Analytical Profit and Loss Account for Collective Investment

Since 2008, the corporate model has included a statement of accounts adapted to collective investment institutions. The structure of its account is more similar to that of non-financial entities than to that of financial entities, as it presents a separate Operating Income and Financial Income, although the importance of the aggregates clearly shows that its business is fundamentally financial, so the first result generally has a negative sign and it is the financial result that constitutes the most relevant part of its income statement.

• He operating result It includes discount commissions for commissions and reimbursements, retrocessions and rental income net of personnel expenses, operating expenses, which constitute the most significant item, impairment and results from the disposal of fixed assets and those from real estate investments, compensation and indemnities for impairment or loss of real estate investments and amortization.
• He financial result It includes financial income, financial expenses and other financial results formed by the change in fair value of financial instruments, exchange differences and impairment and results from the disposal of financial instruments.
• He earnings before taxes It is formed by aggregating the operating result and the financial result.
• He result of the exercise It is the net accounting result, after deducting the profit tax.