Wrap Text
STXFIN - Abridged audited results for the year ended 31 December 2012 - STXFIN
SATRIX FINI
JSE code: STXFIN
ISIN: ZAE000036356
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 27 633 199 27 512 600
Fee income: Securities lending 142 954 258 288
Other income - 836 172
Interest income 1 076 173 2 934 940
Total income 28 852 326 31 542 000
Expenses
Management fee (3 285 055) (3 242 923)
Transaction costs (207 042) (241 829)
Trustee and custodian fees (94 943) (86 858)
Total operating expenses (3 587 040) (3 571 610)
Income attributable to investors before
distribution 25 265 286 27 970 390
Income distributions (25 551 595) (27 106 148)
Realised gains on financial instruments
designated at fair value through profit
or loss 72 649 325 59 782 351
Unrealised gains/(losses) on financial
instruments designated at fair value
through profit or loss 126 165 102 (42 133 370)
Total fair value adjustments 198 814 427 17 648 981
Increase in net assets attributable to
investors after distributions 198 528 118 18 513 223
STATEMENT OF FINANCIAL POSITION
at 31 December 2012
2012 2011
R R
ASSETS
Listed equities designated held at fair
value through profit or loss 704 770 494 708 595 179
Interest receivable 14 884 20 541
Securities lending fee receivable 10 060 18 706
Other receivables 663 569 880 489
Underlying securities sold and not
settled 1 889 001 -
Cash and cash equivalents 5 272 644 6 316 363
Total assets 712 620 652 715 831 278
LIABILITIES
Distributions payable to investors 5 111 707 5 838 379
Other payables 274 426 544 867
Underlying securities purchased and not
settled 1 897 481 -
Total liabilities (excluding net assets
attributable to investors) 7 283 614 6 383 246
Net assets attributable to investors 705 337 038 709 448 032
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 831 289 380 (11 388) 831 277 992
Redemptions of Satrix FINI
Securities (140 343 183) - (140 343 183)
Increase in net assets
attributable to investors
after distributions 17 648 981 864 242 18 513 223
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 31 December 2011 708 595 178 852 854 709 448 032
Redemption of Satrix FINI
Securities (202 639 112) - (202 639 112)
Increase in net assets
attributable to investors
after distributions 198 814 427 (286 309) 198 528 118
Balance at 31 December 2012 704 770 493 566 545 705 337 038
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Net cash generated from operating activities 25 234 548 27 367 088
Cash utilised by operations (3 632 081) (3 339 086)
Fee income: Securities lending 151 600 260 785
Interest received 1 081 830 2 932 789
Dividend received 27 633 199 27 512 600
Cash inflow from investing activities 202 639 112 140 343 183
Purchase of underlying constituents (21 782 954) (103 597 426)
Sale of underlying constituents 224 422 066 243 940 609
Cash outflow from financing activities (228 917 379) (167 135 271)
Redemption of Satrix FINI Securities (202 639 112) (140 343 183)
Cash distributed to security holders (26 278 267) (26 792 088)
Net movement in cash and cash equivalents (1 043 719) 575 000
Cash and cash equivalents at the beginning of
the year 6 316 363 5 741 363
Cash and cash equivalents at the end of the
year 5 272 644 6 316 363
SATRIX FINI SECURITIES
During the year, nil (2011: nil) Satrix Fini securities were created at a
value of Rnil (2011: nil) and 21 000 000 (2011: 17 000 000) Satrix Fini
securities were redeemed at a value of R202 639 112 (2011: R140 343 183).
All liquidations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions are made out
of income of the Satrix FINI 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 FINI Security.
2012 2011
R R
3.76 cents per security
Declared 30 March 2012 and paid
11 April 2012 2 960 511
1.98 cents per security
Declared 25 March 2011 and paid
21 April 2011 1 974 792
15.38 cents per security
Declared 29 June 2012 and paid
10 July 2012 11 802 149
14.31 cents per security
Declared 24 June 2011 and paid
18 July 2011 12 125 863
8.43 cents per security
Declared 28 September 2012 and paid
12 October 2012 5 373 028
6.04 cents per security
Declared 23 September 2011 and paid
18 October 2011 5 118 114
8.02 cents per security
Declared 28 December 2012 and paid
17 January 2013 5 111 707
6.89 cents per security
Declared 30 December 2011 and paid
17 January 2012 5 838 379
Accrued income portion of NAV paid
redemption of securities 304 200 2 049 000
Total distributions 25 551 595 27 106 148
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 2 994 075 2 872 877
Management fee payable at
31 December 2012
Satrix Managers (Proprietary)
Limited 263 053 269 492
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 FINI 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 FINI Portfolio had an AER of 44.71 (2011:45.94) 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 FINI Portfolio and in
this way the income from securities lending proves beneficial to all holders
of Satrix FINI 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 2012
Other Comprehensive
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 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 FINI 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 04:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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