# GLOBALISED RESULT STATEMENTS
|  |  | 31 December 2020 EUR | 31 December 2019 EUR |
| --- | --- | --- | --- |
|  | Section 3: Income and expenditure account |  |  |
|  |  |  |  |
| I. | Depreciation, capital loss and capital gain | 559,083,074.09 | 1,089,478,256.75 |
| A. | Bonds and other debt securities | 22,438,105.33 | 42,124,473.10 |
| a. | Bonds | 22,438,105.33 | 41,920,657.44 |
|  | Realised gain | 10,655,539.71 |  |
|  | Realised loss | -10,556,922.64 |  |
|  | Unrealised gain and loss | 22,339,488.26 |  |
| b. | Other debt securities |  | 203,815.66 |
| b.1. | With embedded financial derivative instruments |  | 203,815.66 |
| B. | Money market instruments |  | 63,315.70 |
| C. | Shares and other securities similar to shares | 563,013,448.69 | 1,017,108,881.65 |
| a. | Shares | 565,051,304.26 | 1,015,240,621.91 |
|  | Realised gain | 686,052,003.48 |  |
|  | Realised loss | -659,692,779.31 |  |
|  | Unrealised gain and loss | 538,692,080.09 |  |
| b. | UCI with fixed number of shares | -2,037,855.57 | 1,868,259.74 |
|  | Realised gain | 4,202.78 |  |
|  | Realised loss | -32,024.28 |  |
|  | Unrealised gain and loss | -2,010,034.07 |  |
| D. | Other Transferable Securities | -237,543.36 | 73,448.04 |
|  | Realised gain | 237,543.36 |  |
|  | Realised loss | -237,543.36 |  |
|  | Unrealised gain and loss | -237,543.36 |  |
| E. | UCI with variable number of shares | -9,331,312.00 |  |
|  | Realised gain | 1,851,011.25 |  |
|  | Realised loss | -9,712,175.95 |  |
|  | Unrealised gain and loss | -1,470,147.30 |  |
| F. | financial derivatives | -8,527,250.00 | -2,981,979.25 |
| a. | On bonds | -8,527,250.00 | -3,097,979.25 |
| ii. | Futures | -8,527,250.00 | -3,097,979.25 |
|  | Realised gain and loss | -8,544,795.00 |  |
|  | Unrealised gain and loss | 17,545.00 |  |
| j. | On interest rates |  | 116,000.00 |
| ii. | Futures |  | 116,000.00 |
| G. | Receivables, deposits, liquidity and payables |  |  |
| H. | Foreign exchange positions and transactions | -8,272,374.57 | 33,090,117.51 |
| a. | financial derivatives | -8,011,307.20 |  |
| ii. | Futures and forward contracts | -8,011,307.20 |  |
|  | Realised gain and loss | -7,295,197.47 |  |
|  | Unrealised gain and loss | -716,109.73 |  |
| b. | Other exchange positions and operations | -261,067.37 | 33,090,117.51 |
| iv. | Other | -261,067.37 |  |
|  | Realised gain and loss | -261,067.37 |  |
|  |  |  |  |
| II. | Investment income and expenses | 111,688,893.90 | 131,703,636.39 |
| A. | Dividends | 110,809,007.28 | 131,408,889.85 |
| B. | Interest (+/-) | 12,986,988.15 | 14,128,092.97 |
| a. | Transferable securities and money market instruments | 12,474,397.25 | 14,128,042.40 |
| b. | Deposits and liquidity | 512,590.90 | 50.57 |
|  | Interest on loans (-) | -1,323,534.91 | -615,334.38 |
|  | Swap contracts (+/-) |  |  |
|  | Withholding tax (-) | -10,800,003.56 | -13,218,012.05 |
