JA 100

Celebrating 100 years of achievement

Foreword

100 years old doesn’t make you old, it makes you timeless

JA has been and will always be about young people, about inspiring them and preparing them for the future. As JA has travelled from country to country over the years, each new context has taught us new lessons and driven us to innovate content, method and approach. Reaching more young people in more places, at all ages, has been and will remain our aim. To do that, we have to work hand in hand with educators, our partners from the business community and governments. The JA network in Europe includes 41 national organisations, which together impacted 4.2 million young people this year. 142,000 teachers and 138,000 business mentors participated.

The earlier young people can be exposed to the world of work, innovation and enterprise, the better. Employability and entrepreneurship depend on highly sought-after competences, such as creativity, collaboration, leadership and problem-solving, but these are also among the most challenging to teach and measure, especially in this ever more digital word with short attention spans. Once students get to upper secondary school, it is not a question of a few hours or a week, it takes significant time and effort—both in school and out—to achieve solid long-term results. JA’s Entrepreneurial Skills Pass helps us evaluate students’ progress over a full year, supports the work teachers do as well and gives teenagers a valuable micro-credential to take with them. We want every young person to be able to imagine themselves into the future. Our mission is to ensure their learning today is transformed into pursuing opportunities, building skills and taking smart risks tomorrow.

This Centennial year saw multiple celebrations in many European cities. Looking ahead, our priority will be to keep connecting the great initiatives that are already taking place in different European countries and taking them to the next level. Technology is bringing us new opportunities such as digitally-enabled learning experiences, to students marketing and selling their products online like real-world start-ups, to students working on emerging technologies like Artificial Intelligence and Machine Learning. The challenge of climate change and sustainability is apparent across the entire spectrum of business ideas that young people are coming up with, as we have witnessed this year at the JA Europe Company of the Year Competition!

We will continue to lead the way inclusively, linking young people, the business community, schools and academics to our platforms, engaging new partners and influencing education policy at European and international level. As the European Union ushers in a new Commission and hundreds of Members of the European Parliament take up their new posts, we will go on beating the drum for more attention to be paid to the changes that must be made in education if we are going to overcome our socio-economic challenges.

Adam Warby,
Chairman of JA Europe Board of Directors

Caroline Jenner,
CEO JA Europe

JA History

About us

This is JA Europe

We are the largest non-profit in Europe dedicated to preparing young people for employment and entrepreneurship. JA creates pathways for employability, job creation and financial success. JA Europe is a member of JA Worldwide® .

The JA Europe network spans across 40 countries:

JA Europe 3 focus areas

ENTREPRENEURSHIP

We design experiences that spark the entrepreneurial spirit and teach the practical day-to-day skills required to run a viable, long-term business.

WORK READINESS

We create skill-building opportunities that enable young people to find meaningful, productive careers.

FINANCIAL LITERACY

We provide practical training in budgeting, spending, investing, and the responsible use of credit.

Through JA programmes, students learn a wide range of skills that help them prepare for their future professional lives:

ENTREPRENEURSHIP

Goal orientation and initiative
Leadership and responsability
Creativity
Teamwork
Perseverance
Resourcefulness
Self-efficacy

WORK READINESS

Problem solving and learnability
Communication, interpersonal and social skills
Hard work, dependability and teamwork
Integrity and ethics
Self-motivation and self-control
Positive attitude and positive self-concept
Self-efficacy

FINANCIAL LITERACY

Money and risk management
Higher-order thinking
Negociation
Adaptability
Resilience
Intuitive decision-making
Self-efficacy

Our programmes reach this year 2018-2019

4263738

Young people

40

Countries

143159

Teachers and educators

139108

Business volunteers
Since JA Europe’s creation in 2002, our reach has steadily increased, from less than 1 million 17 years ago to more than 4 million today.
In total, we have involved close to 50 million young people in Europe through our education programmes.

Learn more about our programmes >>

Our impact is measurable

EDUCATION

  • Research among students, teachers and parents confirm that entrepreneurship education improves students’ motivation and performance at school. (ICEE)
  • JA Company Programme students score higher than their peers in project management, creativity, team-work and self-efficacy. (ICEE)
  • 83%-88% of teachers say entrepreneurship education improves students’ presentation skills, taking initiative, decision-making, coordinating activities and commitment competence. (ICEE)

ENTREPRENEURSHIP

  • Studies in multiple European countries continue to show JA alumni start more companies than non-alumni.
  • JA alumni companies have larger turnover and employ more people than average businesses. (Sweden, UK)
  • 60% of JA Company Programme alumni prefer self-employment as a career as a result of the programme.

