Statement of operations

for the year ended December 31, 2016

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(amounts in EUR)

Notes

December 31, 2016

December 31, 2015

December 31, 2014

 

 

 

 

 

Income

 

 

 

 

Dividend income

2

1,138,754

1,104,610

1,411,371

Interest on loans

2

1,897,739

1,139,116

1,577,227

Bank interest

 

6,146

13,135

Other income

6

104,371

214,758

158,452

 

 

 

 

 

 

 

 

 

 

Total income

 

3,140,864

2,464,630

3,160,185

 

 

 

 

 

Expenses

 

 

 

 

Investment management, distribution and service fees

5

1,409,266

1,241,392

1,214,354

Administrative and depositary fees

4

137,914

139,988

125,026

Audit and reporting expenses

 

39,592

49,282

44,061

Subscription tax

3

27,702

27,651

27,276

Other tax

 

10,089

9,642

10,168

Other expenses

7

166,529

222,388

106,106

 

 

 

 

 

 

 

 

 

 

Total expenses

 

1,791,092

1,690,343

1,526,991

 

 

 

 

 

Net operating income

 

1,349,772

774,287

1,633,194

 

 

 

 

 

Realised loss on investments

 

(544,265)

(1,882,442)

Realised gain on foreign exchange

 

1

107

Realised loss on foreign exchange

 

(6)

(70)

Change in unrealised appreciation on investments

 

1,996,527

2,449,976

Change in unrealised depreciation on investments

 

250,455

 

 

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

1,055,957

2,770,851

2,200,728

 

 

 

 

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

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