|
JSE STXRES
STX2
STXRES-Satrix RESI - Abridged Audited Results: ten months ended 31 December 2006
SATRIX RESI
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: STXRES
ISIN: ZAE000078622
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 3 174 763
Fair value gains on financial instruments 50 616 052
Fee income: Scrip lending fee 253 381
Interest received 38 956
54 083 152
EXPENSES
Fair value loss on financial instruments (50 822 679)
Management and administrative expenses (596 126)
Income available for distribution 2 664 347
Distributions (2 660 477)
Undistributed income before taxation 3 870
Taxation -
Change in net assets attributable to investors 3 870
BALANCE SHEET
at 31 December 2006
For the ten months
ended 2006
R
ASSETS
Listed equities 329 673 118
Accounts receivable 196 010
Cash and cash equivalents 423 857
Total assets 330 292 985
EQUITY AND LIABILITIES
Liabilities
Trade and other payables 602 861
Net assets attributable to investors 329 690 124
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 3 870
Net creation of units 278 863 575
Revaluation of units 50 822 679
Balance at 31 December 2006 329 690 124
CASH FLOW STATEMENT
for the ten months ended 31 December 2006
For the ten months
ended 2006
R
Cash generated by operations 578 392
Interest received 38 956
Net cash flow from operating activities 617 348
Cash outflow from investing activities (193 491)
Purchases of equities (294 640 079)
Proceeds from sale of equities 15 583 013
In specie creations and liquidations 278 863 575
Net increase in cash and cash equivalents 423 857
Cash and cash equivalents at the beginning of -
period
Cash and cash equivalents at the end of period 423 857
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, 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
Manager
Satrix Managers (Proprietary) Limited
Trustee
ABSA Bank Limited
Date: 30/03/2007 08:37:50 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