|  | Belgian | -1,116,128.92 |  |
|  | Foreign | -9,683,874.64 | -13,218,012.05 |
| F. | Other investment income | 16,436.94 |  |
|  |  |  |  |
| III. | Other income | 80,678.99 | 214,812.57 |
| A. | Anti dilution fee | 8.96 |  |
| B. | Other | 80,670.03 | 214,812.57 |
|  |  |  |  |
| IV. | Operating expenses | -66,907,264.02 | -48,761,795.50 |
| A. | Investment transaction and delivery costs (-) | -12,697,393.12 | -7,735,553.25 |
| B. | Financial expenses (-) | -13,600.68 |  |
| C. | Custodian’s fee (-) | -3,544,637.61 | -980,479.08 |
| D. | Manager’s fee (-) | -49,649,859.34 | -36,395,744.11 |
| a. | Financial Management of the Portfolio | -44,768,480.85 | -32,111,138.21 |
|  | Class A (Dis) | -3,207,812.95 | -2,504,571.10 |
|  | Class B (Cap) | -12,769,829.84 | -9,529,506.69 |
|  | Class B USD (Cap) | -34,000.74 | -34,285.80 |
|  | Class E (Dis) | -995,559.57 | -517,746.27 |

|  |  | 31 December 2020 EUR | 31 December 2019 EUR |
| --- | --- | --- | --- |
|  | Class F (Cap) | -16,459,258.92 | -12,179,444.00 |
|  | Class F LC (Cap) | -204.23 |  |
|  | Class F CHF HEDGED (Cap) | -57,832.30 |  |
|  | Class F USD HEDGED (Cap) | -510,146.51 |  |
|  | Class J (Cap) | -5,323,572.86 | -3,821,872.86 |
|  | Class L (Cap) | -42,355.69 | -6,526.99 |
|  | Class M (Dis) | -1,504,588.41 | -1,023,786.17 |
|  | Class N (Cap) | -1,349,993.11 | -1,502,233.72 |
|  | Class V (Dis) | -616,050.30 | -192,862.92 |
|  | Class W (Cap) | -1,896,623.30 | -798,301.69 |
|  | Class W USD (Cap) | -652.12 |  |
| b. | Administration and accounting | -4,881,378.49 | -4,284,605.90 |
| E. | Administrative expenses (-) | -473,638.87 |  |
| F. | Incorporation and organisation expenses (-) | -39,061.07 | -215,956.76 |
| G. | Salaries and wages, social security charges and pensions (-) | -16,907.96 | -6,038.19 |
| H. | Services and various goods (-) | -450,600.90 | -590,991.71 |
| I. | Depreciation and provisions for liabilities and charges (-) |  |  |
| J. | Taxes | -924,380.04 | -1,999,977.09 |
|  | Class A (Dis) | -193,069.89 | -195,639.91 |
|  | Class B (Cap) | -336,903.18 | -769,976.71 |
|  | Class B USD (Cap) | -2,420.27 | -2,401.93 |
|  | Class E (Dis) | 1,759.23 | -7,837.41 |
|  | Class F (Cap) | -58,253.96 | -216,524.14 |
|  | Class F USD HEDGED (Cap) | 983.52 |  |
|  | Class F CHF HEDGED (Cap) | 113.64 |  |
|  | Class J (Cap) | 51,845.80 | -133,762.17 |
|  | Class L (Cap) | 1.40 | -657.57 |
|  | Class M (Dis) | -249,969.11 | -159,369.76 |
|  | Class N (Cap) | -137,156.45 | -184,148.46 |
|  | Class P (Cap) | -2,699.43 | -91,701.02 |
|  | Class V (Dis) | -745.25 | -69,836.24 |
|  | Class W (Cap) | 2,133.91 | -168,121.77 |
| K. | Other expenses (-) | 902,815.57 | -837,055.31 |
|  |  |  |  |
|  | Income and expenditure for the financial year Sub-Total II + III + IV | 44,862,308.87 | 83,156,653.46 |
|  |  |  |  |
| V. | Current profit (loss) before income tax | 603,945,382.96 | 1,172,634,910.21 |
