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JSE STXRES
STX
STXRES - Satrix RESI - Abridged Audited Results For The Year Ended
31 December 2008
SATRIX RESI
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: STXRES
ISIN: ZAE000078622
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008
INCOME STATEMENT
for the year ended 31 December 2008
2008 2007
R R
REVENUE
Dividend income 17 598 379 6 946 237
Fee income: Scrip lending 427 524 417 740
Interest income 154 500 37 581
18 180 403 7 401 558
Fair value adjustment, net of transaction costs (613 221) (560 880)
EXPENSES
Management and administrative expenses (2 289 357) (835 927)
Income available for distribution 15 277 825 6 004 751
Distributions (15 315 894) (6 003
386)
Change in net assets attributable to investors (38 069) 1 365
before tax
Taxation - -
Change in net assets attributable to investors (38 069) 1 365
BALANCE SHEET
as at 31 December 2008
2008 2007
R R
ASSETS
Listed investments held at fair value through 403 917 609 192 916 186
profit or loss
Trade and other receivables 48 174 911 190
Cash and cash equivalents 1 882 720 654 069
Total assets 405 848 503 194 481 445
LIABILITIES
Net assets attributable to investors 403 884 774 192 921 421
Trade and other payables 1 963 729 1 560 024
Total liabilities 405 848 503 194 481 445
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2008
Capital Income Total
attributable attributa
to investors ble to
investors
R R R
Balance at 1 January 2007 329 686 254 3 870 329 690 124
Change in net asset attributable to - 1 365 1 365
investors
Revaluation of securities 70 497 914 - 70 497 914
Net liquidation of securities (207 267 982) - (207 267 982)
Balance at 31 December 2007 192 916 186 5 235 192 921 421
Change in net assets attributable to - (38 069) (38 069)
investors
Revaluation of securities (428 392 631) - (428 392 631)
Net creation of securities 639 394 053 - 639 394 053
Balance at 31 December 2008 403 917 608 (32 834) 403 884 774
CASH FLOW STATEMENT
for the year ended 31 December 2008
2008 2007
R R
Cash utilised by operations (2 283 994) (665 760)
Dividend income 17 598 379 6 946 237
Fee income: Securities lending 422 333 429 461
Interest income 142 021 36 270
15 878 739 6 746 208
Net cash (outflow)/inflow from investing (640 007 277) 206 693 966
activities
Net cash inflow/(outflow) from financing 625 357 189 (213 209 962)
activities
Net creation/(liquidation) of securities 639 394 053 (207 267 982)
Cash distributed to security holders (14 036 864) (5 941 980)
Net increase in cash and cash equivalents 1 228 651 230 212
Cash and cash equivalents at the beginning of 654 069 423 857
year
Cash and cash equivalents at the end of year 1 882 720 654 069
NOTES TO THE FINANCIAL STATEMENTS
for the year 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").
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
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.
1.1
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 income from securities
lending activities and investment income.
1.4
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. Assets subject
to securities lending are not derecognised.
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 the expected payment is
established.
Manufactured dividends received are
recognised as income in the income statement.
1.6
Cash and cash equivalents
Cash and cash equivalents comprise bank
balances.
1.7
Taxation
Under the current system of taxation in South
Africa, the Portfolio is exempt from paying
tax on income or capital gains that are
distributed to investors. Both income and
capital gains are taxed in the hands of the
investor.
1.8
Securities lending
The Portfolio engages in securities lending
activities for up to 70% of the market value
of assets under management which is permitted
by the Portfolio Trust Deed and approved by
the Trustee. Collateral is held by the
lending desk of the relevant financial
institutions. For more detail,
1.9
Expenses
Expenses are recognised as incurred.
1.10
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 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.
1.11
Distributions
Distributions payable on redeemable
securities are recognised in the income
statement as distributions.
1.12
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 RESI
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 unit
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.
1.13
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.
1.14
Distributions
In accordance with the Portfolio`s Trust
Deed, the Portfolio distributes its
distributable income and any other amounts
determined by the Management Company, to
security holders in cash. The distributions
are payable at the end of each quarter and
recognised in the income statement as
distributions.
1.15
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.
1.16
Increase/decrease in net assets attributable
to security holders
Income not distributed is included in net
assets attributable to security holders.
1.17
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 year
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 annual 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 17:17:02 Produced by the JSE SENS Department.
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