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Abridged audited results for the year ended 31 December 2012 - STXSWX
SATRIX SWIX TOP 40
JSE Code: STXSWX
ISIN: ZAE000078580
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")
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2012
2012 2011
R R
Income
Dividend income 10 643 536 13 614 716
Fee income: Securities lending 85 322 127 348
Interest income 175 294 99 981
Other income - 61 059
Total income 10 904 152 13 903 104
Expenses
Management fee (1 328 373) (1 952 662)
Transaction costs (133 844) (70 445)
Trustee and custodian fees (147 100) (129 972)
Total operating expenses (1 609 317) (2 153 079)
Income attributable to investors before
distributions 9 294 835 11 750 025
Income distributions (9 358 140) (11 605 469)
Realised gains on financial instruments
designated at fair value through profit or 55 783 876 65 637 629
loss
Unrealised gains/(losses) on financial
instruments designated at fair value 1 557 712 (62 967 264)
through profit or loss
Total fair value adjustment 57 341 588 2 670 365
Increase in net assets attributable to
investors after distributions 57 278 283 2 814 921
STATEMENT OF FINANCIAL POSITION
at 31 December 2012
2012 2011
R R
ASSETS
Listed equities designated held at fair
value through profit or loss 195 596 512 359 283 756
Interest receivable 3 067 6 766
Securities lending fee receivable 3 928 11 403
Other receivables 910 84 985
Underlying securities sold and not settled 1 613 983 -
Cash and cash equivalents 926 755 2 156 631
Total assets 198 145 155 361 543 181
LIABILITIES
Distributions payable to investors 774 116 1 873 108
Other payables 78 028 251 374
Underlying securities purchased and not
settled 1 624 861 -
Total liabilities (excluding net assets
attributable to investors) 2 477 005 2 124 482
Net assets attributable to investors 195 668 150 359 418 699
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2012
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2011 726 517 742 (9 612) 726 508 130
Redemption of Satrix SWIX Top
40 Securities (369 904 352) - (369 904 352)
Increase in net assets
attributable to investors 2 670 365 144 556 2 814 921
after distributions
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 31 December 2011 359 283 755 134 944 359 418 699
Redemption of Satrix SWIX Top
40 Securities (221 028 832) - (221 028 832)
Increase in net assets
attributable to investors 57 341 588 (63 305) 57 278 283
after distributions
Balance at 31 December 2012 195 596 511 71 639 195 668 150
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Net cash generated from operating
activities 9 227 256 11 720 718
Cash utilised by operations (1 687 710) (2 146 056)
Fee income: Securities lending 92 437 147 890
Interest received 178 993 104 168
Dividends received 10 643 536 13 614 716
Cash inflow from investing activities 221 028 832 369 904 352
Purchase of underlying constituents (30 480 470) (44 446 153)
Sale of underlying constituents 251 509 302 414 350 505
Cash outflow from financing activities (231 485 964) (382 318 399)
Redemption of Satrix SWIX Top
40 Securities (221 028 832) (369 904 352)
Cash distributed to security holders (10 457 132) (12 414 047)
Net movement in cash and cash equivalents (1 229 876) (693 329)
Cash and cash equivalents at the beginning
of the year 2 156 631 2 849 960
Cash and cash equivalents at the end of
the year 926 755 2 156 631
Satrix SWIX Top 40 security
During the year, nil (2011: nil) Satrix Swix Top 40 securities were created
at a value of nil (2011: nil) and 33 000 000 (2011: 61 000 000) Satrix Swix
Top 40 securities were redeemed at a value of R221 028 832 and (2011:
R369 904 352). All 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 30
March 2012, 29 June 2012, 28 September 2012 and 28 December 2012
respectively. During the year under review the following distributions were
effected per Satrix SWIX Top 40 security.
2012 2011
R R
2.85 cents per security
Declared 30 March 2012 and paid
11 April 2012 1 673 467
2.10 cents per security
Declared 25 March 2011 and paid
21 April 2011 1 884 081
7.07 cents per security
Declared 29 June 2012 and paid
10 July 2012 3 585 772
4.79 cents per security
Declared 24 June 2011 and paid
18 July 2011 3 626 898
7.03 cents per security
Declared 28 September 2012 and paid
12 October 2012 2 510 985
5.91 cents per security
Declared 23 September 2011 and paid
18 October 2011 3 470 241
3.01 cents per security
Declared 28 December 2012 and paid
17 January 2013 774 116
3.19 cents per security
Declared 30 December 2011 and paid
17 January 2012 1 873 108
Accrued income portion of NAV received on
creation of securities 813 800 751 141
Total distributions 9 358 140 11 605 469
Related parties
Related parties include Satrix Managers
(Proprietary) Limited in its capacity as
the management company of the Portfolio.
The following related party balances and
transactions occurred during the year.
2012 2011
R R
Management fee paid
Satrix Managers (Proprietary) Limited 1 186 572 1 717 887
Management fee payable at
31 December 2012
Satrix Managers (Proprietary) Limited 74 736 141 104
All related party transactions are
conducted at arm's length on normal
commercial terms and conditions.
Outstanding balances will be settled in the
ordinary course of business.
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 (2011: 45.60) basis
points (annualised) for the period 1 January to 31 December 2012. 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 48.08 (2011: 46.33) basis
points (annualised) for 2012, 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 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') and SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee 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. The abridged financial results
have been prepared in accordance with the framework concepts and the
recognition and measurement requirements of International Financial
Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as
issued by the Accounting Practices Board. The disclosures comply with
International Accounting Standards (IAS) 34.
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.
The new pronouncements applicable for the financial year ending 31
December 2012 for the first time, was assessed to have no impact to the
financial position or performance of the Portfolio.
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 2012, and have not been
applied in preparing these financial statements. All standards and
interpretations issued but not effective for the year ended 31 December
2012 have been considered. 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
IAS 1 amendment Presentation of Annual periods beginning
Financial Statements: on or after 1 July 2012
Presentation of Items of
Other Comprehensive
Income
IAS 19 Employee Benefits: Annual periods beginning
amendment Defined benefit plans on or after 1 January 2013
IAS 27 Separate Financial Annual periods beginning
Statements (2011) on or after 1 January 2013
IAS 28 Investments in Annual periods beginning
Associates and Joint on or after 1 January 2013
Ventures (2011)
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 Annual periods beginning
in 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
IFRS 7 Disclosures-offsetting Annual periods beginning
financial assets and on or after 1 January 2013
financial liabilities
IFRS 7 Mandatory effective date Annual periods beginning
and transition on or after 1 January 2015
disclosures
IFRS 1 First-time adoption of Annual periods beginning
International Financial on or after 1 January 2013
Reporting Standards
IAS 32 Offsetting financial Annual periods beginning
assets and financial on or after 1 January 2014
liabilities
IFRS 9 Mandatory effective date Annual periods beginning
and transition on or after 1 January 2015
disclosures
Audit report
Ernst & Young 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.
27 March 2013
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 27/03/2013 04:34:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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