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JSE STXSWX
STX2
STXSWX - SATRIX SWIX TOP 40 - Abridged audited results for the year ended 31
December 2010
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 2010
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2010
2010 2009
R R
Income
Dividend income 14 887 530 4 387 087
Fee income: Securities lending 310 294 174 799
Interest income 137 153 38 257
Total income 15 334 977 4 600 143
Fair value adjustment
Realised gains/(losses) on financial 33 377 654 (2 091 324)
instruments designated at fair value
through profit or loss
Unrealised gains on financial instruments 73 178 285 59 053 352
designated at fair value through profit or
loss
Total fair value adjustment 106 555 939 56 962 028
Expenses
Management fee (2 740 094) ( 662 276)
Transaction costs ( 221 991) ( 128 598)
Trustee and custodian fees ( 182 887) ( 202 612)
Total operating expenses (3 144 972) ( 993 486)
Increase in net assets attributable to 118 745 944 60 568 685
investors before distributions
Income distributions (12 215 767) (3 592 113)
Increase in net assets attributable to 106 530 177 56 976 572
investors after distributions
STATEMENT OF FINANCIAL POSITION
as at 31 December 2010
2010 2009
R R
ASSETS
Listed equities designated held at fair 726 517 743 271 232 830
value through profit or loss
Interest receivable 10 953 2 945
Securities lending fee receivable 31 585 18 004
Other receivables 3 708 5 100
Cash and cash equivalents 2 849 960 729 806
Total assets 729 413 949 271 988 685
LIABILITIES
Distribution dividends payable to 2 681 686 661 992
investors
Other payables 224 133 77 713
Total liabilities (excluding net assets 2 905 819 739 705
attributable to investors)
Net assets attributable to investors 726 508 130 271 248 980
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 107 461 035 1 606 107 462 641
Creation of Satrix SWIX Top 40 106 809 767 - 106 809 767
securities
Increase in net assets 56 962 028 3 606 657 60 568 685
attributable to investors
before distributions
Distributions to investors - (3 592 113) (3 592 113)
Balance at 31 December 2009 271 232 830 16 150 271 248 980
Creation of Satrix SWIX Top 40 719 557 637 - 719 557 637
securities
Redemption of Satrix SWIX Top (370 828 664) - (370 828 664)
40 securities
Increase in net assets 106 555 939 12 190 005 118 745 944
attributable to investors
before distributions
Distributions to investors - (12 215 767) (12 215 767)
Balance at 31 December 2010 726 517 742 ( 9 612) 726 508 130
STATEMENT OF CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Net cash generated from operating 12 316 228 3 643 690
activities
Cash utilised by operations (2 997 160) ( 944
126)
Fee income: Securities lending 296 713 160 815
Interest received 129 145 39 914
Dividends received 14 887 530 4 387 087
Cash outflow from investing activities (348 728 974) (106 809
767)
Cash inflow from financing activities 338 532 900 103 298 416
Creation of Satrix SWIX Top 40 securities 719 557 637 106 809 767
Redemption of Satrix SWIX Top 40 (370 828 664) -
securities
Cash distributed to security holders (10 196 073) (3 511
351)
Net movement in cash and cash equivalents 2 120 154 132 339
Cash and cash equivalents at the beginning 729 806 597 467
of year
Cash and cash equivalents at the end of 2 849 960 729 806
year
SATRIX SWIX TOP 40 SECURITIES
During the year, 137 000 000 (2009: 26 000 000) Satrix Swix Top 40 securities
were created at a value of R719 557 637 (2009: R106 809 767) and 69 000 000
(2009: nil) Satrix Swix Top 40 securities were redeemed at a value of R370 828
664 and (2009: Rnil). 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 SWIX Top 40 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 SWIX Top 40 security.
2010 2009
R R
1.34 cents per security
Declared 26 March 2010 and paid 15 April 719 823
2010
2.28 cents per security
Declared 27 March 2009 and paid 8 April 677 573
2009
3.42 cents per security
Declared 25 June 2010 and paid 23 July 6 454 160
2010
2.32 cents per security
Declared 19 June 2009 and paid 14 July 1 037 461
2009
4.30 cents per security
Declared 23 September 2010 and paid 20 5 792 880
October 2010
3.03 cents per security
Declared 17 September 2009 and paid 20 1 476 159
October 2009
2.24 cents per security
Declared 31 December 2010 and paid 27 2 681 686
January 2011
1.28 cents per security
Declared 23 December 2009 and paid 7 661 992
January 2010
Accrued income portion of NAV (3 432 782) ( 261
(paid)/received on creation/ redemption of 072)
securities
12 215 767 3 592 113
Total Expense Ratio (`TER`)
The Satrix SWIX Top 40 Portfolio had a TER of 45.60 (2009: 45.32) 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 SWIX Top 40 Portfolio had an AER of 44.31 (2009: 40.30) 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 SWIX
Top 40 Portfolio and in this way the income from securities lending proves
beneficial to all holders of Satrix SWIX Top 40 securities.
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 SWIX Top 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 17:27:01 Produced by the JSE SENS Department.
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