Information  X 
Enter a valid email address

iShares FTSE Euro100 (IEUR)

  Print      Mail a friend

Wednesday 22 May, 2002

iShares FTSE Euro100

Annual Report & Accounts

iShares PLC FTSE Euro 100
22 May 2002



ISHARES FTSE EURO 100 FUND

The financial statements for this fund appear below.  The financial statements 
are extracted from the iShares PLC Annual Report & Accounts, RNS No. 2949W, and
as such may cross-refer to pages of that announcement.


Statement of operations

For the year ended 28 February 2002
                                                                 Notes          2002         2002        2001
                                                                               €000s        £000s        £000s

Realised gains/ (losses) on investments                                       (1,755)      (1,074)           2
Net change in unrealised gains/ (losses) on investments                       (3,428)      (2,096)       (480)
Currency loss                                                                     (9)          (6)       (150)
     Income                                                        2              520          318          11
     Expenses                                                      3            (193)        (118)        (22)
     Net income/(deficit)                                                         327          200        (11)
Dividends                                                          4            (337)        (206)           -
Decrease in net assets resulting from operations                              (5,202)      (3,182)       (639)



Statement of changes in net assets

For the year ended 28 February 2002


                                                               Notes            2002         2002        2001
                                                                               €000s        £000s        £000s

Net assets at beginning of the period                                         29,138       18,579           -
Notional exchange difference                                                       -        (759)           -
Decrease in net assets resulting from operations                             (5,202)      (3,182)       (639)

Capital transactions                                             
Value of assets received on share creation                       7            39,055       23,884      19,217
Value of assets transferred on share redemption                  7                 -            -           -

Net assets at the end of the year                                             62,991       38,522      18,579



Statement of net assets

As at 28 February 2002
                                                   Notes              2002            2002            2001
                                                                      €000s           £000s           £000s

Current assets                                                        
     Investments                                                      63,012          38,535          18,577   
     Debtors                                         5                   105              63              21     
     Cash and bank balances                                                -               -              13
     Other assets                                                         40              25              81  
                                                                       63,157          38,623         18,642

Current liabilities (amounts falling due
within 1 year)
Creditors                                            6                  (161)            (98)           (64)
     Cash and bank balances                                               (5)             (3)              -
                                                                        (166)           (101)           (64)

                                                                        

Total net assets                                                       62,991          38,522           18,578
Shareholders' equity                                               62,991,245      38,522,038       18,577,920
Shares in issue                                      7              5,891,769       5,891,769        1,000,000
Net asset value per share                                              €10.69           £6.54           £18.58

Schedule of investments

As at 28 February 2002

Transferable securities admitted to official stock exchange listing

                                 Nominal  Investment                                 Value €              2002
                                                                                                    % of total
                                                                                                    net assets
                                           BELGIUM
                                           Banks
                                    24,094 Dexia NPV                                 417,308              0.66
                                    17,808 Fortis NPV                                456,775              0.73
                                     2,464 KBC Bankverzekerin NPV                     87,669              0.14
                                                                                     961,752              1.53
                                           Beverages - Brewers
                                     4,707 Interbrew NPV                             147,094              0.23
                                                                                     147,094              0.23
                                           Electricity
                                     1,125 Electrabel SA NPV                         257,963              0.41
                                                                                     257,963              0.41

                                           BELGIUM - TOTAL                         1,366,809              2.17

                                           FINLAND
                                           Forestry
                                     7,156 UPM-Kymmene OJY NPV                       294,112              0.47
                                                                                     294,112              0.47
                                           Telecoms Equipment
                                   130,437 Nokia AB OJY                            3,204,837              5.09
                                                                                   3,204,837              5.09

                                           FINLAND - TOTAL                         3,498,949              5.56

                                           FRANCE
                                     8,889 Aerospace
                                           European Aeronautic Defense               129,513              0.21
                                                                                     129,513              0.21
                                           Automobiles
                                     5,261 Peugeot SA                                264,628              0.42
                                     3,298 Renault                                   165,725              0.26
                                                                                     430,353              0.68
                                           Banks
                                    24,411 BNP Paribas                             1,368,236              2.17
                                     7,113 Credit Lyonnais SA NPV                    271,717              0.43
                                    11,646 Societe Generale De France                796,586              1.26
                                                                                   2,436,539              3.86

