The key assumptions concerning the future and other key sources
of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year,
are discussed below. The Group based its assumptions and estimates
on parameters available when the financial statements were
prepared. However, existing circumstances and assumptions about
future developments may change due to market changes or
circumstances arising beyond the control of the Group. Such changes
are reflected in the assumptions when they occur.
Fair value of financial instruments
When the fair value of financial assets and financial
liabilities recorded in the statement of financial position cannot
be derived from active markets, their fair value is determined
using a variety of valuation techniques that include the use of
mathematical models. The inputs to these models are taken from
observable markets where possible, but where this is not feasible,
estimation is required in establishing fair values. The estimates
include considerations of liquidity and model inputs such as credit
risk (both own and counterparty's), correlation and volatility.
Changes in assumptions about these factors could affect the
reported fair value of financial instruments in the statement of
financial position and the level where the instruments are
disclosed in the fair value hierarchy.
AFRICA OPPORTUNITY FUND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2013 THROUGH 30 JUNE 2013
4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The models are calibrated regularly and tested for validity
using prices from any observable current market transactions in the
same instrument (without modification or repackaging) or based on
any available observable market data. IFRS 7 requires disclosures
relating to fair value measurements using a three-level fair value
hierarchy. The level within which the fair value measurement is
categorised in its entirety is determined on the basis of the
lowest level input that is significant to the fair value
measurement in its entirety.
Assessing the significance of a particular input requires
judgement, considering factors specific to the asset or liability.
To assess the significance of a particular input to the entire
measurement, the Group performs sensitivity analysis or stress
testing techniques.
5(a). FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
30 June 2013 30 June 2012
------------- -------------
USD USD
Designated at fair value through profit
or loss:
At start of year 42,159,300 42,449,714
Additions 16,106,663 5,093,528
Disposals (14,619,208) (7,521,595)
Net gain on financial assets at fair value
through profit or loss 7,391,461 (1,805,228)
51,038,216 38,216,419
============= ============
Analysis of portfolio:
- Listed equity securities 41,280,635 33,556,997
- Unlisted equity securities 606,249 2,305,499
- Listed debt securities 8,486,332 2,153,923
- Unlisted debt securities 665,000 200,000
-----------
51,038,216 38,216,419
=========== ===========
AFRICA OPPORTUNITY FUND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2013 THROUGH 30 JUNE 2013
5(b). FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR
LOSS
30 June 2013 30 June 2012
------------- -------------
USD USD
Written put option 1,126,915 481,090
Listed securities sold short 4,352,506 4,877,623
-------------
5,479,421 5,358,713
============= =============
6. TRADE AND OTHER RECEIVABLES
30 June 2013 30 June 2012
------------- -------------
USD USD
Interest receivable on bonds 434,663 209,254
Dividend receivable 725,375 631,905
Other receivables 533 315,983
1,160,571 1,157,142
============= =============
The receivables are neither past due nor impaired. Interests
receivable on bonds are due within six months.
7. SHARE CAPITAL
2013 2013 2012 2012
-------------- ----------- -------------- -----------
Number USD Number USD
Authorised share
capital
Ordinary shares with
a par value of USD
0.01 1,000,000,000 10,000,000 1,000,000,000 10,000,000
-------------- ----------- -------------- -----------
Share capital
At 1 January 42,630,327 426,303 42,630,327 426,303
-------------- ----------- -------------- -----------
At 30 June 42,630,327 426,303 42,630,327 426,303
-------------- ----------- -------------- -----------
The directors have the general authority to repurchase the
ordinary shares in issue subject to the Group having funds lawfully
available for the purpose. However, if the market price of the
ordinary shares falls to a discount to the Net Asset Value, the
directors will consult with the Investment Manager as to whether it
is appropriate to instigate a repurchase of ordinary shares.
AFRICA OPPORTUNITY FUND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2013 THROUGH 30 JUNE 2013
8. TRADE AND OTHER PAYABLES
30 June 2013 30 June 2012
------------- -------------
USD USD
Performance fee 1,319,179 -
Accrued expenses 116,292 58,423
Dividend payable 85,261 110,839
Other payables - 40,669
---------- --------
1,520,732 209,931
========== ========
Other payables are non-interest bearing and are due on
demand.
9. EARNING PER SHARE
Earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year
excluding ordinary shares purchased by the Company and held as
treasury shares.
The Company's diluted gain/ (loss) per share is the same as
basic gain/(loss) per share, since the Company has not issued any
instrument with dilutive potential.
30 June 2013 30 June 2012
-------------
USD USD
Earnings attributable to equity holders
of the Group USD 6,985,000 (1,090,783)
Weighted average number of ordinary
share in issue 42,630,327 42,630,327
Earnings per share USD 0.1639 (0.0256)
============= =============
10. TAXATION
Under the current laws of Cayman Islands, there is no income,
estate, transfer sales or other Cayman Islands taxes payable by the
Company. As a result, no provision for income taxes has been made
in the financial statements.
Dividend revenue is presented gross of any non-recoverable
withholding taxes, which are disclosed separately in the
consolidated statement of comprehensive income.
AFRICA OPPORTUNITY FUND LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2013 THROUGH 30 JUNE 2013
11. SEGMENT INFORMATION
For management purposes, the Group is organised in one main
operating segment, which invests in equity securities, debt
instruments and relative derivatives. All of the Group's activities
are interrelated, and each activity is dependent on the others.
Accordingly, all significant operating decisions are based upon
analysis of the Group as one segment. The financial results from
this segment are equivalent to the financial statements of the
Group as a whole.
12. PERSONNEL
The Group did not employ any personnel during the half year
period ended 30 June 2013 (2012: the same).
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DELFLXKFBBBK
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