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JSE ITXEU
ITXUK
ITXEU - Itrix Dj Euro Stoxx 50 - Abridged Audited Results For The Year
Ended 31 December 2006
ITRIX DJ EURO STOXX 50
Share code: ITXEU & ISIN: ZAE000071858
A Portfolio in the ITRIX Collective Investment Scheme in Foreign
Securities ("ITRIX") (Established on 6 September 2005 in the Republic of
South Africa in terms of the Collective Investment Schemes Control Act,
45 of 2002)
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006
INCOME STATEMENT
for the year ended 31 December 2006
2006
R
Income
Dividends 9 970 472
Interest income 6 902
Fair value adjustment 47 998 609
Unrealised foreign exchange gain 366 542
58 342 525
Expenses
Fair value adjustment (50 240 782)
Management and administrative expenses (2 743 381)
Unrealised loss on foreign exchange (247 380)
Income/Loss before distribution 5 110 982
Distributions (5 557 816)
Taxation (2 252 340)
Change in net assets attributable to investors (2 699 174)
BALANCE SHEET
at 31 December 2006
2006
R
Assets
Listed equities 543 446 781
Trade and other receivables -
Cash and cash equivalents 4 595 220
Total assets 548 042 001
Liabilities
Net assets attributable to investors 545 230 014
Trade and other payables 2 811 987
Total liabilities 548 042 001
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2006
Net Assets
R
Balance at 31 December 2005 144 528 639
Balance at 31 December 2006 545 230 014
CASH FLOW STATEMENT
for the year ended 31 December 2006
2006
R
Cash generated by operations 4 308 968
Tax Paid (2 252 340)
Interest income 6 902
Net cash flow from operating activities 2 063 530
Cash inflow from investing activities 1 374 253
Purchases of equities (336 165 762)
Proceeds from sale of equities 23 934 555
In specie creations and liquidations 313 605 460
Net increase in cash and cash equivalents 3 437 783
Cash and cash equivalents at the beginning of 762 114
year
Effect of exchange rate fluctuations on cash and 395 323
cash equivalent
Cash and cash equivalents at the end of year 4 595 220
NOTES
for the year ended 31 December 2006
1. Accounting policies
The financial statements incorporate the principal accounting
policies set out below.
1.1 Basis of preparation
The financial statements are prepared on a historic cost
basis, except for financial instruments, which are accounted
for as set out in note 1.3.
1.2 Statement of compliance
The financial statements are prepared in accordance with
International Financial Reporting Standards and
interpretations adopted by the International Accounting
Standards ("IASB") and in accordance with the requirements of
the Trust Deed and the Collective Investment Schemes Control
Act No.45 of 2002. The financial statements are presented in
Rand.
1.3 Financial instruments
Measurement
Financial instruments comprise trade receivables, cash and
cash equivalents, loans and trade and other payables.
Financial instruments are initially measured at fair value,
including, for instruments not at fair value through profit or
loss, and directly attributable transaction costs. A financial
instrument is recognised if the Trust becomes a party to the
contractual provisions of the instrument. Financial
instruments are derecognised if the Trust transfers the
financial asset to another party without retaining control or
substantially all the risks and rewards of the asset.
Financial liabilities are derecognised if the Trust`s
obligations specified in the contract expire, are discharged
or cancelled. Subsequent to initial recognition these
instruments are measured as set out below.
Investments
Listed investments are classified as at fair value through
profit and loss. Changes in fair value are recognised directly
in profit and loss. Fair value is represented by the closing
market value at the balance sheet date as published in the
financial press.
Trade and other receivables
Trade and other receivables originated by the Trust are stated
at amortised cost using the effective interest rate method,
less impairment losses. Where the fair value of trade and
other receivables is not separately disclosed, the carrying
amounts are deemed to be a reasonable approximation of fair
value.
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash
equivalents are measured at fair value.
Financial liabilities
Financial liabilities, other than those held at fair value
through profit and loss, are measured at amortised cost using
the effective interest rate method, less any impairment
losses. Financial liabilities arising from the securities
issued by the Trust are carried at the redemption amount
representing the investor`s right to a residual interest in
the Trust`s net assets.
Fair value gains and losses on subsequent measurement
Investments are classified as at fair value through profit and
loss if they are held for trading, or designated as such upon
initial recognition.
Offset
Financial assets and financial liabilities are offset and the
net amount reported in the balance sheet when the Trust has a
legally enforceable right to set of the recognised amounts,
and intends either to settle the liability simultaneously.
1.4 Revenue
Revenue comprises fee income from investments.
1.5 Investment income
Interest is recognised on a time proportion basis, taking
account the principal outstanding and the effective rate over
the period to maturity, when it is probable that such income
will accrue to the Trust. The effective interest rate is
established on initial recognition of the financial instrument
and is not revised subsequently.
Dividends are recognised when the right to receive payment is
established.
1.6 Foreign currency transactions
Transactions in foreign currencies are translated at the
foreign exchange rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies at the balance sheet date are translated to euro at
the foreign exchange rate ruling at that date. Foreign
exchange differences arising on translation are recognised in
the income statement. Non-monetary assets and liabilities
denominated in foreign currencies that are stated at fair
value are translated to euro at foreign exchange rates ruling
at the dates the fair value was determined. Foreign currency
differences arising on translation are recognised in profit
and loss.
1.7 Taxation
Under the current system of tax in South Africa, the Trust is
exempt from paying tax on income or capital gains. Both income
and capital gains are taxed in the hands of the investors.
Foreign dividend income is reflected gross of withholding tax
("WHT"). The income is passed on to the investors, net of WHT
so that they can claim this tax as a rebate in accordance with
section 6 quat(1)(d) of the Income Tax Act No.58 of 1962.
These financial statements have been audited by the independent
auditors, KPMG Inc., and their unqualified audit opinion is
available for inspection at the company`s registered office.
Johannesburg
30 March 2007
Sponsor
Java Capital (Proprietary) Limited
Trustee
Standard Bank of South Africa Limited
Date: 30/03/2007 16:13:50 Produced by the JSE SENS Department.
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