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This excerpt taken from the ELN 6-K filed Mar 30, 2009. Interest
Rate Risk on Investments
Our liquid funds are invested primarily in U.S. dollars
except for the working capital balances of subsidiaries
operating outside of the United States. Interest rate changes
affect the returns on our investment funds. Our exposure to
interest rate risk on liquid funds is actively monitored and
managed with an average duration of less than three months. By
calculating an overall exposure to interest rate risk rather
than a series of individual instrument cash flow exposures, we
can more readily monitor and hedge these risks. Duration
analysis recognises the time value of money and in particular,
prevailing interest rates by discounting future cash flows.
The interest rate risk profile of our investments at
31 December 2008 was as follows (in millions):
Variable interest rates on cash and liquid resources are
generally based on the appropriate Euro Interbank Offered Rate,
LIBOR or bank rates dependent on principal amounts on deposit.
For additional information on our investments, refer to
Notes 15 and 25 to the Consolidated Financial Statements.
This excerpt taken from the ELN 20-F filed Feb 26, 2009. Interest
Rate Risk on Investments
Our liquid funds are invested primarily in U.S. dollars,
except for the working capital balances of subsidiaries
operating outside of the United States. Interest rate changes
affect the returns on our investment funds. Our exposure to
interest rate risk on liquid funds is actively monitored and
managed with an average duration of less than three months. By
calculating an overall exposure to interest rate risk rather
than a series of individual instrument cash flow exposures, we
can more readily monitor and hedge these risks. Duration
analysis recognizes the time value of money and, in particular,
prevailing interest rates by discounting future cash flows.
The interest rate risk profile of our investments at
December 31, 2008 was as follows (in millions):
Variable interest rates on cash and liquid resources are
generally based on the appropriate Euro Interbank Offered Rate,
LIBOR or bank rates dependent on principal amounts on deposit.
This excerpt taken from the ELN 6-K filed Mar 31, 2008. Interest
Rate Risk on Investments
Our liquid funds are invested primarily in U.S. dollars
except for the working capital balances of subsidiaries
operating outside of the United States. Interest rate changes
affect the returns on our investment funds. Our exposure to
interest rate risk on liquid funds is actively monitored and
managed with an average duration of less than three months. By
calculating an overall exposure to interest rate risk rather
than a series of individual instrument cash flow exposures, we
can more readily monitor and hedge these risks. Duration
analysis recognises the time value of money and in particular,
prevailing interest rates by discounting future cash flows.
The interest rate risk profile of our investments at
31 December 2007 was as follows:
Variable interest rates on cash and liquid resources are
generally based on the appropriate Euro Interbank Offered Rate,
LIBOR or bank rates dependent on principal amounts on deposit.
A 10% increase in market rates of interest would have increased
the net loss by $0.6 million in 2007
(2006:$1.3 million). A 10% decrease in market rates of
interest would have had the equal but opposite effect on the net
loss in 2007 and 2006.
122 Elan
Corporation, plc 2007 Annual Report
Table of Contents
Notes to the
Consolidated Financial Statements
This excerpt taken from the ELN 20-F filed Feb 28, 2008. Interest
Rate Risk on Investments
Our liquid funds are invested primarily in U.S. dollars,
except for the working capital balances of subsidiaries
operating outside of the United States. Interest rate changes
affect the returns on our investment funds. Our exposure to
interest rate risk on liquid funds is actively monitored and
managed with an average duration of less than three months. By
calculating an overall exposure to interest rate risk rather
than a series of individual instrument cash flow exposures, we
can more readily monitor and hedge these risks. Duration
analysis recognizes the time value of money and, in particular,
prevailing interest rates by discounting future cash flows.
The interest rate risk profile of our investments at
December 31, 2007 was as follows (in millions):
Variable interest rates on cash and liquid resources are
generally based on the appropriate Euro Interbank Offered Rate,
LIBOR or bank rates dependent on principal amounts on deposit.
