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JSE ITXEU
ITX
Itrix Dj Euro Stoxx 50 - Abridged audited results for the year ended 31 December
2005
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 2005
INCOME STATEMENT
for the four months ended 31 December 2005
2005
R
Income
Dividends 380 680
Fair value adjustment 5 309 940
Realised gain on investments sold 73 076
5 763 696
Expenses
Fair value adjustment (5 654 096)
Management and administrative expenses (341 208)
Unrealised loss on foreign exchange (692)
Interest paid (28)
Loss before distribution (232 328)
Distributions -
Undistributed loss before taxation (232 328)
Taxation (91 000)
Undistributed loss for the period (323 328)
BALANCE SHEET
at 31 December 2005
2005
R
Assets
Investments at market value
Listed equities 144 057 981
Current assets 1 033 738
Accounts receivable 271 624
Cash and cash equivalents 762 114
Total assets 145 091 719
Equity and liabilities
Non-current liabilities
Liability to unitholders 144 528 639
Current liabilities 563 080
Accounts payable 563 080
Total equity and liabilities 145 091 719
STATEMENT OF CHANGES IN EQUITY
for the four months ended 31 December 2005
Retained income
R
Balance at beginning of the period -
Undistributed loss for the period (323 328)
Classified as a non-current liability to 323 328
unitholders
Balance at 31 December 2005 -
CASH FLOW STATEMENT
for the four months ended 31 December 2005
2005
R
Cash generated by operations 330 236
Capital award to founding beneficiaries (91 000)
Interest paid
(28)
Net cash flow from operating activities 239 208
Cash (outflow) from investing activities 533 022
Purchases of equities (143 343 053)
Proceeds from sale of equities 4 467 215
Brokerage adjustment relating to purchases and -
sales
In specie creations and liquidations 139 408 860
Net increase in cash and cash equivalents 772 230
Cash and cash equivalents at the beginning of -
period
Effect of exchange rate fluctuations on cash and (10 116)
cash equivalent
Cash and cash equivalents at the end of period 762 114
NOTES
for the four months ended 31 December 2005
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 issued by the
International Accounting Standards Board ("IASB"), the
interpretations issued by the International Financial
Reporting Interpretations Committee of the IASB and in
accordance with the Collective Investment Schemes Control Act.
1.3 Financial instruments
Measurement
Financial instruments are initially measured at cost at
transaction date, which includes transaction costs. Subsequent
to initial recognition these instruments are measured as set
out below.
Investments
Listed investments are shown at fair value, as represented by
the closing market value at year end as published in the
financial press.
Trade and other receivables
Trade and other receivables originated by the Trust are stated
at amortised cost less impairment charges.
Cash and cash equivalents
Cash and cash equivalents are measured at fair value at
balance sheet date.
Gains and losses on subsequent measurement
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 company 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.
1.4 Revenue
Revenue comprises fee income from investments.
1.5 Investment income
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.
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
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 euro at foreign exchange rates ruling
at the dates the fair value was determined.
1.7 Taxation
Deferred taxation is provided using the balance sheet
liability method, based on temporary differences. Temporary
differences are the differences between the carrying values of
assets and liabilities for financial reporting purposes and
their tax base.
A deferred tax asset is recognised to the extent that it is
probable that future taxable profits will be available against
which the associated unused tax losses and deductible
temporary differences can be utilised. Deferred tax assets are
reduced to the extent that it is no longer probable that the
related tax benefit will be realised.
Current tax comprises tax payable calculated on the basis of
the expected taxable income for the year, using the tax rates
enacted at the balance sheet date, and any adjustment of tax
payable for previous years.
Foreign dividend income is reflected gross of with-holding tax
("WHT"). The income is passed on to the investors, net of WHT
so that that they can claim this tax as a rebate in accordance
with section 6quat(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
31 March 2006
Sponsor
Java Capital (Proprietary) Limited
Trustee
Standard Bank of South Africa Limited
Date: 06/04/2006 05:05:10 PM Produced by the JSE SENS Department
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