Wrap Text
Abridged audited results for the year ended 31 December 2012 - STXIND
SATRIX INDI
JSE code: STXIND
ISIN: ZAE000036364
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
SATRIX INDI PORTFOLIO
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2012
2012 2011
R R
Income
Dividend income 18 080 501 17 135 075
Fee income: Securities lending 306 436 342 265
Interest income 106 064 130 351
Other income - 79 739
Total income 18 493 001 17 687 430
Expenses
Management fee (2 949 389) (2 673 915)
Transaction costs (152 616) (60 630)
Trustee and custodian fees (115 476) (87 886)
Total operating expenses (3 217 481) (2 822 431)
Income attributable to investors
before distributions 15 275 520 14 864 999
Income distributions (15 497 121) (14 488 403)
Realised gains on financial
instruments designated at fair
value through profit or loss 91 934 689 59 901 569
Unrealised gains/(losses) on
financial instruments designated
at fair value through profit or
loss 123 164 940 (15 929 629)
Total fair value adjustment 215 099 629 43 971 940
Increase in net assets
attributable to investors after
distributions 214 878 028 44 348 536
STATEMENT OF FINANCIAL POSITION
at 31 December 2012
2012 2011
R R
ASSETS
Listed equities designated held at
fair value through profit or loss 718 971 279 597 997 607
Interest receivable 5 025 10 383
Securities lending fee receivable 22 975 23 601
Other receivables 219 110 301 644
Underlying securities sold and not
settled 6 430 085 -
Cash and cash equivalents 1 916 027 2 280 338
Total assets 727 564 501 600 613 573
LIABILITIES
Distributions payable to investors 1 440 865 1 860 567
Other payables 485 500 328 645
Underlying securities purchased
and not settled 6 461 704 -
Total liabilities (excluding net
assets attributable to investors) 8 388 069 2 189 212
Net assets attributable to
investors 719 176 432 598 424 361
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 637 382 226 50 158 637 432 384
Redemption of Satrix INDI
Securities (83 356 559) - (83 356 559)
Increase in net assets
attributable to investors
after distributions 43 971 940 376 596 44 348 536
Balance at 31 December 2011 597 997 607 426 754 598 424 361
Redemption of Satrix INDI
Securities (164 312 761) - (164 312 761)
Creation of Satrix INDI
Securities 70 186 804 - 70 186 804
Increase in net assets
attributable to investors
after distributions 215 099 629 (221 601) 214 878 028
Balance 31 December 2012 718 971 279 205 153 719 176 432
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Net cash generated from operating
activities 15 552 512 14 703 908
Cash utilised by operations (2 946 473) (2 899 628)
Fee income: Securities lending 307 062 342 634
Interest received 111 422 125 827
Dividends received 18 080 501 17 135 075
Cash inflow from investing activities 94 125 957 83 356 559
Purchase of underlying constituents (83 263 992) (64 531 148)
Sale of underlying constituents 177 389 949 147 887 707
Cash outflow from financing activities (110 042 780) (97 561 570)
Redemption of Satrix INDI Securities (164 312 761) (83 356 559)
Creation of Satrix INDI Securities 70 186 804 -
Cash distributed to security holders (15 916 823) (14 205 011)
Net movement in cash and cash equivalents (364 311) 498 897
Cash and cash equivalents at the
beginning of the year 2 280 338 1 781 441
Cash and cash equivalents at the end of
the year 1 916 027 2 280 338
SATRIX INDI SECURITIES
During the year, 5 000 000 (2011:3 000 000) Satrix INDI securities were
redeemed at a value of R164 312 761 (2011: R83 356 559) and 2 000 000
(2011: nil) Satrix 40 securities were created at a value of R70 186 804.
All creations and 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 30 March
2012, 29 June 2012, 28 September 2012 and 28 December 2012 respectively.
2012 2011
R R
9.07 cents per security
Declared 30 March 2012 and paid 1 976 213
11 April 2012
9.27 cents per security
Declared 25 March 2011 and paid 2 205 190
21 April 2011
25.08 cents per security
Declared 29 June 2012 and paid 5 464 545
10 July 2012
13.18 cents per security
Declared 24 June 2011 and paid 3 135 319
18 July 2011
39.52 cents per security
Declared 28 September 2012 and paid 6 634 798
12 October 2012
33.03 cents per security
Declared 23 September 2011 and paid 6 866 427
18 October 2011
8.10 cents per security
Declared 28 December 2012 and paid 1 440 865
17 January 2013
8.95 cents per security
Declared 30 December 2011 and paid 1 860 567
17 January 2012
Accrued income portion of NAV
(paid)/received on
redemption/creation of securities (19 300) 420 900
Total distributions 15 497 121 14 488 403
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 2 630 756 2 387 865
Management fee payable at
31 December 2012
Satrix Managers (Proprietary)
Limited 388 673 230 063
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 INDI 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 INDI Portfolio had an AER of 42.03 (2011: of 44.64) 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 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') 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 beginning
Financial Statements: on or after 1 July 2012
Presentation of Items of
Other Comprehensive
Income
IAS 19 Employee Benefits: Annual periods beginning
amendment Defined benefit plans on or after 1 January
2013
IAS 27 Separate Financial Annual periods beginning
Statements (2011) on or after 1 January
2013
IAS 28 Investments in Annual periods beginning
Associates and Joint on or after 1 January
Ventures (2011) 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 Annual periods beginning
in 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
IFRS 7 Disclosures-offsetting Annual periods beginning
financial assets and on or after 1 January
financial liabilities 2013
IFRS 7 Mandatory effective date Annual periods beginning
and transition on or after 1 January
disclosures 2015
IFRS 1 First-time adoption of Annual periods beginning
International Financial on or after 1 January
Reporting Standards 2013
IAS 32 Offsetting financial Annual periods beginning
assets and financial on or after 1 January
liabilities 2014
IFRS 9 Mandatory effective date Annual periods beginning
and transition on or after 1 January
disclosures 2015
Audit report
Ernst & Young 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.
27 March 2013
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 27/03/2013 04:31:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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