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JSE STX40
STX2
STX40 - SATRIX 40 - Abridged audited results for the year ended 31 December 2011
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 2011
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
2011 2010
R R
Income
Dividend income 178 555 364 137 426 180
Fee income: Securities lending 3 163 537 6 947 280
Other income 1 065 427 -
Interest income 1 148 111 926 385
Total income 183 932 439 145 299 845
Fair value adjustments
Realised gains on financial instruments 447 420 089 463 142 058
designated at fair value through profit
or loss
Unrealised (losses)/gains on financial (469 538 990) 398 601 380
instruments designated at fair value
through profit or loss
Total fair value adjustments (22 118 901) 861 743 438
Expenses
Management fee (29 323 770) (27 363 001)
Trustee and custodian fees ( 332 756) ( 663 024)
Transaction costs (858 937) (1 163 168)
Total operating expenses (30 515 463) (29 189 193)
Increase in net assets attributable to 131 298 075 977 854 090
investors before distributions
Income distributions (151 335 004) (117 095 244)
(Decrease)/increase in net assets (20 036 929) 860 758 846
attributable to investors after
distributions
STATEMENT OF FINANCIAL POSITION
at 31 December 2011
2011 2010
R R
ASSETS
Listed equities designated held at fair 6 733 009 837 6 658 251 336
value through profit or loss
Interest receivable 113 857 67 793
Securities lending fee receivable 307 532 299 980
Other receivables 1 594 137 6 850 770
Cash and cash equivalents 29 742 705 20 543 414
Total assets 6 764 768 068 6 686 013 293
LIABILITIES
Distributions payable to investors 27 243 871 19 041 094
Other payables 3 784 999 10 073 473
Total liabilities (excluding net assets 31 028 870 29 114 567
attributable to investors)
Net assets attributable to investors 6 733 739 199 6 656 898 726
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 6 336 531 352 (368 018) 6 336 163 334
2010
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
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Creation of Satrix 40 821 226 143 - 821 226 143
securities
Redemption of Satrix 40 (724 348 742) - (724 348 742)
securities
Increase in net assets (22 118 901) 153 416 976 131 298 076
attributable to
investors before
distributions
Distributions to - (151 335 004) (151 335 004)
investors
Balance at 31 December 6 733 009 836 729 362 6 733 739 199
2011
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Net cash generated from operating 152 331 519 117 031 087
activities
Cash utilised by operations (30 481 877) (28 555 956)
Fee income: Securities lending 3 155 985 7 249 263
Interest received 1 102 047 911 600
Dividends received 178 555 364 137 426 180
Cash (outflow)/inflow from investing (96 877 402) 540 023 454
activities
Purchase of underlying constituents (1 260 094 506) (505 620 073)
Sale of underlying constituents 1 163 217 104 1 045 643 527
(46 254 826) (650 042 426)
Cash outflow from financing activities
Creation of Satrix 40 Securities 821 226 143 -
Redemption of Satrix 40 Securities (724 348 742) (540 023 454)
Cash distributed to security holders (143 132 227) (110 018 972)
9 199 291 7 012 115
Net movement in cash and cash
equivalents
Cash and cash equivalents at the 20 543 414 13 531 299
beginning of the year
Cash and cash equivalents at the end of 29 742 705 20 543 414
the year
SATRIX 40 SECURITIES
During the year 29 000 000 (2010: nil) Satrix 40 securities were created at a
value of R821 226 143 (2010: nil) and 25 000 000 (2010: 21 000 000) Satrix 40
securities were redeemed at a value of R724 348 742 (2010: R540 023 454). All
creations and liquidations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix 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 40 Security.
2011 2010
R R
9.54 cents per security
Declared 25 March 2011 and paid 22 179 735
21 April 2011
7.88 cents per security
Declared 26 March 2010 and paid 19 187 169
15 April 2010
16.98 cents per security
Declared 24 June 2011 and paid 38 628 140
18 July 2011
11.47 cents per security
Declared 25 June 2010 and paid 27 584 431
23 July 2010
26.82 cents per security
Declared 23 September 2011 and paid 63 427 152
18 October 2011
21.23 cents per security
Declared 23 September 2010 and paid 50 419 550
20 October 2010
11.52 cents per security
Declared 30 December 2011 and paid 27 243 877
17 January 2012
8.19 cents per security
Declared 31 December 2010 and paid 19 041 094
27 January 2011
Accrued income portion of NAV (143 900) 863 000
(paid)/received on creation/
redemption of securities
Total distribution 151 335 004 117 095 244
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 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
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 40 Portfolio had an AER of 43.32 (2010: 36.18) 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 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
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
Financial Assets on or after 1 July 2011
IFRS 1 amendment Severe Hyperinflation and Annual periods beginning
Removal of Fixed Dates for on or after 1 July 2011
First-time Adopters
IAS 12 amendment Deferred tax: Recovery of Annual periods beginning
Underlying Assets on or after 1 January
2012
IAS 1 amendment Presentation of Financial Annual periods beginning
Statements: Presentation of on or after 1 July 2012
Items of Other Comprehensive
Income
IAS 19 amendment Employee Benefits: Defined Annual periods beginning
benefit plans on or after 1 January
2013
IAS 27 Separate Financial Statements Annual periods beginning
(2011) on or after 1 January
2013
IAS 28 Investments in Associates and Annual periods beginning
Joint Ventures (2011) on or after 1 January
2013
IFRS 10 Consolidated Financial Annual periods beginning
Statements on 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
Other Entities on 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 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 08:24:01 Produced by the JSE SENS Department.
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