|  |  |  |  |
| VI. | Income tax |  |  |
|  |  |  |  |
| VII. | Result of the financial year | 603,945,382.96 | 1,172,634,910.21 |

|  |  | 31 December 2020 EUR | 31 December 2019 EUR |
| --- | --- | --- | --- |
|  | Section 4: Allocation of the result |  |  |
|  |  |  |  |
| I. | Profit (loss) of the financial period | 3,130,654,539.18 | 2,583,968,571.66 |
| a. | Profit carried forward (Loss carried forward) from the previous period | 2,484,088,135.81(*) | 1,224,846,177.62 |
| b. | Profit (loss) of the financial year | 603,945,382.96 | 1,172,634,910.21 |
| c. | Income equalisation received (Income equalisation paid out) | 42,621,020.41 | 186,487,483.83 |
|  |  |  |  |
| II. | (Appropriation to) Deduction from the capital |  |  |
|  |  |  |  |
| III. | (Profit to be carried forward) Loss to be carried forward | -3,116,394,744.75 | -2,577,395,078.92 |
|  |  |  |  |
| IV. | Dividend distribution | -14,259,794.43 | -6,573,492.74 |

*The difference of EUR 93.306.943,11. between the amount of (Profit to be carried forward) Loss to be carried forward as at 31 December 2019 and the amount included in Profit carried forward (Loss carried forward) from the previous period as at 31 December 2020 is justified by the merger of the DPAM INVEST B Equities Europe sub-fund on 18 November 2020.
-

Translation (ENFR, 2020-12-31):
# COMPTE DE RÉSULTATS GLOBALISÉ
|  |  | 31 décembre 2020 EUR | 31 décembre 2019 EUR |
| --- | --- | --- | --- |
|  | Section 3: Schéma du compte de résultats |  |  |
|  |  |  |  |
| I. | Réductions de valeur, moins-values et plus-values | 559.083.074,09 | 1.089.478.256,75 |
| A. | Obligations et autres titres de créance | 22.438.105,33 | 42.124.473,10 |
| a. | Obligations | 22.438.105,33 | 41.920.657,44 |
|  | Gain réalisé | 10.655.539,71 |  |
|  | Perte réalisée | -10.556.922,64 |  |
|  | Gain/Perte non-réalisé | 22.339.488,26 |  |
| b. | Autres titres de créance |  | 203.815,66 |
| b.1. | Avec instruments financiers dérivés "embedded" |  | 203.815,66 |
| B. | Instruments du marché monétaire |  | 63.315,70 |
| C. | Actions et autres valeurs assimilables à des actions | 563.013.448,69 | 1.017.108.881,65 |
| a. | Actions | 565.051.304,26 | 1.015.240.621,91 |
|  | Gain réalisé | 686.052.003,48 |  |
|  | Perte réalisée | -659.692.779,31 |  |
|  | Gain/Perte non-réalisé | 538.692.080,09 |  |
| b. | OPC à nombre fixe de parts | -2.037.855,57 | 1.868.259,74 |
|  | Gain réalisé | 4.202,78 |  |
|  | Perte réalisée | -32.024,28 |  |
|  | Gain/Perte non-réalisé | -2.010.034,07 |  |
| D. | Autres valeurs mobilières | -237.543,36 | 73.448,04 |
|  | Gain réalisé | 237.543,36 |  |
|  | Perte réalisée | -237.543,36 |  |
|  | Gain/Perte non-réalisé | -237.543,36 |  |
| E. | OPC à nombre variable de parts | -9.331.312,00 |  |
|  | Gain réalisé | 1.851.011,25 |  |
|  | Perte réalisée | -9.712.175,95 |  |
|  | Gain/Perte non-réalisé | -1.470.147,30 |  |
