CDO Carador Eur

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$ denominated shares were 
admitted to the Official List and began trading on the London Stock Exchange 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 previous reporting period was a nine month period from 1 April 2008 to 31 
December 2008. The Company resolved to change its accounting year end on 16 
October 2008 from 31 March to 31 December to coincide with the year end of its 
subsidiary, Abingdon Finance Limited. This subsidiary has now been fully 
liquidated. The comparative information presented is the audited results of the 
Company for the nine month period ended 31 December 2008. 
 
The Company has been established with a 15 year life. 
 
 
2.     SIGNIFICANT ACCOUNTING POLICIES 
 
2a. Statement of compliance 
The parent and consolidation financial statements are prepared in accordance 
with International Financial Reporting Standards ("IFRS") as issued by the 
International Accounting Standards Board ("IASB") and adopted by the European 
Union. 
 
2b. Basis of preparation 
The consolidated financial statements have been prepared on a historical cost 
basis, except for financial instruments classified at fair value through profit 
or loss that have been measured at fair value. The consolidated financial 
statements are presented in euro. 
2c. Basis of consolidation 
The consolidated financial statements of the group comprise the financial 
statements of the Company and its subsidiaries (including special purpose 
entities ("SPEs") that the Company consolidates) for the year ended 31 December 
2009.  The financial statements of the Company's subsidiaries are prepared for 
the same reporting period as for the Company, using consistent accounting 
policies. 
All intra-group balances, transactions, income and expenses are eliminated in 
full. 
 
 
 
 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS (continued) 
 
For the year ended 31 December 2009 
 
2.             SIGNIFICANT ACCOUNTING POLICIES (continued) 
2c. Basis of consolidation (continued) 
Subsidiaries are fully consolidated from the date on which control is 
transferred to the Company.  Control is achieved where the Company has the power 
to govern the financial and operating policies of an entity so as to obtain 
benefits from its activities.  The results of subsidiaries acquired during the 
year are included in the consolidated statement of comprehensive income from the 
date of acquisition The Company also consolidates SPEs where the substance of 
its relationship with them indicates that it has control over them. The results 
of SPEs are included in the consolidated statement of comprehensive income from 
the date the Company is deemed to have assumed the majority of the residual risk 
in the subsidiary. Investments in subsidiaries are accounted for at fair value 
with fair value being determined as described in 2l (iii) below. Changes in fair 
value are recorded within "Net unrealised loss on financial assets and financial 
liabilities designated at fair value through profit or loss". 
Non-controlling interests represent the portion of profit and loss and net 
assets not owned, directly or indirectly, by the Company and are presented 
separately in the consolidated statement of comprehensive income and in the 
consolidated statement of financial position.  Any losses applicable to the 
non-controlling interest in excess of the non-controlling interest are allocated 
against the interests of the parent.  Acquisitions of non-controlling interests 
are accounted for using the parent equity extension method, whereby, the 
difference between the consideration and the fair value of the share of the net 
assets acquired is recognised as goodwill. 
2d. Business Combinations and goodwill 
Business combinations are accounted for using the purchase method. Where the 
Company obtains the power to govern the financial and operating policies of 
another entity, the Company is deemed to be the acquirer in a business 
combination. The cost of an acquisition is measured as the fair value of the 
assets given, shares issued and liabilities incurred or assumed at the date of 
exchange, plus costs directly attributable to the acquisition. Identifiable 
assets acquired and liabilities and contingent liabilities assumed in a business 
combination are measured initially at fair values at the date of acquisition, 
irrespective of the extent of any non controlling interest. 
Goodwill is initially measured at cost being the excess of the cost of the 
business combination over the Group's share in the net fair value of the 
acquiree's identifiable assets, liabilities and contingent liabilities. If the 
cost of the acquisition is less than the fair value of the net assets of the 
subsidiary acquired, the difference is recognised directly in the income 
statement. 
After initial recognition, goodwill is measured at cost less any accumulated 
impairment losses. Goodwill is tested for impairment at the balance sheet date 
and when circumstances indicate that the carrying value may be impaired. 
Impairment is determined for goodwill by assessing the recoverable amount of 
each cash-generating unit to which goodwill relates. Where the recoverable 
amount of the cash-generating unit is less than their carrying amount an 
impairment loss is recognised. 
2e. Changes in accounting policies and disclosures 
The accounting policies adopted are consistent with those of the previous 
financial year except as follows: 
The Company has adopted the following new and amended IFRS as of 1 January 2009: 
o  IFRS 7 Financial Instruments: Disclosure - improving disclosures about 
financial instruments effective 1 January 2009 
o  IFRS 8 Operating Segments effective 1 January 2009 
o  IAS 1 Presentation of Financial Statements effective 1 January 2009 
o  IAS 23 Borrowing Costs (Revised) effective 1 January 2009 
o  IAS 32 Financial Instruments: Presentation effective 1 January 2009 
o  Improvements to IFRSs (May 2008) 
o  Improvements to IFRSs (April 2009, early adopted) 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS (continued) 
 
