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JSE STXIND
STX2
STXIND - Satrix INDI - Abridged Audited Results: year ended 31 December 2006
SATRIX INDI
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: STXIND
ISIN CODE: ZAE000036364
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006
INCOME STATEMENT
for the year ended 31 December 2006
2006 2005
R R
INCOME
Dividend income 28 064 535 28 667 473
Fair value gains on financial instruments 374 015 143 325 099 924
Fee income: Scrip lending fee 1 765 550 1 559 320
Cash components of redemption amounts (390 800) 2 800
Interest received 358 877 300 647
403 813 305 355 630 164
EXPENSES
Fair value loss on financial instruments (374 634 973) (326 606 012)
Management and administrative expenses (2 679 674) (1 931 813)
Income available for distribution 26 498 658 27 092 339
Distributions (27 545 564) (24 679 037)
Undistributed (loss)/income before taxation (1 046 906) 2 413 302
Taxation - -
Change in net assets attributable to (1 046 906) 2 413 302
investors
BALANCE SHEET
at 31 December 2006
ASSETS
Listed equities 780 743 206 1 356 036 699
Accounts receivable 18 791 567 2 823 353
Cash and cash equivalents 737 548 2 024 871
Total assets 800 272 321 1 360 884 923
EQUITY AND LIABILITIES
Liabilities
Trade and other payables 18 340 872 2 569 318
Net assets attributable to investors 781 931 449 1 358 315 605
STATEMENT OF CHANGES IN NET ASSETS
ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2006
Net Assets
R
Balance at 1 January 2005 1 017 408 662
Change in net assets attributable to 2 413 302
investors
Net creation of units 338 493 641
Balance at 31 December 2005 1 358 315 605
Change in net assets attributable to (1 046 906)
investors
Cancellation of units (949 972 223)
Revaluation of units 374 634 973
Balance at 31 December 2006 781 931 449
CASH FLOW STATEMENT
for the year ended 31 December 2006
2006 2005
R R
Cash (utilised)/generated by operations (982 613) 1 525 635
Interest received 358 877 300 647
Net cash (outflow)/inflow from operating (623 736) 1 826 282
activities
Cash outflow from investing activities (663 587) (3 698 528)
Purchases of equities (148 511 664) (142 485 907)
Proceeds from sale of equities 1 097 820 300 126 899 750
In specie creations and liquidations (949 972 223) 11 887 629
Net decrease in cash and cash equivalents (1 287 323) (1 872 246)
Cash and cash equivalents at the beginning 2 023 871 3 897 117
of year
Cash and cash equivalents at the end of 737 548 2 024 871
year
NOTES TO THE FINANCIAL STATEMENTS
for the year 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 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
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,
and 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 asset. 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 purposes 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 08:33:50 Produced by the JSE SENS Department.
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