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JSE STXFIN
STXF
Satrix Fini - Abridged audited results for the year ended 31 December 2005
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 2005
INCOME STATEMENT
for the year ended 31 December 2005
2005 2004
R R
Income
Dividends 47 467 145 35 982 540
Fair value adjustment 318 984 865 369 949 824
Fee income: Securities lending 1 717 046 1 147 652
Interest earned 439 100 534 881
368 608 156 407 614 897
Expenses
Fair value adjustment (325 706 258) (381 317 682)
Management and administrative expenses (2 050 020) (1 737 897)
Income available for distribution 40 851 878 24 559 318
Distributions (40 659 753) (30 727 410)
Undistributed income before taxation 192 125 (6 168 092)
Taxation - -
Undistributed income/(loss) for the 192 125 (6 168 092)
year
BALANCE SHEET
at 31 December 2005
2005 2004
R R
Assets
Investments at market value
Listed equities 1 485 866 360 1 153 713 738
Current assets 11 499 841 10 681 648
Accounts receivable 421 873 277 436
Cash and cash equivalents 11 077 968 10 404 212
Total assets 1 497 366 201 1 164 395 386
Equity and liabilities
Non-current liabilities
Liability to unitholders 1 486 012 749 1 160 114 367
Current liabilities 11 547 996 4 281 019
Loans from associated entities - 151 110
Accounts payable 294 529 244 938
Unitholders for distribution 11 058 923 3 884 971
Total equity and liabilities 1 497 366 201 1 164 395 386
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2005
Undistributed
income
R
Balance at 1 January 2004 8 825 097
Undistributed loss for the year (6 168 092)
Capital award to founding benificiaries relating to (2 654 585)
period prior to the Collective Investment Scheme
conversion
Balance at 31 December 2004 2 420
Undistributed income for the year 192 125
Classified as a non-current liability to unitholders (194 545)
Balance at 31 December 2005 -
CASH FLOW STATEMENT
for the year ended 31 December 2005
2005 2004
R R
Cash generated/(utilised) by operations 13 402 414 (422 755)
Capital award to founding beneficiaries - (2 654 585)
Interest income 439 100 534 881
Net cash inflow/(outflow) from 13 841 514 (2 542 459)
operating activities
Cash (outflow)/inflow from investing (13 167 758) 4 635 422
activities
Purchases of equities (183 076 840) (60 375 951)
Proceeds from sale of equities 169 909 082 103 662 763
In specie creations and liquidations - (38 651 390)
Net increase in cash and cash 673 756 2 092 963
equivalents
Cash and cash equivalents at the 10 404 212 8 311 249
beginning of year
Cash and cash equivalents at the end of 11 077 968 10 404 212
year
NOTES
1. Accounting policies
The financial statements incorporate the principal accounting
policies set out below, which are consistent with those adopted in
the previous financial year.
1.1 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.
1.2 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.
1.3 Financial instruments
Measurement
Financial instruments are initially measured at cost at transaction
date, which includes transaction costs. Subsequent to initial
recognition these instruments are measured as set out below.
Investments
Listed investments are shown at fair value, as represented by the
closing market value at year end as published in the financial
press.
Trade and other receivables
Trade and other receivables originated by the Trust are stated at
amortised cost less impairment charges.
Cash and cash equivalents
Cash and cash equivalents are measured at fair value at balance
sheet date.
Gains and losses on subsequent measurement
Gains and losses arising from a change in the fair value of
financial instruments are included in net profit or loss 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.
1.4 Revenue
Revenue comprises fee income from securities lending activities and
investment income.
1.5 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.
1.6 Taxation
Deferred taxation is provided using the balance sheet liability
method, based on temporary differences. Temporary differences are
the differences between the carrying values of assets and
liabilities for financial reporting purposes and their tax base.
A deferred tax asset is recognised to the extent that it is probable
that future taxable profits will be available against which the
associated unused tax losses and deductible temporary differences
can be utilised. Deferred tax assets are reduced to the extent that
it is no longer probable that the related tax benefit will be
realised.
Current tax comprises tax payable calculated on the basis of the
expected taxable income for the year, using the tax rates enacted at
the balance sheet date, and any adjustment of tax payable for
previous years.
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.
Johannesburg
03 April 2006
Sponsor
Java Capital (Proprietary) Limited
Trustee
ABSA Bank Limited
Date: 03/04/2006 04:00:11 PM Produced by the JSE SENS Department
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