for financial reporting purposes and the amounts used for taxation purposes. The remaining duration is one to four years.

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

290,582

251,510

33,367

5,705

19,211

Non deliverable forwards

63,502

16,961

41,309

5,232

7,598

Swap

128,803

75,195

53,608

7,843

 

 

 

 

 

 

 

 

 

 

 

 

Total derivates

482,887

343,666

128,284

10,937

34,652

 

 

 

 

 

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Notional amount

Fair value

2015
in thousands of EUR

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

315,531

284,012

31,519

26,840

Non deliverable forwards

39,720

13,158

26,562

6,798

Swap

64,191

58,899

5,292

3,870

 

 

 

 

 

 

 

 

 

 

 

 

Total derivates

419,442

356,069

63,373

37,508

 

 

 

 

 

Triodos Bank entered into currency contracts with Triodos 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.