|
JSE
JSE
JSE - Audited financial results for the year ended 31 December 2005
JSE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/022939/06)
Share Code: UJSE
ISIN Code: ZAU000000010
(JSE)
INCOME STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2005
Group Exchange
2005 2004 2005 2004
R"000 R"000 R"000 R"000
Revenue 407 999 350 670 421 050 361 437
Other operating income 25 307 33 603 15 404 15 019
Personnel expenses (117 414) (127 386) (117 414) (127 386)
Other operating expenses (276 820) (245 323) (264 465) (221 142)
Operating profit before 39 072 11 564 54 575 27 928
financing costs
Interest received 409 085 354 785 20 545 22 122
Interest paid (370 246) (315 715) (3 544) (2 000)
Net financing revenue 38 839 39 070 17 001 20 122
Share of profit from 23 966 19 132 0 0
associated companies
Profit before tax 101 877 69 766 71 576 48 050
Income tax 5 120 0 5 124 0
Profit attributable to 106 997 69 766 76 700 48 050
ordinary shareholders
Basic earnings (Cents per 1 282.9 836.5 919.6 576.1
share)
BALANCE SHEETS
AS AT 31 DECEMBER 2005
Group Exchange
2005 2004 2005 2004
R"000 R"000 R"000 R"000
Assets
Non-current assets 448 457 333 723 350 666 287 252
Property and equipment 227 022 189 047 227 022 189 047
Other financial assets 116 654 89 300 4 4
Investments in associates 79 342 55 376 95 000 95 000
Investments in subsidiaries 0 0 3 201 3 201
Deferred taxation 25 439 0 25 439 0
Current assets 6 478 006 4 903 411 374 186 335 084
Trade and other receivables 82 888 71 492 48 268 41 393
Deferred government grant 1 005 0 1 005 0
Due from subsidiaries 0 0 8 173 5 138
Due from joint venture 426 0 426 0
Margin deposits 6 031 304 4 482 874 25 287 7 513
Collateral deposits 5 908 3 625 5 908 3 625
Cash and cash equivalents 356 475 345 420 285 119 277 415
Total assets 6 926 463 5 237 134 724 852 622 336
Equity and liabilities
Share capital and reserves 682 604 558 927 522 156 445 282
Share capital 8 340 0 8 340 0
Share premium 162 779 0 162 779 0
JSE rights 0 171 119 0 171 119
Non-distributable reserve 10 058 10 058 0 0
Fair value reserve 45 581 29 075 0 0
Retained income 455 846 348 675 351 037 274 163
Non-current liabilities 77 421 79 995 77 421 83 157
Provisions 14 884 25 805 14 884 25 805
Deferred taxation 12 799 0 12 799 0
Operating lease liability 43 933 37 787 43 933 37 787
Due to SAFEX members 5 805 16 403 5 805 16 403
Due to subsidiaries 0 0 0 3 162
Current liabilities 6 166 438 4 598 212 125 275 93 897
Trade and other payables 95 017 75 008 58 763 46 054
Income tax payable 7 680 0 7 515 0
Operating lease liability 24 969 22 495 24 969 22 495
Derivative financial 1 560 4 335 1 560 4 335
instruments
Margin deposits 6 031 304 4 482 874 25 287 7 513
Collateral deposits 5 908 3 625 5 908 3 625
Due to SAFEX members 0 9 875 0 9 875
Due to subsidiaries 0 0 1 273 0
Total equity and liabilities 6 926 463 5 237 134 724 852 622 336
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2005
JSE
JSE Derivatives
Guarantee Fidelity JSE
Fund Fund JSE Share
Trust Trust Rights Capital
R"000 R"000 R"000 R"000
Group
Balance at 1 January 2004 92 663 50 000 171 119 0
(restated)
As previously reported 92 663 50 000 169 619 0
Operating lease adjustment 0 0 0 0
Increase in rights 0 0 1 500 0
Change in Accounting Policy:
Transfer from retained (20 790) 0 0 0
income
Transfer to fair value 20 790 0 0 0
reserve
Fair value gains on 8 284 0 0 0
available-for-sale
instruments
Profit attributable to 2 721 0 0 0
ordinary shareholders
Balance at 31 December 2004 103 668 50 000 171 119 0
Rights converted to shares 0 0 (171 119) 8 340
on demutualisation
Shares acquired for 0 0 0 0
employees net of IFRS2 cost
Transfer to fair value 16 234 272 0 0
reserve
Profit attributable to 6 320 0 0 0
ordinary shareholders
Balance at 31 December 2005 126 222 50 272 0 8 340
Exchange
Balance at 1 January 2004 171 119 0
(restated)
As previously reported 169 619 0
Operating lease adjustment 0 0
Increase in rights 1 500 0
Change in Accounting Policy:
Investments in associates 0 0
Profit attributable to 0 0
ordinary shareholders
(restated)
Balance at 31 December 2004 171 119 0
Rights converted to shares (171 119) 8 340
on demutualisation
Shares bought for employees 0 0
Profit attributable to 0 0
ordinary shareholders
Balance at 31 December 2005 0 8 340
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2005 (Contd.)
