Statement of operations

for the period 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

1,506,020

820,443

929,658

Interest on loans

2

15,550,883

10,398,207

6,516,701

Bank interest

 

4,652

33,752

215,765

Other income

7

309,887

394,209

302,136

 

 

 

 

 

 

 

 

 

 

Total income

 

17,371,442

11,646,611

7,964,260

 

 

 

 

 

Expenses

 

 

 

 

Amortisation of formation expenses

3

5,833

35,000

Investment management, distribution and service fees

6

4,852,750

3,623,353

2,883,454

Administrative and custodian fees

5

321,384

282,597

209,753

Audit and reporting expenses

 

65,542

76,357

61,485

Interest paid

 

10,021

1,994

1,132

Other expenses

8

125,470

175,909

90,977

 

 

 

 

 

 

 

 

 

 

Total expenses

 

5,375,167

4,166,043

3,281,801

 

 

 

 

 

Net operating income

 

11,996,275

7,480,568

4,682,459

 

 

 

 

 

Realised gain on investments

2,207,311

5,103,883

556,957

Realised loss on investments

(151,247)

(1,492,209)

(7,065)

Realised gain on swaps

262,322

72,249

Realised loss on swaps

(103,453)

(411,497)

Realised gain on foreign exchange contracts

4,583,824

1,898,854

2,317,758

Realised loss on foreign exchange contracts

(17,384,119)

(2,473,448)

(2,843,675)

Realised gain on foreign exchange

973,092

445,640

205,984

Realised loss on foreign exchange

(759,475)

(151,329)

(109,600)

Change in unrealised appreciation on investments

8,715,552

13,550,202

5,892,696

Change in unrealised depreciation on investments

(5,016,350)

Change in unrealised appreciation on swap contracts

616,983

Change in unrealised depreciation on swap contracts

(1,162,816)

(392,881)

Change in unrealised appreciation on forward foreign exchange contracts

 

169,681

3,446,587

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

(779,005)

(11,735,519)

 

 

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

8,398,261

12,475,691

9,331,147

 

 

 

 

 

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

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