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STXRAF - SATRIX RAFI 40 - Abridged audited results for the year ended 31 December 2011 SATRIX RAFI 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") (the "portfolio") JSE code: STXRAF ISIN: ZAE000126033 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 17 487 773 12 402 971 Interest income 9 590 9 724 Total income 17 497 363 12 412 695 Fair value adjustment Realised gains on financial 17 699 552 60 983 970 instruments designated at fair value through profit or loss Unrealised (losses)/gains on (18 789 154) 3 395 947 financial instruments designated at fair value through profit or loss Total fair value adjustment (1 089 602) 64 379 917
Expenses Management fee (3 023 231) (2 691 717) Transaction costs (353 739) (325 247) Trustee and custodian fees (87 253) (100 260) Total operating expenses (3 464 223) (3 117 224) Increase in net assets attributable 12 943 538 73 675 388 to investors before distributions Income distributions (14 075 146) (9 201 318) (Decrease)/Increase in net assets (1 131 608) 64 474 070 attributable to investors after distributions
STATEMENT OF FINANCIAL POSITION at 31 December 2011 2011 2010 R R
ASSETS Listed equities designated held at 633 216 738 545 819 089 fair value through profit or loss Interest receivable 2 926 3 167 Cash and cash equivalents 391 269 354 828 Total assets 633 610 933 546 177 084
LIABILITIES Other payables 284 780 201 774 Total liabilities (excluding net 284 780 201 774 assets attributable to investors) Net assets attributable to 633 326 153 545 975 310 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 458 861 482 62 069 458 923 551 Creation of Satrix RAFI 40 332 750 847 - 332 750 847 Securities Redemption of Satrix RAFI 40 (319 374 476) - (319 374 476) Securities Increase in net assets 64 379 917 9 295 471 73 675 388 attributable to investors before distributions Dividends reinvested 9 201 318 - 9 201 318 Distributions to investors - (9 201 318) (9 201 318) Balance at 31 December 2010 545 819 088 156 222 545 975 310
Creation of Satrix RAFI 40 103 711 289 - 103 711 289 Securities Redemption of Satrix RAFI 40 (29 303 984) - (29 303 984) Securities Capital Income Net assets attributable attributable attributable to investors to investors to investors
R R R Increase in net assets (1 089 602) 14 033 140 12 943 538 attributable to investors before distributions Dividends reinvested 14 075 146 - 14 075 146 Distributions to investors - (14 075 146) (14 075 146) Balance at 31 December 2011 633 211 937 114 216 633 326 153 STATEMENT OF CASH FLOWS for the year ended 31 December 2011 2011 2010 R R
Net cash generated from operating 14 116 385 9 297 167 activities Cash utilised by operations (3 381 219) (3 115 569) Interest received 9 831 9 765 Dividends received 17 487 773 12 402 971 (88 487 250) (22 315 790) Cash outflow from investing activities Purchase of underlying constituents (201 446 375) (420 532 543) Sale of underlying constituents 112 959 125 398 216 753 74 407 305 13 114 470
Cash inflow from financing activities Creation of Satrix RAFI 40 103 711 289 13 114 470 Securities Redemption of Satrix RAFI 40 (29 299 184) - Securities Net movement in cash and cash 36 441 95 847 equivalents Cash and cash equivalents at the 354 828 258 981 beginning of the year Cash and cash equivalents at the end 391 269 354 828 of the year SATRIX RAFI 40 SECURITIES During the year, 14 000 000 (2010: 46 000 000) Satrix Rafi 40 securities were created at a value of R103 711 289 (2010: R332 750 847) and 4 000 000 (2010: 45 000 000) Satrix Rafi 40 securities were redeemed at a value of R29 299 184 (2010: R319 374 476). All creations and liquidations were in specie. Distributions The Portfolio declares dividends bi-annually. All distributions that are made out of income of the Satrix RAFI 40 Portfolio are reinvested back into the Portfolio. The record dates are 24 June 2011 and 30 December 2011 respectively.
During the year under review the following distributions were effected per Satrix RAFI 40 Security. 2011 2010
R R 7.06 cents per security Declared 24 June 2011 and paid 5 709 935 18 July 2011 3.83 cents per security Declared 18 June 2010 and paid 3 825 299 23 July 2010 9.85 cents per security Declared 30 December 2011 and paid 8 360 411 17 January 2012 6.83 cents per security Declared 23 December 2010 and paid 5 114 118 27 January 2011 Accrued income portion of NAV paid 4 800 261 901 on creation/redemption of securities Total distribution 14 075 146 9 201 318 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 RAFI 40 Portfolio had a TER of 52.75 (2010: 52.75) 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 RAFI 40 Portfolio had an AER of 59.50 (2010: 60.12) basis points (annualised) for 2011, as determined by the Management Company. The AER is calculated using 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. 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 IFRS13 and IFRS10, 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 Financial Assets on or after 1 July 2011 IFRS 1 amendment Severe Hyperinflation and Annual periods beginning Removal of Fixed Dates for on or after 1 July 2011 First-time Adopters IAS 12 amendment Deferred tax: Recovery of Annual periods beginning Underlying Assets on or after 1 January
2012 IAS 1 amendment Presentation of Financial Annual periods beginning Statements: Presentation of on or after 1 July 2012 Items of Other Comprehensive
Income IAS 19 amendment Employee Benefits: Defined Annual periods beginning benefit plans on or after 1 January 2013
IAS 27 Separate Financial Statements Annual periods beginning (2011) on or after 1 January 2013 IAS 28 Investments in Associates and Annual periods beginning Joint Ventures (2011) on or after 1 January 2013 IFRS 10 Consolidated Financial Annual periods beginning Statements on 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 Other Entities on 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 RAFI 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 08:26:01 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.
