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JSE PTXSPY
PTXSPY
PTXSPY - Proptrax SAPY - Abridged Audited Results for the Year Ended
30 June 2009
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 YEAR ENDED 30 JUNE 2009
INCOME STATEMENT
For the year ended 30 June 2009
2009 2008
R R
Income
Distribution income 21 131 527 13 240 663
Fee income 1 105 735 5 313 830
Interest income 211 794 689 014
22 449 056 19 243 507
Fair value adjustment, net of (135 376)
transaction costs -
Expenses
Management and administrative (3 117 821) (5 424 798)
expenses
Income available for distribution 19 195 859 13 818 709
Distributions paid (20 785 829) (9 800 106)
Change in net assets attributable (1 589 970)
to investors 4 018 603
Balance sheet
at 30 June 2009
2009 2008
R R
Assets
Listed investments held at fair 235 978 004
value through profit and loss 190 788 569
Trade and other receivables 57 678 83 515
Cash and cash equivalents 2 879 488 4 162 753
Total assets 238 915 170 195 034 837
Liabilities
Net assets attributable to 238 660 509 194 740 587
investors
Trade and other payables 254 661 294 250
Total liabilities 238 915 170 195 034 837
Statement of changes in net assets attributable to investors
for the year ended 30 June 2009
Capital Income Total
attributable attributable
to investors to investors
R R R
Initial issue of 6 452 020 227 804 118 - 227 804 118
securities
Additional issue of 1 400 000 50 246 000 - 50 246 000
securities
Change in net assets attributable 4 018 603 4 018 603
to investors -
Revaluation of securities (87 328 134) - (87 328 134)
Balance at 30 June 2008 190 721 984 4 018 603 194 740 587
Additional issue of 300 000 8 688 000 8 688 000
securities
Change in net assets attributable (1 589 970) (1 589 970)
to investors -
Revaluation of securities 36 821 892 - 36 821 892
Balance at 30 June 2009 236 231 876 2 428 633 238 660 509
Cash flow statement
for the year ended 30 June 2009
2009 2008
R R
Cash (utilised)/generated by (2 022 890) 99 767
operating activities
Distribution income 21 131 527 13 240 663
Interest income 211 794 689 014
Cash inflow from operating 19 320 431 14 029 444
activities
Cash outflow from investing (8 505 867) (278 116 703)
activities
Purchase of equities (18 744 616) (315 498 341)
Proceeds from sale of equities 10 238 749 37 381 638
Cash (outflow)/inflow from (12 097 829) 268 250 012
financing activities
Creation of securities 8 688 000 278 050 118
Cash distributed to unitholders (20 785 829) (9 800 106)
Net (decrease)/increase in cash and (1 283 265) 4 162 753
cash equivalents
Cash and cash equivalents at 4 162 753 -
beginning of year
Cash and cash equivalents at end of 2 879 488 4 162 753
year
Cash and cash equivalents comprise
Bank 127 683 89 343
Cash on call 2 751 805 4 073 410
2 879 488 4 162 753
NOTES TO FINANCIAL STATEMENTS
For the year ended 30 June 2009
1. Accounting policies and audit 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 financial statements incorporate the principal accounting
policies 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 as set
out in note 1.3.
They are presented in Rands which is the Trust`s functional
currency.
1.2 Statement of compliance
The financial statements are prepared in accordance with IFRS,
its interpretations adopted by the International Accounting
Standards Board ("IASB"), and the requirements of the Trust Deed
approved by the Financial Services Board and the 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
not at fair value through profit and loss, include direct
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 the reporting date.
Trade and other receivables
Trade and other receivables originated by the PropTrax Fund 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 and loss, are measured using the effective
interest method. Financial liabilities arising from the
securities issued by the PropTrax Fund 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 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 PropTrax Fund
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 PropTrax Fund 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
PropTrax Fund; 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 recognised in the income statement, using the
effective rate method taking into account the expected timing
and amount of cash flows.
Distribution income in the form of cash and manufactured
dividends are recognised when the right to receive payment is
established.
Manufactured dividends received are recognised as income in
profit or loss.
1.5 Income tax
Under the current system of taxation in South Africa, the
PropTrax Fund 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 investors. Scrip
lending fees received are used to defray the expenses of the
scheme.
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.
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 loss is reversed through profit or
loss.
1.9 Distributions
Distributions payable on redeemable units are recognised in
profit or loss as 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 shortly after the end of
each quarter and recognised in the income statement as
distributions.
1.10 Creations and redemptions
Investors can acquire Prop Trax 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 Prop Trax
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 Prop Trax securities, by the delivery
of one or more full baskets of constituents securities, are
obligated to deliver securities with a perfect match to the SAPY
Index.
Investors may sell securities by trading on the Johannesburg
Stock Exchange ("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.
1.11 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 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, the PropTrax Fund 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.
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 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 in 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 put the securities
back to the Portfolio.
1.13 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
The following standards, amendments to standards, and
interpretations, effective in future accounting periods, and
which are relevant to the PropTrax Fund 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 2009
Sponsor: Java Capital (Proprietary) Limited
Trustee: ABSA Bank Limited
Auditor: KPMG Inc.
Date: 30/09/2009 17:43:11 Produced by the JSE SENS Department.
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