| Tue 8 Jun 2010, 13:49 | | STX40 - SATRIX 40 - Abridged Audited Results for the Year Ended 31 December |
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JSE STX40
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STX40 - SATRIX 40 - Abridged Audited Results for the Year Ended 31 December
2009
SATRIX 40
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: STX40
ISIN: ZAE000027108
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2009
2009 2008
R R
Investment income 126 446 940 163 254 151
Fair value adjustments, net of transaction (3 688 269) (7 154 432)
costs
Management and administrative expenses (26 085 823) (22 541 052)
Distributions (96 456 730) (136 514 106)
Change in net assets attributable to 216 118 (2 955 439)
investors before tax
Taxation - -
Change in net assets attributable to 216 118 (2 955 439)
investors
Total comprehensive income/(loss) 216 118 (2 955 439)
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
ASSETS
Listed investments held at fair value 6 336 531 352 4 404 022 002
through profit or loss
Trade and other receivables 10 076 493 4 348 125
Cash and cash equivalents 13 531 299 22 549 386
Total assets 6 360 139 144 4 430 919 513
LIABILITIES
Net assets attributable to investors 6 336 163 334 4 403 437 866
Trade and other payables 23 975 810 27 481 647
Total liabilities 6 360 139 144 4 430 919 513
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2009
Capital Income Total
attributable to attributable
investors to investors
R R R
Balance at 1 January 2008 5 000 269 497 2 371 303 5 002 640 800
Change in net assets - (2 955 439) (2 955 439)
attributable to investors
Revaluation of securities (1 293 309 721) - (1 293 309 721)
Net liquidation of 697 062 226 - 697 062 226
securities
Balance at 31 December 4 404 022 002 (584 136) 4 403 437 866
2008
Change in net assets - 216 118 216 118
attributable to investors
Revaluation of securities 1 442 908 832 - 1 442 908 832
Net creation of 489 600 518 - 489 600 518
securities
Balance at 31 December 6 336 531 352 (368 018) 6 336 163 334
2009
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash utilised by operations (25 239 831) (23 999 206)
Dividend income 120 811 863 155 120 519
Fee income: Securities lending 4 317 206 8 650 720
Interest income 1 106 680 1 941 169
100 995 918 141 713 202
Net cash outflow from investing (493 288 787) (704 216 658)
activities
Net creation of securities 489 600 518 697 062 226
Cash distributed to security holders (106 325 736) (126 871 765)
Net (decrease)/increase in cash and cash (9 018 087) 7 687 005
equivalents
Cash and cash equivalents at the 22 549 386 14 862 381
beginning of year
Cash and cash equivalents at the end of 13 531 299 22 549 386
year
Satrix 40 Index Securities
Satrix 40 securities in issue
2009 2008
R R
Total securities in issue 253 491 991 226 491 991
In terms of the Portfolio Trust Deed and CISCA, the Portfolio would be
required to pay the net asset value attributable to investors on
redemption of securities.
Satrix 40 securities creations and liquidations
A total of 12 000 000 (2008: 10 000 000) Satrix 40 Index Securities were
liquidated during the year at a value of R274 724 780 (2008: R285 052
198). All liquidations were in specie.
A total of 39 000 000 (2008: 46 000 000) Satrix 40 Index Securities were
created during the year at a value of R764 325 298 (2008: R982 114 424).
Net creations/(liquidations) amounted to R489 600 518 (2008: R697 062
226). All creations were in cash.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix 40 Portfolio.
During the year under review the following distributions were effected
per Satrix 40 Index Security -
2009 2008
R R
11.80 cents per security
Declared 27 March 2009 and paid 8 April 27 316 055 -
2009
16.03 cents per security
Declared 27 March 2008 and paid 7 May 2008 - 32 138 866
7.44 cents per security
Declared 19 June 2009 and paid 14 July 2009 19 678 204 -
11.80 cents per security
Declared 26 June 2008 and paid 11 July 2008 - 22 478 055
15.44 cents per security
Declared 17 September 2009 and paid 6 40 991 963 -
October 2009
32.46 cents per security
Declared 25 September 2008 and paid 10 - 63 456 700
October 2008
4.72 cents per security 11 964 822 -
Declared 23 December 2009 and paid 7
January 2010
9.64 cents per security
Declared 22 December 2008 and paid 8 - 21 833 828
January 2009
Accrued income portion of NAV (3 494 314) (3 393 343)
(paid)/received on creation/ redemption of
securities
96 456 730 136 514 106
Total Expense Ratio ("TER")
The Satrix 40 Portfolio had a TER of 49.68 (2008: 45.59) basis points
(0.4968%) (annualised) (2008:0.4559%) for the period 1 January to 31
December 2009. The ratio is calculated based on the ASISA standard and
does not include the cost of acquiring assets.
Increased consumer demand for greater transparency in financial services
and the recognition thereof by the collective investment industry
requires Collective Investment Scheme (`CIS`) managers to calculate and
publish a total expense ratio for each Portfolio under their management.
This is a requirement in terms of the Association for Savings and
Investments SA ("ASISA") standard on the calculation and publication of
total expense ratios.
Actual Expense Ratio ("AER")
The Satrix 40 Portfolio had an AER of 43.35 (2008: 34.65) basis points
(0.4335%) (annualised) (2008: 0.3465%) for 2009, as determined by the
Management Company. The AER is calculated using total management expenses
of the Portfolio, including Manager and Portfolio expenses, less the
income derived from securities lending activities. The Portfolio engages
in securities lending with the sole aim of reducing the net expenses of
managing the Satrix 40 Portfolio and in this way the income from
securities lending proves beneficial to all holders of participatory
securities in the Satrix 40 Portfolio.
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").
Functional and presentation currency
These financial statements are presented in South African Rand, which is
the Portfolio`s functional currency.
Accounting policies
The accounting policies applied in the preparation of the financial
statements are consistent with those adopted in the previous financial
year and are in accordance with IFRS.
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 2009:
Revised IAS 24: Related Party Disclosures - The changes introduced in the
revised IAS 24 include amendments to the definition of a related party
and related party disclosure requirements for government-related
entities.
IFRS 9: Financial Instruments - IFRS 9 deals with classification and
measurement of financial assets and will replace the relevant sections of
IAS 39.
Investment income
Investment income comprises:
income from securities lending activities;
interest on cash and cash equivalents;
dividends from listed equities designated as held at fair value through
profit or loss; and
withholding tax credits (where applicable).
Interest income
Interest income is recognised in the statement of comprehensive income,
using the effective interest method taking into account the expected
timing and amount of cash flows.
Dividend income
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 statement
of comprehensive income.
Audit report
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.
8 June 2010
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 08/06/2010 13:49:01 Produced by the JSE SENS Department.
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