This excerpt taken from the ELN 6-K filed Mar 30, 2007. Interest
Rate Risk on Investments
Our liquid funds are invested primarily in US dollars except for
the working capital balances of subsidiaries operating outside
of the United States. Interest rate changes affect the returns
on our investment funds. Our exposure to interest rate risk on
liquid funds is actively monitored and managed with an average
duration of less than three months. By calculating an overall
exposure to interest rate risk rather than a series of
individual instrument cash flow exposures, we can more readily
monitor and hedge these risks. Duration analysis recognises the
time value of money and in particular, prevailing interest rates
by discounting future cash flows.
The interest rate risk profile of our investments at
31 December 2006 was as follows:
Variable interest rates on cash and liquid resources are
generally based on the appropriate Euro Interbank Offered Rate,
LIBOR or bank rates dependent on principal amounts on deposit.
This excerpt taken from the ELN 20-F filed Feb 28, 2007. Interest
Rate Risk on Investments
Our liquid funds are invested primarily in US dollars except for
the working capital balances of subsidiaries operating outside
of the United States. Interest rate changes affect the returns
on our investment funds. Our exposure
Table of Contents
to interest rate risk on liquid funds is actively monitored and
managed with an average duration of less than three months. By
calculating an overall exposure to interest rate risk rather
than a series of individual instrument cash flow exposures, we
can more readily monitor and hedge these risks. Duration
analysis recognizes the time value of money and in particular,
prevailing interest rates by discounting future cash flows.
The interest rate risk profile of our investments at
December 31, 2006 was as follows (in millions):
Variable interest rates on cash and liquid resources are
generally based on the appropriate Euro Interbank Offered Rate,
LIBOR or bank rates dependent on principal amounts on deposit.
This excerpt taken from the ELN 6-K filed Mar 31, 2006. Interest Rate Risk on
Investments
Our liquid funds are invested primarily in U.S. dollars
except for the working capital balances of subsidiaries
operating outside of the United States. Interest rate changes
affect the returns on our investment funds. Our exposure to
interest rate risk on liquid funds is actively monitored and
managed with an average duration of less than three months. By
calculating an overall exposure to interest rate risk rather
than a series of individual instrument cash flow exposures, we
can more readily monitor and hedge these risks. Duration
analysis recognises the time value of money and in particular,
prevailing interest rates by discounting future cash flows.
The interest rate risk profile of our investments at
31 December 2005 was as follows:
Fixed interest rates on investments have a weighted average
interest rate of 7.0% (2004: 7.5%), maturing in 2006.
Variable interest rates on cash and liquid resources are
generally based on the appropriate Euro Interbank Offered Rate,
LIBOR or bank rates dependent on principal amounts on deposit.
Elan Corporation, plc 2005 Annual Report 119
Table of Contents
The amounts shown in the table above take into account the
effect of forward contracts entered into to manage these
currency exposures.
We are exposed to equity price risks, primarily on our
available-for-sale investments, which include quoted investments
carried at a fair value of $9.9 million (2004: cost of
$28.1 million). These investments are primarily in emerging
pharmaceutical and biotechnology companies. An adverse change in
equity prices could result in a material impact in the fair
value of our available-for-sale quoted investments.
120 Elan Corporation, plc 2005 Annual Report
Table of Contents
This excerpt taken from the ELN 20-F filed Mar 30, 2006. Interest
Rate Risk on Investments
Our liquid funds are invested primarily in U.S. dollars
except for the working capital balances of subsidiaries
operating outside of the United States. Interest rate changes
affect the returns on our investment funds. Our exposure to
interest rate risk on liquid funds is actively monitored and
managed with an average duration of less than three months. By
calculating an overall exposure to interest rate risk rather
than a series of individual instrument cash flow exposures, we
can more readily monitor and hedge these risks. Duration
analysis recognizes the time value of money and in particular,
prevailing interest rates by discounting future cash flows.
The interest rate risk profile of our investments at
December 31, 2005 was as follows (in millions):
Fixed interest rates on investments have a weighted average
interest rate of 7.0% (2004: 7.5%), maturing in 2006.
Variable interest rates on cash and liquid resources are
generally based on the appropriate Euro Interbank Offered Rate,
LIBOR or bank rates dependent on principal amounts on deposit.
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