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JSE STXIND
STXI
Satrix Indi - Abridged audited results for the year ended 31 December 2005
SATRIX INDI
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: STXIND
ISIN CODE: ZAE000036364
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 28 667 473 18 775 445
Fair value adjustment 325 099 924 304 274 301
Fee income: Scrip lending fee 1 559 320 713 074
Cash components of subscription 2 800 -
amounts
Interest received 300 647 268 714
355 630 164 324 031 534
Expenses
Fair value adjustment (326 606 012) (306 612 933)
Management and administrative expenses (1 931 813) (1 599 099)
Income available for distribution 27 092 339 15 819 502
Distributions (24 679 037) (15 326 988)
Undistributed income before taxation 2 413 302 492 514
Taxation - -
Undistributed income for the year 2 413 302 492 514
BALANCE SHEET
at 31 December 2005
2005 2004
R R
Assets
Investments at market value
Listed equities 1 356 036 699 1 015 350 618
Current assets 4 848 224 4 174 447
Accounts receivable 2 823 353 277 330
Cash and cash equivalents 2 024 871 3 897 117
Total assets 1 360 884 923 1 019 525 065
Equity and liabilities
Non-current liabilities
Liability to unitholders 1 358 315 605 1 017 408 662
Current Liabilities 2 569 318 2 116 403
Loans from associated entities - 101 125
Accounts payable 588 816 219 738
Unitholders for distribution 1 980 502 1 795 540
Total equity and liabilities 1 360 884 923 1 019 525 065
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2005
Undistributed
income
R
Balance at 1 January 2004 241 384
Undistributed income for the year 492 514
Capital award to founding benificiaries relating to (726 116)
period prior to the Collective Investment Scheme
conversion
Balance at 31 December 2004 7 782
Undistributed income for the year 2 413 302
Classified as a non-current liability to unitholders (2 421 084)
Balance at 31 December 2005 -
CASH FLOW STATEMENT
for the year ended 31 December 2005
2005 2004
R R
Cash generated/(utilised) by 1 525 635 (566 318)
operations
Capital award to founding - (726 116)
beneficiaries
Interest received 300 647 268 714
Net cash flow from operating 1 826 282 (1 023 720)
activities
Cash outflow from investing activities (3 698 528) (737 728)
Purchases of equities (142 485 907) (122 307 106)
Proceeds from sale of equities 126 899 750 136 991 235
In specie creations and liquidations 11 887 629 (15 421 857)
Net decrease in cash and cash (1 872 246) (1 761 448)
equivalents
Cash and cash equivalents at the 3 897 117 5 658 565
beginning of year
Cash and cash equivalents at the end 2 024 871 3 897 117
of year
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 04:01:11 PM Produced by the JSE SENS Department
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