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STXSWX - SATRIX SWIX TOP 40 - Abridged audited results for the year ended

Release Date: 30/03/2012 08:22
Code(s): JSE STXSWX
Wrap Text

STXSWX - SATRIX SWIX TOP 40 - Abridged audited results for the year ended 31 December 2011 SATRIX SWIX TOP 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: STXSWX ISIN: ZAE000078580 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 13 614 716 14 887 530 Fee income: Securities lending 127 348 310 294 Interest income 99 981 137 153 Other income 61 059 - Total income 13 903 104 15 334 977 Fair value adjustment Realised gains on financial instruments 65 637 629 33 377 654 designated at fair value through profit or loss Unrealised (losses)/gains on financial (62 967 264) 73 178 285 instruments designated at fair value through profit or loss Total fair value adjustment 2 670 365 106 555 939 Expenses Management fee (1 952 662) (2 740 094) Transaction costs ( 70 445) ( 221 991) Trustee and custodian fees ( 129 972) ( 182 887) Total operating expenses (2 153 079) (3 144 972)
Increase in net assets attributable to 14 420 390 118 745 944 investors before distributions Income distributions (11 605 469) (12 215 767) Increase in net assets attributable to 2 814 921 106 530 177 investors after distributions STATEMENT OF FINANCIAL POSITION at 31 December 2011 2011 2010 R R ASSETS
Listed equities designated held at fair 359 283 756 726 517 743 value through profit or loss Interest receivable 6 766 10 953 Securities lending fee receivable 11 043 31 585 Other receivables 84 985 3 708 Cash and cash equivalents 2 156 631 2 849 960 Total assets 361 543 181 729 413 949
LIABILITIES Distributions payable to investors 1 873 108 2 681 686 Other payables 251 374 224 133 Total liabilities (excluding net assets 2 124 482 2 905 819 attributable to investors) Net assets attributable to investors 359 418 699 726 508 130 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 271 232 830 16 150 271 248 980 Creation of Satrix SWIX Top 40 719 557 637 - 719 557 637 Securities Redemption of Satrix SWIX Top (370 828 664) - (370 828 664) 40 Securities Increase in net assets 106 555 939 12 190 005 118 745 944 attributable to investors before distributions Distributions to investors - (12 215 767) (12 215 767) Balance at 31 December 2010 726 517 742 (9 612) 726 508 130
Capital Income Net assets attributable attributable attributable to investors to investors to investors R R R
Redemption of Satrix SWIX Top (369 904 352) - (369 904 352) 40 Securities Increase in net assets 2 670 365 11 750 025 14 420 390 attributable to investors before distributions Distributions to investors - (11 605 469) (11 605 469) Balance at 31 December 2011 359 283 755 134 944 359 418 699
STATEMENT OF CASH FLOWS for the year ended 31 December 2011 2011 2010 R R
Net cash generated from operating 11 720 718 12 316 228 activities Cash utilised by operations (2 146 056) (2 997 160) Fee income: Securities lending 147 890 296 713 Interest received 104 168 129 145 Dividends received 13 614 716 14 887 530 Cash inflow/(outflow) from investing 369 904 352 (348 728 activities 974) Purchase of underlying constituents (44 446 153) (814 166 054) Sale of underlying constituents 414 350 505 465 437 080 Cash (outflow)/inflow from financing activities (382 318 399) 338 532 900 Creation of Satrix SWIX Top 40 Securities - 719 557 637 Redemption of Satrix SWIX Top 40 (369 904 352) (370 828 664) Securities Cash distributed to security holders (12 414 047) (10 196 073) Net movement in cash and cash equivalents (693 329) 2 120 154 Cash and cash equivalents at the beginning of the year 2 849 960 729 806 Cash and cash equivalents at the end of 2 156 631 2 849 960 the year
SATRIX SWIX TOP 40 SECURITIES During the year, nil (2010: 137 000 000) Satrix Swix Top 40 securities were created at a value of nil (2010: R719 557 637) and 61 000 000 (2010: 69 000 000) Satrix Swix Top 40 securities were redeemed at a value of R369 904 352 and (2010: R370 828 664). All creations and liquidations were in specie. Distributions The Portfolio effects quarterly distributions. All distributions are made out of income of the Satrix SWIX Top 40 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 SWIX Top 40 security. 2011 2010 R R 2.10 cents per security Declared 25 March 2011 and paid 21 April 2011 1 884 081 1.34 cents per security Declared 26 March 2010 and paid 719 823 15 April 2010 4.79 cents per security Declared 24 June 2011 and paid 3 626 898 18 July 2011 3.42 cents per security Declared 25 June 2010 and paid 6 454 160 23 July 2010 5.91 cents per security Declared 23 September 2011 and paid 3 470 241 18 October 2011 4.30 cents per security Declared 23 September 2010 and paid 5 792 880 20 October 2010 3.19 cents per security Declared 30 December 2011 and paid 1 873 108 17 January 2012 2.24 cents per security Declared 31 December 2010 and paid 2 681 686 27 January 2011 Accrued income portion of NAV 751 141 (3 432 782) received/(paid) on creation/ redemption of securities Total distributions 11 605 469 12 215 767
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 SWIX Top 40 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 asset 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 SWIX Top 40 Portfolio had an AER of 46.33 (2010: 44.31) basis points (annualised) for 2011, as determined by the Management Company. The AER is calculated using 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 SWIX Top 40 Portfolio and in this way the income from securities lending proves beneficial to all holders of Satrix SWIX Top 40 securities. 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 amendment Disclosures - Transfers of Annual periods beginning on Financial Assets or after 1 July 2011 IFRS 1 amendment Severe Hyperinflation and Annual periods beginning on Removal of Fixed Dates for or after 1 July 2011
First-time Adopters IAS 12 amendment Deferred tax: Recovery of Annual periods beginning on Underlying Assets or after 1 January 2012 IAS 1 amendment Presentation of Financial Annual periods beginning on Statements: Presentation of or after 1 July 2012 Items of Other Comprehensive Income IAS 19 amendment Employee Benefits: Defined Annual periods beginning on benefit plans or after 1 January 2013 IAS 27 Separate Financial Annual periods beginning on Statements (2011) or after 1 January 2013 IAS 28 Investments in Associates Annual periods beginning on and Joint Ventures (2011) or after 1 January 2013 IFRS 10 Consolidated Financial Annual periods beginning on Statements or after 1 January 2013 IFRS 11 Joint Arrangements Annual periods beginning on or after 1 January 2013 IFRS 12 Disclosure of Interests in Annual periods beginning on Other Entities or 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 SWIX Top 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. 30 March 2012 Sponsor Vunani Corporate Finance Trustee ABSA Bank Limited Manager Satrix Managers (Proprietary) Limited Date: 30/03/2012 08:22:01 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. 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.

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