Annual Report 2012 - The Cyprus Development Bank

NOTES TO THE FINANCIAL STATEMENTSYear ended 31 December 201215. SUBSIDIARY COMPANIES (continued)Shareholding interest in Global Capital Limited (continued)The Company’s balances with Global Capital Limited are shown below:2012 2011€’ 000 €’ 000Cost 3.713 3.713Adjustment to assessed fair value (820) (687)Assessed fair value of investment 2.893 3.026Amounts due to subsidiary company (2.664) (3.435)Amounts due by subsidiary company 185 636Balance 31 December 414 227Shareholding interest in PCM Advisers LimitedThe Company’s balances with PCM Advisers Limited are shown below:2012 2011€’ 000 €’ 000Cost 1.795 2.137Adjustment to cost - (342)1.795 1.795Adjustment to assessed fair value (1.181) (1.016)Assessed fair value of investment 614 779Amounts due to subsidiary company (682) (946)Amounts due by subsidiary company 222 385Balance 31 December 154 218Shareholding interest in cdbbank RussiaThe Company’s balances with cdbbank Russia are shown below:2012 2011€’ 000 €’ 000Cost 6.442 6.442Exchange differences (490) (645)5.952 5.797Adjustment to assessed fair value 616 (137)Assessed fair value of investment 6.568 5.660Amounts due to subsidiary company (1.865) (2.396)Amounts due by subsidiary company 13.346 10.287Balance 31 December 18.049 13.551The amounts due by the subsidiary company include a subordinated loan amounting to €2.278 thousand (USD3.000 thousand)which bears interest at a floating rate equal to the six-month USD LIBOR applicable from time to time plus 2% and it is repayableon 4 June 2017.32