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STX40 - Satrix 40 - Abridged Audited Results for the year ended 31 December 2010 SATRIX 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: STX40 ISIN: ZAE000027108 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 137 426 180 120 811 863 Fee income: Securities lending 6 947 280 4 657 757 Interest income 926 385 977 320 Total income 145 299 845 126 446 940 Fair value adjustments Realised gains on financial instruments 463 142 058 1 287 021 126 designated at fair value through profit or loss Unrealised gains on financial 398 601 380 155 887 706 instruments designated at fair value through profit or loss Total fair value adjustments 861 743 438 1 442 908 832
Expenses Management fee (27 363 001) (25 407 414) Trustee and custodian fees ( 663 024) ( 678 409) Transaction costs (1 163 168) (3 688 269) Total operating expenses (29 189 193) (29 774 092) Increase in net assets attributable to 977 854 090 1 539 581 680 investors before distributions Income distributions (117 095 244) (96 456 730) Increase in net assets attributable to 860 758 846 1 443 124 950 investors after distributions
STATEMENT OF FINANCIAL POSITION as at 31 December 2010 2010 2009 R R
ASSETS Listed equities designated held at fair 6 658 251 336 6 336 531 352 value through profit or loss Interest receivable 67 793 53 008 Securities lending fee receivable 299 980 601 963 Other receivables 6 850 770 9 421 522 Cash and cash equivalents 20 543 414 13 531 299 Total assets 6 686 013 293 6 360 139 144 LIABILITIES
Distribution dividends payable to 19 041 094 11 964 822 investors Other payables 10 073 473 12 010 988 Total liabilities (excluding net assets 29 114 567 23 975 810 attributable to investors) Net assets attributable to investors 6 656 898 726 6 336 163 334 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 4 404 022 002 584 136 4 403 437 866 2009 Creation of Satrix 40 764 325 298 - 764 325 298 securities Redemption of Satrix 40 (274 724 780) - (274 724 780) securities Increase in net assets 1 442 908 832 96 672 848 1 539 581 680 attributable to investors before distributions Distributions to - 96 456 730 96 456 730 investors Balance at 31 December 6 336 531 352 368 018 6 336 163 334 2009 Redemption of Satrix 40 (540 023 454) - (540 023 454) securities Increase in net assets 861 743 438 116 110 652 977 854 090 attributable to investors before distributions Distributions to - (117 095 244) (117 095 244) investors Balance at 31 December 6 658 251 336 1 352 610 6 656 898 726 2010 STATEMENT OF CASH FLOWS for the year ended 31 December 2010 2010 2009 R R
Net cash generated from operating 117 031 087 97 307 709 activities
Cash utilised by operations (28 555 956) (28 928 040) Fee income: Securities lending 7 249 263 4 317 206 Interest received 911 600 1 106 680 Dividends received 137 426 180 120 811 863 Cash inflow/(outflow) from investing 540 023 454 (489 600 activities 518) Cash (outflow)/inflow from financing (650 042 426) 383 274 782 activities Creation of Satrix 40 securities - 489 600 518 Redemption of Satrix 40 securities (540 023 454) Cash distributed to security holders (110 018 972) (106 325 736) Net movement in cash and cash 7 012 115 (9 018 equivalents 087) Cash and cash equivalents at the 13 531 299 22 549 386 beginning of year Cash and cash equivalents at the end of 20 543 414 13 531 299 year SATRIX 40 SECURITIES
During the year nil (2009: 39 000 000) Satrix 40 securities were created at a value of Rnil (2009: R764 325 298) and 21 000 000 (2009: 12 000 000) Satrix 40 securities were redeemed at a value of R540 023 454 (2009: R274 724 780). 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 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 40 Security. 2010 2009 R R 7.88 cents per security Declared 26 March 2010 and paid 15 19 187 169 April 2010 11.80 cents per security Declared 27 March 2009 and paid 8 27 316 055 April 2009 11.47 cents per security Declared 25 June 2010 and paid 23 27 584 431 July 2010 7.44 cents per security Declared 19 June 2009 and paid 14 19 678 204 July 2009 21.23 cents per security Declared 23 September 2010 and paid 50 419 550 20 October 2010 15.44 cents per security Declared 17 September 2009 and paid 40 991 963 20 October 2009 8.19 cents per security Declared 31 December 2010 and paid 27 19 041 094 January 2011 4.72 cents per security Declared 23 December 2009 and paid 7 11 964 822 January 2010 Accrued income portion of NAV 863 000 (3 494 314) (paid)/received on creation/ redemption of securities 117 095 244 96 456 730
Total Expense Ratio (`TER`) The Satrix 40 Portfolio had a TER of 45.60 (2009: 49.68) 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 40 Portfolio had an AER of 36.18 (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 40 Portfolio and in this way the income from securities lending proves beneficial to all holders of Satrix 40 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 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 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 17:30:39 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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