Statement of operations

for the year ended December 31, 2016

Download XLS

(amounts in EUR)

Notes

December 31, 2016

December 31, 2015

December 31, 2014

 

 

 

 

 

Income

 

 

 

 

Dividend income

2

875,123

821,226

428,238

Bank Interest

 

3,332

36,954

43,552

 

 

 

 

 

 

 

 

 

 

Total income

 

878,455

858,180

471,790

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

Amortisation of formation expenses

3

78,886

52,284

24,431

Investment management, distribution and service fees

6

704,537

596,923

530,900

Administrative and depositary fees

5

117,479

110,129

89,959

Audit and reporting expenses

 

27,538

31,035

29,106

Subscription tax

4

17,979

14,923

13,680

Interest paid

 

14,738

1,918

435

Other tax

 

8,210

3,210

3,210

Other expenses

7

112,603

160,138

66,870

 

 

 

 

 

 

 

 

 

 

Total expenses

 

1,081,970

970,560

758,591

 

 

 

 

 

 

 

 

 

 

Net operating gain/(loss)

 

(203,515)

(112,380)

(286,801)

 

 

 

 

 

Realised gain on forward foreign exchange contracts

 

4,187

Realised loss on forward foreign exchange contracts

 

(8,294)

(1,444)

Realised gain on foreign exchange

 

1,315

190

Realised loss on foreign exchange

 

(21,525)

(11)

(514)

Change in unrealised appreciation on investments

 

2,443,304

1,011,536

68,795

Change in unrealised appreciation on forward foreign exchange contracts

 

80,494

7,365

Change in unrealised depreciation on forward foreign exchange contracts

 

(2,624)

 

 

 

 

 

 

 

 

 

 

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

 

2,291,779

899,264

(210,965)

 

 

 

 

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

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