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STXRES - SATRIX RESI - Abridged audited results for the year ended 31 December
2011
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 2011
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
2011 2010
R R
Income
Dividend income 8 931 585 7 146 986
Fee income: Securities lending 195 987 353 746
Interest income 57 245 42 544
Other income 127 696 -
Total income 9 312 513 7 543 276
Fair value adjustment
Realised losses on financial (23 878 350) (75 331 083)
instruments designated at fair
value through profit or loss
Unrealised (losses)/gains on (14 052 897) 89 963 463
financial instruments designated
at fair value through profit or
loss
Total fair value adjustment (37 931 247) 14 632 380
Expenses
Management fee (1 746 515) (1 712 317)
Transaction costs ( 94 296) ( 40 999)
Trustee and custodian fees ( 70 717) ( 120 220)
Total operating expenses (1 911 528) (1 873 536)
(Decrease)/increase in net assets (30 530 262) 20 302 120
attributable to investors before
distributions
Income distributions (7 269 360) (5 549 105)
(Decrease)/increase in net assets (37 799 622) 14 753 015
attributable to investors after
distributions
STATEMENT OF FINANCIAL POSITION
at 31 December 2011
2011 2010
R R
ASSETS
Listed equities designated held at 281 441 388 421 605 142
fair value through profit or loss
Interest receivable 4 486 4 645
Securities lending fee receivable 15 746 12 100
Other receivables 162 641 30 296
Cash and cash equivalents 1 645 497 1 324 740
Total assets 283 269 758 422 976 923
LIABILITIES
Distributions payable to investors 1 056 093 875 003
Other payables 278 296 134 422
Total liabilities (excluding net 1 334 389 1 009 425
assets attributable to investors)
Net assets attributable to 281 935 369 421 967 498
investors
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2011
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2010 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
Creation of Satrix RESI 110 017 986 - 110 017 986
Securities
Redemption of Satrix RESI (212 250 493) - (212 250 493)
Securities
Decrease in net assets 7 400 985 (30 530 262)
attributable to investors (37 931 247)
before distributions
Distributions to investors - (7 269 360) (7 269 360)
Balance at 31 December 2011 281 441 388 493 981 281 935 369
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Net cash generated from operating 7 409 027 5 509 088
activities
Cash utilised by operations (1 772 303) (2 072 805)
Fee income: Securities lending 192 341 390 899
Interest received 57 404 44 008
Dividends received 8 931 585 7 146 986
Cash inflow from investing 102 232 507 128 802 981
activities
Purchase of underlying constituents (129 318 347) (116 685 844)
Sale of underlying constituents 231 550 854 245 488 825
Cash outflow from financing (109 320 777) (134 146 218)
activities
Creation of Satrix RESI 110 017 986 107 989 336
Securities
Redemptions of Satrix RESI (212 250 493)
Securities (236 792 319)
Cash distributed to security (7 088 270) (5 343 235)
holders
Net movement in cash and cash 320 757 165 851
equivalents
Cash and cash equivalents at the 1 324 740 1 158 889
beginning of the year
Cash and cash equivalents at the 1 645 497 1 324 740
end of the year
SATRIX RESI SECURITIES
During the year, 2 000 000 (2010: 2 000 000) Satrix Resi securities were created
at a value of R110 017 986 (2010: R107 989 336) and 4 000 000 (2010: 5 000 000)
Satrix Resi securities were redeemed at a value of R212 250 493 (2010: R 236 792
319). All creations and liquidations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix RESI Portfolio. The record dates are 25 March
2011, 24 June 2011, 23 September 2011 and 30 December 2011 respectively.
During the year under review the following distributions were effected per
Satrix RESI Index Security.