Non-
JSE Distribu-
Share table Retained
Premium Reserve income Total
R"000 R"000 R"000 R"000
Group
Balance at 1 January 2004 0 10 058 157 037 480 877
(restated)
As previously reported 0 10 058 206 467 528 807
Operating lease adjustment 0 0 (49 430) (49 430)
Increase in rights 0 0 0 1 500
Change in Accounting Policy:
Transfer from retained 0 0 0 (20 790)
income
Transfer to fair value 0 0 0 20 790
reserve
Fair value gains on 0 0 0 8 284
available-for-sale
instruments
Profit attributable to 0 0 67 045 69 766
ordinary shareholders
Balance at 31 December 2004 0 10 058 224 082 558 927
Rights converted to shares 162 779 0 0 0
on demutualisation
Shares acquired for 0 0 174 174
employees net of IFRS2 cost
Fair value gains on 0 0 0 16 506
available-for-sale
instruments
Profit attributable to 0 0 100 677 106 997
ordinary shareholders
Balance at 31 December 2005 162 779 10 058 324 933 682 604
Exchange
Balance at 1 January 2004 0 0 226 113 397 232
(restated)
As previously reported 0 10 058 206 729 386 406
Operating lease adjustment 0 0 (49 430) (49 430)
Increase in rights 0 0 0 1 500
Change in Accounting Policy:
Investments in associates 0 (10 058) 68 814 58 756
Profit attributable to 0 0 48 050 48 050
ordinary shareholders
Balance at 31 December 2004 0 0 274 163 445 282
Rights converted to shares 162 779 0 0 0
on demutualisation
Shares acquired for 0 0 174 174
employees net of IFRS2 cost
Profit attributable to 0 0 76 700 76 700
ordinary shareholders
Balance at 31 December 2005 162 779 0 351 037 522 156
CASH FLOW STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2005
Group Exchange
2005 2004 2005 2004
R"000 R"000 R"000 R"000
Cash generated by operations 39 237 58 622 55 922 71 164
Interest received 404 553 354 785 20 545 22 122
Interest paid (361 886) (315 715) (3 544) (2 000)
Net cash inflow from 81 904 97 692 72 923 91 286
operating activities
Cash flows from investing
activities
Investment to maintain (829) (1 726) (829) (1 726)
operations
Replacement of property and (857) (1 792) (857) (1 792)
equipment
Proceeds on disposal of 28 66 28 66
property and equipment
Investment to expand (70 020) (96 114) (64 390) (98 893)
operations
Proceeds on maturity of 57 898 26 410 0 0
other investments
Additions to other (63 528) (23 631) 0 0
investments
Leasehold improvements (2 841) (118) (2 841) (118)
Additions to property and (61 549) (98 775) (61 549) (98 775)
equipment
Net cash outflow from (70 849) (97 840) (65 219) (100 619)
investing activities
Cash flows from financing
activities
Dispossessed Members Fund 0 3 189 0 3 189
recovery
Net cash inflow from 0 3 189 0 3 189
financing activities
Net increase/(decrease) in 11 055 3 041 7 704 (6 144)
cash and cash equivalents
Cash and cash equivalents at 345 420 342 379 277 415 283 559
beginning of year
Cash and cash equivalents at 356 475 345 420 285 119 277 415
end of year
COMMENTARY TO THE AUDITED ANNUAL FINANCIAL STATEMENTS OF JSE
LIMITED FOR THE YEAR ENDED 31 DECEMBER 2005
Commentary on 2005 Results
2005 was a very successful year for the JSE. The FTSE/JSE All Share Index
reached record levels and was the world"s 7th best performing index in 2005.
