| Tue 8 Jun 2010, 13:50 | | STXIND - SATRIX INDI - Abridged audited results for the year ended 31 December |
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JSE STXIND
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STXIND - SATRIX INDI - Abridged audited results for the year ended 31 December
2009
SATRIX INDI
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: STXIND
ISIN: ZAE000036364
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 11 359 960 11 109 741
Fair value adjustments, net of transaction costs (321 531) (1 260 662)
Management and administrative expenses (2 300 018) (1 967 875)
Distributions (8 864 518) (8 307 577)
Change in net assets attributable to investors (126 107) (426 373)
before tax
Taxation - -
Change in net assets attributable to investors (126 107) (426 373)
Total comprehensive loss (126 107) (426 373)
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
ASSETS
Listed investments held at fair value through 600 769 994 470 341 108
profit or loss
Trade and other receivables 492 077 167 894
Cash and cash equivalents 1 150 262 1 078 649
Total assets 602 412 333 471 587 651
LIABILITIES
Net assets attributable to investors 600 765 460 470 462 681
Trade and other payables 1 646 873 1 124 970
Total liabilities 602 412 333 471 587 651
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 407 174 519 547 946 407 722 465
Change in net assets - (426 373) (426 373)
attributable to investors
Revaluation of securities (87 686 021) - (87 686 021)
Net liquidation of securities 150 852 610 - 150 852 610
Balance at 31 December 2008 470 341 108 121 573 470 462 681
Change in net assets - (126 107) (126 107)
attributable to investors
Revaluation of securities 130 428 886 - 130 428 886
Net creation of securities - - -
Balance at 31 December 2009 600 769 994 (4 534) 600 765 460
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash utilised by operations (2 253 648) (2 112 876)
Dividend income 11 008 798 10 678 097
Fee income: Securities lending 372 768 603 184
Interest income 101 955 153 291
9 229 873 9 321 696
Net cash outflow from investing activities (321 531) (152 113 272)
Net cash (outflow)/inflow from financing (8 836 729) 143 119 081
activities
Net creation of securities - 150 852 610
Cash distributed to security holders (8 836 729) (7 733 529)
Net increase in cash and cash equivalents 71 613 327 505
Cash and cash equivalents at the beginning of 1 078 649 751 144
year
Cash and cash equivalents at the end of year 1 150 262 1 078 649
Satrix INDI Index Securities
Satrix INDI securities in issue
2009 2008
R R
Total securities in issue 27 788 457 27 788 457
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 INDI securities creations and liquidations
A total of Nil (2008: Nil) Satrix INDI Index Securities were liquidated
during the year at a value of RNil (2008: RNil).
A total of Nil (2008: 8 000 000) Satrix INDI Index Securities were created
during the year at a value of RNil (2008: R150 852 610). Net creations/
(liquidations) amounted to RNil (2008: R150 852 610). All creations were in
cash.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix INDI Portfolio. During the year under review the
following distributions were effected per Satrix INDI Index Security -
2009 2008
R R
8.16 cents per security
Declared 27 March 2009 and paid 8 April 2009 2 267 538 -
7.25 cents per security
Declared 27 March 2008 and paid 10 April 2008 - 1 434 663
6.42 cents per security
Declared 19 June 2009 and paid 14 July 2009 1 784 019 -
4.80 cents per security
Declared 26 June 2008 and paid 11 July 2008 - 1 142 178
13.73 cents per security
Declared 17 September 2009 and paid 6 October 2009 3 815 355 -
22.19 cents per security
Declared 25 September 2008 and paid 10 October 2008 - 5 278 659
3.59 cents per security
Declared 23 December 2009 and paid 7 January 2010 997 606 -
3.49 cents per security
Declared 22 December 2008 and paid 8 January 2009 - 969 817
Accrued income portion of NAV paid on creation/ - (517 740)
redemption of securities
8 864 518 8 307 577
Total Expense Ratio ("TER")
The Satrix INDI Portfolio had a TER of 45.59 (2008: 45.63) basis points
(0.4559%) (annualised) (2008: 0.4563%) 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 INDI Portfolio had an AER of 43.58 (2008: 48.09) basis points
(0.4358%) (annualised) (2008: 0.4809%) 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 INDI Portfolio and in this way the income from
securities lending proves beneficial to all holders of participatory
securities in the Satrix INDI 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 13:50:01 Produced by the JSE SENS Department.
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