| F. | Instruments financiers dérivés | -8.527.250,00 | -2.981.979,25 |
| a. | Sur obligations | -8.527.250,00 | -3.097.979,25 |
| ii. | Contrats à terme | -8.527.250,00 | -3.097.979,25 |
|  | Gain/Perte réalisé | -8.544.795,00 |  |
|  | Gain/Perte non-réalisé | 17.545,00 |  |
| j. | Sur taux d'intérêt |  | 116.000,00 |
| ii. | Contrats à terme |  | 116.000,00 |
| G. | Créances, dépôts, liquidités et dettes |  |  |
| H. | Positions et opérations de change | -8.272.374,57 | 33.090.117,51 |
| a. | Instruments financiers dérivés | -8.011.307,20 |  |
| ii. | Contrats à terme | -8.011.307,20 |  |
|  | Gain /Perte réalisée | -7.295.197,47 |  |
|  | Gain /Perte non-réalisée | -716.109,73 |  |
| b. | Autres positions et opérations de change | -261.067,37 | 33.090.117,51 |
| iv. | Autres | -261.067,37 |  |
|  | Gain /Perte réalisée | -261.067,37 |  |
|  |  |  |  |
| II. | Produits et charges des placements | 111.688.893,90 | 131.703.636,39 |
| A. | Dividendes | 110.809.007,28 | 131.408.889,85 |
| B. | Intérêts (+/-) | 12.986.988,15 | 14.128.092,97 |
| a. | Valeurs mobilières et instruments du marché monétaire | 12.474.397,25 | 14.128.042,40 |
| b. | Dépôts et liquidités | 512.590,90 | 50,57 |
|  | Intérêts d'emprunts (-) | -1.323.534,91 | -615.334,38 |
|  | Contrats de swap (+/-) |  |  |
|  | Précomptes mobiliers (-) | -10.800.003,56 | -13.218.012,05 |
|  | D'origine belge | -1.116.128,92 |  |
|  | D'origine étrangère | -9.683.874,64 | -13.218.012,05 |
| F. | Autres produits provenant des placements | 16.436,94 |  |
|  |  |  |  |
| III. | Autres produits | 80.678,99 | 214.812,57 |
| A. | Indemnité destinée à couvrir les frais d'acquisition et de réalisation des actifs, à décourager les sorties et à couvrir les frais de livraison | 8,96 |  |
| B. | Autres | 80.670,03 | 214.812,57 |
|  |  |  |  |
| IV. | Coûts d'exploitation | -66.907.264,02 | -48.761.795,50 |
| A. | Frais de transaction et de livraison inhérents aux placements (-) | -12.697.393,12 | -7.735.553,25 |
| B. | Charges financières (-) | -13.600,68 |  |
| C. | Rémunération due au dépositaire (-) | -3.544.637,61 | -980.479,08 |
| D. | Rémunération due au gestionnaire (-) | -49.649.859,34 | -36.395.744,11 |
| a. | Gestion financière | -44.768.480,85 | -32.111.138,21 |
|  | Classe A (Dis) | -3.207.812,95 | -2.504.571,10 |
|  | Classe B (Cap) | -12.769.829,84 | -9.529.506,69 |
|  | Classe B USD (Cap) | -34.000,74 | -34.285,80 |
|  | Classe E (Dis) | -995.559,57 | -517.746,27 |

|  |  | 31 décembre 2020 EUR | 31 décembre 2019 EUR |
| --- | --- | --- | --- |
|  | Classe F (Cap) | -16.459.258,92 | -12.179.444,00 |
|  | Classe F LC (Cap) | -204,23 |  |
|  | Classe F CHF HEDGED (Cap) | -57.832,30 |  |
|  | Classe F USD HEDGED (Cap) | -510.146,51 |  |
|  | Classe J (Cap) | -5.323.572,86 | -3.821.872,86 |
|  | Classe L (Cap) | -42.355,69 | -6.526,99 |
|  | Classe M (Dis) | -1.504.588,41 | -1.023.786,17 |
