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JSE STXRAF
STX2
STXRAF - Satrix Rafi 40 - Abridged Audited Results for the year ended 31
December 2010
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 2010
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2010
2010 2009
R R
Income
Dividend income 12 402 971 6 143 572
Interest income 9 724 9 990
Total income 12 412 695 6 153 562
Fair value adjustment
Realised gains on financial 60 983 970 7 282 904
instruments designated at fair
value through profit or loss
Unrealised gains on financial 3 395 947 93 336 951
instruments designated at fair
value through profit or loss
Total fair value adjustment 64 379 917 100 619 855
Expenses
Management fee (2 691 717) (1 425 273)
Transaction costs ( 325 247) ( 189 510)
Trustee and custodian fees ( 100 260) ( 130 163)
Total operating expenses (3 117 224) (1 744 946)
Increase in net assets attributable 73 675 388 105 028 471
to investors before distributions
Income distributions (9 201 318) (4 361 145)
Increase in net assets attributable 64 474 070 100 667 326
to investors after distributions
STATEMENT OF FINANCIAL POSITION
as at 31 December 2010
2010 2009
R R
ASSETS
Listed equities designated held at 545 819 089 458 861 483
fair value through profit or loss
Interest receivable 3 167 3 208
Cash and cash equivalents 354 828 258 981
Total assets 546 177 084 459 123 672
LIABILITIES
Distribution dividends payable to - -
investors
Other payables 201 774 200 120
Total liabilities (excluding net 201 774 200 120
assets attributable to investors)
Net assets attributable to 545 975 310 458 923 552
investors
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2010
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2009 121 905 400 14 598 121 919 998
Creation of Satrix RAFI 40 231 975 083 - 231 975 083
securities
Increase in net assets 100 619 855 4 408 616 105 028 471
attributable to investors
before distributions
Dividends reinvested 4 361 145 - 4 361 145
Distributions to investors - (4 361 145) (4 361 145)
Balance at 31 December 2009 458 861 483 62 069 458 923 552
Creation of Satrix RAFI 40 332 750 847 - 332 750 847
securities
Redemption of Satrix RAFI 40 (319 374 476) - (319 374 476)
securities
Increase in net assets 64 379 917 9 295 471 73 675 388
attributable to investors
before distributions
Dividends reinvested 9 201 318 - 9 201 318
Distributions to investors - (9 201 318) (9 201 318)
Balance at 31 December 2010 545 819 088 156 222 545 975 310
STATEMENT OF CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Net cash generated from operating 9 297 167 4 545 812
activities
Cash utilised by operations (3 115 569) (1 610 672)
Interest received 9 765 12 912
Dividends received 12 402 971 6 143 572
Cash (outflow) from investing (22 315 790) (236 429 662)
activities
Cash inflow from financing 13 114 470 232 068 516
activities
Creation of Satrix RAFI 40 13 114 470 232 068 516
securities
Net movement in cash and cash 95 847 184 666
equivalents
Cash and cash equivalents at the 258 981 74 315
beginning of year
Cash and cash equivalents at the end 354 828 258 981
of year
SATRIX RAFI 40 SECURITIES
During the year, 46 000 000 (2009: 47 000 000) Satrix Rafi 40 securities were
created at a value of R332 750 847 (2009: R231 975 083) and 45 000 000 (2009:
nil) Satrix Rafi 40 securities were redeemed at a value of R319 374 476. All
liquidations were in specie and creations were in specie and cash.
Distributions
The Portfolio declares dividends bi-annually. All distributions that are
made out of income of the Satrix RAFI 40 Portfolio are reinvested when
declared. The record dates are 25 June 2010 and 31 December 2010
respectively.
During the year under review the following distributions were effected per
Satrix RAFI 40 Security.
2010 2009
R R
3.83 cents per security
Declared 18 June 2010 and paid 23 3 825 299
July 2010
0.74 cents per security
Declared 19 June 2009 and paid 14 1 506 875
July 2009
6.83 cents per security
Declared 23 December 2010 and paid 5 114 118
27 January 2011
3.99 cents per security
Declared 23 December 2009 and paid 7 2 947 703
January 2010
Accrued income portion of NAV 261 901 ( 93 433)
(paid)/received on creation/
redemption of securities
9 201 318 4 361 145
Total Expense Ratio (`TER`)
The Satrix RAFI 40 Portfolio had a TER of 52.75 (2009: 54.08) basis points
(annualised) for the period 1 January to 31 December 2010. 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 South
Africa ("ASISA") standard on the calculation and publication of total
expense ratios.
Actual Expense Ratio (`AER`)
The Satrix RAFI 40 Portfolio had an AER of 60.12 (2009: 64.41) basis points
(annualised)for 2010, as determined by the Management Company. The AER is
calculated using total management expenses of the Portfolio, including
Manager and Portfolio expenses.
Statement of compliance
The financial statements are prepared in accordance with International
Financial Reporting Standards ("IFRS") issued by the International
Accounting Standards Board ("IASB"), the AC500 Standards as issued by the
Accounting Practices Board and in accordance with the requirements of the
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 financial statements incorporate the principal accounting policies set
out below, which are consistent with those adopted in the previous
financial year.
Change in presentation - Statement of Financial Position, Statement of
Comprehensive Income and Statement of Changes in Net Assets Attributable
to Investors
The formats of the statement of financial position and statements of
comprehensive income and changes in net assets attributable to investors
have been modified. The new presentation formats are in accordance with
an allowed alternative format for fund-specific entities, as contained in
IAS 32.
The new formats better reflect the income earned and available for
distribution, as well as the capital growth in the Portfolio and make for
easier understanding of the composition of the net assets attributable to
investors.
The presentation of the statement of financial position has been modified
to arrive at net assets attributable to investors. A third statement of
financial position has not been presented as the change represents a
modification to an allowed alternate form of presentation and no changes
were made to the monetary amounts of comparative figures.
Comparative figures have been restated accordingly in line with the new
presentation format.
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 2010:
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 by 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.
Audit report
KPMG Inc, the entity`s independent auditors, has audited the annual financial
statements of the Satrix RAFI 40 Portfolio from which the abridged results
contained in this announcement have been derived, and has expressed an
unmodified audit opinion on the annual financial statements. Their audit report
is available for inspection at the registered office of Satrix Managers (Pty)
Limited, First Floor, Three Exchange Square, 87 Maude Street, Sandown.
A full copy of these financial statements is available on the Satrix website
www.satrix.co.za.
31 March 2011
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 31/03/2011 17:25:59 Produced by the JSE SENS Department.
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