| Fri 30 Mar 2012, 8:22 | | STXSWX - SATRIX SWIX TOP 40 - Abridged audited results for the year ended |
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JSE STXSWX
STX2
STXSWX - SATRIX SWIX TOP 40 - Abridged audited results for the year ended
31 December 2011
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 2011
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
2011 2010
R R
Income
Dividend income 13 614 716 14 887 530
Fee income: Securities lending 127 348 310 294
Interest income 99 981 137 153
Other income 61 059 -
Total income 13 903 104 15 334 977
Fair value adjustment
Realised gains on financial instruments 65 637 629 33 377 654
designated at fair value through profit or
loss
Unrealised (losses)/gains on financial (62 967 264) 73 178 285
instruments designated at fair value
through profit or loss
Total fair value adjustment 2 670 365 106 555 939
Expenses
Management fee (1 952 662) (2 740 094)
Transaction costs ( 70 445) ( 221 991)
Trustee and custodian fees ( 129 972) ( 182 887)
Total operating expenses (2 153 079) (3 144 972)
Increase in net assets attributable to 14 420 390 118 745 944
investors before distributions
Income distributions (11 605 469) (12 215 767)
Increase in net assets attributable to 2 814 921 106 530 177
investors after distributions
STATEMENT OF FINANCIAL POSITION
at 31 December 2011
2011 2010
R R
ASSETS
Listed equities designated held at fair 359 283 756 726 517 743
value through profit or loss
Interest receivable 6 766 10 953
Securities lending fee receivable 11 043 31 585
Other receivables 84 985 3 708
Cash and cash equivalents 2 156 631 2 849 960
Total assets 361 543 181 729 413 949
LIABILITIES
Distributions payable to investors 1 873 108 2 681 686
Other payables 251 374 224 133
Total liabilities (excluding net assets 2 124 482 2 905 819
attributable to investors)
Net assets attributable to investors 359 418 699 726 508 130
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2011
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2010 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
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Redemption of Satrix SWIX Top (369 904 352) - (369 904 352)
40 Securities
Increase in net assets 2 670 365 11 750 025 14 420 390
attributable to investors
before distributions
Distributions to investors - (11 605 469) (11 605 469)
Balance at 31 December 2011 359 283 755 134 944 359 418 699
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Net cash generated from operating 11 720 718 12 316 228
activities
Cash utilised by operations (2 146 056) (2 997
160)
Fee income: Securities lending 147 890 296 713
Interest received 104 168 129 145
Dividends received 13 614 716 14 887 530
Cash inflow/(outflow) from investing 369 904 352 (348 728
activities 974)
Purchase of underlying constituents (44 446 153) (814 166
054)
Sale of underlying constituents 414 350 505 465 437 080
Cash (outflow)/inflow from financing
activities (382 318 399) 338 532 900
Creation of Satrix SWIX Top 40 Securities - 719 557 637
Redemption of Satrix SWIX Top 40 (369 904 352) (370 828 664)
Securities
Cash distributed to security holders (12 414 047) (10 196 073)
Net movement in cash and cash equivalents (693 329) 2 120 154
Cash and cash equivalents at the beginning
of the year 2 849 960 729 806
Cash and cash equivalents at the end of 2 156 631 2 849 960
the year
SATRIX SWIX TOP 40 SECURITIES
During the year, nil (2010: 137 000 000) Satrix Swix Top 40 securities were
created at a value of nil (2010: R719 557 637) and 61 000 000
(2010: 69 000 000) Satrix Swix Top 40 securities were redeemed at a value of
R369 904 352 and (2010: R370 828 664). All creations and liquidations were in
specie.
Distributions
The Portfolio effects quarterly distributions. All distributions are made out
of income of the Satrix SWIX Top 40 Portfolio. The record dates are 25 March
2011, 24 June 2011, 23 September 2011 and 30 December 2011 respectively.
During the year under review the following distributions were effected per
Satrix SWIX Top 40 security.
