| Tue 31 Mar 2009, 16:49 | | STXRAF - SATRIX RAFI 40 - Abridged Audited Results For The Three Months Ended |
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JSE STXRAF
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STXRAF - SATRIX RAFI 40 - Abridged Audited Results For The Three Months Ended
31 December 2008
SATRIX RAFI 40
Share code: STXRAF ISIN: ZAE000126033
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 THREE MONTHS ENDED 31 DECEMBER 2008
Income statement
for the three months ended 31 December 2008
2008
R
REVENUE
Dividend income 584 204
Interest income 6 809
591 013
Fair value adjustment, net of transaction costs (81 886)
EXPENSES
Management and administrative expenses (139 749)
Income available for distribution 369 378
Distributions (354 780)
Change in net assets attributable to investors 14 598
before tax
Taxation -
Change in net assets attributable to investors 14 598
Balance sheet
as at 31 December 2008
2008
R
ASSETS
Listed investments held at fair value through 121 905 400
profit or loss
Trade and other receivables 170 940
Cash and cash equivalents 74 315
Total assets 122 150 655
LIABILITIES
Net assets attributable to investors 121 919 998
Trade and other payables 230 657
Total liabilities 122 150 655
Statement of changes in net assets attributable to investors
for the three months ended 31 December 2008
Capital Income Total
attributable attributable
to investors to investors
R R R
Balance at 16 October 2008 - - -
Change in net assets - 14 598 14 598
attributable to investors
Revaluation of securities 5 302 055 - 5 302 055
Net creation of securities 116 603 345 - 116 603 345
Balance at 31 December 2008 121 905 400 14 598 121 919 998
Cash flow statement
for the three months ended 31 December 2008
2008
R
Cash utilised by operations (73 903)
Dividend income 584 204
Interest income 680
510 981
Net cash outflow from investing activities (117 210 211)
Net cash inflow from financing activities
Net creation of securities 116 773 545
Net increase in cash and cash equivalents 74 315
Cash and cash equivalents at the beginning of -
year
Cash and cash equivalents at the end of year 74 315
Notes to the financial statements
for the three months ended 31 December 2008
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 1.1.
Statement of compliance
The financial statements are prepared in accordance with
International Financial Reporting Standards ("IFRS") issued by the
International Accounting Standards Board ("IASB"), and in
accordance with the requirements of the Standard Exchange Traded
Fund Trust Deed approved by the Financial Services Board ("FSB")
and the Collective Investment Schemes Control Act No 45 of 2002
("CISCA").
The financial statements incorporate the principal accounting
policies set out below.
1.1 Financial instruments
Measurement
Financial instruments are recognised when, and only when, the
Portfolio becomes a party to the contractual provisions of that
particular instrument. Financial instruments are initially
measured at their fair value plus, in the case of instruments not
at fair value through profit and loss, transaction costs that are
directly attributable to the acquisition or issue of the
instruments. 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 are measured at amortised cost using
the effective interest rate 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 or loss, are measured at amortised cost. Financial
liabilities arising from the securities issued by the Portfolio are
measured at the fair value representing the investor`s right to an
interest in the Portfolio`s net assets, i.e. the Net Asset Value
("NAV") of the Portfolio. Changes in the fair value are included
in net profit or loss in the period in which the change arises and
is designated as at fair value through profit or loss.
Offset
Financial assets and financial liabilities are offset and the net
amount reported in the balance sheet when the Portfolio 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 Portfolio 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
Portfolio; 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 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, i.e. when the obligation specified in
the contract is discharged, cancelled or has expired.
On derecognition of a financial instrument in its entirety (or part
thereof), the difference between the carrying amount and the sum of
the consideration received (including any new asset obtained less
any new liability assumed) is recognised in profit or loss.
1.2 Trade and other payables
Trade payables and other accounts payable are recognised when the
Portfolio becomes obligated to make future payments resulting from
the purchase of goods and services.
1.3 Revenue
Revenue comprises investment income.
1.4 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 the expected payment is established.
1.5 Cash and cash equivalents
Cash and cash equivalents comprise bank balances.
1.6 Taxation
Under the current system of taxation in South Africa, the Portfolio
is exempt from paying tax on income or capital gains. Both income
and capital gains are taxed in the hands of the investor.
1.7 Expenses
Expenses are recognised as incurred.
1.8 Impairment
Financial assets that are measured at amortised cost are reviewed
at each balance sheet date to determine whether there is objective
evidence of impairment. 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 the 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 Distributions
Distributions reinvested on behalf of investors on redeemable
securities are recognised in the income statement as distributions.
1.10 Creations and redemptions
Investors can acquire Satrix securities by trading on the JSE.
These purchases will be made at the current market price of the
securities plus a brokerage fee that is negotiable with the broker
and any additional transaction costs applicable to such a trade.
The cash subscription price and the number of Satrix securities to
be issued to an investor for cash will be determined by the amount
which the investor invests (net of transaction costs) and will be a
function of the pro rata cost to the Portfolio of acquiring the
underlying basket of securities.
Investors subscribing for Satrix RAFI securities, by the delivery
of one or more full baskets of constituents securities, are
obligated to subscribe for securities in blocks of 1 million Satrix
securities.
Investors may sell securities by trading on the JSE.
Security prices are determined by reference to the net assets of
the Portfolio divided by the number of securities in issue. For
security pricing purposes, net assets are determined using the last
reported trade price for securities. These prices may differ from
the market price quoted on the JSE.
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 investor`s share. Such instruments give rise
to a financial liability for the net asset value of the redemption
amount in the Portfolio`s net assets at redemption date. In
accordance with the Portfolio`s Trust Deed and CISCA, the Portfolio
is contractually obliged to redeem securities at the net asset
value.
These securities have been designated as at fair value through
profit or loss as they eliminate an accounting mismatch due to the
underlying investments being classified as fair value through
profit or loss.
1.12 Distributions
In accordance with the Portfolio`s Trust Deed, the Portfolio
reinvests dividends on behalf of investors.
1.13 Net assets attributable to security holders
Securities are redeemable at the security holder`s option and are
therefore classified as financial liabilities. The securities may
be sold back to the Portfolio at anytime. The fair value of
redeemable securities is measured at the redemption amount that is
payable (in cash and securities representing each investor`s equal,
undivided and vested interest in the assets as a whole, subject to
liabilities, as defined by the Portfolio`s Trust Deed) at the
balance sheet date if security holders exercised their right to
sell the securities back to the Portfolio.
1.14 Increase/decrease in net assets attributable to security holders
Income not distributed is included in net assets attributable to
security holders.
1.15 Forthcoming requirements
Future amendments not early adopted in the 2008 annual financial
statements
The following standards, amendments to standards, and
interpretations, effective for the first time in the future
accounting period, and which are relevant to the Portfolio, have
not been adopted for the three months ended 31 December 2008:
IAS 1 `Presentation of Financial Statements` (effective 1 January
2009)
The changes 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 the measurement and recognition.
IAS 32 `Financial Instruments: Presentation - Puttable Financial
Instruments and Obligations arising on Liquidation`
The amendments to IAS 32 address this and require entities to
classify the following types of financial instruments as equity,
provided they have particular features and meet specific
conditions:
(i) Puttable financial instruments (for example, some shares issued
by co-operative entities); and
(ii) 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.
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.
31 March 2009
Sponsor
Java Capital (Proprietary) Limited
Trustee
ABSA Bank Limited
Date: 31/03/2009 16:49:56 Produced by the JSE SENS Department.
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