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STXFIN - SATRIX FINI - Abridged audited results for the year ended
31 December 2011
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 2011
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
2011 2010
R R
Income
Dividend income 27 512 600 33 759 866
Fee income: Securities lending 258 288 641 122
Other income 836 172 -
Interest income 2 934 940 255 874
Total income 31 542 000 34 656 862
Fair value adjustments
Realised gains on financial instruments 59 782 351 146 477 082
designated at fair value through profit
or loss
(42 133 370) (42 751
Unrealised losses on financial 505)
instruments designated at fair value
through profit or loss
17 648 981 103 725 577
Total fair value adjustments
Expenses
Management fee (3 242 923) (3 978
754)
Transaction costs ( 241 829) ( 178
200)
Trustee and custodian fees ( 86 858) ( 168
980)
Total operating expenses (3 571 610) (4 325
934)
Increase in net assets attributable to 45 619 371 134 056 505
investors before distributions
Income distributions (27 106 148) (30 258
149)
Increase in net assets attributable to 18 513 103 798
investors after distributions 223 356
STATEMENT OF FINANCIAL POSITION
at 31 December 2011
2011 2010
R R
ASSETS
Listed equities designated held at fair 708 595 179 831 289 381
value through profit or loss
Interest receivable 20 541 18 390
Securities lending fee receivable 18 706 21 203
Other receivables 880 489 432 461
Cash and cash equivalents 6 316 363 5 741 363
Total assets 715 831 278 837 502 798
LIABILITIES
Distributions payable to investors 5 838 379 5 524 319
Other payables 544 867 700 487
Total liabilities (excluding net assets 6 383 246 6 224 806
attributable to investors)
Net assets attributable to investors 709 448 032 831 277 992
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 1 061 103 174 ( 84 167) 1 061 019 007
Redemptions of Satrix FINI (333 - (333
Securities 539 371) 539 371)
Increase in net assets 103 725 577 30 330 928 134 056 505
attributable to investors
before distributions
Distributions to investors - (30 258 149) (30 258 149)
Balance at 31 December 2010 831 289 380 ( 11 388) 831 277 992
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Redemption of Satrix FINI (140 343 - (140 343 183)
Securities 183)
Increase in net assets 17 648 981 27 970 390 45 619 371
attributable to investors
before distributions
Distributions to investors - (27 106 148) (27 106 148)
Balance at 31 December 2011 708 595 178 852 854 709 448 032
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Net cash generated from operating activities 27 367 088 30 214 620
Cash utilised by operations (3 339 086) (4 510 997)
Fee income: Securities lending 260 785 709 173
Interest received 2 932 789 256 578
Dividend received 27 512 600 33 759 866
140 343 183 333 539 372
Cash inflow from investing activities
Purchase of underlying constituents (103 597 426) (156 781 985)
Sale of underlying constituents 243 940 609 490 321 357
(167 135 271) (363 189 006)
Cash outflow from financing activities
Redemption of Satrix FINI Securities (140 343 183) (333 539 371)
Cash distributed to security holders (26 792 088) (29 649 635)
Net movement in cash and cash equivalents 575 000 564 986
Cash and cash equivalents at the beginning of 5 741 363 5 176 377
the year
Cash and cash equivalents at the end of the 6 316 363 5 741 363
year
SATRIX FINI SECURITIES
During the year, nil (2010: nil) Satrix Fini securities were created at a value
of Rnil (2010: nil) and 17 000 000 (2010: 42 000 000) Satrix Fini securities
were redeemed at a value of R140 343 183 (2010: R333 539 371). All liquidations
were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions are made out
of income of the Satrix FINI 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 FINI Security.
2011 2010
R R
1.98 cents per security
Declared 25 March 2011 and paid 1 974 792
21 April 2011
1.93 cents per security
Declared 26 March 2010 and paid 2 677 624
15 April 2010
14.31 cents per security
Declared 24 June 2011 and paid 12 125 863
18 July 2011
12.27 cents per security
Declared 25 June 2010 and paid 13 342 029
23 July 2010
6.04 cents per security
Declared 23 September 2011 and paid 5 118 114
18 October 2011
5.75 cents per security
Declared 23 September 2010 and paid 5 849 877
20 October 2010
6.89 cents per security
Declared 30 December 2011 and paid 5 838 379
17 January 2012
5.43 cents per security
Declared 31 December 2010 and paid 5 524 319
27 January 2011
Accrued income portion of NAV paid 2 049 000 2 864 300
redemption of securities
27 106 148 30 258 149
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 FINI 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 FINI Portfolio had an AER of 45.94 (2010: 40.52) 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 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 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 not are
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 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.
30 March 2012
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 30/03/2012 08:21:01 Supplied by www.sharenet.co.za
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