Sparinvest SICAV Semi Annual Report 2010 R.C.S. Luxembourg B ...

Sparinvest SICAV
Notes to the Financial Statements (Continued)
as at June 30, 2010
c. Translation policy transactions
The financial statements of the Company and each Sub-Fund are expressed in the reference currency. The market value of investments
and other assets and liabilities expressed in currencies other than the reference currency have been converted at the exchange rates ruling
at June 30, 2010. The costs of investments and transactions in currencies other than the reference currency have been converted at the
exchange rates ruling at the transaction date. Profits and losses arising from foreign exchange transactions are disclosed as Net realised
gain/ (loss) on foreign exchange in the Statement of Changes in Net Assets.
Exchanges rates prevailing at June 30, 2010 are the following:
1 AUD = 0.690573 EUR
1 CAD = 0.771012 EUR
1 CHF = 0.753870 EUR
1 DKK = 0.134273 EUR
1 GBP = 1.222009 EUR
1 HKD = 0.104717 EUR
1 JPY = 0.009203 EUR
1 MYR = 0.251763 EUR
1 NOK = 0.125758 EUR
1 NZD = 0.560793 EUR
1 PHP = 0.017559 EUR
1 SEK = 0.104983 EUR
1 SGD = 0.583681 EUR
1 USD = 0.815461 EUR
d. Income recognition policy
Realised gains and losses on sales of securities are determined on the basis of the average cost. Dividends are recognised as income on
the date securities are first quoted ex-dividend. Interest is accrued on a daily basis. Income is shown net of withholding taxes.
e. NAV calculation policy
The Company’s total net assets are expressed in EUR and correspond to the difference between the total assets and the total liabilities of
the Company. In order to calculate this value, the net assets of each Sub-Fund are, unless they are already expressed in EUR, converted
into EUR and added together.
The difference between the opening net assets stated at the rate of exchange used for translation into EUR as of June 30, 2010 and
December 31, 2009 is shown as currency translation in the Consolidated Statement of Changes in Net Assets.
f. Distribution policy
Accumulating Classes of Shares:
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
E”, “CHF R”, “SEK R” and “NOK R”.
Distributing Classes of Shares:
The Board of Directors reserves the right to propose the payment of dividends at any time in the distributing Classes being Classes “EUR
RD”, “DKK RD”, “EUR UKR”, “GBP UKR”, “DKK UKR”, “EUR UKI”, “GBP UKI” and “DKK UKI”. In such case, the Annual General Meeting of
Shareholders shall decide, on recommendation of the Board of Directors, on the distribution (if any) of each Sub-Fund's profits.
For Classes “EUR UKR”, “GBP UKR”, “DKK UKR”, “EUR UKI”, “GBP UKI” and “DKK UKI”, the Board of Directors reserves the right to propose
payments of dividends. Regardless of payments of dividends, the Company aims at enabling these Classes to qualify as a distributing Class
for the purpose of the U.K. taxation.
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