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JSE STX40
STX2
STX40 - Satrix 40 - Abridged Audited Results for the year ended 31 December 2006
SATRIX 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: STX40
ISIN CODE: ZAE000027108
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006
INCOME STATEMENT
for the year ended 31 December 2006
2006 2005
INCOME
Dividend income 143 229 910 118 095 774
Fair value gain on financial 1 869 722 869 1 585 822 705
instruments
Fee income: Securities lending 10 186 383 5 969 796
Futures: Mark to market 206 084 2 043 942
Interest income 1 772 056 1 436 081
Cash component on redemptions (1 771 871)
2 023 345 431 1 713 368 298
EXPENSES
Fair value loss on financial (1 875 808 423) (1 595 915 301)
instruments
Management and administrative expenses (14 729 487) (10 354 609)
Income available for distribution 132 807 521 107 098 388
Distributions (132 797 163) (104 718 054)
Undistributed income before taxation 10 358 2 380 334
Taxation - -
Change in net assets attributable to 10 358 2 380 334
investors
BALANCE SHEET
at 31 December 2006
ASSETS
Investments at market value
Listed equities 6 069 776 691 5 251 347 976
Accounts receivable 48 273 396 3 517 498
Cash and cash equivalents 16 834 978 18 330 969
Total assets 6 134 885 065 5 273 196 443
LIABILITIES
Trade and other payables 62 647 633 18 985 445
Net assets attributable to investors 6 072 237 432 5 254 210 998
STATEMENT OF CHANGES IN NET ASSETS
ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2006
Net Assets
R
Balance at 1 January 2005 3 609 824 373
Change in net assets attributable to 2 380 334
investors
Net creation of units 1 642 006 291
Balance at 31 December 2005 5 254 210 998
Change in net assets attributable to 10 358
investors
Cancellation of units (1 057 792 347)
Revaluation of units 1 875 808 423
Balance at 31 December 2006 6 072 237 432
CASH FLOW STATEMENT
for the year ended 31 December 2006
2006 2005
R R
Cash (utilised)/generated by operations 3 230 145 18 371 117
Interest income 1 772 056 1 436 081
Net cash (outflow)/inflow from 5 002 201 19 807 198
operating activities
Cash outflow from investing activities (6 498 192) (22 040 655)
Purchases of equities (432 190 609) (251 908 362)
Proceeds from sale of equities 1 483 484 763 183 776 718
In specie creations and liquidations (1 057 792 346) 46 090 989
Net increase in cash and cash (1 495 991) (2 233 457)
equivalents
Cash and cash equivalents at the 18 330 969 20 654 426
beginning of year
Cash and cash equivalents at the end of 16 834 978 18 330 969
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"), and in accordance
with the requirements of the Trust Deed and 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.
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.
4. REVENUE
Revenue comprises fee income from securities lending activities and
investment income.
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. Scrip dividends have been accounted for as income.
6. TAXATION
Under the current system of taxation on South Africa, the Trust is
exempt from paying tax on income or capital gains. Both income and
capital gains 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 08:31:50 Produced by the JSE SENS Department.
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