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JSE STXRAF
STX2
STXRAF - SATRIX RAFI 40 - Abridged audited results for the year ended
31 December 2011
SATRIX RAFI 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") (the "portfolio")
JSE code: STXRAF
ISIN: ZAE000126033
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 17 487 773 12 402 971
Interest income 9 590 9 724
Total income 17 497 363 12 412 695
Fair value adjustment
Realised gains on financial 17 699 552 60 983 970
instruments designated at fair
value through profit or loss
Unrealised (losses)/gains on (18 789 154) 3 395 947
financial instruments designated at
fair value through profit or loss
Total fair value adjustment (1 089 602) 64 379 917
Expenses
Management fee (3 023 231) (2 691 717)
Transaction costs (353 739) (325 247)
Trustee and custodian fees (87 253) (100 260)
Total operating expenses (3 464 223) (3 117 224)
Increase in net assets attributable 12 943 538 73 675 388
to investors before distributions
Income distributions (14 075 146) (9 201 318)
(Decrease)/Increase in net assets (1 131 608) 64 474 070
attributable to investors after
distributions
STATEMENT OF FINANCIAL POSITION
at 31 December 2011
2011 2010
R R
ASSETS
Listed equities designated held at 633 216 738 545 819 089
fair value through profit or loss
Interest receivable 2 926 3 167
Cash and cash equivalents 391 269 354 828
Total assets 633 610 933 546 177 084
LIABILITIES
Other payables 284 780 201 774
Total liabilities (excluding net 284 780 201 774
assets attributable to investors)
Net assets attributable to 633 326 153 545 975 310
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 458 861 482 62 069 458 923 551
Creation of Satrix RAFI 40 332 750 847 - 332 750 847
Securities
Redemption of Satrix RAFI 40 (319 374 476) - (319 374 476)
Securities
Increase in net assets 64 379 917 9 295 471 73 675 388
attributable to investors
before distributions
Dividends reinvested 9 201 318 - 9 201 318
Distributions to investors - (9 201 318) (9 201 318)
Balance at 31 December 2010 545 819 088 156 222 545 975 310
Creation of Satrix RAFI 40 103 711 289 - 103 711 289
Securities
Redemption of Satrix RAFI 40 (29 303 984) - (29 303 984)
Securities
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Increase in net assets (1 089 602) 14 033 140 12 943 538
attributable to investors
before distributions
Dividends reinvested 14 075 146 - 14 075 146
Distributions to investors - (14 075 146) (14 075 146)
Balance at 31 December 2011 633 211 937 114 216 633 326 153
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Net cash generated from operating 14 116 385 9 297 167
activities
Cash utilised by operations (3 381 219) (3 115 569)
Interest received 9 831 9 765
Dividends received 17 487 773 12 402 971
(88 487 250) (22 315 790)
Cash outflow from investing
activities
Purchase of underlying constituents (201 446 375) (420 532 543)
Sale of underlying constituents 112 959 125 398 216 753
74 407 305 13 114 470
Cash inflow from financing
activities
Creation of Satrix RAFI 40 103 711 289 13 114 470
Securities
Redemption of Satrix RAFI 40 (29 299 184) -
Securities
Net movement in cash and cash 36 441 95 847
equivalents
Cash and cash equivalents at the 354 828 258 981
beginning of the year
Cash and cash equivalents at the end 391 269 354 828
of the year
SATRIX RAFI 40 SECURITIES
During the year, 14 000 000 (2010: 46 000 000) Satrix Rafi 40 securities were
created at a value of R103 711 289 (2010: R332 750 847) and 4 000 000 (2010: 45
000 000) Satrix Rafi 40 securities were redeemed at a value of R29 299 184
(2010: R319 374 476). All creations and liquidations were in specie.
Distributions
The Portfolio declares dividends bi-annually. All distributions that are
made out of income of the Satrix RAFI 40 Portfolio are reinvested back into
the Portfolio. The record dates are 24 June 2011 and 30 December 2011
respectively.
During the year under review the following distributions were effected per
Satrix RAFI 40 Security.
2011 2010
R R
7.06 cents per security
Declared 24 June 2011 and paid 5 709 935
18 July 2011
3.83 cents per security
Declared 18 June 2010 and paid 3 825 299
23 July 2010
9.85 cents per security
Declared 30 December 2011 and paid 8 360 411
17 January 2012
6.83 cents per security
Declared 23 December 2010 and paid 5 114 118
27 January 2011
Accrued income portion of NAV paid 4 800 261 901
on creation/redemption of securities
Total distribution 14 075 146 9 201 318
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 RAFI 40 Portfolio had a TER of 52.75 (2010: 52.75) 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 RAFI 40 Portfolio had an AER of 59.50 (2010: 60.12) basis points
(annualised) for 2011, as determined by the Management Company. The AER is
calculated using 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.
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 IFRS13 and IFRS10, 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 RAFI 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 08:26:01 Produced by the JSE SENS Department.
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