Annual Report & Accounts 2009 - Notes to the Financial Statements
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of presentation
The annual accounts of the Company are prepared in accordance with current Luxembourg legal and
2.2 Basis of conversion for items originally expressed in foreign currency
The Company maintains its accounting records in euro ("EUR") and the balance sheet and profit and
loss account are expressed in this currency.
Income and charges are translated at the exchange rates ruling at the transaction date. Fixed assets
are valued using historical exchange rates. Other current assets and liabilities expressed in foreign
currencies are translated into euro at the rates of exchange in effect at the balance sheet date. Realised
exchange gains and losses and unrealised exchange losses are recognised in the profit and loss
2.3 Formation expenses
Expenses relating to the creation or extension of the Company are recorded as formation expenses.
Formation expenses are amortised on a straight-line basis at an annual rate of 20%.
2.4 Valuation of fixed assets
Assets are valued in the accounts at cost. Value adjustments are made in respect of fixed assets to
recognise a durable reduction in the value of the investments, such reduction being determined and
made for each investment individually.
Debtors are stated at their nominal value. Value adjustments are recorded at the end of the financial
year if the net realisable value is lower than the book value.
Creditors are stated at their nominal value.