Schedule of investments

As at 28 February 2002

Transferable securities admitted to official stock exchange listing
                     Nominal  Investment                                             Value €             2002
                                                                                                   % of total
                                                                                                   net assets
                              FRANCE (Continued)
                              Building & Construction Materials
                        2,347 CIE De St-Gobain                                      421,287               0.67
                        3,580 Lafarge                                               356,210               0.57
                                                                                    777,497               1.24
                              Cable & Satellite
                       30,005 Vivendi Universal                                   1,346,624               2.14
                                                                                  1,346,624               2.14
                              Chemicals - Commodity
                        2,517 Air Liquide                                           411,026               0.65
                                                                                    411,026               0.65
                              Computer Services
                        3,414 Cap Gemini Sogeti                                     261,683               0.42
                                                                                    261,683               0.42
                              Diversified Industrials
                       27,982 Suez                                                  901,020               1.43
                                                                                    901,020               1.43
                              Electrical Equipment
                        6,612 Schneider Electric                                    383,496               0.61
                                                                                    383,496               0.61
                              Fixed Line Telecom Services
                        9,530 France Telecom                                        290,189               0.46
                                                                                    290,189               0.46
                              Food & Drug Retailers
                       19,580 Carrefour                                           1,022,076               1.62
                                                                                  1,022,076               1.62
                              Food Processors
                        3,883 Danone                                                516,439               0.82
                                                                                    516,439               0.82
                              Home Entertainment
                        2,917 Thomson Multimedia                                     87,481               0.14
                                                                                     87,481               0.14
                              Hotels
                        5,461 Accor                                                 231,819               0.37
                                                                                    231,819               0.37




Schedule of investments

As at 28 February 2002

Transferable securities admitted to official stock exchange listing

                      Nominal Investment                                            Value €              2002
                                                                                                   % of total
                                                                                                   net assets
                              FRANCE (Continued)
                              Oil - Integrated
                       19,413 Total Fina Elf                                      3,298,268               5.24
                                                                                  3,298,268               5.24
                              Other Construction
                        7,068 Bouygues                                              233,244               0.37
                                                                                    233,244               0.37
                              Other Insurance
                        1,523 Assurance Generale De France                           83,613               0.13
                       47,244 AXA                                                 1,018,108               1.62
                                                                                    1101721               1.75
                              Other Textiles & Leather Goods
                       10,115 LVMH Moet-Hennessy                                    546,210               0.87
                                                                                    546,210               0.87
                              Personal Products
                        9,307 L'Oreal SA                                            752,006               1.19
                                                                                    752,006               1.19
                              Pharmaceuticals
                       21,906 Aventis SA                                          1,878,440               2.98
                       10,067 Sanofi-Synthelabo                                     764,085               1.21
                                                                                  2,642,525               4.19
                              Retailers Hardlines
                        2,153 Castorama Dubois                                      122,721               0.19
                                                                                    122,721               0.19
                              Retailers Multi Department
                        2,527 Pinault-Printemps Redoute                             305,514               0.49
                                                                                    305,514               0.49
                              Semiconductors
                       18,307 Stmicroelectronics                                    627,381               1.00
                                                                                    627,381               1.00
                              Telecoms Equipment
                       33,335 Alcatel Series 'A'                                    535,027               0.85
                                                                                    535,027               0.85
                              Water
                        3,812 Vivendi Environment                                   139,138               0.22
                                                                                    139,138               0.22

