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JSE STXFIN
STX2
STXFIN - SATRIX FINI - Abridged Audited Results for the year ended 31 DECEMBER
2010
SATRIX FINI
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: STXFIN
ISIN: ZAE000036356
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 33 759 866 33 419 211
Fee income: Securities lending 641 122 917 528
Interest income 255 874 361 596
Total income 34 656 862 34 698 335
Fair value adjustments
Realised gains/(losses) on financial 146 477 082 11 456 598
instruments designated at fair value
through profit or loss
Unrealised gains/(losses) on financial (42 751505) 189 368 938
instruments designated at fair value
through profit or loss
Total fair value adjustments 103 725 577 200 825 536
Expenses
Management fee (3 978 754) (3 944
666)
Transaction costs ( 178 200) (2 261
884)
Trustee and custodian fees ( 168 980) ( 196
020)
Total operating expenses (4 325 934) (6 402
570)
Increase in net assets attributable to 134 056 505 229 121 301
investors before distributions
Income distributions (30 25 8149) (28 308 623)
Increase in net assets attributable to 103 798 200 812 678
investors after distributions 356
STATEMENT OF FINANCIAL POSITION
as at 31 December 2010
2010 2009
R R
ASSETS
Listed equities designated held at fair 831 289 381 1 061 103 175
value through profit or loss
Interest receivable 18 390 19 094
Securities lending fee receivable 21 203 89 254
Other receivables 432 461 594 742
Cash and cash equivalents 5 741 363 5 176 377
Total assets 837 502 798 1 066 982 642
LIABILITIES
Distribution dividends payable to 5 524 319 4 915 805
investors
Other payables 700 487 1 047 830
Total liabilities (excluding net assets 6 224 806 5 963 635
attributable to investors)
Net assets attributable to investors 831 277 992 1 061 019 007
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 810 979 917 ( 71 309) 810 908 608
Creation of Satrix FINI 49 297 721 - 49 297 721
Securities
Increase in net assets 200 825 536 28 295 765 229 121 301
attributable to investors
Distributions to investors - (28 308 623) (28 308 623)
Balance at 31 December 2009 1 061 103 174 ( 84 167) 1 061 019 007
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Redemption of Satrix FINI (333 539 - (333 539 371)
Securities 371)
Increase in net assets 103 725 577 30 330 928 134 056 505
attributable to investors
Distributions to investors - (30 258 149) (30 258 149)
Balance at 31 December 2010 831 289 380 ( 11 388) 831 277 992
STATEMENT OF CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Net cash generated from operating activities 30 214 620 28 468 162
Cash utilised by operations (4 510 997) (6 265 648)
Fee income: Securities lending 709 173 888 989
Interest received 256 578 425 610
Dividend received 33 759 866 33 419 211
Cash inflow/(outflow) from investing 333 539 372 (49 297 721)
activities
Cash (outflow)/inflow from financing (363 189 006) 15 085 523
activities
Net redemption of Satrix FINI securities (333 539 371) 49 297 721
Cash distributed to security holders (29 649 635) (34 212 198)
Net movement in cash and cash equivalents 564 986 (5 744 036)
Cash and cash equivalents at the beginning of 5 176 377 10 920 413
year
Cash and cash equivalents at the end of year 5 741 363 5 176 377
SATRIX FINI SECURITIES
During the year, nil (2009: 9 000 000) Satrix Fini securities were created at a
value of Rnil (2009: R49 297 721) and 42 000 000 (2009: nil) Satrix Fini
securities were redeemed at a value of R333 539 371. All liquidations were in
specie and creations were in cash.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix FINI 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 FINI Security.
2010 2009
R R
1.93 cents per security
Declared 26 March 2010 and paid 15 2 677 624
April 2010
2.25 cents per security
Declared 27 March 2009 and paid 8 3 234 083
April 2009
12.27 cents per security
Declared 25 June 2010 and paid 23 13 342 029
July 2010
8.67 cents per security
Declared 19 June 2009 and paid 14 12 461 997
July 2009
5.75 cents per security
Declared 23 September 2010 and paid 5 849 877
20 October 2010
5.37 cents per security
Declared 17 September 2009 and paid 7 718 676
10 October 2009
5.43 cents per security
Declared 31 December 2010 and paid 5 524 319
27 January 2011
3.42 cents per security
Declared 23 December 2009 and paid 4 915 805
7 January 2010
Accrued income portion of NAV 2 864 300 ( 21 938)
(paid)/received on creation/
redemption of securities
30 258 149 28 308 623
Total Expense Ratio (`TER`)
The Satrix FINI Portfolio had a TER of 45.60 (2009: 45.60) 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 FINI Portfolio had an AER of 40.52 (2009: 43.35) 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 FINI
Portfolio and in this way the income from securities lending proves
beneficial to all holders of Satrix FINI 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 FINI 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 17:30:02 Produced by the JSE SENS Department.
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