GOVERNANCE AND FUNCTIONING OF THE CSSF

1. Principles

2. Governing bodies

3. Committees

4. Human resources

5. CSSF library

6. New CSSF headquarters

7. Information systems

8. Annual accounts of the CSSF - 2013

GOVERNANCE AND FUNCTIONING OF THE CSSF

CHAPTER I

1. Principles2. Governing bodies3. Committees4. Human resources5. CSSF library6. New CSSF headquarters7. Information systems8. Annual accounts of the CSSF - 2013

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GOVERNANCE AND FUNCTIONING OF THE CSSF

1. PRINCIPLES

The CSSF, established by the law of 23 December 1998, with effect on 1 January 1999, is a public institution with legal personality and financial autonomy. It operates under the authority of the Minister responsible for the financial centre, i.e. the Minister of Finance Mr Pierre Gramegna.

1.1. CSSF bodies

The CSSF’s board of directors is composed of seven members appointed by the Grand Duke on the proposal of the Government in Council for a period of five years. The powers conferred upon the board of directors notably include the annual adoption of the CSSF’s budget and the approval of the financial statements and of the report of the CSSF’s executive board, which are submitted to the board of directors before their presentation to the Government for approval. It also sets the general policy as well as the annual and long-term investment programmes which are submitted to it by the executive board before being submitted for approval to the Minister of Finance. Meetings and deliberations of the board of directors take place according to its internal rules. The board of directors is not competent to intervene in the CSSF’s prudential supervisory matters.

The senior executive authority of the CSSF is the executive board, composed of a director general and between two and four directors, appointed by the Grand Duke on the proposal of the Government in Council for a period of five years. The executive board works out measures and takes the decisions it deems useful and necessary for the fulfilment of the CSSF’s mission and for its organisation. Moreover, it sets up a five-year “target contract” with the Minister of Finance. The executive board is responsible for the reports and proposals it is obliged to address to the board of directors and the Government.

1.2. Decision-making process

According to its internal rules, the executive board must meet collectively at least once a week to take the decisions required to accomplish the mission of the CSSF. The executive board is responsible collectively even if each individual member runs one or several departments.

The decisions taken in the context of the CSSF’s mission may be referred to the Tribunal administratif (Administrative Court), which decides on the merits of the case. These recourses must be instituted, under penalty of foreclosure, within a month from the notification of the decision.

1.3. Drawing-up of regulations

The CSSF has the power to make regulations within the limits of its competences and missions, in accordance with Article 9(2) of the law of 23 December 1998. Draft regulations must be submitted to the Consultative committee for prudential regulation or the Consultative committee for the audit profession. The CSSF regulations are published in the Mémorial.

The legislative framework applicable to the financial sector is complemented by circulars issued by the CSSF with a view to specifying how legal provisions should be applied and issuing recommendations on conducting business in the financial sector.

Following the example of international forums and counterpart authorities, the CSSF has established a broad consultation procedure, which involves, during the stage of drawing-up the regulations and circulars, the professionals of the financial sector, as well as any other person concerned, notably via expert committees and ad hoc working groups.

1.4. Financing of the CSSF and account auditing

The CSSF is authorised to levy taxes on supervised persons and undertakings to cover its staff, financial and operating costs. The Grand-Ducal regulation of 28 October 2013 lays down the amounts applicable and

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guarantees full financing of the operating costs.

The Government appoints a réviseur d’entreprises agréé (approved statutory auditor) on the proposal of the CSSF’s board of directors for a period of three years. The mission of the réviseur d’entreprises agréé is to audit and certify the CSSF’s accounts and to submit a detailed report on the CSSF’s accounts to the board of directors and the Government at the close of the financial year. The réviseur d’entreprises agréé may be charged by the board of directors with making specific checks.

The CSSF is subject to the control of the Court of Auditors (Cour des comptes) as to the appropriate use of the public financial participation it receives.

