| Fri 28 Mar 2008, 16:12 | | STXDIV - SATRIX Dividend Plus - Abridged audited results for the four months |
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JSE STXDIV
STX
STXDIV - SATRIX Dividend Plus - Abridged audited results for the four months
ended 31 December 2007
SATRIX DIVIDEND PLUS
Share code: STXDIV & ISIN: ZAE000102018
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") (the "portfolio")
ABRIDGED AUDITED RESULTS FOR THE FOUR MONTHS ENDED 31 DECEMBER 2007
Income statement
for the four months ended 31 December 2007
2007
R
REVENUE 4 153 101
Dividend income 69 810
Interest income 4 222 911
Fair value adjustment, net of transaction costs (385 724)
EXPENSES
Management and administrative expenses (819 877)
Income available for distribution 3 017 310
Distributions (3 002 050)
Undistributed income before taxation 15 260
Taxation -
Undistributed income attributable to investors 15 260
Balance sheet
at 31 December 2007
2007
R
ASSETS
Listed investments held at fair value through 349 299 066
profit and loss
Trade and other receivables 98 951 045
Cash and cash equivalents 2 722 526
Total assets 450 972 637
LIABILITIES
Trade and other payables 101 658 311
Net assets attributable to investors 349 314 326
Total liabilities 450 972 637
Statement of changes in net assets attributable to investors
for the four months ended 31 December 2007
Capital Income Total
attributabl attributabl
e to e to
investors investors
R R R
Balance at 30 August 2007 - - -
Undistributed income attributable to - 15 260 15 260
investors
Creation of securities 361 892 743 - 361 892 743
Revaluation of securities (12 593 - (12 593
677) 677)
Balance at 31 December 2007 349 299 066 15 260 349 314 326
Cash flow statement
for the four months ended 31 December 2007
2007
R
Cash generated from operations 1 887 389
Dividend income 4 153 101
Interest income 69 810
Net cash inflow from operations activities 6 110 300
Net cash outflow from investing activities (362 278 467)
Purchases of equities (471 598 849)
Proceeds from sale of equities 109 320 382
Net cash inflow from financing activities 358 890 693
Creation of securities 361 892 743
Cash distributed to investors (3 002 050)
Net increase in cash and cash equivalents for 2 722 526
the period
Notes to the financial statements
for the four months ended 31 December 2007
1. Accounting policies
The financial statements incorporate the principal accounting
policies set out below, other than as set out in 1.11.2.
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 DIVI PLUS 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 investment.
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 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 Expenses
Expenses are recognised as incurred.
1.8 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.
1.9 Finance costs
Distributions payable on redeemable units are recognised in the
income statement as finance costs under distributions.
1.10 Redeemable securities
All redeemable units 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.
1.11 Forthcoming requirements
1.11.1 Amendments adopted in the 2007 annual financial statements
The following standards, amendments to standards, and
interpretations, 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.
1.11.2 Future amendments not early adopted in the 2007 annual financial
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.
1.12 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 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 16:12:50 Produced by the JSE SENS Department.
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