FINANCIAL LITERACY

  • 81% of students in the JA Company Program report that it helped them learn to manage money. (UK)

EMPLOYABILITY

  • JA Company Programme graduates are 20% less likely to be unemployed than the control group, have fewer days of unemployment and are more likely to be in a leadership position. (Sweden, Norway)
  • JA alumni score higher on employability competences, with communication, confidence and resilience showing the highest gains. (UK)

“We are convinced that strengthening the relationship between businesses and education helps empowering youth”

Gabriel Attal

Gabriel Attal,
Secretary of State to the Minister of National Education and Youth, France.

Competitions & Awards

Every year, students following the JA programmes have the opportunity to take part in local, national and European competitions, during which they pitch their business ideas to international jurys and compete for prizes and awards. Here is an overview of last year’s main competitions and awards.

Competitions

JA Europe Company of the Year Competition

July 2019 – Lille, France

JA Europe Enterprise Challenge

June 2019 – Oslo, Norway

Social Innovation Relay

Online Global Final – June 2019

Sci-Tech Challenge

May 2019 – Brussels, Belgium

Inventing the Future

May 2019 – Brussels, Belgium

Awards

FERD'S LIST

October 2018 -Brussels, Belgium

The Entrepreneurial School Awards

November 2018 – Vienna, Austria

Javier Guinea Bonito,
JA Startup student, Spain.

“All these skills that you learn, no matter if the company succeeds or not, will be positive for your professional life”

Innovation in Education

The Entrepreneurial Skills Pass: a unique micro-credential

The Entrepreneurial Skills Pass™ (ESP) is a micro-credential certifying that students (aged 15-19) who have participated in the JA Company Programme, have gained the necessary knowledge, skills and competences to start a business or to be successfully employed.

It includes:

  • a practical entrepreneurial experience (1 school year mini-company experience),
  • an assessment of entrepreneurial competences (pre-post self-assessment),
  • an examination of business, economic and financial knowledge (1 hour-online test),
  • the possibility to access further opportunities offered by small and large businesses, top higher institutions and international organisations across Europe.

Celebrating its 5th year of implementation, the ESP will now go through a new phase it is going global under the new Centre of Excellence. The ambition is to expand globally to 60 countries, while it is currently available in 29 countries and available in 24 languages including three outside Europe (Bahrain, Kenya and Argentina).

Some examples of partnerships through the ESP

The Alliance for Youth, an initiative created by Nestlé, is activating partner companies to empower young people to obtain the ESP. In 2018-19, 200 young people were supported in Spain, France and Poland to take the ESP.

Delta Air Lines offered scholarship opportunities for ESP Holders to participate in the National Flight Academy in Boston and is now becoming a strategic partner for the Entrepreneurial Skills Pass.

Sector-focused entrepreneurship education

JA Europe and the European Institute of Innovation and Technology (EIT) started in 2018 a new partnership centered around thematic areas. While the first phase focused on raw materials, the second is broader and includes the food and climate sectors. The partnerships aim to empower young people to come up with solutions to the challenges of the raw materials, food and climate industry in Europe and to ensure they are equipped with the right skills to turn innovative ideas into real opportunities in these areas.

The first year of the partnership equipped 1,374 young people (15-18 years old) in Central and Eastern Europe with entrepreneurship and STEM skills with the support of 100 professional business volunteers from EIT partners including BASF, Arcelor Mittal and Veolia and the training of more than 90 teachers. For this second year, close to 6,000 students are expected to take part in this new initiative in Bulgaria, Finland, Hungary, Italy and Slovenia and potentially new countries in year 2 and 3.

This collaboration allowed a successful thematic adaptation of the JA programme.

Enhancing learning through digital

Online marketing

Initially conceptualised by a JA alumnus, the JA Marketplace is an online platform that provides innovative business opportunities for the JA Company Programme students regardless of where they live. The e-commerce platform allows young people to showcase, market and sell their products, collaborate with each other but also to compete in educational and fun competitions against other student companies. The platform has been thoroughly piloted by Young Enterprise-UK (Young Enterprise Market Place) and Ungt Entreprenørskap Norge (UBmarked) with more than 200 mini-companies and 35,000 visitors during the last school year. With the support of FedEx, JA Europe was able to give the platform an international dimension and students the possibility to collaborate across borders and explore international opportunities for their businesses.

