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STXIND - SATRIX INDI - Abridged audited results for the year ended 31 December 2010 SATRIX INDI 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: STXIND ISIN: ZAE000036364 ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010 SATRIX INDI PORTFOLIO STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2010 2010 2009 R R
Income Dividend income 11 981 505 10 862 060 Fee income: Securities lending 408 375 397 216 Interest income 89 658 100 684 Total income 12 479 538 11 359 960 Fair value adjustment Realised gains on financial 51 307 988 128 926 785 instruments designated at fair value through profit or loss Unrealised gains on financial 74 772 405 1 502 101 instruments designated at fair value through profit or loss Total fair value adjustment 126 080 393 130 428 886 Expenses Management fee (2 383 910) (2 115 270) Transaction costs ( 76 100) ( 321 531) Trustee and custodian fees ( 159 627) ( 184 748) Total operating expenses (2 619 637) (2 621 549) Increase in net assets 135 940 294 139 167 297 attributable to investors before distributions Income distributions (9 805 209) (8 864 518) STATEMENT OF FINANCIAL POSITION for the year ended 31 December 2010 2010 2009 R R ASSETS Listed equities designated held at 637 382 226 600 769 994 fair value through profit or loss Interest receivable 5 859 4 533 Securities lending fee receivable 23 970 39 800 Other receivables 325 573 447 744 Cash and cash equivalents 1 781 441 1 150 262
Total assets 639 519 069 602 412 333 LIABILITIES
Distribution dividends payable to 1 577 175 997 606 investors Other payables 509 510 649 265 Total liabilities (excluding net 2 086 685 1 646 872 assets attributable to investors) Net assets attributable to 637 432 384 600 765 460 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 470 341 108 121 573 470 462 681 Increase in net assets 130 428 886 8 738 411 139 167 297 attributable to investors before distributions Distributions to investors - (8 864 518) (8 864 518) Balance at 31 December 2009 600 769 994 ( 4 534) 600 765 460 Redemption of Satrix INDI (89 468 161) - (89 468 161) securities Increase in net assets 126 080 393 9 859 901 135 940 294 attributable to investors before distributions Distributions to investors - (9 805 209) (9 805 209) Balance 31 December 2010 637 382 226 50 158 637 432 384 STATEMENT OF CASH FLOWS for the year ended 31 December 2010 2010 2009 R R
Net cash generated from operating 9 856 820 8 908 342 activities Cash utilised by operations (2 637 222) (2 575 179) Fee income: Securities lending 424 205 372 768 Interest received 88 332 101 955 Dividends received 11 981 505 11 008 798
Cash inflow/(outflow) from investing 89 468 160 - activities Cash outflow from financing activities (98 693 801) (8 836 729) Redemption of Satrix INDI securities (89 468 161) - Cash distributed to security holders (9 225 640) (8 836 729) Net movement in cash and cash equivalents 631 179 71 613 Cash and cash equivalents at the 1 150 262 1 078 649 beginning of year Cash and cash equivalents at the end of 1 781 441 1 150 262 year SATRIX INDI SECURITIES
During the year, 4 000 000 (2009: nil) Satrix Indi securities were redeemed at a value of R89 468 161. All liquidations were in specie. Distributions The Portfolio effects quarterly distributions. All distributions are made out of income of the Satrix INDI Portfolio. The record dates are 26 March 2010, 25 June 2010, 23 September 2010 and 31 December 2010 respectively. 2010 2009 R R 4.51 cents per security Declared 26 March 2010 and paid 15 1 253 259 April 2010 8.16 cents per security Declared 27 March 2009 and paid 8 2 267 538 April 2009 6.45 cents per security Declared 25 June 2010 and paid 23 1 534 355 July 2010 6.42 cents per security Declared 19 June 2009 and paid 14 1 784 019 July 2009 22.87 cents per security Declared 23 September 2010 and paid 5 440 420 20 October 2010 13.73 cents per security Declared 17 September 2009 and paid 3 815 355 20 October 2009 6.63 cents per security Declared 31 December 2010 and paid 1 577 175 27 January 2011 3.59 cents per security Declared 23 December 2009 and paid 7 997 606 January 2010 Cash component - - 9 805 209 8 864 518 Total Expense Ratio (`TER`) The Satrix INDI Portfolio had a TER of 45.60 (2009: 45.59) 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 INDI Portfolio had an AER of 40.52 (2009: 43.58) 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, 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 INDI Portfolio and in this way the income from securities lending proves beneficial to all holders of Satrix INDI 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 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 INDI 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 17:26:33 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`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
