Replacement Annual Financial Report -22-
01 May 2010 - 1:47AM
UK Regulatory
Fees paid to GSO Capital Partners International LLP amounted to EUR681,792 (31
December 2008: EUR291,425) of which EUR116,923 (31 December 2008: EUR94,059) was
outstanding at the year end. No Director, nor the Company Secretary, had any
beneficial interest in the shares of the Company during the year ended 31
December 2009 or during the year ended 31 December 2008.
GSO Debt Funds Management LLC, an affiliate of the Investment Manager and a
subsidiary of The Blackstone Group LP was paid EUR1,791,810 (31 December 2008:
EUR109,546) in investment management fees relating to Gale Force 4 during the year
of which EUR247,626 (31 December 2008: EUR267,861) was outstanding at the year end.
10. FINANCIAL DERIVATIVE INSTRUMENTS
The Company invests in underlying assets which are predominantly US$ and euro
denominated. The base currency of the Company is euro. The Company therefore has
an exposure to changes in the exchange rate between euro and the US$ which, if
unhedged, has the potential to have a significant effect on returns. In
addition, the US$ class is denominated in US$. The Directors believe that it is
in the best interests of shareholders for the Company to engage consistently in
currency hedging solely to reduce the risk of currency fluctuations and the
volatility of returns which may result from such currency exposure. This
involves hedging, at the level of the Company, the US$ assets to euro, and, at a
class level, the euro exposure to the US$ class back to US$, through the use of
rolling forward foreign exchange transactions. The Company only uses hedging
techniques for the purposes of efficient portfolio management and has no
intention of using the currency hedging facility for the purposes of currency
speculation for its own account.
The Company utilised currency contracts for the purposes of efficient portfolio
management during the year ended 31 December 2009. Details of the contracts open
at year end are disclosed in Note 14. Unrealised gains/(losses) resulting from
these contracts are disclosed below. The fair value of forward foreign exchange
contracts is calculated using valuation techniques based on observable market
data.
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| | Company | Consolidated | Company | Consolidated |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| | Year | Year | Nine | Nine |
| | ended | ended | months | months |
| | | | ended | ended |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| | 31 | 31 | 31 | 31 |
| | December | December | December | December |
| | 2009 | 2009 | 2008 | 2008 |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| | EUR | EUR | EUR | EUR |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| Financial | | | | |
| assets held | | | | |
| for trading | | | | |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| - | 399,699 | 399,699 | 680,057 | 680,057 |
| derivative | | | | |
| financial | | | | |
| instruments | | | | |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| Financial | | | | |
| liabilities | | | | |
| held for | | | | |
| trading | | | | |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| - | (408,560) | (408,560) | (892,415) | (892,415) |
| derivative | | | | |
| financial | | | | |
| instruments | | | | |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| Total | (8,861) | (8,861) | (212,358) | (212,358) |
| financial | | | | |
| assets at fair | | | | |
| value through | | | | |
| profit or loss | | | | |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| | | | | |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| Gains/(losses) | | | | |
| recognised on | | | | |
| derivative | | | | |
| financial | | | | |
| instruments | | | | |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| - | (1,558,980) | (1,558,980) | (3,293,088) | (3,293,088) |
| realised | | | | |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| - | 209,992 | 209,992 | (267,895) | (267,895) |
| unrealised | | | | |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| Total | (1,348,988) | (1,348,988) | (3,560,983) | (3,560,983) |
| gains/(losses) | | | | |
+----------------+---------------------------+------------------------------+------------------------------+------------------------------+
| | | | | |
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