Statement of operations

for the year ended December 31, 2017

Download XLS

(amounts in EUR)

Notes

December 31, 2017

December 31, 2016

 

 

 

 

Income

 

 

 

Dividend income

2

2,683,938

2,714,637

Interest on loans

2

19,363,395

16,384,439

Bank interest

 

(8,028)

10,672

Other income

6

572,988

618,454

 

 

 

 

 

 

 

 

Total income

 

22,612,293

19,728,202

 

 

 

 

Expenses

 

 

 

Investment management, distribution and service fees

3

6,503,775

5,925,089

Administrative and depositary fees

4

322,184

359,188

Audit and reporting expenses

 

99,349

44,184

Interest paid

 

247,317

38,214

Other expenses

7

210,876

144,534

 

 

 

 

 

 

 

 

Total expenses

 

7,383,501

6,511,209

 

 

 

 

Net operating income

 

15,228,792

13,216,993

 

 

 

 

Realised gain on investments

5,184,206

5,000,469

Realised loss on investments

(2,103,101)

(2,806,422)

Realised gain on swaps

492,514

65,213

Realised loss on swaps

(941,943)

(2,217,329)

Realised gain on foreign exchange contracts

7,403,563

5,242,946

Realised loss on foreign exchange contracts

(6,811,832)

(13,197,450)

Realised gain on foreign exchange

387,906

584,567

Realised loss on foreign exchange

(596,823)

(486,192)

Change in unrealised appreciation on investments

28,735

9,288,688

Change in unrealised depreciation on investments

(31,917,227)

Change in unrealised depreciation on swap contracts

(35,489)

(20,639)

Change in unrealised appreciation on forward foreign exchange contracts

16,040,976

964,198

Change in net unrealised appreciation/(depreciation) on forward foreign exchange contracts

(6,470)

(4,803,010)

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

2,353,807

10,832,032

 

 

 

 

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

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