| Tue 8 Jun 2010, 13:48 | | STXFIN - SATRIX FINI - Abridged audited results for the year ended 31 December |
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JSE STXFIN
STX2
STXFIN - SATRIX FINI - Abridged audited results for the year ended 31 December
2009
SATRIX FINI
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: STXFIN
ISIN: ZAE000036356
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
STATEMENT OF COMPREHENSIVE LOSS
for the year ended 31 December 2009
2009 2008
R R
Investment income 34 698 335 49 429 382
Fair value adjustments, net of transaction costs (2 261 884) (1 551 783)
Management and administrative expenses (4 140 686) (3 800 584)
Distributions (28 308 623) (44 403 716)
Change in net assets attributable to investors (12 858) (326 701)
before tax
Taxation - -
Change in net assets attributable to investors (12 858) (326 701)
Total comprehensive loss (12 858) (326 701)
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
ASSETS
Listed investments held at fair value through 1 061 103 176 810 979 918
profit or loss
Trade and other receivables 703 090 3 404 709
Cash and cash equivalents 5 176 377 10 920 413
Total assets 1 066 982 643 825 305 040
LIABILITIES
Net assets attributable to investors 1 061 019 007 810 908 608
Trade and other payables 5 963 636 14 396 432
Total liabilities 1 066 982 643 825 305 040
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2009
Capital Income Total
attributable attributable
to investors to investors
R R R
Balance at 1 January 2008 940 507 827 255 392 940 763 219
Change in net assets attributable - (326 701) (326 701)
to investors
Revaluation of securities (302 459 196) - (302 459 196)
Net liquidation of securities 172 931 286 - 172 931 286
Balance at 31 December 2008 810 979 917 (71 309) 810 908 608
Change in net assets attributable - (12 858) (12 858)
to investors
Revaluation of securities 200 825 536 - 200 825 536
Net creation of securities 49 297 721 - 49 297 721
Balance at 31 December 2009 1 061 103 174 (84 167) 1 061 019 007
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash utilised by operations (4 003 764) (4 115 915)
Dividend income 33 419 211 47 189 535
Fee income: Securities lending 888 989 1 738 023
Interest income 425 610 611 175
30 730 046 45 422 818
Net cash outflow from investing activities (51 559 605) (174 483 070)
Net cash inflow from financing activities 15 085 523 131 072 781
Net creation of securities 49 297 721 172 931 286
Cash distributed to security holders (34 212 198) (41 858 505)
Net (decrease)/increase in cash and cash (5 744 036) 2 012 529
equivalents
Cash and cash equivalents at the beginning of 10 920 413 8 907 884
year
Cash and cash equivalents at the end of year 5 176 377 10 920 413
SATRIX FINI INDEX SECURITIES
Satrix FINI securities in issue
2009 2008
R R
Total securities in issue 143 736 990 134 736 990
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 FINI securities creations and liquidations
A total of Nil (2008: nil) Satrix FINI Index Securities were liquidated
during the year at a value of RNil (2008: R nil).
A total of 9 000 000 (2008: 25 000 000) Satrix FINI Index Securities were
created during the year at a value of R49 297 721 (2008: R172 931 286). Net
creations amounted to R49 297 721 (2008: R172 931 286). All creations were in
cash.
Distributions
The Portfolio effects quarterly distributions. All distributions are made out
of income of the Satrix FINI Portfolio. During the year under review the
following distributions were effected per Satrix FINI Index Security -
2009 2008
R R
2.25 cents per security
Declared 27 March 2009 and paid 8 April 2009 3 234 083 -
4.42 cents per security
Declared 27 March 2008 and paid 10 April 2008 - 4 850 375
8.67 cents per security
Declared 19 June 2009 and paid 14 July 2009 12 461 997 -
14.85 cents per security
Declared 26 June 2008 and paid 11 July 2008 - 16 295 943
5.37cents per security
Declared 17 September 2009 and paid 6 October 2009 7 718 676 -
9.57cents per security
Declared 25 September 2008 and paid 10 October 2008 - 12 894 330
3.42 cents per security
Declared 23 December 2009 and paid 7 January 2010 4 915 805 -
8.03 cents per security
Declared 22 December 2008 and paid 8 January 2009 - 10 819 380
Accrued income portion of NAV paid on creation/ (21 938) (456 312)
redemption of securities
28 308 623 44 403 716
Total Expense Ratio ("TER")
The Satrix FINI Portfolio had a TER of 45.60 (2008: 45.61) basis points
(0.4560%) (annualised) (2008: 0.4561%) 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 FINI Portfolio had an AER of 37.87 (2008: 31.32) basis points
(0.3787%) (annualised) (2008: 0.3132%) 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 FINI Portfolio and in this way the income from securities lending
proves beneficial to all holders of participatory securities in the Satrix
FINI 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 loss, 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 loss.
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 annual 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 13:48:01 Produced by the JSE SENS Department.
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