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ITXUK
ITXUK - ITRIX FTSE 100 - Abridged Audited Results For The Year Ended
31 December 2007
ITRIX FTSE 100
Share code: ITXUK
ISIN: ZAE000071098
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 2005 (the "Act")
(the "portfolio")
("ITRIX FTSE")
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2007
INCOME STATEMENT
for the year ended 31 December 2007
2007 2006
R R
REVENUE
Dividend income 19 366 674 13 157 845
Interest received 216 805 78 107
Fair value adjustments on assets 17 251 524 29 027 244
Foreign exchange gains 9 332 046 40 153 371
46 167 049 82 416 567
EXPENSES
Fair value adjustment on liabilities (17 251 524) (32 061 081)
Management and administrative expenses (4 621 719) (2 818 263)
Foreign exchange losses (9 332 046) (39 157 522)
Realised exchange rate loss on dividends (15 944) (196 287)
Income available for distribution 14 945 816 8 183 414
Distributions (11 849 355) (9 786 428)
Withholding tax (1 982 448) (1 247 327)
Undistributed income/(loss) attributable to 1 114 013 (2 850 341)
investors
BALANCE SHEET
at 31 December 2007
2007 2006
R R
ASSETS
Listed investments held at fair value 486 645 510 476 959 976
through profit and loss
Trade and other receivables 1 529 445 1 353 856
Cash and cash equivalents 6 430 741 7 337 109
Total assets 494 605 696 485 650 941
LIABILITIES
Trade and other payables 6 847 070 6 925 806
Net assets attributable to investors 487 758 626 478 725 135
Total liabilities 494 605 696 485 650 941
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2007
Net Assets
R
Balance at 1 January 2006 135 052 269
In specie creations 275 304 604
Unrealised exchange rate fluctuations 39 157 522
Revaluation of securities 32 061 081
Balance at 31 December 2006 478 725 135
Undistributed income attributable to investors 1 114 013
Unrealised exchange rate fluctuations (9 332 046)
Revaluation of securities 17 251 524
Balance at 31 December 2007 487 758 626
CASH FLOW STATEMENT
for the year ended 31 December 2007
2007 2006
R R
Cash generated by operations 14 474 686 16 559 575
Withholding tax paid (1 982 448) (1 294 595)
Interest income 216 805 78 107
Net cash inflow from operating activities 12 709 043 15 343 087
Cash outflow from investing activities (1 766 056) (274 624 525)
Purchases of equities (1 766 056) (297 313 926)
Proceeds from sale of equities - 22 689 401
Cash (outflow)/inflow from financing (11 849 355) 265 518 176
activities
In specie creations - 275 304 604
Distributions to investors (11 849 355) (9 786 428)
Net (decrease)/increase in cash and cash (906 368) 6 236 738
equivalents
Cash and cash equivalents at the beginning 7 337 109 1 100 371
of year
Cash and cash equivalents at the end of year 6 430 741 7 337 109
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2007
1. Accounting policies
The financial statements incorporate the principal accounting 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 issued 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 Rand.
1.3 Financial instruments
Measurement
Financial instruments, being securities and futures, are recognised
when, and only when, the Itrix FTSE 100 Trust (the "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 stated at
amortised cost using the effective interest rate 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 rate
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 of
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 that are measured in terms of historical cost in a foreign
currency are translated using the exchange rate at the date of the
transaction. 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 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 17:48:02 Produced by the JSE SENS Department.
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