Innovation platforms

With the support from NN Group, a new and innovative platform was created to support the Social Innovation Relay programme. The new platform was built in order to create a community of young people interested in social innovation and extend the impact of the programme by giving them opportunities to extend their learning, get in touch with mentors from NN and get connected with their peers from across the globe.

Digital products

Following an initial pilot project, a consortium of JA member nations with the support of Apps4Good developed with the European Institute of Innovation and Technology (EIT) a new way of collaborating around technology learning content. Over the course of a three-day Innovation Camp, more than 750 young girls from Bulgaria, Greece, Serbia, Lithuania, Romania learn how to and create a digital application.

Vulnerable youth

Young people who are “Not in Employment, Education or Training”, aka NEETS, are a sensitive social group of vulnerable young people aged 16-29, who do not have a job and do not attend any form of education or professional training. In order to facilitate their integration into the labour market, 6 Junior Achievement member organisations and Lyk-Z & daughters social entrepreneurship company launched the NEETs in Entrepreneurship European project, funded by EEA and Norway Grants Fund for Youth Employment and led by JA Romania. Between 2018 and 2021, 1,600 NEETs in Bulgaria, Italy, Romania and Spain will receive training and support to acquire the skills needed to find a job or start their own business. In addition, the project aims to prevent another 1,000 young people enrolled in a vocational and technical education school from falling into the NEET category, by providing them with training and counselling.

https://neets-entrepreneurship.org/

Capacity building in Eastern Europe

A 3-year partnership with USAID aims to serve 100,000 young people in Eastern Europe to develop their entrepreneurial and work readiness competences. Through the project “Supporting Entrepreneurship Education in Europe and Eurasia”, USAID is working with JA Europe and JA organisations in Georgia, Macedonia, Moldova and Serbia to build their institutional, programmatic and financial capacity to better promote and grow their activities in the region. The collaboration also includes practical entrepreneurial experiences in schools, teacher training and peer-learning activities bringing together key stakeholders in the field in order to mainstream entrepreneurship education in these countries. More than 16,500 students were involved in the four countries in the JA Company Programme. Alongside the programme, students were involved 14 Innovation Camps and 6 national competitions were organised. Additionally, 1,300 students took the Entrepreneurial Skills Pass (ESP).

 

“I saw a major change in my students: they opened up and are more confident. I am also learning a lot from them and this makes my job more fun and interesting too!”

Karen Dejonckheere,
JA Teacher, Belgium.

Policy

Advocating for the increase of entrepreneurship education in Europe

Together with the members of the EE-HUB, the European expert network in entrepreneurship education, we are increasing cooperation with policy-makers at all levels in order to grow the quantity, quality and impact of entrepreneurship education in Europe.

Led by JA Europe and endorsed by the European Commission, the EE-HUB is a specialised international network bringing together European and national governments, businesses, NGOs, researchers and educators to collaborate and share knowledge on best practices.  http://ee-hub.eu/

The vision of the EE-HUB is that every young person should have at least one practical entrepreneurial experience before leaving school.

In 2018-2019, the EE-HUB contributed to this mission by engaging in the following activities along its four work streams:

Expert community: consolidate and expand the community of organisations involved and intensify the exchange of knowledge and information between different stakeholders.

Growing the Entrepreneurship Education stakeholder network in 40 countries (over 400 stakeholders engaged)

Knowledge & Research: act as a curator of data, knowledge and research able to track progress and key policy developments from across Europe, map research results and share findings, produce and disseminate reference frameworks and standards.

Development and launch of the Entrepreneurship Education Monitor  in July 2019

Service and training: provide orientation and training through professional workshops, access to content and know-how, tools/instruments and relevant policy initiatives.

Pan-European peer-learning 2-day workshop organised on 20-22 March 2019 in Budapest together with the European Commission brought together 60 policy makers from local and European level.

Awareness & Advocacy: become a thought-leader influencing policies by engaging in advocacy actions through partnerships, advice, policy recommendations, consultations, meetings and events.

Round Table event in Brussels on 22 November 2018 and 2nd Entrepreneurship Education Summit in Lille on 4-5 July 2019 engaging over 300 participants in total.

With the support of:

Martina Dlabajová,
Member of the European Parliament.

