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JSE STX40
STX4
Satrix 40 - Abridged Audited Results For The Year Ended 31 December 2005
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 2005
INCOME STATEMENT
for the year ended 31 December 2005
2005 2004
R R
Income
Dividends 118 095 774 88 484 524
Fair value adjustment 1 585 822 705 599 978 583
Fee income: Securities lending 5 969 796 3 898 659
Futures: Mark to market 2 043 942 -
Interest earned 1 436 081 1 299 037
1 713 368 298 693 660 803
Expenses
Fair value adjustment (1 595 915 301) (600 491 923)
Management and administrative (10 354 609) (9 178 038)
expenses
Income available for distribution 107 098 388 83 990 842
Distributions (104 718 054) (81 152 869)
Undistributed income before 2 380 334 2 837 973
taxation
Taxation - -
Undistributed income for the year 2 380 334 2 837 973
BALANCE SHEET
at 31 December 2005
2005 2004
R R
Assets
Investments at fair value
Listed equities 5 251 347 976 3 597 393 626
Current assets 21 848 467 20 964 796
Accounts receivable 3 517 498 334 324
Loans to associated entities - 66 046
Cash and cash equivalents 18 330 969 20 564 426
Total assets 5 273 196 443 3 618 358 422
Equity and liabilities
Non-current liabilities
Liability to unitholders 5 254 210 998 3 609 824 373
Current liabilities 18 985 445 8 534 049
Accounts payable and provisions 3 106 693 2 489 052
Unitholders for distribution 15 878 752 6 044 997
Total equity and liabilities 5 273 196 443 3 618 358 422
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2005
Unredeemed Loss
R
Balance at 1 January 2004 (1 976 296)
Undistributed income for the year 2 837 973
Capital award to founding benificiaries relating to (856 336)
period prior to the Collective Investment Scheme
conversion
Balance at 31 December 2004 5 341
Undistributed income for the year 2 380 334
Classified as a non-current liability to unitholders (2 385 675)
Balance at 31 December 2005 -
CASH FLOW STATEMENT
for the year ended 31 December 2005
2005 2004
R R
Cash generated/(utilised) by 18 371 117 (2 391 700)
operations
Capital award to founding - (856 336)
beneficiaries
Interest income 1 436 081 1 299 037
Net cash inflow/(outflow) from 19 807 198 (1 948 999)
operating activities
Cash (outflow)/inflow from investing (22 040 655) 11 343 699
activities
Purchases of equities (251 908 362) (242 775 075)
Proceeds from sale of equities 183 776 718 322 432 315
In specie creations and liquidations 46 090 989 (68 313 541)
Net (decrease)/increase in cash and (2 233 457) 9 394 700
cash equivalents
Cash and cash equivalents at the 20 564 426 11 169 726
beginning of year
Cash and cash equivalents at the end 18 330 969 20 564 426
of 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
31 March 2006
Sponsor
Java Capital (Proprietary) Limited
Trustee
ABSA Bank Limited
Date: 03/04/2006 03:59:20 PM Produced by the JSE SENS Department
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