2011 2010
R R
25.17 cents per security
Declared 25 March 2011 and paid 1 884 723
21 April 2011
22.17 cents per security
Declared 26 March 2010 and paid 1 881 784
15 April 2010
13.78 cents per security
Declared 24 June 2011 and paid 1 169 643
18 July 2011
1.25 cents per security
Declared 25 June 2010 and paid 106 100
23 July 2010
43.17 cents per security
Declared 23 September 2011 and paid 2 800 859
18 October 2011
34.28 cents per security 1 881 277
Declared 23 September 2010 and paid
20 October 2010
19.25 cents per security
Declared 30 December 2011 and paid 1 056 435
17 January 2012
11.69 cents per security
Declared 30 December 2010 and paid 875 344
27 January 2011
Accrued income portion of NAV paid 357 700 804 600
on creation/redemption of
securities
Total distributions 7 269 360 5 549 105
Total Expense Ratio (`TER`)
The TER is a standard measure used by the Collective Investment Scheme
(`CIS`) industry to illustrate costs of portfolios on a comparable basis.
The TER includes the management fee, audit fees, bank charges, custodian
fees, costs related to securities lending and taxes.
The Satrix RESI Portfolio had a TER of 45.60( 2010: 45.60) basis points
(annualised) for the period 1 January to 31 December 2011. The ratio is
calculated based on the Association for Savings and Investments South Africa
(`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 managers to
calculate and publish a total expense ratio for each Portfolio under their
management. This is a requirement in terms of the ASISA standard on the
calculation and publication of total expense ratios.
Actual Expense Ratio (`AER`)
The Satrix RESI Portfolio had an AER of 43.05 (2010: 37.84) basis points
(annualised) for 2011, as determined by the Management Company. The AER is
calculated using total management expenses of the Portfolio, including
management fees, audit fees, bank charges, custodian fees, brokerage, securities
lending costs and taxes 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 issued by the
Accounting Practices Board and in accordance with the requirements of the
Collective Investment Schemes Control Act of South Africa (`CISCA`), in
order to meet the requirements of the Trust Deed approved by the
Financial Services Board.
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
that are consistent with those adopted in the previous financial year.
Forthcoming requirements
New standards and interpretations not yet adopted
A number of standards, amendments to the standards and interpretations are not
effective for the year ended 31 December 2011, and have not been applied in
preparing these financial statements. All standards and interpretations issued
but not effective for the year ended 31 December 2011 have been considered.
Except for the IFRS 13 and IFRS 10, none of these are expected to have a
significant effect on the recognition and measurement of the amounts recognised
in the financial statements of the Portfolio.
Standard/Interpretation Effective date
IFRS 7 Disclosures - Transfers Annual periods beginning on or
amendment of Financial Assets after 1 July 2011
IFRS 1 Severe Hyperinflation Annual periods beginning on or
amendment and Removal of Fixed after 1 July 2011
Dates for First-time
Adopters
IAS 12 Deferred tax: Recovery Annual periods beginning on or
amendment of Underlying Assets after 1 January 2012
IAS 1 amendment Presentation of Annual periods beginning on or
Financial Statements: after 1 July 2012
Presentation of Items of
Other Comprehensive
Income
IAS 19 Employee Benefits: Annual periods beginning on or
amendment Defined benefit plans after 1 January 2013
IAS 27 Separate Financial Annual periods beginning on or
Statements (2011) after 1 January 2013
IAS 28 Investments in Annual periods beginning on or
Associates and Joint after 1 January 2013
Ventures (2011)
IFRS 10 Consolidated Financial Annual periods beginning on or
Statements after 1 January 2013
IFRS 11 Joint Arrangements Annual periods beginning on or
after 1 January 2013
IFRS 12 Disclosure of Interests Annual periods beginning on or
in Other Entities after 1 January 2013
IFRS 13 Fair Value Measurement Annual periods beginning on or
after 1 January 2013
IFRS 9 (2009) Financial Instruments Annual periods beginning on or
after 1 January 2015
IFRS 9 (2010) Financial Instruments Annual periods beginning on or
after 1 January 2015
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.
30 March 2012
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 30/03/2012 08:20:01 Supplied by www.sharenet.co.za
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