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STXIND - Satrix Indi - Abridged audited results for the year ended 31 December

Release Date: 30/03/2012 08:23
Code(s): JSE STXIND
Wrap Text

STXIND - Satrix Indi - Abridged audited results for the year ended 31 December 2011 SATRIX INDI 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: STXIND ISIN: ZAE000036364 ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011 SATRIX INDI PORTFOLIO STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2011 2011 2010 R R
Income Dividend income 17 135 075 11 981 505 Fee income: Securities lending 342 265 408 375 Interest income 130 351 89 658 Other income 79 739 - Total income 17 687 430 12 479 538 Fair value adjustment Realised gains on financial 59 901 569 51 307 988 instruments designated at fair value through profit or loss Unrealised (losses)/gains on (15 929 629) 74 772 405 financial instruments designated at fair value through profit or loss Total fair value adjustment 43 971 940 126 080 393 Expenses Management fee (2 673 915) (2 383 910) Transaction costs (60 630) (76 100) Trustee and custodian fees (87 886) (159 627) Total operating expenses (2 822 431) (2 619 637) Increase in net assets 58 836 939 135 940 294 attributable to investors before distributions Income distributions (14 488 403) (9 805 209) Increase in net assets 44 348 536 126 135 085 attributable to investors after distributions STATEMENT OF FINANCIAL POSITION at 31 December 2011 2011 2010 R R
ASSETS Listed equities designated held at 597 997 607 637 382 226 fair value through profit or loss Interest receivable 10 383 5 859 Securities lending fee receivable 23 601 23 970 Other receivables 301 644 325 573 Cash and cash equivalents 2 280 338 1 781 441 Total assets 600 613 573 639 519 069 LIABILITIES Distributions payable to investors 1 860 567 1 577 175 Other payables 328 645 509 510 Total liabilities (excluding net 2 189 212 2 086 685 assets attributable to investors) Net assets attributable to 598 424 361 637 432 384 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 600 769 994 (4 534) 600 765 460 Redemption of Satrix INDI (89 468 161) - (89 468 161) Securities Increase in net assets 126 080 393 9 859 901 135 940 294 attributable to investors before distributions Distributions to investors - (9 805 209) (9 805 209) Balance at 31 December 2010 637 382 226 50 158 637 432 384 Capital Income Net assets attributable attributable attributable
to investors to investors to investors R R R Redemption of Satrix INDI (83 356 559) - (83 356 559) Securities Increase in net assets 43 971 940 14 864 999 58 836 939 attributable to investors before distributions Distributions to investors - (14 488 403) (14 488 403) Balance 31 December 2011 597 997 607 426 754 598 424 361 STATEMENT OF CASH FLOWS for the year ended 31 December 2011
2011 2010 R R Net cash generated from operating 14 703 908 9 856 820 activities Cash utilised by operations (2 899 628) (2 637 222) Fee income: Securities lending 342 634 424 205 Interest received 125 827 88 332 Dividends received 17 135 075 11 981 505 83 356 559 89 468 160 Cash inflow from investing activities Purchase of underlying constituents (64 531 148) (44 729 445) Sale of underlying constituents 147 887 707 134 197 605 (97 561 570) (98 693 801) Cash outflow from financing activities Redemption of Satrix INDI Securities (83 356 559) (89 468 161) Cash distributed to security holders (14 205 011) (9 225 640) Net movement in cash and cash equivalents 498 897 631 179 Cash and cash equivalents at the 1 781 441 1 150 262 beginning of the year Cash and cash equivalents at the end of 2 280 338 1 781 441 the year SATRIX INDI SECURITIES
During the year, 3 000 000 (2010:4 000 000) Satrix Indi securities were redeemed at a value of R83 356 559 (2010: R89 468 161). All liquidations were in specie.
Distributions The Portfolio effects quarterly distributions. All distributions are made out of income of the Satrix INDI Portfolio. The record dates are 25 March 2011, 24 June 2011, 23 September 2011 and 30 December 2011 respectively. 2011 2010 R R
9.27 cents per security Declared 25 March 2011 and paid 2 205 190 21 April 2011 4.51 cents per security Declared 26 March 2010 and paid 1 253 259 15 April 2010 13.18 cents per security Declared 24 June 2011 and paid 3 135 319 18 July 2011 6.45 cents per security Declared 25 June 2010 and paid 1 534 355 23 July 2010 33.03 cents per security Declared 23 September 2011 and paid 6 866 427 18 October 2011 22.87 cents per security Declared 23 September 2010 and paid 5 440 420 20 October 2010 8.95 cents per security Declared 30 December 2011 and paid 1 860 567 17 January 2012 6.63 cents per security Declared 31 December 2010 and paid 1 577 175 27 January 2011 Accrued income portion of NAV paid 420 900 - on redemption of securities Total distributions 14 488 403 9 805 209
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 INDI 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 INDI Portfolio had an AER of 44.64 (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 INDI Portfolio and in this way the income from securities lending proves beneficial to all holders of Satrix INDI 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 INDI 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 08:23:01 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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