Sparinvest SICAV Annual Report 2009 R.C.S. Luxembourg B 83.976

Recommendations

Info

Sparinvest SICAV Independent Auditor’s Report To the Shareholders of SPARINVEST SICAV LUXEMBOURG Following our appointment by the Annual General Meeting of the Shareholders, we have audited the accompanying financial statements of SPARINVEST SICAV and of each of its Sub-Funds, which comprise the statement of net assets and the statement of investments as at December 31, 2009, and the statement of changes in net assets for the year then ended and a summary of significant accounting policies and other explanatory notes to the financial statements. Board of Directors' of the SICAV responsibility for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Responsibility of the “réviseur d'entreprises” Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des “réviseurs d'entreprises”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the “réviseur d'entreprises”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “réviseur d'entreprises” considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of SPARINVEST SICAV and of each of its Sub-Funds as of December 31, 2009, and of the results of its operations and changes in its net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Ernst & Young Société Anonyme Réviseur d’entreprises Bernard LHOEST Luxembourg, February 22, 2010 10
Sparinvest SICAV Consolidated Statement of Net Assets as at December 31, 2009 Note ASSETS Investment portfolio at market value 1,491,602,943.95 Cash at bank 40,188,144.24 Amounts receivable on sale of investments 4,118,555.07 Amounts receivable on subscriptions 1,237,461.50 Interest and dividends receivable, net 13,438,991.04 Other assets 1,508,322.34 TOTAL ASSETS 1,552,094,418.14 LIABILITIES Bank overdraft 3,205,316.21 Amounts payable on purchase of investments 5,344,187.80 Amounts payable on redemptions 5,867,555.26 Interest payable 4,914.12 (7) Net unrealised loss on forward foreign exchange contracts 9,623,148.35 (4) Management and advisory fees payable 1,525,207.29 Taxes and expenses payable 764,423.26 Other liabilities 1,110,914.92 TOTAL LIABILITIES 27,445,667.21 TOTAL NET ASSETS 1,524,648,750.93 The accompanying notes form an integral part of these financial statements. EUR 11
Page 1 and 2: Sparinvest SICAV Annual Report 2009
Page 3 and 4: Sparinvest SICAV Table of contents
Page 5 and 6: Sparinvest SICAV Management and Adm
Page 7 and 8: Sparinvest SICAV Report of the Inve
Page 9: Sparinvest SICAV Report of the Inve
Page 13 and 14: Sparinvest SICAV SPARINVEST - EQUIT
Page 39 and 40: Sparinvest SICAV SPARINVEST - ETHIC
Page 49 and 50: Sparinvest SICAV SPARINVEST - EUROP
Page 55 and 56: Sparinvest SICAV SPARINVEST - GLOBA
Page 61 and 62:
Sparinvest SICAV SPARINVEST - GLOBA
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Sparinvest SICAV SPARINVEST - HIGH
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Sparinvest SICAV SPARINVEST - INVES
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Sparinvest SICAV SPARINVEST - LONG
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Sparinvest SICAV SPARINVEST - PROCE
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Sparinvest SICAV SPARINVEST - SECUR
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Sparinvest SICAV Notes to the Finan
Page 161 and 162:
Page 163 and 164:
Page 165:
sparinvest.eu
show all

Sparinvest SICAV Annual Report 2009 R.C.S. Luxembourg B 83.976

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?