2. GOVERNING BODIES

Board of Directors

Chairwoman Sarah KHABIRPOUR Premier Conseiller de Gouvernement, Ministry of Finance (until 28 February 2014)

Vice-Chairwoman Isabelle GOUBIN Conseiller de direction 1ère classe, Ministry of Finance

Members Rima ADAS Institut des Réviseurs d’Entreprises

Ernst Wilhelm CONTZEN Chairman of the Luxembourg Bankers’ Association, Luxembourg

Marc SALUZZI Chairman of the Association of the Luxembourg Fund Industry

Marny SCHMITZ Attachée d’administration, Ministry of Finance

Claude WIRION Member of the Executive Committee of the Commissariat aux Assurances

Secretary Danielle MANDER

Executive Board

Director General Jean GUILLDirectors Simone DELCOURT, Andrée BILLON, Claude SIMON

Executive Board of the CSSF Left to right: Andrée BILLON, Jean GUILL, Simone DELCOURT, Claude SIMON

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GOVERNANCE AND FUNCTIONING OF THE CSSF

3. COMMITTEES

3.1. Consultative committees

3.1.1. Consultative committee for prudential regulation

The Government may seek advice from the committee, constituted by the law of 23 December 1998 establishing a financial sector supervisory commission (Commission de surveillance du secteur financier), on any draft law or Grand-Ducal regulation in the field of the financial sector falling within the competence of the CSSF. The CSSF’s executive board shall seek an opinion from the committee on any draft regulation of the CSSF other than related to statutory audits and the audit profession. Members of the committee may also seek its advice concerning the setting-up or application of prudential regulations overall or for specific issues. The external members of the committee are appointed by the Minister of Finance.

Committee composition:

Executive board of the CSSF: Jean Guill (Chairman), Andrée Billon, Simone Delcourt, Claude Simon

Members: Nicolas Buck, Serge de Cillia (from 6 February 2014), Alain Feis, Georges Heinrich, Jean-Jacques Rommes (until 5 February 2014), Robert Scharfe, Carlo Thill, Camille Thommes

Secretary: Danielle Mander

3.1.2. Consultative committee for the audit profession

The Government may seek advice from the committee, established by the law of 18 December 2009 concerning the audit profession, on any draft law or Grand-Ducal regulation related to statutory audits and the audit profession subject to the oversight of the CSSF. The CSSF’s executive board shall seek an opinion from this committee on any draft regulation of the CSSF related to statutory audits and the audit profession. Members of the committee may also seek its advice concerning the setting-up or application of the regulation of public oversight of the audit profession overall or for specific issues. The external committee members are appointed in accordance with Article 15-1 of the law of 23 December 1998 establishing a financial sector supervisory commission (Commission de surveillance du secteur financier).

Committee composition:

Executive board of the CSSF: Jean Guill (Chairman), Andrée Billon, Simone Delcourt, Claude Simon

Members: Anouk Agnes (from 1 January 2014), Serge de Cillia, Philippe Meyer (until 31 December 2013), Sophie Mitchell, Jean-Michel Pacaud, Victor Rod, Daniel Ruppert, Marny Schmitz, Philippe Sergiel (from 1 January 2014), Anne-Sophie Theissen, Camille Thommes (until 31 December 2013)

Secretary: Danielle Mander

3.2. Permanent and ad hoc expert committees

The expert committees shall assist the CSSF in analysing the development of the different areas of the financial sector, give their advice on any issue relating to their activities and contribute to the drawing-up and interpretation of the regulations relating to areas covered by the respective committees. In addition to the permanent committees listed below, ad hoc committees are formed to examine specific subjects.

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The permanent expert committees are the following:

- Anti-Money Laundering Committee;

- Banks Issuing Covered Bonds Committee;

- Banks and Investment Firms Committee;

- Bank and Investment Firm Accounting Committee;

- Depositaries Committee;

- Pension Funds Committee;

- Corporate Governance Committee;

- Undertakings for Collective Investment Committee;

- Financial Consumer Protection Committee;

- SICAR Committee;

- Audit Technical Committee;

- Securitisation Committee.

In 2013, the following people took part in the different expert and ad hoc committees of the CSSF:

ALONSO SANZ ElisaNomura Bank (Luxembourg) S.A.

COLETTE Pierre-LouisCrédit Agricole Luxembourg

ADAS RimaInstitut des réviseurs d’entreprises

CONTZEN Ernst WilhelmThe Luxembourg Bankers’ Association

AREND PascaleCommissariat aux Assurances

CREPIN Jean-MarcBrown Brothers Harriman (Luxembourg) S.C.A.

BARBIER Jean-LouisBanque Raiffeisen

CROISÉ DanielBDO Audit

BASENACH KarinEuropean Consumer Centre

DANLOY SébastienRBC Investor Services Bank S.A.

BECHET Marc-AndréBanque Degroof Luxembourg S.A.

