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STXRES - SATRIX RESI - Abridged audited results for the year ended 31 December 2010 SATRIX RESI 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: STXRES ISIN: ZAE000078622 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 7 146 986 9 036 996 Fee income: Securities lending 353 746 436 358 Interest income 42 544 55 034 Total income 7 543 276 9 528 388
Fair value adjustment Realised losses on financial (75 331 083) (3 007 810) instruments designated at fair value through profit or loss Unrealised gains on financial 89 963 463 134 865 946 instruments designated at fair value through profit or loss Total fair value adjustment 14 632 380 131 858 136 Expenses Management fee (1 712 317) (2 356 571) Transaction costs ( 40 999) ( 78 608) Trustee and custodian fees ( 120 220) ( 145 155) Total operating expenses (1 873 536) (2 580 334) Increase in net assets 20 302 120 138 806 190 attributable to investors before distributions Income distributions (5 549 105) (6 673 499) Increase in net assets 14 753 015 132 132 691 attributable to investors after distributions STATEMENT OF FINANCIAL POSITION for the year ended 31 December 2010 2010 2009 R R ASSETS Listed equities designated held at 421 605 142 535 775 745 fair value through profit or loss Interest receivable 4 645 6 109 Securities lending fee receivable 12 100 49 253 Other receivables 30 296 41 664 Cash and cash equivalents 1 324 740 1 158 889 Total assets 422 976 923 537 031 660 LIABILITIES Distribution dividends payable to 875 003 669 133 investors Other payables 134 422 345 061 Total liabilities (excluding net 1 009 425 1 014 194 assets attributable to investors) Net assets attributable to 421 967 498 536 017 466 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 403 917 609 ( 32 834) 403 884 775 Increase in net assets 131 858 136 6 948 054 138 806 190 attributable to investors before distributions Distributions to investors - (6 673 499) (6 673 499) Balance at 31 December 2009 535 775 745 241 721 536 017 466 Creation of Satrix RESI 107 989 336 - 107 989 336 securities Redemption of Satrix RESI (236 792 319) - (236 792 319) securities Increase in net assets 14 632 380 5 669 740 20 302 120 attributable to investors before distributions Distributions to investors - (5 549 105) (5 549 105) Balance at 31 December 2010 421 605 142 362 356 421 967 498 STATEMENT OF CASH FLOWS for the year ended 31 December 2010 2010 2009 R R
Net cash generated from operating 5 509 088 7 100 199 activities Cash utilised by operations (2 072 805) (2 421 002) Fee income: Securities lending 390 899 66 835 Interest received 44 008 417 370 Dividends received 7 146 986 9 036 996
Cash inflow/(outflow) from 128 802 981 - investing activities Cash outflow from financing (134 146 218) (7 824 030) activities Creation of Satrix RESI securities 107 989 336 - Redemptions of Satrix RESI (236 792 319) - securities Cash distributed to security (5 343 235) (7 824 030) holders Net movement in cash and cash 165 851 ( 723 831) equivalents
Cash and cash equivalents at the 1 158 889 1 882 720 beginning of year Cash and cash equivalents at the 1 324 740 1 158 889 end of year SATRIX RESI SECURITIES
During the year, 2 000 000 (2009: nil) Satrix Resi securities were created at a value of R107 989 336 and 5 000 000 (2009: nil) Satrix Resi securities were redeemed at a value of R236 792 319. 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 RESI 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 RESI Index Security. 2010 2009 R R 22.17 cents per security Declared 26 March 2010 and paid 15 1 881 784 April 2010 33.09 cents per security Declared 27 March 2009 and paid 8 3 470 471 April 2009 1.25 cents per security Declared 25 June 2010 and paid 23 106 100 July 2010 0 cents per security Declared 19 June 2009 and paid 14 - July 2009 34.28 cents per security Declared 23 September 2010 and paid 1 881 277 20 October 2010 24.16 cents per security Declared 17 September 2009 and paid 2 533 895 20 October 2009 11.69 cents per security Declared 31 December 2010 and paid 875 344 27 January 2011 6.38 cents per security Declared 23 December 2009 and paid 7 669 133 January 2010 Accrued income portion of NAV 804 600 - (paid)/received on creation/ redemption of securities 5 549 105 6 673 499
Total Expense Ratio (`TER`) The Satrix RESI Portfolio had a TER of 45.60( 2009: 55.64) 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 RESI Portfolio had an AER of 37.84 (2009: 47.71) 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 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"), 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 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. 31 March 2011 Sponsor Vunani Corporate Finance Trustee ABSA Bank Limited Manager Satrix Managers (Proprietary) Limited Date: 31/03/2011 17:28:01 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. 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