Study Association Rotterdam School of Management PO Box 1738 3000 DR Rotterdam The Netherlands _________________________________________________________________
STAR financial year 2012 results Highlights financial year 2012 (August 2011 – July 2012): Revenues down 4.5% or €74k driven by lower acquisition revenues due to a decreasing interest of corporate partners in the Interface, lower contribution from funds as no guarantees from the Erasmus Trust Fund needed to be used, less consultants for the International Business Study project and lower book sales Cost of organising projects decreased 4.9% or €73k in line with revenues, resulting in a gross result roughly equal to the previous financial year General and administrative expenses markedly up mainly due to increased project costs resulting from increased investment in representation of the brand STAR and an increase in provision costs Other income has sharply decreased as the result of several factors Significant investments have been made in the webshop Developed a new house style including the new STAR logo Accounts receivable up because of earlier invoicing of STAR Management Week acquisition, number and amount of debtors past due very limited Income statement Revenues for the financial year were down 4.5% or €74k compared to last year: i) lower acquisition revenues (5.6% or €30k) mainly due to a decrease of interest from corporate partners in the Interface and less consultants for the International Business Study project; ii) lower contribution from funds as no guarantees from the Erasmus Trust Fund needed to be used (45.2% or €10k); and iii) lower book sales (6.2% or €41k). Costs of organising projects for the financial year were down 4.9% or €73k compared to last year. This year’s costs were lower due to: i) cheaper postage costs for the Interface; ii) lower expenses on airplane tickets (17.6% or €36k) because STAR negotiated lower prices, and less consultants for IBS; iii) lower promotion costs for the projects, especially the STAR Management Week (65.6% or €37k) and iv) lower location costs driven by lower expenses for the International Business Study (10.4% or €20k), partly offset by an increase in food & beverages as the result of an increased number of events, especially by Master Study Clubs (+54.6% or +€44k). General and administrative expenses for the financial year were up with 11.2% or €21k. Main fluctuations compared to last year can be found in: i) project costs: this post represents the costs STAR makes to represent itself to its stakeholders, for example two movies made for STAR branding and the Premium Partner Dinner STAR organised for all its corporate and faculty related relations; and ii) provision costs: in the first half of the year the debt provision had increased and at the end of the year a large donation was made to the lustrum reserve.
KVK Rotterdam 40.397.100 | Rabobank Rotterdam 13.21.98.673 | VAT NL 8039.39.875.B.01