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

Sparinvest SICAV
Consolidated Statement of Changes in Net Assets for the Year ended December 31, 2009
12
Note
NET ASSETS AT THE BEGINNING OF THE YEAR 1,130,718,109.58
INCOME
Dividends, net 18,965,252.43
Interest on bonds, net 38,237,762.65
Bank interest 226,869.76
(11) Securities lending fees
178,729.75
Other income 86,312.04
TOTAL INCOME 57,694,926.63
EXPENSES
(4) Management and advisory fees
15,630,952.78
(6) Custodian fees
204,254.46
(6) Domiciliation, administration and transfer agent fees
4,454,253.96
Audit, printing and publication expenses 205,830.67
(3) Taxe d'abonnement
532,918.69
Bank charges 207,548.91
Interest paid 6,682.33
Other charges 104,593.45
TOTAL EXPENSES 21,347,035.25
NET INCOME / (LOSS) FROM INVESTMENTS 36,347,891.38
Net realised gain / (loss) on sales of investments -43,912,118.72
Net realised gain / (loss) on forward foreign exchange contracts -2,445,335.54
Net realised gain / (loss) on foreign exchange 11,881,162.86
NET REALISED PROFIT / (LOSS) 1,871,599.98
Change in net unrealised appreciation / (depreciation) on investments 389,877,257.86
Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts -10,899,033.45
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 380,849,824.39
EVOLUTION OF THE CAPITAL
Subscriptions of shares 474,772,484.77
Redemptions of shares -461,732,969.47
(9) Dividends distributed
-12,926.20
Currency translation 54,227.86
NET ASSETS AT THE END OF THE YEAR 1,524,648,750.93
The accompanying notes form an integral part of these financial statements.
EUR