                              FRANCE - TOTAL                                     19,529,510              31.01

Schedule of investments

As at 28 February 2002

Transferable securities admitted to official stock exchange listing

                      Nominal  Investment                                           Value €               2002
                                                                                                    % of total
                                                                                                    net assets
                              GERMANY
                              Automobiles
                        8,566 Bayerische Motoren Werke                              380,260               0.60
                       27,623 Daimlerchrysler AG NPV                              1,281,983               2.04
                        8,796 Volkswagen AG NPV                                     486,771               0.77
                                                                                  2,149,014               3.41
                              Banks
                       10,757 Bayerische Hypo-Vereinsbank NPV                       364,912               0.58
                       11,188 Commerzbank AG NPV                                    213,131               0.34
                       17,113 Deutsche Bank AG NPV                                1,161,973               1.84
                                                                                  1,740,016               2.76
                              Chemicals - Commodity
                       16,063 BASF AG NPV                                           713,518               1.13
                       20,108 Bayer AG NPV                                          740,980               1.18
                                                                                  1,454,498               2.31
                              Diversified Industrials
                       19,053 E.On AG NPV                                         1,081,639               1.72
                       10,965 RWE AG (New) Series 'A' NPV                           455,376               0.72
                                                                                  1,537,015               2.44
                              Electrical Equipment
                       24,564 Siemens AG NPV                                      1,662,983               2.64
                                                                                  1,662,983               2.64
                              Engineering - General
                       10,624 Thyssenkrupp AG NPV                                   184,326               0.29
                                                                                    184,326               0.29
                              Fixed Line Telecom Services
                       86,681 Deutsche Telekom NPV                                1,423,302               2.26
                                                                                  1,423,302               2.26
                              Other Insurance
                        5,487 Allianz AG NPV                                      1,426,456               2.26
                                                                                  1,426,456               2.26
                              Personal Products
                          925 Beiersdorf AG Series 'A B C' NPV                      117,105               0.19
                                                                                    117,105               0.19
                              Pharmaceuticals
                        5,629 Schering AG NPV                                       388,795               0.62
                                                                                    388,795               0.62

Schedule of investments

As at 28 February 2002

Transferable securities admitted to official stock exchange listing

                                Nominal Investment                                  Value €              2002
                                                                                                   % of total
                                                                                                   net assets
                                        GERMANY (Continued)
                                        Reinsurance
                                  2,436 Muenchener Rueckversicherung NPV            686,952               1.09
                                                                                    686,952               1.09
                                        Retailers Multi Department
                                  4,178 Metro AG NPV                                160,811               0.26
                                                                                    160,811               0.26
                                        Semiconductors
                                  9,540 Infineon Technologies AG                    252,715               0.40
                                        NPV
                                                                                    252,715               0.40
                                        Software
                                  6,520 SAP AG NPV                                1,024,422               1.63
                                                                                  1,024,422               1.63
                                        GERMANY - TOTAL                          14,208,410              22.56
                                        IRELAND
                                        Banks
                                 24,376 Allied Irish Bank plc                       314,450               0.50
                                 27,734 Bank of Ireland (Governor & Company of)     310,621               0.49
                                                                                    625,071               0.99
                                        Building & Construction
                                        Materials
                                 14,349 CRH                                         276,218               0.44
                                                                                    276,218               0.44
                                        Pharmaceuticals
                                  9,360 Elan Corporation                            149,760               0.24
                                                                                    149,760               0.24
                                        IRELAND - TOTAL                           1,051,049               1.67
                                        ITALY
                                        Asset Managers
                                  7,502 Banca Fideuram SPA                           58,291               0.09
                                                                                     58,291               0.09
                                        Automobiles
                                  8,941 Fiat SPA                                    130,986               0.21
                                                                                    130,986               0.21

Schedule of investments

As at 28 February 2002

Transferable securities admitted to official stock exchange listing

                         Nominal Investment                                    Value €                   2002
                                                                                                   % of total
                                                                                                   net assets
                                 ITALY (Continued)
                                 Banks
                         120,327 Banca Intesa Di Risp SPA                      323,680                    0.51
                           4,007 Rolo Banca 1473 SPA                            70,804                    0.11
                          28,980 San Paolo IMI SPA                             340,225                    0.54
                         103,299 Unicredito Italiano SPA                       464,846                    0.74
                                                                             1,199,555                    1.90
                                 Broadcasting Contractors
                          16,261 Mediaset                                      151,715                    0.24
                                                                               151,715                    0.24
                                 Electricity
                          66,773 Enel                                          432,020                    0.69
                                                                               432,020                    0.69
                                 Fixed Line Telecom Services
                         181,335 Olivetti SPA                                  247,704                    0.39
                          72,411 Telecom Italia                                688,628                    1.09
                                                                               936,332                    1.48
                                 Oil - Integrated
                          82,620 ENI SPA                                     1,308,701                    2.08
                                                                             1,308,701                    2.08
                                 Other Insurance
                          35,112 Assicurazioni Generali SPA                  1,005,256                    1.60
                           9,895 RAS                                           133,583                    0.21
                                                                             1,138,839                    1.81
                                 Publishing & Printing
                         153,815 Seat Pagine Gialle                            134,742                    0.21
                                                                               134,742                    0.21
                                 Wireless Telecoms Services
                         116,100 Telecom Italia Mobile SPA                     631,584                    1.00
                                                                               631,584                    1.00
                                 ITALY - TOTAL                               6,122,765                    9.71
                                 NETHERLANDS
                                 Banks
                          42,463 ABN-Amro Holdings NV                          854,780                    1.36
                          17,808 Fortis (NI) NPV                               457,488                    0.73
                                                                             1,312,268                    2.09