“I welcome the EE-HUB Entrepreneurship Education Monitor: Policy-making should be based not on politics but on evidence”

Partners

Spotlight on our Gold Partners

AT&T

Since the start of our cooperation in 2013, more than 25,000 under-resourced young people across eight European countries have participated in 600 Employability and Entrepreneurial programmes led by AT&T experts. This year alone, more than 5,500 students participated in 123 various programme activities led by 485 AT&T employee volunteers. AT&T jury representatives participated in national JA competitions across the 8 countries where the partnerships run. At the European level, the 4th AT&T Excellence in IT Award was presented at the JA Europe Company of the Year Competition to SAVeat, a Greek mini-company which fights food waste through their location enabled platform that links surplus supermarket stock to consumers in need via a web-based control panel.

Arconic Foundation

Through the initiative “Inventing the Future”, JA Europe and Arconic Foundation strive to encourage more young people to pursue STEM (Science, Technology, Engineering, Mathematics) careers or start businesses in these fields. More than 1,000 students in 4 countries (France, Germany, Hungary and the UK) were given the opportunity to take part in Innovation Camps focused on material innovation. The finale of the 2019 edition of “Inventing the Future” took place at the annual European Business Summit, one of the largest events bringing together business and politics to stimulate thinking on the most challenging European issues. Students from the Louis Armand high school in Eaubonne, close to Paris, presented a “Revolutionary transportation system” to tackle traffic disruption, congestion and pollution for the 2028 Olympic Games in Los Angeles, USA.

Avanade

Avanade supports skills-based volunteering focused on girls in 7 countries. More than 1,200 girls were taught about the world of technology, leadership and entrepreneurship. In addition to the activities on the ground, Avanade recognises young entrepreneurs who are best able to put their digital skills into practice to conceive an innovative business idea or concept. This year, to enhance the student experience, Avanade delivered two online webinars and one Digital Clinic. Team Bevine from Bulgaria won the 2019 Avanade Digital Innovation Award by presenting a tool that can help vineyard owners save up to 90 percent on wine production costs using Artificial Intelligence (AI), data and analytics and Internet of Things (IoT). Furthermore, Bevine was invited to the Avanade HQ in London for business coaching and personal mentorship.

Bayer Fund

Through our collaboration with Bayer, the project “Fostering Innovation Driven Entrepreneurship” is the first European programme dedicated to the agriculture sector. In the 4th year of our partnership, 9 European countries took part: 3,525 students created 301 student companies in the 218 schools involved. In addition, 802 students took the Entrepreneurial Skills Pass certification at the end of their entrepreneurship education experience!

The number of students involved exceeds expectations given the popularity and interest from schools for the agricultural sector.

Bloomberg

For the 3rd year of our cooperation, we have teamed up with Bloomberg across 16 European countries to deliver skills-based volunteering: coaching sessions, workshops about media and job shadow days to name a few. 2.385 students were reached (119% of the set target) thanks to the 120 Bloomberg volunteers.

BNY Mellon

BNY Mellon’s initiative “Inspiring Youth Through Skills-Based Volunteering” aims to raise the aspirations of young people in Belgium, France, Netherlands, Luxembourg, Ireland, the UK and Poland by equipping them with the work skills, entrepreneurial experience, financial know-how and technical savviness that will propel them towards a life of economic stability and career success. This second year of the partnership saw a significant: from three to seven countries, 36 to 161 BNY Mellon volunteers involved and 570 to 2,600 students reached.
This year, BNY Mellon also supported JA Europe with a research on the JA Company Programme and the Entrepreneurial Skills Pass.

Citi Foundation

Citi has been a supporter of the JA Company Programme since its introduction in Europe over 30 years ago. Today, the partnership supported by the Citi Foundation runs across 22 European countries. This year, activities have involved 175,606 students thanks to 344 volunteers. The collaboration aims to equip secondary school students with entrepreneurship and financial literacy skills. In addition to the activities at the local level, Citi Foundation supports the Citi Foundation Client Focus Award that recognizes mini-companies that excel at creating value for their clients, listening to their clients and walking in their shoes to understand their world, anticipating and serving their changing needs. This year, Hush-Hush Underwear from Denmark claimed the award after impressing the judges with their innovative idea: bFree is a soft bra with built-in space to discreetly hold two sanitary pads, helping teen girls bust through the taboos associated with menstruation.

