Sparinvest SICAV Annual Report 2009 R.C.S. Luxembourg B 83.976
Sparinvest SICAV Annual Report 2009 R.C.S. Luxembourg B 83.976
Sparinvest SICAV Annual Report 2009 R.C.S. Luxembourg B 83.976
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<strong>Sparinvest</strong> <strong>SICAV</strong><br />
Notes to the Financial Statements (Continued)<br />
as at December 31, <strong>2009</strong><br />
c. Translation policy transactions<br />
The financial statements of the Company and each Sub-Fund are expressed in the reference currency. The market value of investments<br />
and other assets and liabilities expressed in currencies other than the reference currency have been converted at the exchange rates ruling<br />
at December 31, <strong>2009</strong>. The costs of investments and transactions in currencies other than the reference currency have been converted at<br />
the exchange rates ruling at the transaction date. Profits and losses arising from foreign exchange transactions are disclosed as Net<br />
realised gain/ (loss) on foreign exchange in the Statement of Changes in Net Assets.<br />
Exchanges rates prevailing at December 31, <strong>2009</strong> are the following:<br />
1 AUD = 0.624465 EUR<br />
1 CAD = 0.663477 EUR<br />
1 CHF = 0.673528 EUR<br />
1 DKK = 0.134365 EUR<br />
1 GBP = 1.125839 EUR<br />
1 HKD = 0.089739 EUR<br />
1 JPY = 0.007501 EUR<br />
1 MYR = 0.203219 EUR<br />
1 NOK = 0.120584 EUR<br />
1 NZD = 0.506141 EUR<br />
1 PHP = 0.014964 EUR<br />
1 SEK = 0.097635 EUR<br />
1 SGD = 0.496200 EUR<br />
1 USD = 0.695822 EUR<br />
d. Income recognition policy<br />
Realised gains and losses on sales of securities are determined on the basis of the average cost. Dividends are recognised as income on<br />
the date securities are first quoted ex-dividend. Interest is accrued on a daily basis. Income is shown net of withholding taxes.<br />
e. NAV calculation policy<br />
The Company’s total net assets are expressed in EUR and correspond to the difference between the total assets and the total liabilities of<br />
the Company. In order to calculate this value, the net assets of each Sub-Fund are, unless they are already expressed in EUR, converted<br />
into EUR and added together.<br />
The difference between the opening net assets stated at the rate of exchange used for translation into EUR as of December 31, 2008 and<br />
December 31, <strong>2009</strong> is shown as currency translation in the Consolidated Statement of Changes in Net Assets.<br />
f. Distribution policy<br />
Accumulating Classes of Shares:<br />
All income will be automatically reinvested in Classes “EUR I”, “DKK I”, “USD I”, “SEK I”, “NOK I”, “EUR R” , “DKK R”, “USD R”, “X”, “EUR E”, “DKK<br />
E”, “CHF R”, “SEK R” and “NOK R”.<br />
Distributing Classes of Shares:<br />
The Board of Directors reserves the right to propose the payment of dividends at any time in the distributing Classes being Classes “EUR<br />
RD”, “DKK RD”, “EUR UKR”, “GBP UKR”, “DKK UKR”, “EUR UKI”, “GBP UKI” and “DKK UKI”. In such case, the <strong>Annual</strong> General Meeting of<br />
Shareholders shall decide, on recommendation of the Board of Directors, on the distribution (if any) of each Sub-Fund's profits.<br />
For Classes “EUR UKR”, “GBP UKR”, “DKK UKR”, “EUR UKI”, “GBP UKI” and “DKK UKI”, the Board of Directors reserves the right to propose<br />
payments of dividends. Regardless of payments of dividends, the Company aims at enabling these Classes to qualify as a distributing Class<br />
for the purpose of the U.K. taxation.<br />
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