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STXFIN - SATRIX FINI - Abridged Audited Results for the year ended 31 DECEMBER 2010 SATRIX FINI 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: STXFIN ISIN: ZAE000036356 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 33 759 866 33 419 211 Fee income: Securities lending 641 122 917 528 Interest income 255 874 361 596 Total income 34 656 862 34 698 335
Fair value adjustments Realised gains/(losses) on financial 146 477 082 11 456 598 instruments designated at fair value through profit or loss Unrealised gains/(losses) on financial (42 751505) 189 368 938 instruments designated at fair value through profit or loss Total fair value adjustments 103 725 577 200 825 536 Expenses Management fee (3 978 754) (3 944 666)
Transaction costs ( 178 200) (2 261 884) Trustee and custodian fees ( 168 980) ( 196 020)
Total operating expenses (4 325 934) (6 402 570) Increase in net assets attributable to 134 056 505 229 121 301 investors before distributions Income distributions (30 25 8149) (28 308 623) Increase in net assets attributable to 103 798 200 812 678 investors after distributions 356 STATEMENT OF FINANCIAL POSITION as at 31 December 2010 2010 2009
R R ASSETS Listed equities designated held at fair 831 289 381 1 061 103 175 value through profit or loss Interest receivable 18 390 19 094 Securities lending fee receivable 21 203 89 254 Other receivables 432 461 594 742 Cash and cash equivalents 5 741 363 5 176 377 Total assets 837 502 798 1 066 982 642 LIABILITIES Distribution dividends payable to 5 524 319 4 915 805 investors Other payables 700 487 1 047 830 Total liabilities (excluding net assets 6 224 806 5 963 635 attributable to investors) Net assets attributable to investors 831 277 992 1 061 019 007 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 810 979 917 ( 71 309) 810 908 608 Creation of Satrix FINI 49 297 721 - 49 297 721 Securities Increase in net assets 200 825 536 28 295 765 229 121 301 attributable to investors Distributions to investors - (28 308 623) (28 308 623) Balance at 31 December 2009 1 061 103 174 ( 84 167) 1 061 019 007 Capital Income Net assets
attributable attributable attributable to investors to investors to investors R R R Redemption of Satrix FINI (333 539 - (333 539 371) Securities 371) Increase in net assets 103 725 577 30 330 928 134 056 505 attributable to investors Distributions to investors - (30 258 149) (30 258 149) Balance at 31 December 2010 831 289 380 ( 11 388) 831 277 992 STATEMENT OF CASH FLOWS for the year ended 31 December 2010
2010 2009 R R Net cash generated from operating activities 30 214 620 28 468 162 Cash utilised by operations (4 510 997) (6 265 648) Fee income: Securities lending 709 173 888 989 Interest received 256 578 425 610 Dividend received 33 759 866 33 419 211 Cash inflow/(outflow) from investing 333 539 372 (49 297 721) activities Cash (outflow)/inflow from financing (363 189 006) 15 085 523 activities Net redemption of Satrix FINI securities (333 539 371) 49 297 721 Cash distributed to security holders (29 649 635) (34 212 198) Net movement in cash and cash equivalents 564 986 (5 744 036) Cash and cash equivalents at the beginning of 5 176 377 10 920 413 year Cash and cash equivalents at the end of year 5 741 363 5 176 377
SATRIX FINI SECURITIES During the year, nil (2009: 9 000 000) Satrix Fini securities were created at a value of Rnil (2009: R49 297 721) and 42 000 000 (2009: nil) Satrix Fini securities were redeemed at a value of R333 539 371. All liquidations were in specie and creations were in cash. Distributions
The Portfolio effects quarterly distributions. All distributions are made out of income of the Satrix FINI 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 FINI Security. 2010 2009
R R 1.93 cents per security Declared 26 March 2010 and paid 15 2 677 624 April 2010 2.25 cents per security Declared 27 March 2009 and paid 8 3 234 083 April 2009 12.27 cents per security Declared 25 June 2010 and paid 23 13 342 029 July 2010 8.67 cents per security Declared 19 June 2009 and paid 14 12 461 997 July 2009 5.75 cents per security Declared 23 September 2010 and paid 5 849 877 20 October 2010 5.37 cents per security Declared 17 September 2009 and paid 7 718 676 10 October 2009 5.43 cents per security Declared 31 December 2010 and paid 5 524 319 27 January 2011 3.42 cents per security Declared 23 December 2009 and paid 4 915 805 7 January 2010 Accrued income portion of NAV 2 864 300 ( 21 938) (paid)/received on creation/ redemption of securities 30 258 149 28 308 623 Total Expense Ratio (`TER`)
The Satrix FINI Portfolio had a TER of 45.60 (2009: 45.60) 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 FINI Portfolio had an AER of 40.52 (2009: 43.35) 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 FINI Portfolio and in this way the income from securities lending proves beneficial to all holders of Satrix FINI 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 FINI 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 17:30:02 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.
