Statement of operations and changes in net assets

for the year ended December 31, 2017

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Note

Jan. 1, 2017 -
Dec. 31, 2017

Jan. 1, 2016 -
Dec. 31, 2016

*

Following disclosure requirements for the Statement of Operations and Changes in Net Assets, the depositary fees have been disclosed separately for the year 2017. To provide a true and fair view, the 2016 figures have been disclosed separately too. Until April 1, 2017, the depositary fees were aggregated in the management fee.

 

 

 

 

Net assets at the beginning of the year

 

1,324,064,064

1,265,146,351

 

 

 

 

Income

 

 

 

Dividends, net

(2d)

12,384,621

10,395,220

Interest on bonds, net

(2d)

10,358,820

11,176,235

Other income

 

163,216

129,761

 

 

 

 

 

 

 

 

Total income

 

22,906,657

21,701,216

 

 

 

 

Expenses

 

 

 

Management fees

(4.1)

11,816,812

10,818,419

Service fees

(4.2)

1,830,485

907,637

Depositary fees

 

380,120*

273,381*

Subscription tax

(6)

631,139

588,026

Bank charges and correspondent fees

 

876

Bank interest

 

111,750

107,592

 

 

 

 

 

 

 

 

Total expenses

 

14,771,182

12,695,055

 

 

 

 

Net income from investments

 

8,135,475

9,006,161

 

 

 

 

Net realised gain on sale of investments

(2b)

12,434,165

4,606,820

Net realised gain/(loss) on foreign exchange

 

(454,201)

101,784

 

 

 

 

 

 

 

 

Net realised gain

 

20,115,439

13,714,765

 

 

 

 

Change in net unrealised appreciation/(depreciation) on investments

 

56,434,124

(27,725,462)

 

 

 

 

 

 

 

 

Net increase/(decrease) in net assets as a result of operations

 

76,549,563

(14,010,697)

 

 

 

 

Evolution of the capital

 

 

 

Subscription of shares

 

335,800,372

359,687,610

Redemption of shares

 

(330,424,649)

(278,749,890)

Dividend paid

 

(7,422,659)

(8,009,310)

 

 

 

 

 

 

 

 

Net assets at the end of the year

 

1,398,566,691

1,324,064,064

 

 

 

 

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

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