For the year ended 31 December 2009 
 
2.             SIGNIFICANT ACCOUNTING POLICIES (continued) 
2e. Changes in accounting policies and disclosures (continued) 
When the adoption of the standard or interpretation is deemed to have an impact 
on the financial statements or performance of the Company, its impact is 
described below: 
IFRS 7 Financial Instruments: Disclosure 
The amended standard requires additional disclosures about fair value 
measurement and liquidity risk. Fair value measurements related to items 
recorded at fair value are to be disclosed by source of inputs using a three 
level fair value hierarchy, by class, for all financial instruments recognised 
at fair value: 
o  quoted prices (unadjusted) in active markets for identical assets or 
liabilities (Level 1); 
o  inputs other that quoted prices included in Level 1 that are observable for 
the asset or liability, either directly (as prices) or indirectly (derived from 
prices) (Level 2); 
o  inputs for the asset or liability that are not based on observable market 
data (unobservable inputs) (Level 3). 
In addition, a reconciliation between the beginning and ending balance for Level 
3 fair value measurements is required, as well as significant transfers between 
levels in the fair value hierarchy. The amendments also clarify the requirements 
for liquidity risk disclosures with respect to derivative transactions and 
assets used for liquidity management. The fair value measurement disclosures are 
presented in Note 3. The liquidity risk disclosures are not significantly 
impacted by the amendments and are presented in Note 14. 
IFRS 8 Operating Segments 
IFRS 8 replaced IAS 14 Segment Reporting upon its effective date. The Company 
concluded that the operating segments determined in accordance with IFRS 8 are 
the same as the business segments previously identified under IAS 14. IFRS 8 
disclosures are shown in Note 18, including the related revised comparative 
information. 
IAS 1 Presentation of Financial Statements 
The revised standard introduces the statement of comprehensive income. It 
presents all items of recognised income and expense, either in one single 
statement, or in two linked statements. The Company has elected to present one 
single statement. 
IAS 23 Borrowing Costs 
The revised IAS 23 requires capitalisation of borrowing costs that are directly 
attributable to the acquisition, construction or production of a qualifying 
asset. The main change from the previous version is the removal of the option to 
immediately recognise as an expense borrowing costs that relate to assets that 
take a substantial period of time to get ready for use or sale. 
IAS 32 Financial Instruments: Presentation 
The standard has been amended to allow a limited scope exception for puttable 
financial instruments to be classified as equity if they fulfil a number of 
specified criteria. The adoption of this amendment did not have any impact on 
the financial position or the performance of the Company. 
 
 
 
 
 
 
 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS (continued) 
 
For the year ended 31 December 2009 
 
 
2.             SIGNIFICANT ACCOUNTING POLICIES (continued) 
 
2e. Changes in accounting policies and disclosures (continued) 
 
Improvements to IFRSs 
In May 2008 and April 2009 the IASB issued an omnibus of amendments to its 
standards, primarily with a view to removing inconsistencies and clarifying 
wording. These amendments are the result of conclusions the IASB reached on 
proposals made in its annual improvements project. There are separate 

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