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JSE STXRES
STX2
STXRES - SATRIX RESI - Abridged audited results for the year ended 31 December
2010
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 2010
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2010
2010 2009
R R
Income
Dividend income 7 146 986 9 036 996
Fee income: Securities lending 353 746 436 358
Interest income 42 544 55 034
Total income 7 543 276 9 528 388
Fair value adjustment
Realised losses on financial (75 331 083) (3 007 810)
instruments designated at fair
value through profit or loss
Unrealised gains on financial 89 963 463 134 865 946
instruments designated at fair
value through profit or loss
Total fair value adjustment 14 632 380 131 858 136
Expenses
Management fee (1 712 317) (2 356 571)
Transaction costs ( 40 999) ( 78 608)
Trustee and custodian fees ( 120 220) ( 145 155)
Total operating expenses (1 873 536) (2 580 334)
Increase in net assets 20 302 120 138 806 190
attributable to investors before
distributions
Income distributions (5 549 105) (6 673 499)
Increase in net assets 14 753 015 132 132 691
attributable to investors after
distributions
STATEMENT OF FINANCIAL POSITION
for the year ended 31 December 2010
2010 2009
R R
ASSETS
Listed equities designated held at 421 605 142 535 775 745
fair value through profit or loss
Interest receivable 4 645 6 109
Securities lending fee receivable 12 100 49 253
Other receivables 30 296 41 664
Cash and cash equivalents 1 324 740 1 158 889
Total assets 422 976 923 537 031 660
LIABILITIES
Distribution dividends payable to 875 003 669 133
investors
Other payables 134 422 345 061
Total liabilities (excluding net 1 009 425 1 014 194
assets attributable to investors)
Net assets attributable to 421 967 498 536 017 466
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 403 917 609 ( 32 834) 403 884 775
Increase in net assets 131 858 136 6 948 054 138 806 190
attributable to investors
before distributions
Distributions to investors - (6 673 499) (6 673 499)
Balance at 31 December 2009 535 775 745 241 721 536 017 466
Creation of Satrix RESI 107 989 336 - 107 989 336
securities
Redemption of Satrix RESI (236 792 319) - (236 792 319)
securities
Increase in net assets 14 632 380 5 669 740 20 302 120
attributable to investors
before distributions
Distributions to investors - (5 549 105) (5 549 105)
Balance at 31 December 2010 421 605 142 362 356 421 967 498
STATEMENT OF CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Net cash generated from operating 5 509 088 7 100 199
activities
Cash utilised by operations (2 072 805) (2 421 002)
Fee income: Securities lending 390 899 66 835
Interest received 44 008 417 370
Dividends received 7 146 986 9 036 996
Cash inflow/(outflow) from 128 802 981 -
investing activities
Cash outflow from financing (134 146 218) (7 824 030)
activities
Creation of Satrix RESI securities 107 989 336 -
Redemptions of Satrix RESI (236 792 319) -
securities
Cash distributed to security (5 343 235) (7 824 030)
holders
Net movement in cash and cash 165 851 ( 723 831)
equivalents
Cash and cash equivalents at the 1 158 889 1 882 720
beginning of year
Cash and cash equivalents at the 1 324 740 1 158 889
end of year
SATRIX RESI SECURITIES
During the year, 2 000 000 (2009: nil) Satrix Resi securities were created at a
value of R107 989 336 and 5 000 000 (2009: nil) Satrix Resi securities were
redeemed at a value of R236 792 319. All liquidations were in specie and
creations were in specie and cash.
Distributions
The Portfolio effects quarterly distributions. All distributions are made out
of income of the Satrix RESI Portfolio. The record dates are 26 March 2010,
25 June 2010, 23 September 2010 and 31 December 2010 respectively.
During the year under review the following distributions were effected per
Satrix RESI Index Security.
2010 2009
R R
22.17 cents per security
Declared 26 March 2010 and paid 15 1 881 784
April 2010
33.09 cents per security
Declared 27 March 2009 and paid 8 3 470 471
April 2009
1.25 cents per security
Declared 25 June 2010 and paid 23 106 100
July 2010
0 cents per security
Declared 19 June 2009 and paid 14 -
July 2009
34.28 cents per security
Declared 23 September 2010 and paid 1 881 277
20 October 2010
24.16 cents per security
Declared 17 September 2009 and paid 2 533 895
20 October 2009
11.69 cents per security
Declared 31 December 2010 and paid 875 344
27 January 2011
6.38 cents per security
Declared 23 December 2009 and paid 7 669 133
January 2010
Accrued income portion of NAV 804 600 -
(paid)/received on creation/
redemption of securities
5 549 105 6 673 499
Total Expense Ratio (`TER`)
The Satrix RESI Portfolio had a TER of 45.60( 2009: 55.64) 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 RESI Portfolio had an AER of 37.84 (2009: 47.71) 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 RESI Portfolio and in
this way the income from securities lending proves beneficial to all holders
of 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"), 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 RESI 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 17:28:01 Produced by the JSE SENS Department.
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