|
JSE STXIND
STX2
STXIND - SATRIX INDI - Abridged audited results for the year ended 31 December
2010
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 2010
SATRIX INDI PORTFOLIO
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2010
2010 2009
R R
Income
Dividend income 11 981 505 10 862 060
Fee income: Securities lending 408 375 397 216
Interest income 89 658 100 684
Total income 12 479 538 11 359 960
Fair value adjustment
Realised gains on financial 51 307 988 128 926 785
instruments designated at fair
value through profit or loss
Unrealised gains on financial 74 772 405 1 502 101
instruments designated at fair
value through profit or loss
Total fair value adjustment 126 080 393 130 428 886
Expenses
Management fee (2 383 910) (2 115 270)
Transaction costs ( 76 100) ( 321 531)
Trustee and custodian fees ( 159 627) ( 184 748)
Total operating expenses (2 619 637) (2 621 549)
Increase in net assets 135 940 294 139 167 297
attributable to investors before
distributions
Income distributions (9 805 209) (8 864 518)
STATEMENT OF FINANCIAL POSITION
for the year ended 31 December 2010
2010 2009
R R
ASSETS
Listed equities designated held at 637 382 226 600 769 994
fair value through profit or loss
Interest receivable 5 859 4 533
Securities lending fee receivable 23 970 39 800
Other receivables 325 573 447 744
Cash and cash equivalents 1 781 441 1 150 262
Total assets 639 519 069 602 412 333
LIABILITIES
Distribution dividends payable to 1 577 175 997 606
investors
Other payables 509 510 649 265
Total liabilities (excluding net 2 086 685 1 646 872
assets attributable to investors)
Net assets attributable to 637 432 384 600 765 460
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 470 341 108 121 573 470 462 681
Increase in net assets 130 428 886 8 738 411 139 167 297
attributable to investors
before distributions
Distributions to investors - (8 864 518) (8 864 518)
Balance at 31 December 2009 600 769 994 ( 4 534) 600 765 460
Redemption of Satrix INDI (89 468 161) - (89 468 161)
securities
Increase in net assets 126 080 393 9 859 901 135 940 294
attributable to investors
before distributions
Distributions to investors - (9 805 209) (9 805 209)
Balance 31 December 2010 637 382 226 50 158 637 432 384
STATEMENT OF CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Net cash generated from operating 9 856 820 8 908 342
activities
Cash utilised by operations (2 637 222) (2 575 179)
Fee income: Securities lending 424 205 372 768
Interest received 88 332 101 955
Dividends received 11 981 505 11 008 798
Cash inflow/(outflow) from investing 89 468 160 -
activities
Cash outflow from financing activities (98 693 801) (8 836 729)
Redemption of Satrix INDI securities (89 468 161) -
Cash distributed to security holders (9 225 640) (8 836 729)
Net movement in cash and cash equivalents 631 179 71 613
Cash and cash equivalents at the 1 150 262 1 078 649
beginning of year
Cash and cash equivalents at the end of 1 781 441 1 150 262
year
SATRIX INDI SECURITIES
During the year, 4 000 000 (2009: nil) Satrix Indi securities were
redeemed at a value of R89 468 161. All liquidations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix INDI Portfolio. The record dates are 26 March
2010, 25 June 2010, 23 September 2010 and 31 December 2010 respectively.
2010 2009
R R
4.51 cents per security
Declared 26 March 2010 and paid 15 1 253 259
April 2010
8.16 cents per security
Declared 27 March 2009 and paid 8 2 267 538
April 2009
6.45 cents per security
Declared 25 June 2010 and paid 23 1 534 355
July 2010
6.42 cents per security
Declared 19 June 2009 and paid 14 1 784 019
July 2009
22.87 cents per security
Declared 23 September 2010 and paid 5 440 420
20 October 2010
13.73 cents per security
Declared 17 September 2009 and paid 3 815 355
20 October 2009
6.63 cents per security
Declared 31 December 2010 and paid 1 577 175
27 January 2011
3.59 cents per security
Declared 23 December 2009 and paid 7 997 606
January 2010
Cash component - -
9 805 209 8 864 518
Total Expense Ratio (`TER`)
The Satrix INDI Portfolio had a TER of 45.60 (2009: 45.59) 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 INDI Portfolio had an AER of 40.52 (2009: 43.58) 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, 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 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"), 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 INDI 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 17:26:33 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
