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Abridged audited results for the year ended 31 December 2012 - STXRES
SATRIX RESI
JSE Code: STXRES
ISIN: ZAE000078622
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 8 315 389 8 931 585
Fee income: Securities lending 84 975 195 987
Interest income 63 783 57 245
Other income 93 952 127 696
Total income 8 558 099 9 312 513
Expenses
Management fee (1 488 431) (1 746 515)
Transaction costs (56 195) (94 296)
Trustee and custodian fees (64 767) (70 717)
Total operating expenses (1 609 393) (1 911 528)
Income attributable to investors
before distributions 6 948 706 7 400 985
Income distributions (7 064 311) (7 269 360)
Realised gains/(losses) on
financial instruments designated
at fair value through profit or
loss 1 866 682 (23 878 350)
Unrealised gains/(losses)/gains on
financial instruments designated
at fair value through profit or
loss 30 387 (14 052 897)
Total fair value adjustment 1 897 069 (37 931 247)
Increase/(decrease) in net assets
attributable to investors after
distributions 1 781 464 (37 799 622)
STATEMENT OF FINANCIAL POSITION
at 31 December 2012
2012 2011
R R
ASSETS
Listed equities designated held at
fair value through profit or loss 486 542 580 281 441 388
Interest receivable 8 699 4 486
Securities lending fee receivable 6 148 15 746
Other receivables 7 615 162 641
Underlying securities sold and not
settled 50 274 -
Cash and cash equivalents 2 560 923 1 645 497
Total assets 489 176 239 283 269 758
LIABILITIES
Distributions payable to investors 2 006 707 1 056 093
Other payables 195 299 278 296
Underlying securities purchased
and not settled 53 277 -
Total liabilities (excluding net
assets attributable to investors) 2 255 283 1 334 389
Net assets attributable to
investors 486 920 956 281 935 369
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 421 605 142 362 356 421 967 498
Creation of Satrix RESI
Securities 110 017 986 - 110 017 986
Redemption of Satrix RESI
Securities (212 250 493) - (212 250 493)
Decrease in net assets
attributable to investors
after distributions (37 931 247) 131 625 (37 799 622)
Balance at 31 December 2011 281 441 388 493 981 281 935 369
Creation of Satrix RESI
Securities 203 204 123 - 203 204 123
Increase in net assets
attributable to investors
after distributions 1 897 069 (115 605) 1 781 464
Balance at 31 December 2012 486 542 580 378 376 486 920 956
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Net cash generated from operating
activities 7 029 123 7 409 027
Cash utilised by operations (1 440 409) (1 772 303)
Fee income: Securities lending 94 573 192 341
Interest received 59 570 57 404
Dividend received 8 315 389 8 931 585
Cash (outflow)/inflow from
investing activities (203 204 123) 102 232 507
Purchase of underlying constituents (214 830 284) (129 318 347)
Sale of underlying constituents 11 626 161 231 550 854
Cash inflow/(outflow) from
financing activities 197 090 426 (109 320 777)
Creation of Satrix RESI
Securities 203 204 123 110 017 986
Redemptions of Satrix RESI
Securities - (212 250 493)
Cash distributed to security
holders (6 113 697) (7 088 270)
Net movement in cash and cash
equivalents 915 426 320 757
Cash and cash equivalents at the
beginning of the year 1 645 497 1 324 740
Cash and cash equivalents at the
end of the year 2 560 923 1 645 497
Satrix RESI SECURITIES
During the year, 4 000 000 (2011: 2 000 000) Satrix Resi securities were
created at a value of R203 204 123 (2011: R110 017 986) and nil (2011: 4 000
000) Satrix Resi securities were redeemed at a value of nil (2011:
R212 250 493). All creations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix RESI Portfolio. The record dates are 30 March
2012, 28 June 2012, 28 September 2012 and 28 December 2012 respectively.
During the year under review the following distributions were effected per
Satrix RESI Index Security.
2012 2011
R R
38.33 cents per security
Declared 30 March 2012 and paid
11 April 2012 2 103 541
25.17 cents per security
Declared 25 March 2011 and paid
21 April 2011 1 884 723
23.18 cents per security
Declared 29 June 2012 and paid
10 July 2012 1 272 113
13.78 cents per security
Declared 24 June 2011 and paid
18 July 2011 1 169 643
47.82 cents per security
Declared 28 September 2012 and paid
12 October 2012 2 624 350
43.17 cents per security 2 800 859
Declared 23 September 2011 and paid
18 October 2011
21.15 cents per security
Declared 28 December 2012 and paid
17 January 2013 2 006 707
19.25 cents per security
Declared 30 December 2011 and paid
17 January 2012 1 056 435
Accrued income portion of NAV
(paid)/received on
redemption/(creation) of securities (942 400) 357 700
Total distributions 7 064 311 7 269 360
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 1 304 689 1 554 020
Management fee payable at
31 December 2012
Satrix Managers (Proprietary)
Limited 185 130 106 860
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 RESI 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 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 RESI Portfolio had an AER of 44.22 (2011: 43.05) 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 RESI Portfolio and in this way the
income from securities lending proves beneficial to all holders of Satrix
RESI 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') 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
Financial Statements: beginning on or after
Presentation of Items of 1 July 2012
Other Comprehensive
Income
IAS 19 Employee Benefits: Annual periods
amendment Defined benefit plans beginning on or after
1 January 2013
IAS 27 Separate Financial Annual periods
Statements (2011) beginning on or after
1 January 2013
IAS 28 Investments in Annual periods
Associates and Joint beginning on or after
Ventures (2011) 1 January 2013
IFRS 10 Consolidated Financial Annual periods
Statements beginning 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
in Other Entities beginning 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
financial assets and beginning on or after 1
financial liabilities January 2013
IFRS 7 Mandatory effective date Annual periods
and transition beginning on or after
disclosures 1 January 2015
IFRS 1 First-time adoption of Annual periods
International Financial beginning on or after 1
Reporting Standards January 2013
IAS 32 Offsetting financial Annual periods
assets and financial beginning on or after 1
liabilities January 2014
IFRS 9 Mandatory effective date Annual periods
and transition beginning on or after
disclosures 1 January 2015
Audit report
Ernst & Young Inc, the entity's independent auditors, has audited the annual
financial statements of the Satrix RESI 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 04:36:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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