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STXRAF - Satrix Rafi 40 - Abridged Audited Results for the year ended 31 December 2010 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 2010 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2010 2010 2009
R R Income Dividend income 12 402 971 6 143 572 Interest income 9 724 9 990 Total income 12 412 695 6 153 562 Fair value adjustment Realised gains on financial 60 983 970 7 282 904 instruments designated at fair value through profit or loss Unrealised gains on financial 3 395 947 93 336 951 instruments designated at fair value through profit or loss Total fair value adjustment 64 379 917 100 619 855
Expenses Management fee (2 691 717) (1 425 273) Transaction costs ( 325 247) ( 189 510) Trustee and custodian fees ( 100 260) ( 130 163) Total operating expenses (3 117 224) (1 744 946) Increase in net assets attributable 73 675 388 105 028 471 to investors before distributions Income distributions (9 201 318) (4 361 145) Increase in net assets attributable 64 474 070 100 667 326 to investors after distributions STATEMENT OF FINANCIAL POSITION as at 31 December 2010 2010 2009 R R ASSETS Listed equities designated held at 545 819 089 458 861 483 fair value through profit or loss Interest receivable 3 167 3 208 Cash and cash equivalents 354 828 258 981 Total assets 546 177 084 459 123 672 LIABILITIES Distribution dividends payable to - - investors Other payables 201 774 200 120 Total liabilities (excluding net 201 774 200 120 assets attributable to investors) Net assets attributable to 545 975 310 458 923 552 investors STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2010
Capital Income Net assets attributable attributable attributable to investors to investors to investors R R R
Balance at 1 January 2009 121 905 400 14 598 121 919 998 Creation of Satrix RAFI 40 231 975 083 - 231 975 083 securities
Increase in net assets 100 619 855 4 408 616 105 028 471 attributable to investors before distributions Dividends reinvested 4 361 145 - 4 361 145 Distributions to investors - (4 361 145) (4 361 145) Balance at 31 December 2009 458 861 483 62 069 458 923 552 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 STATEMENT OF CASH FLOWS for the year ended 31 December 2010 2010 2009
R R Net cash generated from operating 9 297 167 4 545 812 activities Cash utilised by operations (3 115 569) (1 610 672) Interest received 9 765 12 912 Dividends received 12 402 971 6 143 572 Cash (outflow) from investing (22 315 790) (236 429 662) activities Cash inflow from financing 13 114 470 232 068 516 activities Creation of Satrix RAFI 40 13 114 470 232 068 516 securities Net movement in cash and cash 95 847 184 666 equivalents Cash and cash equivalents at the 258 981 74 315 beginning of year Cash and cash equivalents at the end 354 828 258 981 of year
SATRIX RAFI 40 SECURITIES During the year, 46 000 000 (2009: 47 000 000) Satrix Rafi 40 securities were created at a value of R332 750 847 (2009: R231 975 083) and 45 000 000 (2009: nil) Satrix Rafi 40 securities were redeemed at a value of R319 374 476. All liquidations were in specie and creations were in specie and cash. Distributions
The Portfolio declares dividends bi-annually. All distributions that are made out of income of the Satrix RAFI 40 Portfolio are reinvested when declared. The record dates are 25 June 2010 and 31 December 2010 respectively. During the year under review the following distributions were effected per Satrix RAFI 40 Security.
2010 2009 R R 3.83 cents per security Declared 18 June 2010 and paid 23 3 825 299 July 2010 0.74 cents per security Declared 19 June 2009 and paid 14 1 506 875 July 2009 6.83 cents per security Declared 23 December 2010 and paid 5 114 118 27 January 2011 3.99 cents per security Declared 23 December 2009 and paid 7 2 947 703 January 2010 Accrued income portion of NAV 261 901 ( 93 433) (paid)/received on creation/ redemption of securities 9 201 318 4 361 145 Total Expense Ratio (`TER`) The Satrix RAFI 40 Portfolio had a TER of 52.75 (2009: 54.08) basis points (annualised) for the period 1 January to 31 December 2010. The ratio is calculated based on the 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 Collective Investment Scheme (`CIS`) managers to calculate and publish a total expense ratio for each Portfolio under their management. This is a requirement in terms of the Association for Savings and Investments South Africa ("ASISA") standard on the calculation and publication of total expense ratios. Actual Expense Ratio (`AER`) The Satrix RAFI 40 Portfolio had an AER of 60.12 (2009: 64.41) basis points (annualised)for 2010, as determined by the Management Company. The AER is calculated using total management expenses of the Portfolio, including Manager and Portfolio expenses. 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 as issued by the Accounting Practices Board and in accordance with the requirements of the Trust Deed approved by the Financial Services Board ("FSB") and the Collective Investment Schemes Control Act No 45 of 2002 ("CISCA"). 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 set out below, which are consistent with those adopted in the previous financial year. Change in presentation - Statement of Financial Position, Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Investors The formats of the statement of financial position and statements of comprehensive income and changes in net assets attributable to investors have been modified. The new presentation formats are in accordance with an allowed alternative format for fund-specific entities, as contained in IAS 32. The new formats better reflect the income earned and available for distribution, as well as the capital growth in the Portfolio and make for easier understanding of the composition of the net assets attributable to investors. The presentation of the statement of financial position has been modified to arrive at net assets attributable to investors. A third statement of financial position has not been presented as the change represents a modification to an allowed alternate form of presentation and no changes were made to the monetary amounts of comparative figures. Comparative figures have been restated accordingly in line with the new presentation format. The following standards, amendments to standards, and interpretations, effective for the first time in the future accounting period, and which are relevant to the Portfolio, have not been adopted for the year ended 31 December 2010: Revised IAS 24: Related Party Disclosures - The changes introduced in the revised IAS 24,include amendments to the definition of a related party and related party disclosure requirements for by government-related entities. IFRS 9: Financial Instruments - IFRS 9 deals with classification and measurement of financial assets and will replace the relevant sections of IAS 39. 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. 31 March 2011 Sponsor Vunani Corporate Finance Trustee ABSA Bank Limited Manager Satrix Managers (Proprietary) Limited Date: 31/03/2011 17:25:59 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). 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