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JSE STXDIV
STX2
STXDIV - Satrix Dividend Plus - Abridged Audited Results for the Year Ended
31 December 2008
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 YEAR ENDED 31 DECEMBER 2008
Income statement
for the year ended 31 December 2008
2008 2007
REVENUE R R
Dividend income 17 919 747 4 153 101
Fee income: Securities lending 36 816 -
Interest income 256 102 69 810
18 212 665 4 222 911
Fair value adjustment, net of (1 083 154) (385 724)
transaction costs
EXPENSES
Management and administrative expenses (1 512 221) (819 877)
Income available for distribution 15 617 290 3 017 310
Distributions (15 441 447) (3 002 050)
Change in net assets attributable to 175 843 15 260
investors before tax
Taxation - -
Change in net assets attributable to 175 843 15 260
investors
Balance sheet
as at 31 December 2008
2008 2007
R R
ASSETS
Listed investments held at fair value 365 919 570 349 299 066
through profit or loss
Trade and other receivables 237 855 98 951 045
Cash and cash equivalents 2 684 938 2 722 526
Total assets 368 842 363 450 972 637
LIABILITIES
Net assets attributable to investors 366 110 673 349 314 326
Trade and other payables 2 731 690 101 658 311
Total liabilities 368 842 363 450 972 637
Statement of changes in net assets attributable to investors
for the year ended 31 December 2008
Capital Income Total
attributable attributable
to investors to investors
R R R
Balance at 30 August 2007 - - -
Change in net assets - 15 260 15 260
attributable to investors
Revaluation of securities (12 593 677) - (12 593 677)
Net creation of securities 361 892 743 - 361 892 743
Balance at 31 December 2007 349 299 066 15 260 349 314 326
Change in net assets - 175 843 175 843
attributable to investors
Revaluation of securities (36 133 567) - (36 133 567)
Net creation of securities 52 754 071 - 52 754 071
Balance at 31 December 2008 365 919 570 191 103 366 110 673
Cash flow statement
for the year ended 31 December 2008
2008 2007
R R
Cash utilised by operations (1 937 948) (272 532)
Dividend income 18 508 058 3 386 759
Fee income: Securities lending 32 240 -
Interest income 246 722 23 941
16 849 072 3 138 168
Net cash outflow from (53 837 225) (362 278 467)
investing activities
Net cash inflow from financing 36 950 565 361 862 825
activities
Net creation of securities 52 754 072 361 892 743
Cash distributed to security (15 803 507) (29 918)
holders
Net (decrease)/increase in (37 588) 2 722 526
cash and cash equivalents
Cash and cash equivalents at 2 722 526 -
the beginning of year
Cash and cash equivalents at 2 684 938 2 722 526
the end of year
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
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, that 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.
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 DIVI Plus 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 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 17:15:24 Produced by the JSE SENS Department.
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