Schedule of investments

As at 28 February 2002

Transferable securities admitted to official stock exchange listing

                         Nominal Investment                                    Value €                    2002
                                                                                                    % of total
                                                                                                    net assets
                                 NETHERLANDS (Continued)
                                 Beverages - Brewers
                           5,396 Heineken NV                                   254,098                    0.40
                                                                               254,098                    0.40
                                 Business Support Services
                           9,862 TPG NV                                        234,518                    0.37
                                                                               234,518                    0.37
                                 Chemicals - Commodity
                           7,872 Akzo Nobel NV                                 401,472                    0.64
                                                                               401,472                    0.64
                                 Electronic Equipment
                          36,235 Philips Electronic (KON)                    1,094,297                    1.74
                                                                             1,094,297                    1.74
                                 Fixed Line Telecom Services
                          46,547 Koninklijke KPN NV                            256,939                    0.41
                                                                               256,939                    0.41
                                 Food & Drug Retailers
                          24,729 Ahold (KON) NV                                659,028                    1.05
                                                                               659,028                    1.05
                                 Food Processors
                          15,737 Unilever NV CVA                             1,057,526                    1.68
                                                                             1,057,526                    1.68
                                 Life Assurance
                          29,369 Aegon NV                                      738,924                    1.17
                                                                               738,924                    1.17
                                 Oil - Integrated
                          57,830 Royal Dutch Petroleum                       3,449,560                    5.47
                                                                             3,449,560                    5.47
                                 Other Insurance
                          53,825 ING Groep NV CVA                            1,479,649                    2.35
                                                                             1,479,649                    2.35
                                 Publishing & Printing
                          20,238 Elsevier NV                                   299,522                    0.47
                           6,482 VNU NV                                        221,684                    0.35
                                                                               521,206                    0.82
                                 Semiconductors
                          12,795 ASM Lithography Holding                       303,242                    0.48
                                                                               303,242                    0.48
                                 NETHERLANDS - TOTAL                        11,762,727                   18.67


Schedule of investments

As at 28 February 2002

Transferable securities admitted to official stock exchange listing

                         Nominal Investment                                    Value €                    2002
                                                                                                    % of total
                                                                                                    net assets
                                 SPAIN
                                 Banks
                          87,990 Banco Bilbao Vizcaya Argentaria             1,173,787                    1.86
                         128,284 Banco Santander Central Hispano             1,182,778                    1.88
                                                                             2,356,565                    3.74
                                 Electricity
                          29,150 Endesa SA                                     505,461                    0.80
                          24,822 Iberdrola SA                                  361,160                    0.57
                                                                               866,621                    1.37
                                 Fixed Line Telecom Services
                         131,203 Telefonica SA                               1,768,617                    2.81
                                                                             1,768,617                    2.81
                                 Oil - Integrated
                          33,604 Repsol Ypf SA                                 480,201                    0.76
                                                                               480,201                    0.76
                                 SPAIN - TOTAL                               5,472,004                    8.68


Total value of Investments                                                  63,012,223                  100.03
Other net liabilities                                                         (15,675)                   (0.01)
Cash*                                                                          (5,303)                   (0.02)
Total value of Fund                                                         62,991,245                  100.00

*All cash holdings are held with the Governor of the Bank of Ireland



Portfolio changes

Please note that portfolio changes may include primary market creation or
redemption activity.

Largest sales                                                                                      Proceeds €

Ericsson (LM) Telecommunications Series 'B'                                                            65,435
Telecom Italia Mobile Di Risp SPA                                                                      32,264
Nordic Baltic Nordea                                                                                   26,418
Novartis AG                                                                                            25,922
Telecom Italia SPA I                                                                                   20,128
UBS AG                                                                                                 11,807
ABB                                                                                                    10,715
Danske Bank A/S                                                                                         6,809
Roche Holding AG Genusscheine NPV                                                                       6,298
Nestle AG                                                                                               3,527
Sanofi-Synthelabo                                                                                       2,815
Credit Suisse Group                                                                                     2,708
L'Oreal SA                                                                                              2,603
Novo-Nordisk A/S Series 'B'                                                                             2,600
E.On AG NPV                                                                                             2,273
Allianz AG NPV                                                                                            778
Zurich Financial Services                                                                                 753
Muenchener Rueckversicherung AG NPV                                                                       685
Swiss Reinsurance                                                                                         129
Richemont (CIE Fin) Series 'A' (Bearer)                                                                    46