FedEx

FedEx supported the FedEx Access award as part of the JA Company Programme across 6 countries. FedEx volunteers and jury members were present at all regional and national JA Competitions. In addition, FedEx awarded its 12th FedEx Access Award at the 30th Company of the Year Competition in Lille to recognise the mini-company that best exhibits the principles of global connectivity. The Turkish student company Entella impressed the FedEx Access Award jury with Mareen, a cylindrical filter that aids in waste capture and removal in the ocean and other bodies of water. FedEx representatives also took part in the 2nd European Entrepreneurship Education Summit to share their business perspectives on the challenges of finding the right skills-set in the market and the contribution entrepreneurship education has for the future of business and the economy.

ManpowerGroup

ManpowerGroup became a JA Europe Gold Partner this year. Our collaboration through the JA Company Programme has reached more than 16,000 young people across 26 countries, with the support of more than 350 business volunteers from ManpowerGroup. At the occasion of the 30th JA Europe Company of the Year Competition, ManpowerGroup handed over its 3rd “Ready for Work” Award to RawStraw, a Swedish mini company that produces all-natural, locally harvested, biodegradable straws from Swedish rye. The straw is grown and harvested in southern Sweden, and then cut, washed, and packaged. The team earned a year of mentorship and coaching to help them further develop their skills and unleash their entrepreneurial spirit.

MetLife Foundation

This year was the 5th edition of the MetLife LifeChanger project in 20 countries (15 in Europe, 5 in MENA), involving 31,600 students from primary to tertiary education in various entrepreneurship and financial literacy programmes. 582 MetLife volunteers spent more than 5,000 hours with students in 32 different types of activity. The year culminated with the bestowment of the MetLife LifeChanger Award at the Company of the Year 2019 to carBIOrante, a student company from the French School of Santo Domingo in Dominican Republic that transforms cooking oil into biofuel and offering to the population a more affordable, cleaner alternative to diesel. The award recognises student companies that best embrace the concepts of social impact, financial performance and innovation in their business strategy while maintaining a realistic plan in today’s marketplace.

NN Group

JA Europe and NN Group are partnering to implement the Social Innovation Relay (SIR), an innovative program designed to impart essential skills to secondary school students while underscoring the important relationship between business and social considerations. Participating in the SIR helps young people think like social entrepreneurs, gives them access to the latest technology and shows them that starting their own business can be a viable career choice. Over the last 5 years of our partnership, NN Group has involved close to 1,500 volunteers and supported 63,514 students across 13 countries. This year, 14,023 students and 380 volunteers participated in the NN sponsored activities, which through the NN Sparklab allowed a stronger focus on innovation and a blended learning approach with an increase in the schools involved from rural areas. Also, NN supported the 3 winning teams of the 2019 Social Innovation Relay, So-Bikers from Bulgaria, Mon(k)ey$ from the Czech Republic and MNEMON from Greece - to attend JA’s first ever Global Alumni Conference, which they also sponsored and spoke at.

Visa

This year, Visa supported the activities of JA’s European Entrepreneurship Education NETwork (EE-HUB), including the expansion of the EE-HUB multi-stakeholder expert network to 40 countries. Visa also supported the organisation of a peer-learning workshop on entrepreneurship education in Budapest for 65 European experts; the development and launch of the first European Entrepreneurship Education Monitor (www.ee-hub.eu/monitor) and the organisation of the EE-HUB roundtable dedicated to Getting the Skills Right for the 4th Industrial Revolution, in Brussels on 22 November 2018.

Learn more about our partners >>

A dynamic network

Empowering young migrants through entrepreneurship education

JA Italy and UNICEF teamed up to offer a practical experience that targets both young migrants and young Italians. Launched in October 2018, Ideas in Action for UPSHIFT involved 150 young foreigners and Italians in Sicily, in the provinces of Palermo, Agrigento and Catania. The students first attended weekly meetings to go through an entrepreneurial education programme. Over the course of 12 weeks, the best 11 business ideas selected were able to materialise, thanks to an incubation period and the mentorship by Tree and students from the Universities of Catania and Palermo.  The participating students also took the Entrepreneurial Skills Pass. A key success factor for the pilot project was to make the participants the protagonists of the positive processes that they want to see in the society in which they live.