|  | Classe N (Cap) | -1.349.993,11 | -1.502.233,72 |
|  | Classe V (Dis) | -616.050,30 | -192.862,92 |
|  | Classe W (Cap) | -1.896.623,30 | -798.301,69 |
|  | Classe W USD (Cap) | -652,12 |  |
| b. | Gestion administrative et comptable | -4.881.378,49 | -4.284.605,90 |
| E. | Frais administratifs (-) | -473.638,87 |  |
| F. | Frais d'établissement et d'organisation (-) | -39.061,07 | -215.956,76 |
| G. | Rémunérations, charges sociales et pensions (-) | -16.907,96 | -6.038,19 |
| H. | Services et biens divers (-) | -450.600,90 | -590.991,71 |
| I. | Amortissements et provisions pour risques et charges (-) |  |  |
| J. | Taxes | -924.380,04 | -1.999.977,09 |
|  | Classe A (Dis) | -193.069,89 | -195.639,91 |
|  | Classe B (Cap) | -336.903,18 | -769.976,71 |
|  | Classe B USD (Cap) | -2.420,27 | -2.401,93 |
|  | Classe E (Dis) | 1.759,23 | -7.837,41 |
|  | Classe F (Cap) | -58.253,96 | -216.524,14 |
|  | Classe F USD HEDGED (Cap) | 983,52 |  |
|  | Classe F CHF HEDGED (Cap) | 113,64 |  |
|  | Classe J (Cap) | 51.845,80 | -133.762,17 |
|  | Classe L (Cap) | 1,40 | -657,57 |
|  | Classe M (Dis) | -249.969,11 | -159.369,76 |
|  | Classe N (Cap) | -137.156,45 | -184.148,46 |
|  | Classe P (Cap) | -2.699,43 | -91.701,02 |
|  | Classe V (Dis) | -745,25 | -69.836,24 |
|  | Classe W (Cap) | 2.133,91 | -168.121,77 |
| K. | Autres charges (-) | 902.815,57 | -837.055,31 |
|  |  |  |  |
|  | Produits et charges de l'exercice (du semestre) Sous-total II+III+IV | 44.862.308,87 | 83.156.653,46 |
|  |  |  |  |
| V. | Bénéfice courant (perte courante) avant impôts sur le résultat | 603.945.382,96 | 1.172.634.910,21 |
|  |  |  |  |
| VI. | Impôts sur le résultat |  |  |
|  |  |  |  |
| VII. | Résultat de l'exercice | 603.945.382,96 | 1.172.634.910,21 |

|  |  | 31 décembre 2020 EUR | 31 décembre 2019 EUR |
| --- | --- | --- | --- |
|  | Section 4: Affectation et prélèvements |  |  |
|  |  |  |  |
| I. | Bénéfice (Pertes) à affecter | 3.130.654.539,18 | 2.583.968.571,66 |
| a. | Bénéfice reporté (Perte reportée) de la période précédente | 2.484.088.135,81(*) | 1.224.846.177,62 |
| b. | Bénéfice (Perte) de l'exercice à affecter | 603.945.382,96 | 1.172.634.910,21 |
| c. | Participations au résultat perçues (participations au résultat versées) | 42.621.020,41 | 186.487.483,83 |
|  |  |  |  |
| II. | (Affectations au) Prélèvements sur le capital |  |  |
|  |  |  |  |
| III. | (Bénéfice à reporter) Perte à reporter | -3.116.394.744,75 | -2.577.395.078,92 |
|  |  |  |  |
| IV. | (Distribution des dividendes) | -14.259.794,43 | -6.573.492,74 |

*La différence de EUR 93.306.943,11. entre le montant de (Bénéfice à reporter) Perte à reporter au 31 décembre 2019 et celui repris en Bénéfice reporté (Perte reportée) de la période précédente au 31 décembre 2020 est justifiée par la fusion du compartiment DPAM INVEST B Equities Europe au 18 novembre 2020.
-