| Tue 30 Sep 2008, 16:38 | | PTXSPY - Proptrax SAPY - Abridged Audited Results For The Period 20 July 2007 |
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JSE PTXSPY
PTXSPY
PTXSPY - Proptrax SAPY - Abridged Audited Results For The Period 20 July 2007
To 30 June 2008
PROPTRAX SAPY
SHARE CODE: PTXSPY & ISIN: ZAE000101911
A portfolio in the Property Index Tracker Collective Investment Scheme
("PropTrax" or "the scheme") registered as such in terms of the Collective
Investment Schemes Control Act, 45 of 2002, managed by Property Index Tracker
Managers (Proprietary) Limited ("PropTrax Managers")
ABRIDGED AUDITED RESULTS FOR THE PERIOD 20 JULY 2007 TO 30 JUNE 2008
INCOME STATEMENT
For the period 20 July 2007 to 30 June 2008
2008
R
Income
Dividend income 13 240 663
Fee income 5 313 830
Interest income 689 014
19 243 507
Fair value adjustment, net of transaction costs -
Expenses
Management and administrative expenses (5 424 798)
13 818 709
Distributions paid (9 800 106)
Undistributed income
attributable to investors 4 018 603
BALANCE SHEET
At 30 June 2008
2008
R
Assets
Listed investments held at fair value
through profit or loss 190 788 569
Trade and other receivables 83 515
Cash and cash equivalents 4 162 753
Total assets 195 034 837
Liabilities
Net assets attributable to investors 194 740 587
Trade and other payables 294 250
Total liabilities 195 034 837
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
For the period 20 July 2007 to 30 June 2008
Capital Undistribute Total
attributable d income
to investors attributable
to investors
R R R
Initial issue of 227 804 118 227 804 118
6 452 020 units
Additional issue of 50 246 000 50 246 000
1 400 000 units
Undistributed income 4 018 603 4 018 603
attributable to
investors
Revaluation of (87 328 134) - (87 328 134)
securities
Balance at 30 June 190 721 984 4 018 603 194 740 587
2008
CASH FLOW STATEMENT
For the period 20 July 2007 to 30 June 2008
Cash utilised by operating activities 99 767
Dividend income 13 240 663
Interest income 689 014
Cash inflow from operating activities 14 029 444
Cash outflow from investing activities (278 116 703)
Purchase of equities (315 498 341)
Proceeds from sale of equities 37 381 638
Cash inflow from financing activities 268 250 012
Creation of securities 278 050 118
Cash distributed to unitholders (9 800 106)
Net increase in cash and cash equivalents at 4 162 753
the end of the period
NOTES TO FINANCIAL STATEMENTS
For the period 20 July 2007 to 30 June 2008
1. Accounting policies and review opinion
The audited financial statements have been prepared in accordance
with the recognition and measurement criteria of International
Financial Reporting Standards ("IFRS") and the presentation and
disclosure requirements of IAS 34, the requirements of the
Companies Act of South Africa (Act 61 of 1973) and the Collective
Investment Schemes Control Act. KPMG Inc. has audited the
financial information set out in this report. Their unqualified
audit report is available for inspection at PropTrax Manager`s
registered office.
The principal accounting policies are set out below.
1.1 Basis of preparation
The financial statements are prepared on a historic cost basis,
except for financial instruments, which are accounted for at fair
value.
They are presented in Rands which is the Scheme`s functional
currency.
1.2 Statement of compliance
The financial statements are prepared in accordance with
International Financial Reporting Standards ("IFRS"), its
interpretations issued by the International Accounting Standards
Board ("IASB"), and 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
PropTrax Fund becomes a party to the contractual provisions of
that particular instrument. Financial instruments are initially
measured at fair value which, except for financial instruments
measured at fair value through profit or loss, include 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 or
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 PropTrax are measured
at amortised cost using the effective interest method, less
impairment losses. Trade and other receivables are short-term in
nature.
Cash and cash equivalents
Cash and cash equivalents are measured at fair value.
Financial liabilities
Financial liabilities, other than those held at fair value
through profit or loss, are measured using the effective interest
method. Financial liabilities arising from the securities issued
by PropTrax are carried at the fair value representing the
investor`s right to a residual interest in the PropTrax Fund`s
net assets, i.e. the net asset value of the Scheme.
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 PropTrax 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
PropTrax 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 PropTrax;
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 rewards of the
ownership of the asset, but no longer retains control of the
asset.
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
profit or loss.
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.
Investment income
Interest income is ecognized 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
ecognized when the right to receive payment is established.
1.5 Income tax
Under the current system of taxation in South Africa, PropTrax is
exempt from paying tax on income or capital gains. Both income
and capital gains are taxed in the hands of investors.
1.6 Securities lending
The portfolio engages in securities lending activities up to 50%
of the assets under management. Collateral is held by the
relevant lending desks.
Manufactured dividends received are ecognized as income in the
profit or loss.
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 profit or loss 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 impairment is reversed through profit or loss.
1.9 Finance costs
Distributions payable on redeemable units are recognised in
profit or loss as finance costs under distributions.
1.10 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 PropTrax Fund`s net assets at redemption
date. In accordance with the Trust Deed and the Collective
Investment Schemes Control Act, PropTrax is contractually obliged
to redeem securities at the net asset value. A redemption fee,
depending on the size of the recall, would be payable by the
investor making the redemption.
1.11 Forthcoming requirements
The following standards, amendments to standards, and
interpretations, effective in future accounting periods, and
which are relevant to PropTrax have not been adopted early 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. 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 interest 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.
A full copy of these financial statements is available on request from the
company secretary. Details are available on the company`s website
www.proptrax.co.za
30 September 2008
Sponsor: Java Capital (Proprietary) Limited
Trustee: ABSA Bank Limited
Date: 30/09/2008 16:38:01 Produced by the JSE SENS Department.
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