Interim Report -10-
August 28 2009 - 11:58AM
UK Regulatory
The Company has elected to present one performance statement. The interim
financial statements have been prepared under the revised disclosure
requirements.
* IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'. It
requires a 'management approach' under which segment information is presented on
the same basis as that used for internal reporting purposes. The primary segment
has been identified as the business segment. The Company has only one business
segment which is its investments in debt securities.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)
For the six months ended 30 June 2009
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES (continued)
Significant accounting policies (continued)
The following new standards, amendments to standards and interpretations are
mandatory for the first time for the financial year beginning 1 January 2009,
but are not currently relevant for the Company.
* IAS 23 (amendment), 'Borrowing costs'.
* IFRS 2 (amendment), 'Share-based payment'.
* IAS 32 (amendment), 'Financial instruments: Presentation'.
* IFRIC 13, 'Customer loyalty programmes'.
* IFRIC 15, 'Agreements for the construction of real estate'.
* IFRIC 16, 'Hedges of a net investment in a foreign operation'.
* IAS 39 (amendment), 'Financial instruments: Recognition and measurement'.
The following new standards, amendments to standards and interpretations have
been issued, but are not effective for the financial year beginning 1 January
2009 and have not been early adopted:
* IFRS 3 (revised), 'Business combinations' and consequential amendments to IAS
27, 'Consolidated and separate financial statements', IAS 28, 'Investments in
associates' and IAS 31, 'Interests in joint ventures', effective prospectively
to business combinations for which the acquisition date is on or after the
beginning of the first annual reporting period beginning on or after 1 July
2009.
The revised standard continues to apply the acquisition method to business
combinations, with some significant changes. The Company will apply IFRS 3
(revised) to all business combinations from 1 January 2010.
* IFRIC 17, 'Distributions of non-cash assets to owners', effective for annual
periods beginning on or after 1 July 2009. This is not currently applicable to
the Company as it has not made any non-cash distributions.
* IFRIC 18, 'Transfers of assets from customers', effective for transfer of assets
received on or after 1 July 2009. This is not relevant as the Company has not
received any assets from customers.
The Company does not expect the impact of new interpretations of standards to be
material.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)
For the six months ended 30 June 2009
3. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
+----------------------------+--------------+--------------+--------------+--------------+
| | Company | Consolidated | Company | Consolidated |
+----------------------------+--------------+--------------+--------------+--------------+
| | Six months | Six | Nine | Nine |
| | ended | months | months | months |
| | | ended | ended | ended |
+----------------------------+--------------+--------------+--------------+--------------+
| | 30 June | 30 June | 31 | 31 |
| | 2009 | 2009 | December | December |
| | | | 2008 | 2008 |
+----------------------------+--------------+--------------+--------------+--------------+
| | EUR | EUR | EUR | EUR |
+----------------------------+--------------+--------------+--------------+--------------+
| Financial assets at fair | | | | |
| value through profit or | | | | |
| loss | | | | |
+----------------------------+--------------+--------------+--------------+--------------+
| - Collateralised debt | 44,066,383 | 41,261,393 | 47,549,870 | 41,589,901 |
| obligations | | | | |
+----------------------------+--------------+--------------+--------------+--------------+
| - Equities | 336,435 | 336,435 | 394,624 | 394,624 |
+----------------------------+--------------+--------------+--------------+--------------+
| - Money market funds | 7,429,700 | 7,429,700 | 1,875,584 | 1,875,584 |
+----------------------------+--------------+--------------+--------------+--------------+
| - Term deposits | - | - | 15,527,145 | 15,527,145 |
+----------------------------+--------------+--------------+--------------+--------------+
| - Loans and receivables | - | 239,925,469 | - | 193,423,809 |
+----------------------------+--------------+--------------+--------------+--------------+
| Total financial assets at | 51,832,518 | 288,952,997 | 65,347,223 | 252,811,063 |
| fair value through profit | | | | |
| or loss | | | | |
+----------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+----------------------------+--------------+--------------+--------------+--------------+
| Financial liabilities at | | | | |
| fair value through profit | | | | |
| or loss | | | | |
+----------------------------+--------------+--------------+--------------+--------------+
| - Term notes | - | 249,862,474 | - | 190,107,679 |
+----------------------------+--------------+--------------+--------------+--------------+
| Total financial | - | 249,862,474 | - | 190,107,679 |
| liabilities at fair value | | | | |
| through profit or loss | | | | |
+----------------------------+--------------+--------------+--------------+--------------+
| | | | | |
+----------------------------+--------------+--------------+--------------+--------------+
| Realised and unrealised gains/(losses) on financial assets and financial |
| liabilities at fair value through profit or loss |
+----------------------------------------------------------------------------------------+
| | | | | |
+----------------------------+--------------+--------------+--------------+--------------+
| Gains/(losses) recognised on financial | | | |
| assets and | | | |
+-------------------------------------------+--------------+--------------+--------------+
| financial liabilities at | | | | |
| fair value through profit | | | | |
| or loss | | | | |
+----------------------------+--------------+--------------+--------------+--------------+
| - realised | 429,656 | 1,158,398 | 119,580 | 119,580 |
+----------------------------+--------------+--------------+--------------+--------------+
| - unrealised | (13,237,851) | (26,932,699) | (11,523,370) | (10,578,179) |
+----------------------------+--------------+--------------+--------------+--------------+
| Total gains/(losses) | (12,808,195) | (25,774,301) | (11,403,790) | (10,458,599) |
+----------------------------+--------------+--------------+--------------+--------------+
4. FEES
Company
The Investment Manager is entitled to receive a management fee from the Company
of 1.5 per cent per annum of the Net Asset Value of the Company, calculated and
payable monthly in arrears. The base management fee will be reduced to take into
account any fees received by the Investment Manager or any of its associates or
affiliates as a result of managing any CDO that the Company invests in, if such
investment is or has been made in the Primary Market.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)
For the six months ended 30 June 2009
4. FEES (continued)
In addition, the Investment Manager is entitled to a performance fee in respect
of each share class equivalent to 13 per cent of the amount by which the value
of the period end Net Asset Value per share of a class plus distributions per
share of that class paid in the period exceeds the value of the Net Asset Value
per share of that class, as increased by 12 month EURIBOR plus 2 per cent, as at
the following point in time:
(i) if a performance fee has previously been paid, the Net Asset Value per
share of that class as at the end of the most recent previous completed
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