Largest purchases                                                                                      Cost €

Nokia AB Ojy                                                                                           94,411
Telefonica SA                                                                                          93,836
Banco Santander Central Hispano                                                                        93,649
Deutsche Telekom NPV                                                                                   77,049
Banco Bilbao Vizcaya Argentaria                                                                        63,483
Royal Dutch Petroleum                                                                                  42,530
ING Groep NV CVA                                                                                       37,976
AXA                                                                                                    34,374
Philips Electronic (KON)                                                                               26,097
Assicurazioni Generali SPA                                                                             25,450
Vivendi Universal                                                                                      21,868
Daimlerchrysler AG NPV                                                                                 20,122
Siemens AG NPV                                                                                         17,703
Aventis SA                                                                                             15,893
E.On AG NPV                                                                                            15,126
Total Fina Elf                                                                                         14,225
Carrefour                                                                                              14,223
Deutsche Bank AG NPV                                                                                   12,401
BNP Paribas                                                                                             8,896
Allianz AG NPV                                                                                          3,785


Notes to the financial statements for the year ended 28 February 2002

1. Accounting policies

See page 17

2. Income
                                                                           2002           2002            2001
                                                                          €000s          £000s           £000s

Dividends                                                                   531            325              12
Withholding tax                                                           (135)            (83             (1)
Equalisation income                                                         120             73               -
Bank interest                                                                 4              3               -
Income                                                                      520            318              11

3. Expenses
                                                                           2002           2002           2001
                                                                          €000s          £000s          £000s
Management fees                                                              60             36              9
Custody fees                                                                 39             24              5
Transaction fees                                                             69             42              3
Depository fees                                                               5              3              1
Audit fee                                                                     7              5              8
Directors' fees                                                               6              3              4
Directors' & Officers insurance                                               6              4              -
Printing fees                                                                 2              1              -
FT fees                                                                      16             10              2
Listing fees                                                                 11              6              3
Share registration fee                                                       10              6              -
Other costs                                                                  12              8              7
In specie transactions charges                                               36             22              5
Refund of in specie transaction charges                                    (36)           (22)            (5)
Fee rebate from manager                                                    (50)           (30)           (20)
Expenses                                                                    193            118             22

4. Dividends

Dividends will normally be declared semi annually with a view to their being
paid on or about 15 June and December of each year. The Directors intend to
maintain a dividend policy that enables the Company to qualify each financial
year as a distributing fund under chapter V of part XVII of the Income and
Corporation Taxes Act 1988, of the United Kingdom.
                                                                             2002          2002          2001
                                         Ex date        Pay date            €000s         £000s         £000s

1st iFTSE Euro 100 distribution          30.11.01       15.12.01              337           206             -
Total distribution                                                            337           206             -


The Company intends to make the following distribution:
                                                                                            2002           2002
                                                                      Pay date             €000s          £000s
iFTSE Euro 100 distribution                                           15.06.02                22             13

Notes to the financial statements (continued)

5. Debtors
                                                                           2002           2002           2001
                                                                          €000s          £000s          £000s

Accrued income                                                                7              3              -
Withholding Tax                                                             (1)
Sales awaiting settlement                                                    47             29              1
Fee rebate from Manager                                                      52             31             20
Debtors                                                                     105             63             21

6. Creditors - amounts falling due within one year
                                                                           2002           2002           2001
                                                                          €000s          £000s          £000s

Establishment costs                                                          64             39             38
Accrued expenses                                                             50             30             16
Intra-Fund transfer                                                          11              7              7
Purchases awaiting settlement                                                36             22              3
Creditors                                                                   161             98             64

7. Share capital

Participating shares - issued and fully paid
                                                                                    2002                 2001
                                                                       No of shares 000s    No of shares 000s

Balance at the beginning of the year                                               1,000                    -
Issued during the year                                                             4,892                1,000
Redeemed during the year                                                               -                    -
Balance at the end of the year                                                     5,892                1,000


The issued and fully paid participating share capital is at all times equal to
the net asset value of the Fund.




                      This information is provided by RNS
            The company news service from the London Stock Exchange