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SATRIX COLLECTIVE INVESTMENT SCHEME - Abridged audited results for the year ended 31 December 2013

Release Date: 27/03/2013 16:30
Code(s): STX40     PDF:  
Wrap Text
Abridged audited results for the year ended 31 December 2013

SATRIX 40
JSE code: STX40
ISIN: ZAE000027108
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")

ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012

STATEMENT OF COMPREHENSIVE INCOME                                         
for the year ended 31 December 2012                                       
                                                   2012            2011   
                                                      R               R   
Income                                                                    
Dividend income                             222 233 384     178 555 364   
Fee income: Securities lending                2 268 454       3 163 537   
Other income                                          -       1 065 427   
Interest income                               3 261 688       1 148 111   
Total income                                227 763 526     183 932 439   
Expenses                                                                  
Management fee                             (34 725 565)    (29 323 770)   
Trustee and custodian fees                    (227 040)       (332 756)   
Transaction costs                           (1 211 994)       (858 937)   
Total operating expenses                   (36 164 599)    (30 515 463)   
Income attributable to investors before                                   
distributions                               191 598 927     153 416 976   
Income distributions                      (193 854 325)   (151 335 004)   
Realised gains on financial instruments                                   
designated at fair value through profit                                   
and loss                                    267 280 340     447 420 089   
Unrealised gains/(losses) on financial                                    
instruments designated at fair value                                      
through profit and loss                   1 202 275 970   (469 538 990)   
Total fair value adjustments              1 469 556 310    (22 118 901)   
Increase/(decrease) in net assets                                         
attributable to investors after                                           
distributions                             1 467 300 912    (20 036 929)   

STATEMENT OF FINANCIAL POSITION                                           
at 31 December 2012                                                       
                                                   2012            2011   
                                                      R               R   
ASSETS                                                                    
Listed equities designated held at fair                                   
value through profit or loss              8 020 097 263   6 733 009 837   
Interest receivable                              89 722         113 857   
Securities lending fee receivable               167 344         307 532   
Other receivables                               131 625       1 594 137   
Underlying securities sold and not                                        
settled                                      50 903 583               -   
Cash and cash equivalents                    29 474 969      29 742 705   
Total assets                              8 100 864 506   6 764 768 068   
LIABILITIES                                                               
Distributions payable to investors           26 552 677      27 243 871   
Other payables                                4 344 073       3 784 999   
Underlying securities purchased and not                                   
settled                                      51 396 530               -   
Total liabilities (excluding net assets                                   
attributable to investors)                   82 293 280      31 028 870   
Net assets attributable to investors      8 018 571 226   6 733 739 198   

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2012

                                Capital         Income      Net assets   
                           attributable   attributable    attributable   
                           to investors   to investors    to investors   
                                      R              R               R   
Balance at 1 January                                                     
2011                      6 658 251 336    (1 352 610)   6 656 898 726   
Creation of Satrix 40                                                    
Securities                  821 226 143              -     821 226 143   
Redemption of Satrix 40                                                  
Securities                (724 348 742)              -   (724 348 742)   
Increase/(decrease) in                                                   
net assets attributable                                                  
to investors after                                                       
distributions              (22 118 901)      2 081 972    (20 036 929)   

                                     Capital         Income      Net assets   
                                attributable   attributable    attributable   
                                to investors   to investors    to investors   
                                           R              R               R   
Balance at 31 December                                                        
2011                           6 733 009 836        729 362   6 733 739 198   
Creation of Satrix 40                                                         
securities                       419 300 061              -     419 300 061   
Redemption of Satrix 40                                                       
securities                     (601 768 945)              -   (601 768 945)   
Increase/(decrease) in                                                        
net assets attributable                                                       
to investors after                                                            
distributions                  1 469 556 310    (2 255 398)   1 467 300 912   
Balance   at   31   December                                                  
2012                           8 020 097 262    (1 526 036)   8 018 571 226   

STATEMENT OF CASH FLOWS
for the year ended 31 December 2012                                        
                                                  2012              2011   
                                                     R                 R   
Net cash generated from operating                                          
activities                                 194 277 783       152 331 519   
Cash utilised by operations               (33 650 066)      (30 481 877)   
Fee income: Securities lending               2 408 642         3 155 985   
Interest received                            3 285 823         1 102 047   
Dividends received                         222 233 384       178 555 364   
Cash inflow/(outflow) from investing                                       
activities                                 182 468 884      (96 877 402)   
Purchase of underlying constituents      (654 896 595)   (1 260 094 506)   
Sale of underlying constituents            837 365 479     1 163 217 104   
Cash outflow from financing activities   (377 014 403)      (46 254 826)   
Creation of Satrix 40 Securities           419 300 061       821 226 143   
Redemption of Satrix 40 Securities       (601 768 945)     (724 348 742)   
Cash distributed to security holders     (194 545 519)     (143 132 227)   
Net movement in cash and cash                                              
equivalents                                  (267 736)         9 199 291   

Cash and cash equivalents at the                                    
beginning of the year                       29 742 705        20 543 414   
Cash and cash equivalents at the end of                             
the year                                    29 474 969        29 742 705   

SATRIX 40 SECURITIES
During the year 14 000 000 (2011: 29 000 000) Satrix 40 securities were
created at a value of R419 300 061 (2011: R821 226 143) and 20 000 000
(2011: 25 000 000) Satrix 40 securities were redeemed at a value of R601 768
945 (2011: R724 348 742). All creations and liquidations were in specie.

Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix 40 Portfolio. The record dates are 30 March
2012, 29 June 2012, 28 September 2012 and 28 December 2012 respectively.
During the year under review the following distributions were effected
per Satrix 40 Security.
                                               2012          2011   
                                                  R             R   
13.86 cents per security                                            
Declared 30 March 2012 and paid                                     
11 April 2012                            32 084 790                 
9.54 cents per security                                             
Declared 25 March 2011 and paid                                     
21 April 2011                                          22 179 735   
24.80 cents per security                                            
Declared 29 June 2012 and paid                                      
10 July 2012                             59 394 014                 
16.98 cents per security                                            
Declared 24 June 2011 and paid                                      
18 July 2011                                           38 628 140   
33.08 cents per security                                            
Declared 28 September 2012 and paid                                 
12 October 2012                          76 577 551                 
26.82 cents per security                                            
Declared 23 September 2011 and paid                                 
18 October 2011                                        63 427 152   
11.52 cents per security                                            
Declared 28 December 2012 and paid                                  
17 January 2013                          26 552 677                 
11.52 cents per security                                            
Declared 30 December 2011 and paid                                  
17 January 2012                                        27 243 877   
Accrued income portion of NAV paid on                               
redemption of securities                  (754 707)     (143 900)   
Total distribution                      193 854 325   151 335 004   

Related parties

Related parties include Satrix
Managers (Proprietary) Limited in its
capacity as the management company of
the Portfolio. The following related
party balances and transactions
occurred during the year.
                                              2012         2011   
                                                 R            R   
Management fee paid                                               
Satrix Managers (Proprietary) Limited   30 948 094   26 150 854   
Management fee payable at                                         
31 December 2012                                                  
Satrix Managers (Proprietary) Limited    3 056 229    2 631 664   


All related party transactions are
conducted at arm's length on normal
commercial   terms   and   conditions.
Outstanding balances will be settled
in the ordinary course of business.

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 40
Portfolio had a TER of 45.60 (2011: 45.60) basis points (annualised) for
the period 1 January to 31 December 2012. 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 40 Portfolio had an AER of 44.76 (2011: 43.32) basis points
(annualised) for 2012, 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 40 Portfolio and in this way the income from securities lending
proves beneficial to all holders of Satrix 40 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') and SAICA Financial Reporting
Guides as issued by the Accounting Practices Committee 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. The abridged
financial results have been prepared in accordance with the framework
concepts and the  recognition and  measurement requirements of
International Financial Reporting Standards (IFRS) and the SAICA
Financial Reporting Guides as issued by the Accounting Practices Board.
The disclosures comply with International Accounting Standards (IAS)
34.

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.
The new pronouncements applicable for the financial year ending 31
December 2012 for the first time, was assessed to have no impact to
the financial position or performance of the Portfolio.

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 2012, and have not been applied
in preparing these financial statements. All standards and interpretations
issued but not effective for the year ended 31 December 2012 have been
considered. 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
IAS 1 amendment Presentation of            Annual periods    
                Financial Statements:      beginning on or   
                Presentation of Items of   after 1 July      
                Other Comprehensive        2012              
                Income                                       
IAS 19          Employee Benefits:         Annual periods    
amendment       Defined benefit plans      beginning on or   
                                           after 1 January   
                                           2013              
IAS 27          Separate Financial         Annual periods    
                Statements (2011)          beginning on or   
                                           after 1 January   
                                           2013              
IAS 28          Investments in             Annual periods    
                Associates and Joint       beginning on or   
                Ventures (2011)            after 1 January   
                                           2013              
IFRS 10         Consolidated Financial     Annual periods    
                Statements                 beginning on or   
                                           after 1 January   
                                           2013              
IFRS 11         Joint Arrangements         Annual periods    
                                           beginning on or   
                                           after 1 January   
                                           2013              
IFRS 12         Disclosure of Interests    Annual periods    
                in Other Entities          beginning 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              
IFRS 7          Disclosures-offsetting     Annual periods    
                financial assets and       beginning on or   
                financial liabilities      after 1 January   
                                           2013              
IFRS 7          Mandatory effective date   Annual periods    
                and transition             beginning on or   
                disclosures                after 1 January   
                                           2015              
IFRS 1          First-time adoption of     Annual periods    
                International Financial    beginning on or   
                Reporting Standards        after 1 January   
                                           2013              
IAS 32          Offsetting financial       Annual periods    
                assets and financial       beginning on or   
                liabilities                after 1 January  
                                           2014              
IFRS 9          Mandatory effective date   Annual periods    
                and transition             beginning on or   
                disclosures                after 1 January  
                                           2015              
Audit report

Ernst & Young Inc, the entity's independent auditors, has audited the annual
financial statements of the Satrix 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.

27 March 2013

Sponsor
Vunani Corporate Finance

Trustee
ABSA Bank Limited

Manager
Satrix Managers (Proprietary) Limited
Date: 27/03/2013 04:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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