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JSE STXSWX
STX2
STXSWX - Satrix SWIX TOP 40 - Abridged Audited Results for the ten months ended
31 December 2006
SATRIX SWIX TOP 40
A portfolio in the Satrix Collective Investment Scheme ("Satrix") registered as
such in terms of the Collective Investment Schemes Control Act, 45 of 2002 (the
"Act")
JSE Code: STXSWX
ISIN: ZAE000078580
ABRIDGED AUDITED RESULTS FOR THE TEN MONTHS ENDED 31 DECEMBER 2006
INCOME STATEMENT
for the ten months ended 31 December 2006
For the ten
months ended
2006
R
Income
Dividend income 1 349 970
Fair value gains on financial instruments 17 368 051
Fee income: Scrip lending fee 37 657
Cash component of subscription amounts 112 004
Interest received 25 654
18 893 336
Expenses
Fair value loss on financial instruments (17 448 653)
Management and administrative expenses (253 877)
Income available for distribution 1 190 806
Distributions (1 164 729)
Undistributed income before taxation 26 077
Taxation -
Change in net assets attributable to investors 26 077
BALANCE SHEET
at 31 December 2006
ASSETS
Listed equities 129 209 808
Accounts receivable 123 242
Cash and cash equivalents 480 000
Total assets 129 813 050
Equity and liabilities
LIABILITIES
Trade and other payables 533 744
Net assets attributable to investors 129 279 306
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO
INVESTORS
for the ten months ended 31 December 2006
Net Assets
R
Change in net assets attributable to investors 26 077
Creation of units 111 804 576
Revaluation of units 17 448 653
Balance at 31 December 2006 129 279 306
CASH FLOW STATEMENT
for the ten months ended 31 December 2006
For the ten
months ended
2006
R
Cash generated by operations 491 527
Interest received 25 654
Net cash flow from operating activities 517 181
Cash outflow from investing activities (37 181)
Purchases of equities (118 394 914)
Proceeds from sale of equities 6 553 158
In specie creations and liquidations 111 804 575
Net increase in cash and cash equivalents 480 000
Cash and cash equivalents at the beginning of period -
Cash and cash equivalents at the end of period 480 000
Notes to the financial statements
for the ten months ended 31 December 2006
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. 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.
2. STATEMENT OF COMPLIANCE
The financial statements are prepared in accordance with
International Financial Reporting Standards and the interpretations
issued by the International Accounting Standards Board ("IASB") and
in accordance with the Trust Deed and the Collective Investment
Schemes Control Act No. 45 of 2002.
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 and loss,
any directly attributable transaction costs.
A financial instrument is recognised if the company becomes a party
to the contractual provisions of the instrument. Financial
instruments are derecognised if the company transfers the financial
asset to another party without retaining control or substantially all
the risks and rewards of the assets. Financial liabilities are
derecognised if the company`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 purpose of the cash flow statement, cash and cash equivalents
are measured at fair value.
4. 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. 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
Fair value gains and losses arising from a change in the fair value
of financial instruments are recognised in the income statement 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.
5. REVENUE
Revenue comprises fee income from securities lending activities and
investment income.
6. 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. Scrip dividends have been accounted for as income.
7. 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 participatory interest
holders.
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 available on the Satrix website www.satrix.co.za.
Johannesburg
30 March 2007
Sponsor
Java Capital (Proprietary) Limited
Trustee
ABSA Bank Limited
Date: 30/03/2007 08:29:51 Produced by the JSE SENS Department.
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