Financial Statements

BALANCE SHEET
As of 31st December 2004

    
 
                 
   
Notes Assets
2004
2003
   Equity and Liabilities
2004
2003
Notes
  Fixed Assets:
  Equity:
   
  Paid-in Capital:
  Property, Plant & Equipment
  Basic Capital
50,000
50,000
  Buildings
43,601
48,801
   Total Paid-in Capital
50,000
50,000
6 Housing Facilities
15,576,099
15,576,099
    
6 Machinery, furniture, etc
413,882
556,675
   Retained Earnings:
6 Vehicles
793,655
494,034
   Other Equity
2,001,493
768,079
3 Total Property, Plant and Equipment
16,827,236
16,675,609
   Total Retained Earnings
2,001,493
768,079
4
   
  Total Equity
2,001,493
818,079
  Financial Assets:
   
10 Investments in stocks and shares
50,000
50,000
   Liabilities:
  Total Financial Assets:
50,000
50,000
   Project related funding
23,853
23,853
5
  Total Fixed Assets:
16,877,236
16,725,609
   Total project related funding
23,853
23,853
   
   
  Current assets:
  Other long term:
  Inventory
25,000
26,000
   Liabilities to financial institutions
13,242,548
13,859,948
   
  Other long term liabilities
1,000,000
1,000,000
6
  Debtors:
  Total other long term liabilities
14,242,548
14,859,948
7
  Trade debtors
7,085
114,113
    
  Other Debtors
658,629
463,566
    
  Total Debtors
665,714
577,679
   Current Liabilities:
   
  Trade creditors
975,628
754,173
   
  Public duties payable
1,843,499
1,669,371
   
  Prepaid income
0
1.278,250
 9 Bank deposits, cash etc
6,068,473
4,985,676
   Other short term liabilities
4,499,402
2,911,290
  Total current assets
6,759,187
5,589,355
   Total current liabilities:
7,318,529
6,613,085
   
  Total liabilities:
21,584,930
21,496,885
   
   
  TOTAL ASSETS
23,636,423
22,314,964
   Total Equity and Liabilities
23,636,423
22,314,964
                 
       
INCOME STATEMENT 2004
For the year ending 31st December 2004
    
       
Notes Operating income and operating expenses
2004
2003
  Government Grants
21,947,000
21,497,000
  International contributions
12,865,346
12,557,810
  Rental Income
629,314
694,770
  Other Income
6,618,784
5,438,888
  TOTAL OPERATING INCOME
42,060,444
40,188,468
   
2 Payroll Expense
23,520,421
21,747,286
8 Operating expenses cleaning, facilities and maintainance
5,807,222
5,655,999
  Operating expenses IT
474,447
515,691
  Books and teaching supplies/equipment
1,240,936
1,257,160
2 Administrative expenses
3,821,224
3,588,430
  Operating expense vehicles
304,968
216,062
3 Depreciation Fixed Assets
485,901
324,560
  Travel Expenses
2,702,045
2,967,087
  Student support
569,574
412,966
  Moving expenses
117,738
97,547
  Other operating expenses
960,293
1,402,552
  TOTAL OPERATING EXPENSES
40,004,769
38,185,342
   
  Result of operations
2,055,675
2,003,126
  Financial income and financial expenses
  Other interest received
61,739
192,271
  Other interest expense
884,000
988,631
  FINANCIAL ITEMS NET
-822,261
-796,360
   
  Result for the year
1,233,415
1,206,767
   
  Allocation of net profit and equity transfers
4 Transferred to other equity
1,233,415
1,206,767
  TOTAL ALLOCATIONS
-1,233,415
-1,206,767
   
 
Page 16: Notes to the Financial Statements 2004