DE CILLIA SergeThe Luxembourg Bankers’ Association

BIRASCHI SoniaState Street Bank Luxembourg S.A.

DE CROUY-CHANEL Henri Aurea Finance Company

BOSI StéphaneBanque de Patrimoines Privés

DELVAUX JacquesNotary

BOURIN CatherineThe Luxembourg Bankers’ Association

DOBBINS MartinState Street Bank Luxembourg S.A.

BRAUSCH FreddyLinklaters LLP

DOGNIEZ NathalieKPMG Luxembourg

BRUCHER JeanBrucher Thieltgen & Partners

DOLLE EmmanuelKPMG Luxembourg

CARRÉ OlivierPricewaterhouseCoopers

DONDELINGER GermainMinistry of Higher Education and Research

CHAN YIN VictorKPMG Luxembourg

DUPONT PhilippeArendt & Medernach

CIMINO PierreCACEIS Bank Luxembourg

DUREN PhilippePricewaterhouseCoopers

COLBERT CherylMinistry of Higher Education and Research

DUSEMON GillesArendt & Medernach

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GOVERNANCE AND FUNCTIONING OF THE CSSF

EDGE ChristopherJ. P. Morgan Bank Luxembourg S.A.

KREBS BobBanque centrale du Luxembourg

ELVINGER JacquesElvinger, Hoss & Prussen

KREMER ClaudeArendt & Medernach

ENGEL DorisBanque et Caisse d’Épargne de l’État

KREMER ChristianClifford Chance

FEIS AlainInterinvest S.A.

KRIER PierrePricewaterhouseCoopers

FISCHER RafikKBL European Private Bankers S.A.

LACROIX YvesArendt & Medernach

FLAUNET MartinDeloitte

LAM BenjaminDeloitte

GEBHARD GerdPecoma International S.A.

LANZ ChristophBanque Privée Edmond de Rothschild Europe

GEORTAY PatrickLinklaters LLP

LEBBE IsabelleArendt & Medernach

GOEDERT GuyUnion Luxembourgeoise des Consommateurs

LEFEVRE OlivierDeloitte

GOUBIN IsabelleMinistry of Finance

LEQUEUE Jean-NoëlAssociation Luxembourgeoise des Compliance Officers du Secteur Financier

GRAND SamuelABN Amro Bank (Luxembourg) S.A.

LHOEST BernardErnst & Young

GUAY Michel Institut des réviseurs d’entreprises

LIFRANGE FrédériqueElvinger, Hoss & Prussen

GUERRIER EricBanque Privée Edmond de Rothschild Europe

LOPEZ ThierryBanque Internationale à Luxembourg

HAAS ChristopheInstitut des réviseurs d’entreprises

LUSSIE Anne-ChristineBGL BNP Paribas

HALMES-COUMONT ClaudiaPecoma International S.A.

MICALLEF DavidThe Bank of New York Mellon (Luxembourg) S.A.

HAUSER JoëlleClifford Chance

MISSON ChristopherPictet & Cie (Europe) S.A.

HENGEN MarcAssociation des Compagnies d’Assurances

MITCHELL SophieInstitut des réviseurs d’entreprises

HOFFMANN GuyBanque Raiffeisen

MOUSEL PaulArendt & Medernach

HOFFMANN RobertLoyens & Loeff

MULLER CharlesKPMG Luxembourg

HOSS PhilippeElvinger, Hoss & Prussen

NOCKELS RolandBanque centrale du Luxembourg

JANSEN LaurentBGL BNP Paribas

NOSBUSCH DanièleMinistry of Finance

JORDANT OlivierErnst & Young

ORIGER Paul-CharlesAssociation des Compagnies d’Assurances

KAYSER NickiLinklaters LLP

PAULY FrançoisBanque Internationale à Luxembourg

KHABIRPOUR SarahMinistry of Finance

PEPIN AndyMinistry of Finance

KOHLL AlyBanque et Caisse d’Épargne de l’État

PETRY PierreBanque Internationale à Luxembourg

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PERARD FrédéricBNP Paribas Securities Services, succursale de Luxembourg

TESTA SylvieErnst & Young

PIERRE GillesThe Luxembourg Bankers’ Association

THILL CarloBGL BNP Paribas

PITSAER YvesKBL European Private Bankers S.A.

