Statement of operations

ended December 31, 2015
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(amounts in EUR)

Notes

December 31, 2015

December 31, 2014

December 31, 2013

 

 

 

 

 

Income

 

 

 

 

Dividend income

2

1,104,610

1,411,371

2,858,987

Interest on loans

2

1,139,116

1,577,227

1,614,080

Bank interest

 

6,146

13,135

71,144

Other income

6

214,758

158,452

159,167

 

 

 

 

 

 

 

 

 

 

Total income

 

2,464,630

3,160,185

4,703,378

 

 

 

 

 

Expenses

 

 

 

 

Investment management, distribution and service fees

5

1,241,392

1,214,354

1,502,831

Administrative and depositary fees

4

139,988

125,026

131,701

Audit and reporting expenses

 

49,282

44,061

52,241

Subscription tax

3

27,651

27,276

28,395

Other tax

 

9,642

10,168

3,632

Other expenses

7

222,388

106,106

123,306

 

 

 

 

 

 

 

 

 

 

Total expenses

 

1,690,343

1,526,991

1,842,106

 

 

 

 

 

Net operating income

 

774,287

1,633,194

2,861,272

 

 

 

 

 

Realised loss on investments

 

(1,882,442)

(1,329,074)

Realised gain on foreign exchange

 

107

Realised loss on foreign exchange

 

(70)

Change in unrealised appreciation on investments

 

1,996,527

2,449,976

Change in unrealised depreciation on investments

 

(4,790,847)

 

 

 

 

 

 

 

 

 

 

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

 

2,770,851

2,200,728

(3,258,649)

 

 

 

 

 

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

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