| Tue 8 Jun 2010, 13:53 | | STXRAF - Satrix Rafi 40 - Abridged audited results for the year ended 31 |
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JSE STXRAF
STX2
STXRAF - Satrix Rafi 40 - Abridged audited results for the year ended 31
December 2009
SATRIX RAFI 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") (the "portfolio")
JSE code: STXRAF
ISIN: ZAE000126033
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 6 153 562 591 013
Fair value adjustments, net of transaction costs (189 510) (81 886)
Management and administrative expenses (1 555 436) (139 749)
Distributions (4 361 145) (354 780)
Change in net assets attributable to investors 47 471 14 598
before tax
Taxation - -
Change in net assets attributable to investors 47 471 14 598
Total comprehensive income 47 471 14 598
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
ASSETS
Listed investments held at fair value through 458 861 483 121 905 400
profit or loss
Trade and other receivables 3 208 170 940
Cash and cash equivalents 258 981 74 315
Total assets 459 123 672 122 150 655
LIABILITIES
Net assets attributable to investors 458 923 552 121 919 998
Trade and other payables 200 120 230 657
Total liabilities 459 123 672 122 150 655
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 16 October 2008 - - -
Change in net assets attributable to - 14 598 14 598
investors
Revaluation of securities 5 302 055 - 5 302 055
Net creation of securities 116 603 345 - 116 603 345
Balance at 31 December 2008 121 905 400 14 598 121 919 998
Change in net assets attributable to - 47 471 47 471
investors
Revaluation of securities 104 981 000 - 104 981 000
Net creation of securities 231 975 083 - 231 975 083
Balance at 31 December 2009 458 861 483 62 069 458 923 552
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash utilised by operations (1 421 162) (73 903)
Dividend income 6 143 572 584 204
Interest income 12 912 680
4 735 322 510 981
Net cash outflow from investing activities (236 619 172) (117 210 211)
Net cash inflow from financing activities 232 068 516
Net creation of securities 232 068 516 116 773 545
Net increase in cash and cash equivalents 184 666 74 315
Cash and cash equivalents at the beginning of 74 315 -
year
Cash and cash equivalents at the end of year 258 981 74 315
SATRIX RAFI INDEX SECURITIES
Satrix RAFI securities in issue
2009 2008
R R
Total securities in issue 73 877 270 26 877 270
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 RAFI securities creations and liquidations
A total of nil (2008: nil) Satrix RAFI Index Securities were liquidated
during the year at a value of nil (2008: R nil).
A total of 47 000 000 (2008: 26 877 270) Satrix RAFI Index Securities were
created during the year at a value of R231 975 083 (2008: R116 773 545). Net
creations/(liquidations) amounted to R231 975 083 (2008: R116 773 545). All
creations were in cash.
Distributions reinvested
Although distributions will be declared to investors in respect of income
accruals, such distributions shall not be paid to investors in cash, but
shall immediately be reinvested in the portfolio on behalf of investors,
through the purchase of constituent securities in accordance with the
calculation methodology of the index.
During the period under review the following declarations were made and
immediately reinvested according to the supplemental deed of this Portfolio.
2009 2008
R R
2.22 cents per security
Declared 19 June 2009 1 506 875 -
3.99 cents per security
Declared 23 December 2009 2 947 703 -
1.32 cents per security
Declared 22 December 2008 - 354 780
Accrued income portion of NAV (paid)/received on (93 433) -
creation/ redemption of securities
4 361 145 354 780
Total Expense Ratio ("TER")
The Satrix RAFI Portfolio had a TER of 54.08 (2008: 58.11) basis points
(0.5408%) (annualised) (2008: 0.5811%) 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 RAFI Portfolio had an AER of 64.41 (2008: 80.14) basis points
(0.6441%) (annualised) (2008: 0.8014%) 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 RAFI Portfolio and in this way the income from securities lending
proves beneficial to all holders of participatory securities in the Satrix
RAFI 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").
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 13:53:01 Produced by the JSE SENS Department.
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