THOMA PatrickMinistry of Family, Integration and Greater Region

PRUM AndréUniversity of Luxembourg

THOMMES CamilleAssociation of the Luxembourg Fund Industry

RENAULT OlivierSociété Générale Bank & Trust

THOUVENOT ThierryInstitute of Internal Auditors

RIES Marie-JoséeMinistry of Economy

TIXIER ValériePricewaterhouseCoopers

ROMMES Jean-JacquesThe Luxembourg Bankers’ Association

VALSCHAERTS DominiqueSociété de la Bourse de Luxembourg S.A. / Finesti

RONKAR MarcBanque centrale du Luxembourg

VINCIARELLI PaoloBanque et Caisse d’Épargne de l’État

RUPPERT DanielMinistry of Justice

VOGEL Klaus-MichaelDeutsche Bank Luxembourg S.A.

SALUZZI MarcAssociation of the Luxembourg Fund Industry

VONCKEN MarcPricewaterhouseCoopers

SAUVAGE BenoîtThe Luxembourg Bankers’ Association

WAGNER HenriAllen & Overy

SCHARFE RobertSociété de la Bourse de Luxembourg S.A.

WATELET PatrickCitibank International Plc, Luxembourg branch

SCHINTGEN GilbertUBS Fund Services (Luxembourg) S.A.

WEBER Alain Banque LBLux S.A.

SCHMITT AlexBonn & Schmitt

WILLEM VincentInstitute of Internal Auditors

SCHMITZ MarnyMinistry of Finance

WIRION ClaudeCommissariat aux Assurances

SEALE ThomasEuropean Fund Administration S.A.

YIP JohnnyDeloitte

SERGIEL PhilippePricewaterhouseCoopers

ZIMMER JulienDZ PRIVATBANK S.A.

SIMON GünterPricewaterhouseCoopers

ZURSTRASSEN PatrickInstitut Luxembourgeois des Administrateurs

SIX Jean-ChristianAllen & Overy

ZWICK MarcoAssociation of Luxembourg Risk Management

TERWAGNE BenoîtEsofac Luxembourg S.A.

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GOVERNANCE AND FUNCTIONING OF THE CSSF

4. HUMAN RESOURCES

4.1. CSSF staff

As far as human resources are concerned, and as in the previous years, 2013 was marked by a significant rise in the number of staff. Thus, 58 agents were recruited. Following the resignation of 13 agents over that period, total employment reached 493 units as at 31 December 2013, representing a 10.04% increase compared to 2012. This is the equivalent of 435.70 full-time jobs, i.e. a 10.22% increase compared to 2012.

It must be highlighted that in the course of the year, the CSSF received around 1,868 job applications, including 285 spontaneous applications. As in the previous years, recruitment mainly focused on University degrees and candidates’ competence.

Movements in staff numbers

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012 201320091998

350

400

300

250

200

150

100

50

0

450

500

124146 155

183203 199

214228

259286

308

362

406

448

322

493

CSSF agents represent 11 nationalities, the Luxembourg nationality being the most represented with 76.47% of the total staff.

Breakdown of staff by nationality

Luxembourg: 76.5%

France: 11.6%

Belgium: 5.7%

Germany: 3.4%

Ireland: 0.6%Italy: 0.8%Netherlands: 0.6%Others1: 0.8%

The average age of CSSF staff members slightly decreased from 38.32 years as at 31 December 2012 to 38.17 years at the end of 2013. Women make up 49.69% of total staff and men 50.31%.

1 Austria, Portugal, Romania, Spain.

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Breakdown of staff by age

20-29 years

12%

26%

19% 18%16%

9%

30-34 years 35-39 years 40-44 years 45-49 years 50-65 years0%

5%

10%

15%

20%

25%

30%

4.2. Staff training

CSSF staff followed 430 training courses in 2013.

Most of these courses were part of the lifelong training possibilities offered to CSSF agents. 58.31% of the courses were dedicated to finance, accounting and law, 8.34% to IT/office automation, 11.47% to management and human resources and 16.13% to languages. The remaining 5.75% covered subjects such as the security and professional techniques.

3,411 participations in training sessions were recorded in 2013. The CSSF staff counted a total of 1,749 ongoing training days, representing an average of 4.13 ongoing training days per agent.

