| Tue 8 Jun 2010, 13:52 | | STXRES - Satrix RESI - Abridged Audited Results for the Year Ended 31 December |
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JSE STXRES
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STXRES - Satrix RESI - Abridged Audited Results for the Year Ended 31 December
2009
SATRIX RESI
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: STXRES
ISIN: ZAE000078622
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 9 528 388 18 180 403
Fair value adjustments, net of transaction costs (78 609) (613 221)
Management and administrative expenses (2 501 725) (2 289 357)
Distributions (6 673 499) (15 315 894)
Change in net assets attributable to investors 274 555 (38 069)
before tax
Taxation - -
Change in net assets attributable to investors 274 555 (38 069)
Total comprehensive income/(loss) 274 555 (38 069)
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
ASSETS
Listed investments held at fair value through 535 775 745 403 917 609
profit or loss
Trade and other receivables 97 026 48 174
Cash and cash equivalents 1 158 889 1 882 720
Total assets 537 031 660 405 848 503
LIABILITIES
Net assets attributable to investors 536 017 466 403 884 774
Trade and other payables 1 014 194 1 963 729
Total liabilities 537 031 660 405 848 503
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2009
Capital Income Total
attributable attributab
to investors le to
investors
R R R
Balance at 1 January 2008 192 916 186 5 235 192 921 421
Change in net asset attributable - (38 069) (38 069)
to investors
Revaluation of securities (428 392 631) - (428 392 631)
Net liquidation of securities 639 394 053 - 639 394 053
Balance at 31 December 2008 403 917 608 (32 834) 403 884 774
Change in net assets attributable - 274 555 274 555
to investors
Revaluation of securities 131 858 137 - 131 858 137
Net creation of securities - - -
Balance at 31 December 2009 535 775 745 241 721 536 017 466
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash utilised by operations (2 342 393) (2 283 994)
Dividend income 9 036 996 17 598 379
Fee income: Securities lending 417 370 422 333
Interest income 66 835 142 021
7 178 808 15 878 739
Net cash outflow from investing activities (78 609) (640 007 277)
Net cash (outflow)/inflow from financing (7 824 030) 625 357 189
activities
Net creation of securities - 639 394 053
Cash distributed to security holders (7 824 030) (14 036 864)
Net (decrease)/increase in cash and cash (723 831) 1 228 651
equivalents
Cash and cash equivalents at the beginning of 1 882 720 654 069
year
Cash and cash equivalents at the end of year 1 158 889 1 882 720
Satrix RESI Index Securities
Satrix RESI securities in issue
2009 2008
R R
Total securities in issue 10 487 975 10 487 975
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 RESI securities creations and liquidations
A total of Nil (2008: 7 000 000) Satrix RESI Index Securities were
liquidated during the year at a value of RNil (2008: R320 345 312).
A total of Nil (2008: 14 000 000) Satrix RESI Index Securities were created
during the year at a value of RNil (2008: R959 739 365). Net
creations/(liquidations) amounted to RNil (2008: R639 394 053). All
creations were in cash.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix RESI Portfolio. During the year under review the
following distributions were effected per Satrix RESI Index Security -
2009 2008
R R
33.09 cents per security
Declared 27 March 2009 and paid 8 April 2009 3 470 471 -
45.75 cents per security
Declared 27 March 2008 and paid 7 May 2008 - 1 595 749
0.00 cents per security - -
Declared for June 2009
0.66 cents per security
Declared 26 June 2008 and paid 11 July 2008 - 56 021
24.16 cents per security
Declared 25 September 2009 and paid 6 October 2009 2 533 895 -
72.81 cents per security
Declared 25 September 2008 and paid 10 October 2008 - 11 276 795
6.38 cents per security
Declared 23 December 2009 and paid 7 January 2010 669 133
17.35 cents per security
Declared 22 December 2008 and paid 8 January 2009 - 1 819 664
Accrued income portion of NAV received on creation/ - 567 665
redemption of securities
6 673 499 15 315 894
Total Expense Ratio ("TER")
The Satrix RESI Portfolio had a TER of 55.64 (2008: 45.55) basis points
(0.5564%) (annualised) (2008: 0.4555%) 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 RESI Portfolio had an AER of 47.71 (2008: 39.10) basis points
(0.4771%) (annualised) (2008: 0.3910%) 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 RESI Portfolio and in this way the income from
securities lending proves beneficial to all holders of participatory
securities in the Satrix RESI 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 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 Manager (Proprietary) Limited
Date: 08/06/2010 13:52:01 Produced by the JSE SENS Department.
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