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JSE STXFIN
STX2
STXFIN - Satrix FINI - Abridged Audited Results: year ended 31 December 2006
SATRIX FINI
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: STXFIN
ISIN CODE: ZAE000036356
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006
INCOME STATEMENT
for the year ended 31 December 2006
2006 2005
R R
Income
Dividends 54 699 353 47 467 145
Fair value adjustment 382 754 548 319 807 195
Cash component of redemption amounts (4 685 900) -
Fee income: Securities lending 2 330 331 1 717 046
Interest earned 699 383 439 100
435 797 715 369 430 486
Expenses
Fair value loss on financial (386 025 176) (325 706 258)
instruments
Management and administrative expenses (2 949 956) (2 872 350)
Income available for distribution 46 822 583 40 851 878
Distributions (46 671 310) (40 659 753)
Undistributed income before taxation 151 273 192 125
Taxation - -
Change in net assets attributable to 151 273 192 125
investors
BALANCE SHEET
at 31 December 2006
Assets
Investments at market value
Listed equities 1 154 620 527 1 485 866 360
Accounts receivable 9 315 316 421 873
Cash and cash equivalents 7 648 562 11 077 968
Total assets 1 171 584 405 1 497 366 201
Equity and liabilities
Liabilities -
Trade and other payables 16 615 249 11 353 452
Net assets attributable to investors 1 154 969 156 1 486 012 749
STATEMENT OF CHANGES IN NET ASSETS
ATTRIBUTABLE TO INVESORS
for the year ended 31 December 2006
Net Assets
R
Balance at 1 January 2005 1 160 114 367
Change in net assets attributable to 192 125
investors
Net creation of units 325 706 258
Balance at 31 December 2005 1 486 012 750
Change in net assets attributable to 151 273
investors
Cancellation of units (717 220 043)
Revaluation of units 386 025 176
Balance at 31 December 2006 1 154 969 156
CASH FLOW STATEMENT
for the year ended 31 December 2006
2005 2004
R R
Cash (utilised)/generated by operations (909 128) 13 402 414
Interest income 699 383 439 100
Net cash (outflow)/inflow from (209 745) 13 841 514
operating activities
Cash outflow from investing activities (3 219 661) (13 167 758)
Purchases of equities (276 537 910) (183 076 840)
Proceeds from sale of equities 990 538 292 169 909 082
In specie creations and liquidations (717 220 043) -
Net (decrease)/increase in cash and (3 429 406) 673 756
cash equivalents
Cash and cash equivalents at the 11 077 968 10 404 212
beginning of year
Cash and cash equivalents at the end of 7 648 562 11 077 968
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
Collective Investment Schemes Control Act.
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 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
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 entity 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 08:35:50 Produced by the JSE SENS Department.
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