4.3. Organisation chart

J. GuillDirector general

Internal audit

M.-A. Voltaire

Executive board secretariat

D. Mander

SSM (Single SupervisoryMechanism)

C. Campill

Supervision banks

F. Bisdorff

General secretariat

D. Berna-Ost

Legal departmentJ.-M. Goy, J.-F. Hein,

M. Limpach, G. Pescatore

Supervision specialised PFS

C. Felicetti

Information systems and supervision of support PFS

D. Hagen

International, regulation and enforcement

I. Greischer

UCITS authorisation and supervision

J.-P. Heger

Supervision AIFMs,AIFs, SIFs and SICARs

P. Berchem

Authorisation and supervision UCI management companies

S. Bisdorff

Prudential supervision, risk management and database

operation

A. Hoscheid

Supervision securities markets

F. Kauthen

Coordination of the UCI departments' specific

IT tools

C. Steinbach

Public oversight of the audit profession

F. Tabak

Personnel, administrationand finance

A. Oestreicher

Supervisioninvestment firms

M. Weitzel

Supervisionsecuritisation undertakings

and pension funds

C. Campill

A. BillonDirector

S. DelcourtDirector

C. SimonDirector

General and transversal supervision

R. Strock

On-sight inspection

P. Wagner

UCI departments

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GOVERNANCE AND FUNCTIONING OF THE CSSF

Detailed information on the CSSF’s organisation is available on the CSSF website in the section “About the CSSF”, sub-section “Structure/Organisation”.

5. CSSF LIBRARY

The CSSF library is a reference library which is part of the Luxembourg libraries’ network bibnet.lu since 2009. It is specialised in banking and financial law as well as financial economy. It contains more than 2,000 books and around 50 periodicals and update publications. The library has also a certain number of specialised electronic databases.

All the books in the library are listed in the general catalogue of the bibnet.lu network. The unified search engine of the collections of the network (www.a-z.lu) enables an easy search of the books available in the CSSF library and in all Luxembourg libraries.

The library is open to the public on prior request and by appointment, Monday through Friday from 9 a.m. to 11 a.m. and from 2 p.m. to 4 p.m..

6. NEW CSSF HEADQUARTERS

With a view to streamlining and efficiency, so as to concentrate on a single site the activities which, at a given time, were spread over on three different sites, the CSSF decided in 2011 to build new headquarters to cope with the increasing number of its agents and to enhance the processes and, therefore, the efficient functioning of the CSSF when carrying out the missions assigned to it.

The new building will provide about 7,000 square meters of office space (i.e. about 620 workstations), a canteen, a fitness room, a public library and many meeting, conference and training rooms.

Strong emphasis was placed on the energy concept of the building in order to reach a high level of performance combined with a maximum comfort, by minimising energy losses and consumption.

The demolition works and earthworks were completed in 2013 as scheduled.

The structural work is currently under way and its progress corresponds to the contract execution schedule.

As all authorisations have been granted and insofar as there is currently no delay as to the initial schedule, the receipt of the new headquarters is planned for the end of June 2015, so that the CSSF will be able to move into its new offices as from this date.

Demolition works Earthworks

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7. INFORMATION SYSTEMS

The division in charge of the CSSF’s IT systems is part of the department “IT systems and supervision of support PFS”. This division is in charge of installing, maintaining and developing the CSSF’s internal IT infrastructure as well as managing the electronic reporting of supervised entities.

7.1. Project “Registry”

In the European context, the CSSF responded to the exchange requirements of ESMA which, in 2012, initiated the project “Registry” (formerly “Omnibus”) covering the needs arising from the AIFMD, UCITS Directives and MiFID, i.e. in particular the creation of a register allowing the identification of AIFMs, management companies of UCITS, investment firms under MiFID and the collection of prospectuses approved in accordance with the Prospectus Directive. ESMA set 24 February 2014 as the start-up date of the project “Registry”. The “Registry”

Construction of the1st floor Courtyard

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GOVERNANCE AND FUNCTIONING OF THE CSSF

is now operational and the CSSF provides ESMA with the information as regards the approved prospectuses. As regards the AIFM part, developments are under way in order to meet the deadlines set by ESMA, i.e. the end of 2014.

7.2. Legal Entity Identifier

The Legal Entity Identifier (LEI), created by the Financial Stability Board (FSB), enables the identification of the persons involved in financial transactions for the purpose of identifying the systemic risk. It will be used more systematically for reportings to be sent either to ESMA or the EBA.

