| Fri 28 Mar 2008, 16:15 | | STXIND - SATRIX INDI - Abridged audited results for the year ended 31 December |
|
JSE STXIND
STX2
STXIND - SATRIX INDI - Abridged audited results for the year ended 31 December
2007
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 2007
INCOME STATEMENT
for the year ended 31 December 2007
2007 2006
R R
REVENUE
Dividend income 9 308 288 28 064 535
Fee income: Securities lending 713 476 1 765 550
Interest income 156 408 358 877
Recovery of withholding tax on income 8 746 -
10 186 918 30 188 962
Fair value adjustments, net of transaction (547 218) (619 830)
costs
EXPENSES
Management and administrative expenses (1 972 428) (2 679 674)
Income available for distribution 7 667 272 26 889 458
Distributions (8 493 504) (27 936 364)
Undistributed loss before taxation (826 232) (1 046 906)
Taxation - -
Undistributed loss attributable to investors (826 232) (1 046 906)
BALANCE SHEET
at 31 December 2007
2007 2006
R R
ASSETS
Listed investments held at fair value through profit 407 174 780 743 206
and loss 519
Trade and other receivables 9 416 725 18 791 567
Cash and cash equivalents 751 144 737 548
Total assets 417 342 800 272 321
388
LIABILITIES
Trade and other payables 9 619 923 18 340 872
Net assets attributable to investors 407 722 781 931 449
465
Total liabilities 417 342 800 272 321
388
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2007
Capital Income Total
attributable attributabl
to investors e to
investors
R R R
Balance at 1 January 2006 1 355 894 521 2 421 084 1 358 315 605
Undistributed loss attributable to (1 046 906) (1 046 906)
investors
Liquidation of securities (949 972 223) (949 972 223)
Revaluation of securities 374 634 973 374 634 973
Balance at 31 December 2006 780 557 271 1 374 178 781 931 449
Undistributed loss attributable to (826 232) (826 232)
investors
Liquidation of securities (463 270 915) (463 270 915)
Revaluation of securities 89 888 163 89 888 163
Balance at 31 December 2007 407 174 519 547 946 407 722 465
CASH FLOW STATEMENT
for the year ended 31 December 2007
2007 2006
R R
Cash utilised by operations (596 313) (1 110 784)
Dividend income 9 308 288 28 064 535
Interest income 156 408 358 877
Net cash inflow from operating activities 8 868 383 27 312 628
Net cash inflow from investing activities 462 909 632 949 308 636
Purchases of equities (88 857 638) (148 511 664)
Proceeds from sale of equities 551 767 270 1 097 820 300
Net cash outflow from financing activities (471 764 419) (977 908 587)
Liquidation of securities (463 270 915) (949 972 223)
Cash distributed to unitholders (8 493 504) (27 936 364)
Net increase/(decrease) in cash and cash 13 596 (1 287 323)
equivalents
Cash and cash equivalents at the beginning of 737 548 2 024 871
year
Cash and cash equivalents at the end of year 751 144 737 548
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2007
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, other than as set out in 1.12.2.
1.1 Basis of preparation
The financial statements are prepared on the 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, and in accordance with the requirements of the Trust
Deed and Collective Investment Schemes Control Act No 45 of 2002.
1.3 Financial instruments
Measurement
Financial instruments are recognised when, and only when, the Satrix
INDI Trust (the Trust) becomes a party to the contractual provisions
of that particular instrument. Financial instruments are initially
measured at fair value, and for instruments not at fair value through
profit and loss, any directly attributable transaction costs.
Subsequent to initial recognition these instruments are measured as
set out below.
Investments
Listed investments are measured at fair value through profit and loss.
Fair value is determined with reference to quoted market prices at the
balance sheet date, as published in the financial press at reporting
date.
Trade and other receivables
Trade and other receivables originated by the Trust are measured at
amortised cost using the effective interest method, less impairment
losses. Trade and other receivables are short term in nature and are
not discounted.
Cash and cash equivalents
Cash and cash equivalents are measured at amortised cost.
Financial liabilities
Financial liabilities, other than those held at fair value through
profit and loss, are measured using the effective interest method.
Financial liabilities arising from the units issued by the Trust are
carried at the fair value representing the investor`s right to a
residual interest in the Trust`s net assets, i.e. the Net Asset Value
of the Trust.
Fair value gains and losses on subsequent measurement
Unrealised 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 Trust 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.
Derecognition of financial instruments
The Trust derecognises financial assets when and only when:
The contractual rights to the cash flows arising from the financial
assets have expired or have been forfeited by the Trust; or
It transfers the financial assets including substantially all the
risks and rewards of ownership of the assets; or
It transfers the financial assets, neither retaining nor transferring
substantially all the risks and reward of ownership of the asset, but
no longer retains control of the assets.
