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SATRIX COLLECTIVE INVESTMENT SCHEME - Abridged audited results for the year ended 31 December 2012 - STXIND

Release Date: 27/03/2013 16:31
Code(s): STXIND     PDF:  
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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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