Global green entrepreneurship education

The GREENT project (full name: “Blended Learning Design Methodology for Education in Green Entrepreneurship at Secondary Schools”) was initially funded by the Erasmus+ Programme of the EU and combined efforts from JA Bulgaria, JA Greece, JA Romania, Young Enterprise in the UK, Sogn og Fjordane in Norway and JA Latvia. After completion of the first phase, JA Bulgaria, teamed up with JA Tanzania and JA Colombia to extend the GREENT innovation to two more continents. The proposal was one of the winners in the JA Worldwide JA Labs contest, which aims to encourage and scale innovation within the Junior Achievement network. The ultimate goal of GREENT is to contribute to the formation of a new consciousness, which combines the entrepreneurial drive and mind-set with care for the environment.

https://greentproject.eu/

Model Nation Awards

The JA Europe Model Nation Awards recognise the quality of JA national offices’ leadership and operations: their impact, quality of programmes and contribution to the overall success of JA Europe’s network.
This year, 20 Model Nation Awards were presented to the following members:

  • Austria
  • Belgium FL
  • Belgium FR
  • Bulgaria
  • Denmark
  • Estonia
  • Finland
  • Germany
  • Ireland
  • Italy
  • Latvia
  • Luxembourg
  • Malta
  • Norway
  • Romania
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • United Kingdom

TJ Bata Quality Award

The TJ Bata Quality Award recognises  JA member organisations for demonstrating the highest standard of quality and excellence. This year, the JA Estonia received the TJ Bata Quality Award.

Financial statements

JA Europe Consolidated Financial Statements

30 June 2019, in EUR

Balance sheet

2018-2019

2017-2018

2018-2019

2017-2018

Assets

Liabilities

Fixed Assets

41,349

64,405

Equity

219,138

203,705

I. Formation expenses
I. Funds
100,689
100,689
II. Intangible fixed assets
12,152
22,759
A. Starting Capital (accumulated results previous years)
100,689
100,689
III. Tangible fixed assets
21,798
34,252
B. Permanent Means
A. Land and buildings
III. Revaluation Surplus
B. Equipment
IV. Restricted Funds
118,449
103,016
C. Material
7,519
11,031
V.    A. Accumulated results (positive)
D. Leased fixed assets
B. Accumulated results (negative)
E/F. Other fixed assets
14,279
23,221
VI. Investment grants
IV. Financial fixed assets
7,399
7,393
Provisions

Current assets

4,205,763

4,247,950

Debts

4,027,974

4,108,649

V. Long term
768,238
192,173
VIII. Long term
383,196
264,903
A. Account receivables
768,238
192,173
A. Due to banks
B. Other
B/C. Long term payables
383,196
264,903
VI. Inventories
52,874
24,375
IX. Short term
1,642,900
2,210,617
VII. Short term (Contribution Agreements, invoices, etc)
2,624,536
2,237,411
A. Current portion of long term debts
A. Account receivables
2,184,700
1,944,831
B. Due to banks
B. Other
439,836
292,580
C/D. Accounts payable
303,999
697,367
VIII. Short term financial investments
3,725
3,725
E. Wages, taxes and Social Security
180,681
135,064
IX. Cash and Bank
471,557
855,141
F. Other
1,158,220
1,378,186
X. Deferred charges and accrued income
284,833
935,125
X. Accrued charges and deferred income
2,001,877
1,633,129

Total Assets

4,247,112

4,312,354

Total Liabilities

4,247,112

4,312,354

Income Statement

2018-2019

2017-2018

I. Operating income and charges
Turnover (sales, donations, recuperation of costs, etc.)
6,497,455
7,114,567
Services and other goods
-5,195,864
-5,860,485
A. Gross margin (positive)
1,301,591
1,254,083
B. Gross margin (negative)
C. Wages, Social Security, pensions
-1,180,114
-1,034,023
D/E. Depreciation, short values
-25,906
-26,441
F. Provisions for liabilities and charges (withdrawal)
-56,899
G. Other operating charges
H. Operating charges caiptalised as reorganization costs

Operating results (positive)

38,673

193,619

Operating results (negative)

II. Financial proceeds
30,166
18,662
Financial charges
-53,405
-50,021

Current results (positive)

15,433

162,260

Current results (negative)

III. Exceptional proceeds
Exceptional costs

Profit for the year (positive)

15,433

162,260

Loss for the year (negative)

Solidarity Fund (withdrawal)

Loss brought forward from preceding period

-71,186

Loss/Profit to be carried forward

15,433

91,074