Annual Report 2012
Notes to the income statement
GROUP PARENT COMPANY
Other operating income 2012 2011 2012 2011
Sales gains from direct investments 1,529,891 812,879 1,319,597 611,316
Other income 205,045 1,641,711 532,903 897,866
Total 1,734,935.91 2,454,589.81 1,852,499.88 1,509,182.60
Average number of personnel employed by the company during the financial year 29 26 29 26
Personnel expenses
Salaries and fees 2,800,240 2,374,337 2,800,240 2,374,337
Pension expenses 471,096 425,188 471,096 425,188
Other personnel expenses 118,056 113,964 118,056 113,964
Total 3,389,392 2,913,489 3,389,392 2,913,489
Salaries and fees paid to management 2,012 2,011 2,012 2,011
Board of Directors 111,100 105,800 111,100 105,800
President & CEO 252,133 249,589 252,133 249,589
Management Group 1,151,590 1,105,132 1,151,590 1,105,132
The Management Group’s salaries and fees include the salaries and fees of the President & CEO and of his deputy.
The remunerations paid to Board members are decided by the Annual General Meeting (AGM). The AGM held on 27 March 2012 decided on the following monthly sums: Chairman of the Board: €1,500; Deputy Chairman of the Board: €850; other members of the Board: €700; and in addition to the monthly remuneration, all members: €500 per meeting.
The Board of Directors decides on the pay principles, total pay and bonus scheme for the President & CEO and other members of the company’s Management Group. The Management Group comprised the President & CEO and on average six other members during the financial year. All the company’s personnel were included in the bonus scheme during 2012.
Depreciation of non-current assets 2012 2011 2012 2011
Depreciation of intangible rights 94,265 344 94,265 344
Depreciation of machinery and equipment 72,068 12,518 72,068 12,518
Total 166,333 12,862 166,333 12,862
Other operating expenses
The Group’s other operating expenses include sales losses of €40,495 (€61,500 in 2011) on direct investments.
Auditor’s fees 2012 2011 2012 2011
Auditor’s fees 18,389 18,204 14,084 12,669
Tax advice 3,260 1,845 3,260 1,845
Other fees 19,363 20,289 15,400 20,289
Total 41,011 40,338 32,743 34,803
Financial income and expenses 2012 2011 2012 2011
Income from investments in non-current assets 11,798,917 15,825,269 10,856,333 15,237,627
Other interest and financial income 12,302,367 15,874,950 12,302,250 15,874,525
Reductions in value of investments in non-current assets -14,326,601 -35,290,862 -15,050,833 -38,702,823
Reductions in value of investments in current assets 3,122,086 -2,721,053 3,122,086 -2,721,053
Other interest and financial expenses -1,420,195 -3,295,448 -1,420,195 -3,295,448
Total 11,476,575 -9,607,145 9,809,641 -13,607,173
Extraordinary items
Extraordinary income / Group contribution 17,451 17,427
Extraordinary expenses / Group contribution -2,000 -4,315

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