The JSE maintained its zero failed trade record. There were 19 new listings in
2005 (including two inward dual listings and 6 new listings on AltX), the
largest number of new listings in 6 years. The JSE operates the world"s second
largest market in single stock futures contracts and has reached a record
average of 4 million contracts traded per month in the financial derivatives
market. The above factors have all positively impacted on the JSE"s financial
performance in 2005.
The JSE remains committed to its strategic focus of running a modern, world-
class, low cost, highly efficient market offering a wide range of financial
products to an ever-broadening and demanding investment community. The JSE has
introduced Yield-X, as a fully automated central order book market for spot and
derivative interest rate products, leveraging off its existing technology
platform. The JSE is committed to growing Yield-X in 2006. In the coming
year, the JSE will be seeking further opportunities to reduce costs and drive
synergies in the financial markets as the JSE works with its stakeholders to
position South Africa as a world-class, low cost investment destination.
Following the removal of its tax exempt status, the JSE demutualised on 1 July
2005 to become the JSE Limited.
The consolidated net profit attributable to shareholders for 2005 shows an
increase of R37,2 million (53%) over 2004.
Revenue increased by R57,3 million or 16.3% mainly as a result of the continued
strength of the markets operated by the JSE with R37,6 million attributable to
increased activity in the equity markets.
Revenue attributable to the Equity Derivatives Division was R9,2 million (23.4%)
higher than last year with nearly 49 million contracts traded during the year.
The Agricultural Products Division revenue decreased by R5,0 million (13,4%)
compared to 2004 as a result of a 6.8% reduction in the number of contracts
traded in 2005 from the record number traded in 2004.
Expenditure for the year was R21,5 million (5,8%) higher than 2004 due to
expected increases in information technology and marketing costs.
Profits from associated companies (including STRATE Ltd) increased by R4,8
million as a result of higher revenues and a decrease in expenditures incurred
by the associates.
R46,8 million was invested in 2005 in software development for the JSE"s ongoing
information technology transformation project (Project Orion). A deferred tax
asset of R25,4 million was recognised on the future tax relief resulting from
the operating lease.
Accounts receivable increased by R11 million as a result of interest not yet
received on funds invested. Accounts payable increased by R20 million as a
result of interest payable to clearing members.
The directors of the JSE have resolved to declare dividend number 1 of 136 cents
per share for the period ended 31 December 2005.
Basis of preparation
The consolidated financial statements are prepared in accordance with, and
comply with, International Financial Reporting Standards ("IFRS"). The Group
includes the JSE and the assets, liabilities and results of the operations of
the SAFEX Clearing Company (Pty) Ltd, the JSE Derivatives Fidelity Fund Trust,
the JSE Guarantee Fund Trust and JSE Trustees (Pty) Ltd.
Changes in accounting policies
Accounting policies of the Group are consistent with those adopted in the prior
year except for the following:
* JSE Trustees (Pty) Ltd, which has not been consolidated previously, has now
been consolidated;
* lease payments are now recognised on a straight-line basis in line with IAS
17; and
* the JSE Guarantee Fund Trust previously elected to recognise changes to the
fair value of available-for-sale financial instruments in the income
statement but is now required to take these changes directly to equity.
Audit opinion
These abridged financial results have been extracted from the audited financial
statements on which KPMG Inc has issued an unqualified audit report. This
report is available for inspection at the JSE"s registered offices.
Date: 15/03/2006 07:00:14 AM 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 ] | |||||||||||||
|
|||||||||||||
