Statement of operations

for the year ended December 31, 2014

Download XLS

(amounts in EUR)

Notes

December 31, 2014

December 31, 2013

December 31, 2012

 

 

 

 

 

Income:

 

 

 

 

Dividend income

2

1,411,371

2,858,987

1,537,790

Interest on loans

2

1,577,227

1,614,080

1,435,124

Bank interest

 

13,135

71,144

65,935

Other income

6

158,452

159,167

243,856

 

 

 

 

 

 

 

 

 

 

Total income

 

3,160,185

4,703,378

3,282,705

 

 

 

 

 

Expenses

 

 

 

 

Investment management, distribution and service fees

5

1,214,354

1,502,831

1,460,358

Administrative and depositary fees

4

125,026

131,701

122,128

Audit and reporting expenses

 

44,061

52,241

61,504

Subscription tax

3

27,276

28,395

29,104

Other tax

 

10,168

3,632

1,911

Other expenses

7

106,106

123,306

296,261

 

 

 

 

 

 

 

 

 

 

Total expenses

 

1,526,991

1,842,106

1,971,266

 

 

 

 

 

Net operating income

 

1,633,194

2,861,272

1,311,439

 

 

 

 

 

Realised gain on investments

 

42,152

Realised loss on investments

 

(1,882,442)

(1,329,074)

Change in unrealised appreciation on investments

2,449,976

Change in unrealised depreciation on investments

(4,790,847)

(3,318,473)

 

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in net assets resulting from operations

2,200,728

(3,258,649)

(1,964,882)

 

 

 

 

 

The (PDF:) accompanying notes form an integral part of these financial statements.

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