| Tue 8 Jun 2010, 13:51 | | STXSWX - SATRIX SWIX TOP 40 - Abridged Audited Results For The Year Ended 31 |
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STXSWX - SATRIX SWIX TOP 40 - Abridged Audited Results For The Year Ended 31
December 2009
SATRIX SWIX TOP 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: STXSWX
ISIN: ZAE000078580
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 4 600 143 5 146 942
Fair value adjustments, net of transaction (128 598) (385 040)
costs
Management and administrative expenses (864 888) (651 313)
Distributions (3 592 113) (4 149 912)
Change in net assets attributable to investors 14 544 (39 323)
before tax
Taxation - -
Change in net assets attributable to investors 14 544 (39 323)
Total comprehensive income/(loss) 14 544 (39 323)
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
ASSETS
Listed investments held at fair value through 271 232 830 107 461 036
profit or loss
Trade and other receivables 26 049 160 691
Cash and cash equivalents 729 806 597 467
Total assets 271 988 685 108 219 194
LIABILITIES
Net assets attributable to investors 271 248 980 107 462 641
Trade and other payables 739 705 756 553
Total liabilities 271 988 685 108 219 194
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 120 204 596 40 929 120 245 525
Change in net assets attributable - (39 323) (39 323)
to investors
Revaluation of securities (43 311 683) - (43 311 683)
Net liquidation of securities 30 568 122 - 30 568 122
Balance at 31 December 2008 107 461 035 1 606 107 462 641
Change in net assets attributable - 14 544 14 544
to investors
Revaluation of securities 56 962 028 - 56 962 028
Net creation of securities 106 809 767 - 106 809 767
Balance at 31 December 2009 271 232 830 16 150 271 248 980
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash utilised by operations (815 528) (742 715)
Dividend income 4 387 087 5 039 821
Fee income: Securities lending 160 815 120 156
Interest income 39 914 64 726
3 772 288 4 481 988
Net cash outflow from investing activities (106 938 365) (30 953 161)
Net cash inflow from financing activities 103 298 416 26 662 806
Net creation of securities 106 809 767 30 568 122
Cash distributed to security holders (3 511 351) (3 905 316)
Net increase in cash and cash equivalents 132 339 191 633
Cash and cash equivalents at the beginning of 597 467 405 834
year
Cash and cash equivalents at the end of year 729 806 597 467
Satrix SWIX Top 40 Index Securities
Satrix SWIX Top 40 securities in issue
2009 2008
R R
Total securities in issue 51 718 130 25 718 130
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 SWIX Top 40 securities creations and liquidations
A total of nil (2008: 4 000 000) Satrix SWIX Top 40 Index Securities were
liquidated during the year at a value of Rnil (2008: R16 227 200).
A total of 26 000 000 (2008: 8 000 000) Satrix SWIX Top 40 Index
Securities were created during the year at a value of R106 809 767 (2008:
R46 795 322). Net creations/(liquidations) amounted to R 106 809 767
(2008: R30 568 122). All creations were in cash.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix SWIX Top 40 Portfolio. During the year under
review the following distributions were effected per Satrix SWIX Top 40
Index Security -
2009 2008
R R
2.28 cents per security
Declared 27 March 2009 and paid 8 April 2009 677 573 -
2.63 cents per security
Declared 27 March 2008 and paid 7 May 2008 - 781 587
2.32 cents per security
Declared 19 June 2009 and paid 14 July 2009 1 037 461 -
2.71 cents per security
Declared 26 June 2008 and paid 11 July 2008 - 805 361
3.03 cents per security
Declared 17 September 2009 and paid 6 October 2009 1 476 159 -
6.67 cents per security
Declared 25 September 2008 and paid 10 October 2008 - 1 982 199
1.28 cents per security
Declared 23 December 2009 and paid 7 January 2010 661 992 -
2.26 cents per security
Declared 22 December 2008 and paid 8 January 2009 - 581 230
Accrued income portion of NAV paid on creation/ (261 072) (465)
redemption of securities
3 592 113 4 149 912
Total Expense Ratio ("TER")
The Satrix SWIX Top 40 Portfolio had a TER of 45.32 (2008: 45.59) basis
points (0.4532%) (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 SWIX Top 40 Portfolio had an AER of 40.30 (2008: 46.16) basis
points (0.4030%) (annualised) (2008: 0.4616%) 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 SWIX Top 40 Portfolio and in this way the
income from securities lending proves beneficial to all holders of
participatory securities in the Satrix SWIX Top 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 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 13:51:01 Produced by the JSE SENS Department.
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