A financial liability is derecognised when and only when the liability
is extinguished, this is, when the obligation specified in the
contract is discharged, cancelled or has expired.
The difference between the carrying amount of a financial liability
(or part thereof) extinguished or transferred to another party and
consideration paid, including any non-cash assets transferred or
liabilities assumed, is recognised in the income statement.
1.4 Revenue
Revenue comprises income from securities lending activities and
investment income.
Securities lending fee income
The fees earned for the administration of securities lending
activities are accounted for on an accrual basis in the period in
which the service is rendered.
1.5 Investment income
Interest income is recognised in the income statement, using the
effective rate method taking into account the expected timing and
amount of cash flows.
Dividends in the form of cash and manufactured dividends are
recognised when the right to receive payment is established.
1.6 Taxation
Under the current system of taxation in South Africa, the Trust is
exempt from paying tax on income or capital gains. Both income and
capital gains are taxed in the hands of the investors.
1.7 Securities lending
The portfolio engages in securities lending activities up to 70% of
the assets under management. Collateral is held by the relevant
lending desks.
Manufactured dividends received is recognised as income in the income
statement.
1.8 Expenses
Expenses are recognised as incurred
1.9 Impairment
Financial assets that are stated at cost or amortised cost are
reviewed at each balance sheet date to determine whether there is
objective evidence of impairment. If any such indication exists, an
impairment loss is recognised in the income statement as the
difference between the asset`s carrying amount and the present value
of estimated future cash flows discounted at the financial asset`s
original effective interest rate. If in a subsequent period the
amount of an impairment loss recognised on a financial asset carried
at amortised cost decreases and the decrease can be linked objectively
to an event occurring after the write down, the write down is reversed
through the income statement.
1.10 Finance costs
Distributions payable on redeemable units are recognised in the income
statement as finance costs under distributions.
1.11 Redeemable securities
All redeemable securities issued by the scheme provide investors with
the right to require redemption for cash or in specie at the value
proportionate to the investors` share. Such instruments give rise to a
financial liability for the net asset value of the redemption amount
in the Trust`s net assets at redemption date. In accordance with the
Trust Deed and the Collective Investment Schemes Control Act, the
Trust is contractually obliged to redeem securities at the net asset
value.
1.12 Forthcoming requirements
1.12. Amendments adopted in the 2007 annual financial statements
1
The following standards, amendments to standards, and interpretations,
effective for the first time in the current accounting period, and
which are relevant to the Trust, have been adopted in these financial
statements:
IAS 1 amendment, `Additional disclosures in relation to an entity`s
capital` (effective 1 January 2007);
IFRS 7 `Financial Instruments: Disclosures` (effective 1 January
2007). IFRS 7 supersedes IAS 32 `Financial Instruments: Disclosure and
Presentation`. In particular, IFRS 7 requires additional disclosure
over and above that required by IAS 32 in respect of :
The significance of financial instruments for an entity`s financial
position and performance; and
The nature and extent of risks arising from financial instruments; and
Capital objectives and policies.
1.12. Future amendments not early adopted in the 2007 annual financial
2 statements
The following standards, amendments to standards, and interpretations,
effective in future accounting periods, and which are relevant to the
Trust have not been early adopted in these financial statements:
IAS 1 `Presentation of Financial Statements` (effective 1 January
2009). The changes include a comprehensive revision of primary
statements, and include a requirement to introduce a statement of
comprehensive income. There will be some limited presentational
changes as a result of the introduction of this standard but no
changes in measurement or recognition.
IAS 39 Financial Instruments: Puttable at fair value. The amendments
to IAS 32 address this issue and require entities to classify the
following types of financial instruments as equity, provided they have
particular features and meet specific conditions:
Puttable financial instruments (for example, some shares issued by co-
operative entities); and
Instruments, or components of instruments, that impose on the entity
an obligation to deliver to another party a pro rata share of the net
assets of the entity only on liquidation (for example, some
partnership interests and some shares issued by limited life
entities). Additional disclosures are required for the instruments
affected by the amendments. The amendments will apply for annual
periods beginning on or after 1 January 2009, with earlier application
permitted.
1.13 Comparative figures
Where necessary, comparative figures have been reclassified for
presentation purposes. The reclassifications include:
Statement of changes in net assets attributable to investors, where
the investor liability has been split to disclose the capital and
income components.
Cash flow statement, where liquidations and creations of securities as
well as distributions to investors have been reclassified from
investing activities to financing activities.
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 annual financial
statements is available on the Satrix website www.satrix.co.za.
28 March 2008
Sponsor
Java Capital (Proprietary) Limited
Trustee
ABSA Bank Limited
Date: 28/03/2008 16:15:50 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
