Annual Report 2013
Notes to the income statement
GROUP PARENT
2013 2012 2013 2012
Other operating income
Sales gains from direct investments 731,852 1,529,891 509,367 1,319,597
Other income 196,712 205,045 409,438 532,903
Total 928,564 1,734,936 918,805 1,852,500
Average number of personnel employed by the company during the financial year 30 29 30 29
Personnel expenses
Salaries and fees 2,855,055 2,800,240 2,855,055 2,800,240
Pension expenses 459,147 471,096 459,147 471,096
Other personnel expenses 161,613 118,056 161,613 118,056
Total 3,475,816 3,389,392 3,475,816 3,389,392
Salaries and fees paid to management
Board of Directors 115,700 111,100 115,700 111,100
President & CEO 282,496 252,133 282,496 252,133
Management Group 1,262,390 1,151,590 1,262,390 1,151,590
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 26 March 2013 decided on the following monthly sums: Chairman of the Board: €1,500; Deputy Chairman of the Board: €850; and other members of the Board: €700; and in addition to the monthly remuneration, all members of the Board €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 2013.
Depreciation of non-current assets 2013 2012 2013 2012
Depreciation of intangible rights 97,143 94,265 97,143 94,265
Depreciation of machinery and equipment 54,208 72,068 54,208 72,068
Total 151,351 166,333 151,351 166,333
Other operating expenses
The Group’s and parent company’s other operating expenses in 2013 include sales losses on direct investments of €5,128,475 (€40,495 in 2012).
GROUP PARENT
Auditor’s fees 2013 2012 2013 2012
Audit fees 24,285 18,389 18,426 14,084
Tax advice 2,480 3,260 2,480 3,260
Other fees 5,084 19,363 5,084 15,400
Total 31,849 41,011 25,990 32,743
2013 2012 2013 2012
Financial income and expenses
Income from investments in non-current assets 21,043,055 11,798,917 20,755,320 10,856,333
Other interest and financial income 10,762,230 12,302,367 10,762,066 12,302,250
Reductions in value of investments in non-current assets -27,942,444 -14,326,601 -31,578,107 -15,050,833
Reductions in value of investments in current assets -250,930 3,122,086 -250,930 3,122,086
Other interest and financial expenses -861,630 -1,420,195 -861,630 -1,420,195
Total 2,750,280 11,476,575 -1,173,281 9,809,641
Extraordinary items
Extraordinary income / Group contribution 17,137 17,451
Extraordinary expenses / Group contribution -2,000 -2,000

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