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JSE STX40
STX2
STX40 - Satrix 40 - Abridged Audited Results for the year ended 31 December 2010
SATRIX 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: STX40
ISIN: ZAE000027108
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 137 426 180 120 811 863
Fee income: Securities lending 6 947 280 4 657 757
Interest income 926 385 977 320
Total income 145 299 845 126 446 940
Fair value adjustments
Realised gains on financial instruments 463 142 058 1 287 021 126
designated at fair value through profit
or loss
Unrealised gains on financial 398 601 380 155 887 706
instruments designated at fair value
through profit or loss
Total fair value adjustments 861 743 438 1 442 908 832
Expenses
Management fee (27 363 001) (25 407 414)
Trustee and custodian fees ( 663 024) ( 678 409)
Transaction costs (1 163 168) (3 688 269)
Total operating expenses (29 189 193) (29 774 092)
Increase in net assets attributable to 977 854 090 1 539 581 680
investors before distributions
Income distributions (117 095 244) (96 456 730)
Increase in net assets attributable to 860 758 846 1 443 124 950
investors after distributions
STATEMENT OF FINANCIAL POSITION
as at 31 December 2010
2010 2009
R R
ASSETS
Listed equities designated held at fair 6 658 251 336 6 336 531 352
value through profit or loss
Interest receivable 67 793 53 008
Securities lending fee receivable 299 980 601 963
Other receivables 6 850 770 9 421 522
Cash and cash equivalents 20 543 414 13 531 299
Total assets 6 686 013 293 6 360 139 144
LIABILITIES
Distribution dividends payable to 19 041 094 11 964 822
investors
Other payables 10 073 473 12 010 988
Total liabilities (excluding net assets 29 114 567 23 975 810
attributable to investors)
Net assets attributable to investors 6 656 898 726 6 336 163 334
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 4 404 022 002 584 136 4 403 437 866
2009
Creation of Satrix 40 764 325 298 - 764 325 298
securities
Redemption of Satrix 40 (274 724 780) - (274 724 780)
securities
Increase in net assets 1 442 908 832 96 672 848 1 539 581 680
attributable to
investors before
distributions
Distributions to - 96 456 730 96 456 730
investors
Balance at 31 December 6 336 531 352 368 018 6 336 163 334
2009
Redemption of Satrix 40 (540 023 454) - (540 023 454)
securities
Increase in net assets 861 743 438 116 110 652 977 854 090
attributable to
investors before
distributions
Distributions to - (117 095 244) (117 095 244)
investors
Balance at 31 December 6 658 251 336 1 352 610 6 656 898 726
2010
STATEMENT OF CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Net cash generated from operating 117 031 087 97 307 709
activities
Cash utilised by operations (28 555 956) (28 928
040)
Fee income: Securities lending 7 249 263 4 317 206
Interest received 911 600 1 106 680
Dividends received 137 426 180 120 811 863
Cash inflow/(outflow) from investing 540 023 454 (489 600
activities 518)
Cash (outflow)/inflow from financing (650 042 426) 383 274 782
activities
Creation of Satrix 40 securities - 489 600 518
Redemption of Satrix 40 securities (540 023 454)
Cash distributed to security holders (110 018 972) (106 325
736)
Net movement in cash and cash 7 012 115 (9 018
equivalents 087)
Cash and cash equivalents at the 13 531 299 22 549 386
beginning of year
Cash and cash equivalents at the end of 20 543 414 13 531 299
year
SATRIX 40 SECURITIES
During the year nil (2009: 39 000 000) Satrix 40 securities were created at a
value of Rnil (2009: R764 325 298) and 21 000 000 (2009: 12 000 000) Satrix 40
securities were redeemed at a value of R540 023 454 (2009: R274 724 780). 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 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 40 Security.
2010 2009
R R
7.88 cents per security
Declared 26 March 2010 and paid 15 19 187 169
April 2010
11.80 cents per security
Declared 27 March 2009 and paid 8 27 316 055
April 2009
11.47 cents per security
Declared 25 June 2010 and paid 23 27 584 431
July 2010
7.44 cents per security
Declared 19 June 2009 and paid 14 19 678 204
July 2009
21.23 cents per security
Declared 23 September 2010 and paid 50 419 550
20 October 2010
15.44 cents per security
Declared 17 September 2009 and paid 40 991 963
20 October 2009
8.19 cents per security
Declared 31 December 2010 and paid 27 19 041 094
January 2011
4.72 cents per security
Declared 23 December 2009 and paid 7 11 964 822
January 2010
Accrued income portion of NAV 863 000 (3 494 314)
(paid)/received on creation/
redemption of securities
117 095 244 96 456 730
Total Expense Ratio (`TER`)
The Satrix 40 Portfolio had a TER of 45.60 (2009: 49.68) 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 40 Portfolio had an AER of 36.18 (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 40 Portfolio
and in this way the income from securities lending proves beneficial to
all holders of Satrix 40 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 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 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 17:30:39 Produced by the JSE SENS Department.
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