| Mon 31 Mar 2008, 17:47 | | ITXEU - ITRIX DJ EURO STOXX 50 - Abridged Audited Results For The Year |
|
JSE
ITXUK
ITXEU - ITRIX DJ EURO STOXX 50 - Abridged Audited Results For The Year
Ended 31 December 2007
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 2007
INCOME STATEMENT 2007
for the year ended 31 December 2007 2006
R R
REVENUE
Dividends 20 188 831 9 970 472
Interest income 77 010 6 902
Fair value adjustment on assets, net of 38 581 998 47 998 609
transaction costs
Foreign exchange gain 42 933 307 39 920 849
101 781 146 97 896 832
EXPENSES
Fair value adjustment on liabilities (38 581 998) (50 240 782)
Management and administrative expenses (5 946 981) (2 743 381)
Foreign exchange loss (42 933 307) (39 554 307)
Realised foreign exchange loss on dividends - (247 380)
Income available for distribution 14 318 860 5 110 982
Distributions (10 119 092) (5 557 816)
Undistributed income/(loss) before taxation 4 199 768 (446 834)
Withholding tax (4 506 410) (2 252 340)
Undistributed loss attributable to investors (306 642) (2 699 174)
BALANCE SHEET 2007 2006
at 31 December 2007
R R
ASSETS
Listed investments held at fair value through 626 301 964 543 446 781
profit and loss
Cash and cash equivalents 3 896 787 4 595 220
Total assets 630 198 751 548 042 001
LIABILITIES
Trade and other payables 3 760 074 2 811 987
Net assets attributable to investors 626 438 677 545 230 014
Total liabilities 630 198 751 548 042 001
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE to investors Net Assets
for the year ended 31 December 2007
R
Balance at 1 January 2006 144 528 639
In specie creations 313 605 460
Revaluation of securities 50 240 782
Unrealised exchange rate fluctuations 39 554 307
Balance at 31 December 2006 545 230 014
Revaluation of securities 38 581 998
Unrealised exchange rate fluctuations 42 933 307
Balance at 31 December 2007 626 438 677
CASH FLOW STATEMENT 2007 2006
for the year ended 31 December 2007
R R
Cash generated by operations 15 189 937 9 866 784
Withholding tax paid (4 506 410) (2 252 340)
Interest income 77 010 6 902
Net cash inflow from operating activities 10 760 537 7 621 346
Cash outflow from investing activities (1 339 878) (312 231 207)
Purchase of equities (1 339 878) (336 165 762)
Proceeds from sale of equities - 23 934 555
Net cash (outflow)/inflow from financing (10 119 092) 308 047 644
activities
In specie creations - 313 605 460
Distributions to investors (10 119 092) (5 557 816)
Net (decrease)/increase in cash and cash (698 433) 3 437 783
equivalents
Cash and cash equivalents at the beginning of 4 595 220 1 157 437
year
Cash and cash equivalents at the end of year 3 896 787 4 595 220
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2007
1. Accounting policies
The financial statements incorporate the principle policies set out
below, which are consistent with those adopted in the previous
financial year.
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 Board, the requirements of IAS 34
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 the functional currency, South African
Rands.
1.3 Financial instruments
Measurement
Financial instruments, being securities and futures, are recognised
when, and only when, the ITRIX 50 DJ Eurostoxx Trust("Trust") becomes
a party to the contractual provisions of that particular instrument.
Financial instruments are initially measured at fair value, and for
instruments not at fair value through profit and loss, any directly
attributable transaction costs.
Subsequent to initial recognition these instruments are measured as
set out below.
Investments
Listed investments are measured at fair value through profit and loss.
Fair value is determined with reference to quoted market prices at the
balance sheet date, as published in the financial press at reporting
date.
Trade and other receivables
Trade and other receivables originated by the Trust are measured at
amortised cost using the effective interest method, less impairment
losses. Trade and other receivables are short term in nature and are
not discounted.
Cash and cash equivalents
Cash and cash equivalents are measured at amortised cost.
Financial liabilities
Financial liabilities, other than those held at fair value through
profit and loss, are measured using the effective interest method.
Financial liabilities arising from the securities issued by the Trust
are carried at the fair value representing the investor`s right to a
residual interest in the Trust`s net assets, i.e. the Net Asset Value
of the Trust.
Fair value gains and losses on subsequent measurement
Unrealised gains and losses arising from a change in the fair value of
financial instruments are included in net profit or loss in the period
in which the change arises.
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 off the recognised amounts, and intends
either to settle on a net basis, or to realise the asset and settle
the liability simultaneously.
Derecognition of financial instruments
The Trust derecognises financial assets when and only when:
The contractual rights to the cash flows arising from the financial
assets have expired or have been forfeited by the Trust; or
It transfers the financial assets including substantially all the
risks and rewards of ownership of the assets; or
It transfers the financial assets, neither retaining nor transferring
substantially all the risks and rewards of ownership of the asset, but
no longer retains control of the assets.
A financial liability is derecognised when and only when the liability
is extinguished, this is, when the obligation specified in the
contract is discharged, cancelled or has expired.
The difference between the carrying amount of a financial liability
(or part thereof) extinguished or transferred to another party and
consideration paid, including any non-cash assets transferred or
liabilities assumed, is recognised in the income statement.
1.4 Revenue
Revenue comprises interest income and dividends from investments.
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.
1.5 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 Rand 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 Rand 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. Where the
average exchange rate approximates the exchange rate used at the date
of the transaction, the average exchange rate has been applied.
1.6 Taxation
Under the current system of taxation 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.
A full copy of these financial statements is also available on the website
www.dbxtrackers.co.za
31 March 2008
Sponsor
Java Capital (Proprietary) Limited
Trustee
The Standard Bank of South Africa Limited
Date: 31/03/2008 17:47:20 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
