Interim Report -9-
August 28 2009 - 11:58AM
UK Regulatory
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2009
+----------------+--------------------------------------------+------+----------------+
| Six months | | | Six months |
| ended | | | ended |
+----------------+--------------------------------------------+------+----------------+
| 30 September | | | 30 June 2009 |
| 2008 | | | |
+----------------+--------------------------------------------+------+----------------+
| EUR | | | EUR |
+----------------+--------------------------------------------+------+----------------+
| | | | |
+----------------+--------------------------------------------+------+----------------+
| | | | |
+----------------+--------------------------------------------+------+----------------+
| | Cash flows from operating activities | | |
+----------------+--------------------------------------------+------+----------------+
| (1,456,294) | Gain/(loss) for the financial period | | (19,070,273) |
+----------------+--------------------------------------------+------+----------------+
| | | | |
+----------------+--------------------------------------------+------+----------------+
| | Adjustment to reconcile profit for the | | |
| | financial period to net cash from | | |
| | operating activities | | |
+----------------+--------------------------------------------+------+----------------+
| 67,920 | (Decrease)/increase in creditors | | (2,214,352) |
+----------------+--------------------------------------------+------+----------------+
| 480,675 | (Increase)/decrease in debtors | | (34,153) |
+----------------+--------------------------------------------+------+----------------+
| 3,856,500 | Unrealised capital loss on investments | | 27,306,456 |
+----------------+--------------------------------------------+------+----------------+
| - | Unrealised exchange loss on investments | | 13,987,304 |
+----------------+--------------------------------------------+------+----------------+
| 2,948,801 | Net cash inflow from operating activities | | 19,974,982 |
+----------------+--------------------------------------------+------+----------------+
| | | | |
+----------------+--------------------------------------------+------+----------------+
| (6,107,638) | Purchase of investments | | (19,835,641) |
+----------------+--------------------------------------------+------+----------------+
| (10,102) | Repayment of principle on investments | | (9,793,182) |
+----------------+--------------------------------------------+------+----------------+
| 500,000 | Disposal of investments | | 22,036,389 |
+----------------+--------------------------------------------+------+----------------+
| (5,617,740) | Net cash outflow from investing activities | | (7,592,434) |
| | | | |
+----------------+--------------------------------------------+------+----------------+
| | | | |
+----------------+--------------------------------------------+------+----------------+
| | Cash flows from financing activities | | |
+----------------+--------------------------------------------+------+----------------+
| - | Distribution paid | | (2,027,884) |
+----------------+--------------------------------------------+------+----------------+
| - | Net redemptions | | (4,576) |
+----------------+--------------------------------------------+------+----------------+
| - | Net cash outflow from financing activities | | (2,032,460) |
+----------------+--------------------------------------------+------+----------------+
| | | | |
+----------------+--------------------------------------------+------+----------------+
| (2,668,939) | Net increase/(decrease) in cash and cash | | 10,350,088 |
| | equivalents | | |
+----------------+--------------------------------------------+------+----------------+
| 3,278,746 | Cash and cash equivalents at the beginning | | 8,146,587 |
| | of the period | | |
+----------------+--------------------------------------------+------+----------------+
| 609,807 | Cash and cash equivalents at the end of | | 18,496,675 |
| | the period | | |
+----------------+--------------------------------------------+------+----------------+
| | | | |
+----------------+--------------------------------------------+------+----------------+
| | | | |
+----------------+--------------------------------------------+------+----------------+
| | Supplementary information | | |
+----------------+--------------------------------------------+------+----------------+
| 3,049,109 | Cash inflow from interest | | 14,945,216 |
+----------------+--------------------------------------------+------+----------------+
| 86,989 | Cash inflow from dividends | | 20,446 |
+----------------+--------------------------------------------+------+----------------+
The accompanying notes form an integral part of the financial statements.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
For the six months ended 30 June 2009
1. GENERAL
Carador plc (the "Company") is a closed-ended limited liability investment
company domiciled and incorporated under the laws of Ireland with variable
capital pursuant to the Companies Acts, 1963 to 2009 of Ireland. It was
incorporated on 20 February 2006 under registration number 415764. The Company
was authorised by the Financial Regulator pursuant to Part XIII of the Companies
Act, 1990.
The Company's share capital consists entirely of shares of no par value. The
Company's initial share capital was denominated in Euro. The Company issued a US
dollar denominated share class at the time of the amalgamation of its
wholly-owned subsidiary, Carador Guernsey Limited, with Abingdon Investment
Limited on 9 December 2008. The Company may issue one or more additional classes
of shares on prior notice to, and clearance by, the Financial Regulator. The
Euro denominated shares were admitted to the Official List and began trading on
the London Stock Exchange on 12 April 2006. The US dollar denominated shares
were admitted to the Official List and began trading on 9 December 2008.
The Company's investment objective is to produce attractive and stable returns,
with low volatility compared to equity markets, by investing in a diversified
portfolio of senior notes of collateralised debt obligations collateralised by
senior secured bank loans and equity and mezzanine tranches of collateralised
debt obligations.
The Company has been established with a 15 year life.
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
Basis of Preparation
The interim condensed financial statements for the six months ended 30 June 2009
have been prepared in accordance with International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board (IASB)
and comply with IAS 34 Interim Financial Reporting.
The interim condensed financial statements do not include all the information
and disclosures required in the annual financial statements, and should be read
in conjunction with annual financial statements as at 31 December 2008.
Significant accounting policies
Except as described below, the accounting policies applied in the preparation of
the interim condensed financial statements are consistent with those followed in
the preparation of the annual financial statements for the year ended 31
December 2008.
The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning 1 January 2009.
* IAS 1 (revised), 'Presentation of financial statements'. The revised standard
prohibits the presentation of items of income and expenses (that is 'non-owner
changes in equity') in the statement of changes in equity, requiring 'non-owner
changes in equity' to be presented separately from owner changes in equity. All
'non-owner changes in equity' are required to be shown in a performance
statement.
Entities can chose whether to present one performance statement (the statement
of comprehensive income) or two statements (the income statement and statement
of comprehensive income).
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