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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Carador Eur | LSE:CDO | London | Ordinary Share | IE00B10RXS64 | ORD NPV (EUR) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.435 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
statement of financial position of Carador Plc is EUR3,218,870 (31 December 2008: EUR5,102,659). The non-controlling interest in the consolidated statement of comprehensive income of Gale Force 4 at 31 December 2009 is (EUR1,613,425) (31 December 2008: (EUR131,071)). The consolidated statement of comprehensive income includes income and expense relating to Gale Force 4 for the year to 31 December 2009. The statement of financial position figures are as at 31 December 2009. The functional currency of Gale Force 4 is US$; therefore the results of Gale Force 4 have been translated in accordance with IAS 21 'The effects of changes in foreign exchange rates'. This has resulted in an unrealised exchange loss on consolidation of EUR1,273,311 (31 December 2008: (EUR996,677)), which is recorded within the consolidated statement of changes in net assets attributable to participating shareholders. NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2009 13. INVESTMENT IN SUBSIDIARIES (continued) Upon consolidation of Gale Force 4, a basis valuation difference arose between the Company valuation of its investment in Gale Force 4 in the Company's accounts and the valuation of the Gale Force 4 assets and liabilities in the consolidated accounts. The Company's valuation, which is lower has been determined using the valuation model described in Note 3. The Directors believe it to be more prudent to carry the investment in Gale Force 4 at this value. Subsequent to the year end, a portion of the Gale Force 4 investment was sold and the sale price supports the valuation used by the Directors in the Company accounts. The residual resulting from the basis difference was included in financial liabilities in the consolidated statement of financial position. Gale Force 4 has its offices at P.O. Box 1093GT, Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands. 14. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS Introduction Risk is inherent in the Company and group's activities but it is managed through a process of ongoing identification, measurement and monitoring, subject to risks limits and other controls. The process of risk management is critical to the Company and group's continuing profitability. The Company and group are exposed to market risk (which includes currency risk, interest rate risk and other price risk), and credit risk arising from the financial instruments it holds. Given the Company and group's permanent capital structure as a closed-ended fund, it is not exposed to redemption risk. However the consolidated financial instruments include investments in collateralised debt obligations and derivative contracts traded over-the-counter which are not traded in an organised public market and which may be illiquid. As a result, the Company and group may not be able to promptly liquidate some of its investments in these instruments at an amount close to its fair value in order to meet its liquidity requirements or to respond to specific events such as deterioration in the credit worthiness of any particular issuer. It may be impossible to assess the exposure to risk in such circumstances. Risk management structure The Board of Directors is ultimately responsible for identifying and controlling risks. The Investment Manager also carries out ongoing monitoring of the risk. As a result, there are separate bodies for managing and monitoring risks at the Company. Risk measurement and reporting system The Company's risks are measured using a method which reflects both the expected loss likely to arise in normal circumstances and unexpected losses, which are an estimate of the ultimate actual loss based on models. The models makes use of the probabilities derived from historical experience, adjusted to reflect the economic environment. Monitoring and controlling risks is primarily performed based on limits established by the Board. These limits reflect the business strategy and market environment of the Company as well as the level of risk that the Company is willing to accept. In addition, the Company monitors and measures the overall risk bearing capacity in relation to the aggregate risk exposure across risks type and activities. Risk mitigation The Company has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy and has established processes to monitor and control economic hedging transactions in a timely and accurate manner. The Company uses derivatives and other instruments only in connection with its risk management activities, but not for trading purposes. Excessive risk concentration Concentration arises when a number of counterparties are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentration indicates the relative sensitivity of the Company's performance to developments affecting a particular issuer, manager, asset class or geographical location. NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2009 14. RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (continued) Excessive risk concentration (continued) In order to avoid excessive concentration of risk, the Company's policies and procedures include specific guidelines to focus on maintaining a diversified portfolio. Identified concentration of credit risks are controlled and managed accordingly. Carador's investment guidelines specify, among others, that the Company must invest in a minimum of 20 separate CDO equity, mezzanine and/or senior tranche transactions with a maximum exposure per CDO investment, at the time of investment, of 20% of the net asset value. The Company also limits its exposure to CDOs managed by the same CDO portfolio manager to 15% of the net asset value, at the time of investment. However, if the CDO portfolio manager is an affiliate of the Investment Manager, this limit is increased to 60% of the net asset value, at the time of investment. The concentration risk at 31 December 2009 and 31 December 2008 is disclosed within credit risk note 14.2. 14.1. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices and includes interest rate risk, foreign currency risk and "other price risks", such as index price risk. The Company uses derivative instruments to hedge the investment portfolio against currency risk. The Company's investments in collateralised debt obligations typically have no significant assets other than the collateral. Accordingly, payments on the CDO securities are payable solely from the cash flows from the collateral, net of all management fees and other expenses. Payments to the Company as a holder of equity notes and/or mezzanine notes are met only after payments due on the senior notes (and, where appropriate, the mezzanine notes) have been made in full. The following table shows the securities held by the Company which are susceptible to market risk arising from uncertainties about interest rates, foreign currency fluctuation and future prices of the instruments. +--------------+-------------------------------+-------------------------------+-------------------------------+------------------------------+ | | Company | Consolidated | Company | Consolidated | +--------------+-------------------------------+-------------------------------+-------------------------------+------------------------------+ | | 31 | 31 | 31 | 31 | | | December | December | December | December | | | 2009 | 2009 | 2008 | 2008 | +--------------+-------------------------------+-------------------------------+-------------------------------+------------------------------+ | | EUR | EUR | EUR | EUR | +--------------+-------------------------------+-------------------------------+-------------------------------+------------------------------+ | Financial | 32,410,659 | 305,629,706 | 58,036,009 | 252,811,063 | | assets at | | | | | | fair value | | | | | +--------------+-------------------------------+-------------------------------+-------------------------------+------------------------------+ | Investments | 7,859,922 | | 12,311,214 | | | in | | - | | - | | subsidiaries | | | | | | at fair | | | | | | value | | | | |
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