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
|