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STXSWX - SATRIX SWIX TOP 40 - Abridged audited results for the year ended 31

Release Date: 31/03/2011 17:27
Code(s): JSE STXSWX
Wrap Text

STXSWX - SATRIX SWIX TOP 40 - Abridged audited results for the year ended 31 December 2010 SATRIX SWIX TOP 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") JSE Code: STXSWX ISIN: ZAE000078580 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 14 887 530 4 387 087 Fee income: Securities lending 310 294 174 799 Interest income 137 153 38 257 Total income 15 334 977 4 600 143
Fair value adjustment Realised gains/(losses) on financial 33 377 654 (2 091 324) instruments designated at fair value through profit or loss Unrealised gains on financial instruments 73 178 285 59 053 352 designated at fair value through profit or loss Total fair value adjustment 106 555 939 56 962 028 Expenses Management fee (2 740 094) ( 662 276) Transaction costs ( 221 991) ( 128 598) Trustee and custodian fees ( 182 887) ( 202 612) Total operating expenses (3 144 972) ( 993 486) Increase in net assets attributable to 118 745 944 60 568 685 investors before distributions Income distributions (12 215 767) (3 592 113) Increase in net assets attributable to 106 530 177 56 976 572 investors after distributions STATEMENT OF FINANCIAL POSITION as at 31 December 2010 2010 2009
R R ASSETS Listed equities designated held at fair 726 517 743 271 232 830 value through profit or loss Interest receivable 10 953 2 945 Securities lending fee receivable 31 585 18 004 Other receivables 3 708 5 100 Cash and cash equivalents 2 849 960 729 806 Total assets 729 413 949 271 988 685 LIABILITIES Distribution dividends payable to 2 681 686 661 992 investors Other payables 224 133 77 713 Total liabilities (excluding net assets 2 905 819 739 705 attributable to investors) Net assets attributable to investors 726 508 130 271 248 980 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 107 461 035 1 606 107 462 641 Creation of Satrix SWIX Top 40 106 809 767 - 106 809 767 securities Increase in net assets 56 962 028 3 606 657 60 568 685 attributable to investors before distributions Distributions to investors - (3 592 113) (3 592 113) Balance at 31 December 2009 271 232 830 16 150 271 248 980 Creation of Satrix SWIX Top 40 719 557 637 - 719 557 637 securities Redemption of Satrix SWIX Top (370 828 664) - (370 828 664) 40 securities Increase in net assets 106 555 939 12 190 005 118 745 944 attributable to investors before distributions Distributions to investors - (12 215 767) (12 215 767) Balance at 31 December 2010 726 517 742 ( 9 612) 726 508 130 STATEMENT OF CASH FLOWS for the year ended 31 December 2010 2010 2009 R R
Net cash generated from operating 12 316 228 3 643 690 activities Cash utilised by operations (2 997 160) ( 944 126)
Fee income: Securities lending 296 713 160 815 Interest received 129 145 39 914 Dividends received 14 887 530 4 387 087
Cash outflow from investing activities (348 728 974) (106 809 767) Cash inflow from financing activities 338 532 900 103 298 416 Creation of Satrix SWIX Top 40 securities 719 557 637 106 809 767 Redemption of Satrix SWIX Top 40 (370 828 664) - securities Cash distributed to security holders (10 196 073) (3 511 351)
Net movement in cash and cash equivalents 2 120 154 132 339 Cash and cash equivalents at the beginning 729 806 597 467 of year Cash and cash equivalents at the end of 2 849 960 729 806 year
SATRIX SWIX TOP 40 SECURITIES During the year, 137 000 000 (2009: 26 000 000) Satrix Swix Top 40 securities were created at a value of R719 557 637 (2009: R106 809 767) and 69 000 000 (2009: nil) Satrix Swix Top 40 securities were redeemed at a value of R370 828 664 and (2009: Rnil). All liquidations were in specie and creations were in specie and cash. Distributions The Portfolio effects quarterly distributions. All distributions are made out of income of the Satrix SWIX Top 40 Portfolio. The record dates are 26 March 2010, 25 June 2010, 23 September 2010 and 31 December 2010 respectively. During the year under review the following distributions were effected per Satrix SWIX Top 40 security. 2010 2009 R R 1.34 cents per security Declared 26 March 2010 and paid 15 April 719 823 2010 2.28 cents per security Declared 27 March 2009 and paid 8 April 677 573 2009 3.42 cents per security Declared 25 June 2010 and paid 23 July 6 454 160 2010 2.32 cents per security Declared 19 June 2009 and paid 14 July 1 037 461 2009 4.30 cents per security Declared 23 September 2010 and paid 20 5 792 880 October 2010 3.03 cents per security Declared 17 September 2009 and paid 20 1 476 159 October 2009 2.24 cents per security Declared 31 December 2010 and paid 27 2 681 686 January 2011 1.28 cents per security Declared 23 December 2009 and paid 7 661 992 January 2010 Accrued income portion of NAV (3 432 782) ( 261 (paid)/received on creation/ redemption of 072) securities 12 215 767 3 592 113
Total Expense Ratio (`TER`) The Satrix SWIX Top 40 Portfolio had a TER of 45.60 (2009: 45.32) 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 SWIX Top 40 Portfolio had an AER of 44.31 (2009: 40.30) 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 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"), 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 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. 31 March 2011 Sponsor Vunani Corporate Finance Trustee ABSA Bank Limited Manager Satrix Managers (Proprietary) Limited Date: 31/03/2011 17:27:01 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.

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