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JSE STXIND
STX2
STXIND - Satrix Indi - Abridged audited results for the year ended 31 December
2011
SATRIX INDI
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: STXIND
ISIN: ZAE000036364
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011
SATRIX INDI PORTFOLIO
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
2011 2010
R R
Income
Dividend income 17 135 075 11 981 505
Fee income: Securities lending 342 265 408 375
Interest income 130 351 89 658
Other income 79 739 -
Total income 17 687 430 12 479 538
Fair value adjustment
Realised gains on financial 59 901 569 51 307 988
instruments designated at fair
value through profit or loss
Unrealised (losses)/gains on (15 929 629) 74 772 405
financial instruments designated
at fair value through profit or
loss
Total fair value adjustment 43 971 940 126 080 393
Expenses
Management fee (2 673 915) (2 383 910)
Transaction costs (60 630) (76 100)
Trustee and custodian fees (87 886) (159 627)
Total operating expenses (2 822 431) (2 619 637)
Increase in net assets 58 836 939 135 940 294
attributable to investors before
distributions
Income distributions (14 488 403) (9 805 209)
Increase in net assets 44 348 536 126 135 085
attributable to investors after
distributions
STATEMENT OF FINANCIAL POSITION
at 31 December 2011
2011 2010
R R
ASSETS
Listed equities designated held at 597 997 607 637 382 226
fair value through profit or loss
Interest receivable 10 383 5 859
Securities lending fee receivable 23 601 23 970
Other receivables 301 644 325 573
Cash and cash equivalents 2 280 338 1 781 441
Total assets 600 613 573 639 519 069
LIABILITIES
Distributions payable to investors 1 860 567 1 577 175
Other payables 328 645 509 510
Total liabilities (excluding net 2 189 212 2 086 685
assets attributable to investors)
Net assets attributable to 598 424 361 637 432 384
investors
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 600 769 994 (4 534) 600 765 460
Redemption of Satrix INDI (89 468 161) - (89 468 161)
Securities
Increase in net assets 126 080 393 9 859 901 135 940 294
attributable to investors
before distributions
Distributions to investors - (9 805 209) (9 805 209)
Balance at 31 December 2010 637 382 226 50 158 637 432 384
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Redemption of Satrix INDI (83 356 559) - (83 356 559)
Securities
Increase in net assets 43 971 940 14 864 999 58 836 939
attributable to investors
before distributions
Distributions to investors - (14 488 403) (14 488 403)
Balance 31 December 2011 597 997 607 426 754 598 424 361
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Net cash generated from operating 14 703 908 9 856 820
activities
Cash utilised by operations (2 899 628) (2 637 222)
Fee income: Securities lending 342 634 424 205
Interest received 125 827 88 332
Dividends received 17 135 075 11 981 505
83 356 559 89 468 160
Cash inflow from investing activities
Purchase of underlying constituents (64 531 148) (44 729 445)
Sale of underlying constituents 147 887 707 134 197 605
(97 561 570) (98 693 801)
Cash outflow from financing activities
Redemption of Satrix INDI Securities (83 356 559) (89 468 161)
Cash distributed to security holders (14 205 011) (9 225 640)
Net movement in cash and cash equivalents 498 897 631 179
Cash and cash equivalents at the 1 781 441 1 150 262
beginning of the year
Cash and cash equivalents at the end of 2 280 338 1 781 441
the year
SATRIX INDI SECURITIES
During the year, 3 000 000 (2010:4 000 000) Satrix Indi securities were
redeemed at a value of R83 356 559 (2010: R89 468 161). All liquidations
were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix INDI Portfolio. The record dates are 25 March
2011, 24 June 2011, 23 September 2011 and 30 December 2011 respectively.
2011 2010
R R
9.27 cents per security
Declared 25 March 2011 and paid 2 205 190
21 April 2011
4.51 cents per security
Declared 26 March 2010 and paid 1 253 259
15 April 2010
13.18 cents per security
Declared 24 June 2011 and paid 3 135 319
18 July 2011
6.45 cents per security
Declared 25 June 2010 and paid 1 534 355
23 July 2010
33.03 cents per security
Declared 23 September 2011 and paid 6 866 427
18 October 2011
22.87 cents per security
Declared 23 September 2010 and paid 5 440 420
20 October 2010
8.95 cents per security
Declared 30 December 2011 and paid 1 860 567
17 January 2012
6.63 cents per security
Declared 31 December 2010 and paid 1 577 175
27 January 2011
Accrued income portion of NAV paid 420 900 -
on redemption of securities
Total distributions 14 488 403 9 805 209
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 INDI 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
assets.
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 INDI Portfolio had an AER of 44.64 (2010: 40.52) basis points
(annualised) for 2011, as determined by the Management Company. The AER is
calculated 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 INDI Portfolio
and in this way the income from securities lending proves beneficial to all
holders of Satrix INDI 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 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 Disclosures - Transfers Annual periods beginning on or
amendment of Financial Assets after 1 July 2011
IFRS 1 Severe Hyperinflation Annual periods beginning on or
amendment and Removal of Fixed after 1 July 2011
Dates for First-time
Adopters
IAS 12 Deferred tax: Recovery Annual periods beginning on or
amendment of Underlying Assets after 1 January 2012
IAS 1 amendment Presentation of Annual periods beginning on or
Financial Statements: after 1 July 2012
Presentation of Items of
Other Comprehensive
Income
IAS 19 Employee Benefits: Annual periods beginning on or
amendment Defined benefit plans after 1 January 2013
IAS 27 Separate Financial Annual periods beginning on or
Statements (2011) after 1 January 2013
IAS 28 Investments in Annual periods beginning on or
Associates and Joint after 1 January 2013
Ventures (2011)
IFRS 10 Consolidated Financial Annual periods beginning on or
Statements after 1 January 2013
IFRS 11 Joint Arrangements Annual periods beginning on or
after 1 January 2013
IFRS 12 Disclosure of Interests Annual periods beginning on or
in Other Entities 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 INDI 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 08:23:01 Produced by the JSE SENS Department.
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