The assignment of a pre-LEI at Luxembourg level did not take place in 2013 but this should change in 2014 as certain foreign bodies (particularly in France and in Germany) have already positioned on the market to propose these identifiers.

In Luxembourg, the work relating thereto is carried out under the aegis of the BCL. The CSSF is willing to contribute to this project, in particular as regards the transmission to the future operator of the supervised entities’ public reference data, allowing thus a verification of the data provided by these entities when requesting a LEI assignment.

7.3. FINREP and COREP

The EBA published the XBRL taxonomies applicable to the new FINREP and COREP at the beginning of December 2013. The current version (V2.0.1)2 will be used for COREP reportings of the first quarter 2014 as well as the subsequent reports.

The CSSF will request XBRL instances that are fully compatible with these taxonomies, including concerning compliance with the additional rules set out in the document “XBRL Filing Rules. COREP and FINREP Taxonomy 2.0.0”3 of the EBA and compliance with the formulas in the various taxonomies.

Given the fairly high risk that at least a few of the many formulas may, in some cases, fail while the underlying figures are actually correct, the CSSF has put in place the necessary mechanisms to disable certain taxonomy rules. Thus, if the EBA informs that certain rules are to be considered as disabled, the CSSF’s configuration will be updated accordingly. Consequently, the CSSF recommends that reporting entities should make arrangements to send a report to the CSSF even if certain validation rules of the formula linkbase of the taxonomies fail.

In accordance with the “Recommendation On the use of the Legal Entity Identifier (LEI)” of the EBA, the CSSF requests the entities concerned by FINREP and COREP to use the LEI code to identify themselves within the XBRL instances.

The EBA plans to publish a version V2.1.0 of the set of taxonomies that should define (1) the corrections to the COREP reports and the validation rules, (2) the final version of the FINREP report and (3) the final version of the Asset Encumbrance (AE) report. This version is planned for all reports as from June 2014 (COREP and AE) and September 2014 (FINREP).

The CSSF’s production chain was adapted in order to receive the COREP reports. The adaptation to FINREP and to AE will take place as soon as the final and official version V2.1.0 of the EBA is published.

2 Internet link: http://www.eba.europa.eu/-/eba-publishes-xbrl-taxonomy-for-remittance-of-supervisory-reporting-by-competent-regulatory-authorities.

3 Internet link: http://www.eba.europa.eu/documents/10180/502670/EBA+XBRL+Filing+Rules+for+v2.0.0.pdf.

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8. ANNUAL ACCOUNTS OF THE CSSF – 2013

BALANCE SHEET AS AT 31 DECEMBER 2013

Assets EUR

Fixed assets - Intangible assets

Payments on account and intangible assets in progress 2,125,2882,125,288

- Tangible assets Land and constructions 18,161,560Other fixtures, fittings, tools and equipment 712,791Payments on account and tangible assets in progress 8,408,027

27,282,378

- Financial assets 3,0003,000

Current assets - Trade debtors

with a residual term of up to one year 2,325,651 - Other debtors

with a residual term of up to one year 203,159 - Cash at banks, in postal cheque accounts, cheques in hand 34,517,841

37,046,651

Prepayments and accrued income 2,879,008

Balance sheet total (Assets) 69,336,325

Liabilities

Own capital - Profit brought forward 12,216,035 - Result for the financial year 22,175,571

34,391,606

Non-subordinated liabilities

- Amounts owed to credit institutions 29,881,046

29,881,046 - Debts on purchases and provision of services

with a residual term of up to one year 2,868,192 - Tax and social security debts

Social security creditors 1,959,012 - Other debts

with a residual term of up to one year 236,469 5,063,673

Balance sheet total (Liabilities) 69,336,325

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GOVERNANCE AND FUNCTIONING OF THE CSSF

PROFIT AND LOSS ACCOUNT AS AT 31 DECEMBER 2013

Charges

Consumption of merchandise and consumable raw materials 229,652

Other external charges 9,361,959Staff costs

- Wages and salaries 42,135,064- Social security costs attributable to wages and salaries 2,396,712

Value adjustments on- Formation expenses and tangible and intangible fixed assets 166,273

Other operating charges 994,057Interests and other financial charges

- Other interests and charges 1,115,009

Total charges 56,398,726

Income

Net turnover 78,242,747Other operating income 268,729Other interest and financial revenues 62,821

Total income 78,574,297

Result for the financial year 22,175,571

Financial controller Deloitte Audit