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Rothschild & Co | Annual Report 2017
161
1. Overview
4. Financial statements
3.
Management report
2. Business review
Note 24 – Net gains/(losses) on financial instruments at fair value through profit or loss
In thousands of euro
01/04/17
31/12/17
(9 months)
01/04/16
31/03/17
(12 months)
Net income – financial instruments designated at fair value through profit or loss
53,572
36,954
Net income – carried interest
28,872
32,912
Net income – foreign exchange operations
15,612
28,266
Net income – equity securities and related derivatives held for trading
36
(73)
Net income – other trading operations
848
278
TOTAL
98,940
98,337
Net gains and losses on financial instruments at fair value through profit or loss include the changes in fair value of financial instruments designated at fair
value through profit or loss by option, and financial instruments held in the trading portfolio, including derivatives.
Financial instruments designated at fair value through profit or loss by option include both ordinary equity and carried interest shares held by the Group in
its Merchant Banking funds. It also includes certain loans made to its Merchant Banking funds.
Note 25 – Net gains/(losses) on available-for-sale financial assets
In thousands of euro
01/04/17
31/12/17
(9 months)
01/04/16
31/03/17
(12 months)
Gains or losses on disposal
37,707
35,702
Impairment losses on AFS equities
(2,113)
(634)
Dividend income
2,701
3,271
TOTAL
38,295
38,339
Dividend income from the Group’s interest in EdRS is included as dividend income within “net income/(expense) from other assets” (note 30).
Note 26 – Other operating income and expenses
In thousands of euro
01/04/17
31/12/17
(9 months)
01/04/16
31/03/17
(12 months)
Other income
1,404
6,720
TOTAL OTHER OPERATING INCOME
1,404
6,720
Other expenses
(536)
(635)
TOTAL OTHER OPERATING EXPENSES
(536)
(635)
During the prior year, “Other income” benefited from a reduction of €3.6 million in a performance-based liability, which is explained further in note 28.
Note 27 – Operating expenses
In thousands of euro
01/04/17
31/12/17
(9 months)
01/04/16
31/03/17
(12 months)
Compensation and other staff costs
(797,243)
(984,318)
Defined benefit pension expenses
(13,758)
(20,397)
Defined contribution pension expenses
(9,655)
(11,861)
Staff costs
(820,656)
(1,016,576)
Administrative expenses
(236,929)
(278,512)
TOTAL
(1,057,585)
(1,295,088)