2011 2010
R R
2.10 cents per security
Declared 25 March 2011 and paid
21 April 2011 1 884 081
1.34 cents per security
Declared 26 March 2010 and paid 719 823
15 April 2010
4.79 cents per security
Declared 24 June 2011 and paid 3 626 898
18 July 2011
3.42 cents per security
Declared 25 June 2010 and paid 6 454 160
23 July 2010
5.91 cents per security
Declared 23 September 2011 and paid 3 470 241
18 October 2011
4.30 cents per security
Declared 23 September 2010 and paid 5 792 880
20 October 2010
3.19 cents per security
Declared 30 December 2011 and paid 1 873 108
17 January 2012
2.24 cents per security
Declared 31 December 2010 and paid 2 681 686
27 January 2011
Accrued income portion of NAV 751 141 (3 432 782)
received/(paid) on creation/ redemption of
securities
Total distributions 11 605 469 12 215 767
Total Expense Ratio (`TER`)
The TER is a standard measure used by the Collective Investment Scheme (`CIS`)
industry to illustrate costs of portfolios on a comparable basis. The TER
includes the management fee, audit fees, bank charges, custodian fees, costs
related to securities lending and taxes.
The Satrix SWIX Top 40 Portfolio had a TER of 45.60 (2010: 45.60) basis points
(annualised) for the period 1 January to 31 December 2011. The ratio is
calculated based on the Association for Savings and Investments South Africa
(`ASISA`) standard and does not include the cost of acquiring asset
Increased consumer demand for greater transparency in financial services and
the recognition thereof by the collective investment industry requires
managers to calculate and publish a total expense ratio for each Portfolio
under their management. This is a requirement in terms of the 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 46.33 (2010: 44.31) basis
points (annualised) for 2011, as determined by the Management Company. The AER
is calculated using using total management expenses of the Portfolio,
including management fees, audit fees, bank charges, custodian fees,
brokerage, securities lending costs and taxes 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 issued by the Accounting Practices Board and
in accordance with the requirements of the Collective Investment Schemes Control
Act of South Africa (`CISCA`), in order to meet the requirements of the Trust
Deed approved by the Financial Services Board.
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 that are
consistent with those adopted in the previous financial year.
Forthcoming requirements
New standards and interpretations not yet adopted
A number of standards, amendments to the standards and interpretations are not
effective for the year ended 31 December 2011, and have not been applied in
preparing these financial statements. All standards and interpretations issued
but not effective for the year ended 31 December 2011 have been considered.
Except for the IFRS 13 and IFRS 10, none of these are expected to have a
significant effect on the recognition and measurement of the amounts recognised
in the financial statements of the Portfolio.
Standard/Interpretation Effective date
IFRS 7 amendment Disclosures - Transfers of Annual periods beginning on
Financial Assets or after 1 July 2011
IFRS 1 amendment Severe Hyperinflation and Annual periods beginning on
Removal of Fixed Dates for or after 1 July 2011
First-time Adopters
IAS 12 amendment Deferred tax: Recovery of Annual periods beginning on
Underlying Assets or after 1 January 2012
IAS 1 amendment Presentation of Financial Annual periods beginning on
Statements: Presentation of or after 1 July 2012
Items of Other Comprehensive
Income
IAS 19 amendment Employee Benefits: Defined Annual periods beginning on
benefit plans or after 1 January 2013
IAS 27 Separate Financial Annual periods beginning on
Statements (2011) or after 1 January 2013
IAS 28 Investments in Associates Annual periods beginning on
and Joint Ventures (2011) or after 1 January 2013
IFRS 10 Consolidated Financial Annual periods beginning on
Statements or after 1 January 2013
IFRS 11 Joint Arrangements Annual periods beginning on
or after 1 January 2013
IFRS 12 Disclosure of Interests in Annual periods beginning on
Other Entities or after 1 January 2013
IFRS 13 Fair Value Measurement Annual periods beginning on
or after 1 January 2013
IFRS 9 (2009) Financial Instruments Annual periods beginning on
or after 1 January 2015
IFRS 9 (2010) Financial Instruments Annual periods beginning on
or after 1 January 2015
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.
30 March 2012
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 30/03/2012 08:22:01 Produced by the JSE SENS Department.
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