| Tue 8 Jun 2010, 13:47 | | STXDIV - Satrix Dividend Plus - Abridged Audited Results For The Year Ended 31 |
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STXDIV - Satrix Dividend Plus - Abridged Audited Results For The Year Ended 31
December 2009
SATRIX DIVIDEND PLUS
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: STXDIV
ISIN: ZAE000102018
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2009
2009 2008
R R
Investment income 22 056 760 18 212 665
Fair value adjustments, net of transaction costs (784 790) (1 083 154)
Management and administrative expenses (2 422 888) (1 512 221)
Distributions (19 039 050) (15 441 447)
Change in net assets attributable to investors (189 968) 175 843
before tax
Taxation - -
Change in net assets attributable to investors (189 968) 175 843
Total comprehensive (loss)/income (189 968) 175 843
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
ASSETS
Listed investments held at fair value through 698 274 203 365 919 570
profit or loss
Trade and other receivables 67 466 237 855
Cash and cash equivalents 4 304 715 2 684 938
Total assets 702 646 384 368 842 363
LIABILITIES
Net assets attributable to investors 698 275 339 366 110 673
Trade and other payables 4 371 045 2 731 690
Total liabilities 702 646 384 368 842 363
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2009
Capital Income Total
attributable attributable
to investors to investors
R R R
Balance at 1 January 2008 349 299 066 15 260 349 314 326
Change in net assets attributable - 175 843 175 843
to investors
Revaluation of securities (36 133 567) - (36 133 567)
Net creation of securities 52 754 071 - 52 754 071
Balance at 31 December 2008 365 919 570 191 103 366 110 673
Change in net assets attributable - (189 968) (189 968)
to investors
Revaluation of securities 149 498 371 - 149 498 371
Net creation of securities 182 856 263 - 182 856 263
Balance at 31 December 2009 698 274 204 1 135 698 275 339
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash utilised by operations (2 275 935) (1 937 948)
Dividend income 21 845 430 18 508 058
Fee income: Securities lending 157 940 32 240
Interest income 223 780 246 722
19 951 215 16 849 072
Net cash outflow from investing activities (183 641 054) (53 837 225)
Net cash inflow from financing activities 165 309 616 36 950 565
Net creation of securities 182 856 263 52 754 072
Cash distributed to security holders (17 546 647) (15 803 507)
Net increase/(decrease)in cash and cash 1 619 777 (37 588)
equivalents
Cash and cash equivalents at the beginning of 2 684 938 2 722 526
year
Cash and cash equivalents at the end of year 4 304 715 2 684 938
SATRIX DIVI PLUS INDEX SECURITIES
Satrix DIVI Plus securities in issue
2009 2008
R R
Total securities in issue 488 389 818 330 389 818
In terms of the Portfolio Trust Deed and CISCA, the Portfolio would be
required to pay the net asset value attributable to investors on
redemption of securities.
Satrix DIVI Plus securities creations and liquidations
A total of Nil (2008: 15 000 000) Satrix DIVI Plus Index Securities were
liquidated during the year at a value of RNil (2008: R16 747 500).
A total of 158 000 000 (2008: 65 000 000) Satrix DIVI Plus Index
Securities were created during the year at a value of R182 856 263 (2008:
R69 501 571). Net creations/(liquidations) amounted to R182 856 263 (2008:
R52 754 071). All creations were in cash.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix DIVI Plus Portfolio. During the year under
review the following distributions were effected per Satrix DIVI Plus
Index Security -
2009 2008
R R
1.87 cents per security
Declared 27 March 2009 and paid 8 April 2009 6 514 890 -
1.14 cents per security
Declared 27 March 2008 and paid 10 April 2008 - 3 424 444
0.74 cents per security
Declared 19 June 2009 and paid 14 July 2009 3 429 085 -
1.25 cents per security
Declared 26 June 2008 and paid 11 July 2008 - 3 567 373
1.23 cents per security
Declared 17 September 2009 and paid 6 October 6 007 195 -
2009
2.06 cents per security
Declared 25 September 2008 and paid 10 October - 6 188 030
2008
0.84 cents per security
Declared 23 December 2009 and paid 7 January 2010 4 102 474 -
0.79 cents per security
Declared 22 December 2008 and paid 8 January 2009 - 2 610 072
Accrued income portion of NAV paid on creation/ (1 014 594) (348 472)
redemption of securities
19 039 050 15 441 447
Total Expense Ratio ("TER")
The Satrix DIVI Plus Portfolio had a TER of 45.65 (2008: 45.60) basis
points (0.4565%) (annualised) (2008: 0.4560%) for the period 1 January to
31 December 2009. The ratio is calculated based on the 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
Collective Investment Scheme (`CIS`) managers to calculate and publish a
total expense ratio for each Portfolio under their management. This is a
requirement in terms of the Association for Savings and Investments SA
("ASISA") standard on the calculation and publication of total expense
ratios.
Actual Expense Ratio ("AER")
The Satrix DIVI Plus Portfolio had an AER of 75.51 (2008: 79.60) basis
points (0.7551%) (annualised) (2008: 0.7960%) for 2009, as determined by
the Management Company. The AER is calculated using total management
expenses of the Portfolio, including Manager and Portfolio expenses, 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 DIVI Plus Portfolio and in this way the
income from securities lending proves beneficial to all holders of
participatory securities in the Satrix DIVI Plus 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 in accordance with the
requirements of the Standard Exchange Traded Fund Trust Deed approved by
the Financial Services Board ("FSB") and the Collective Investment Schemes
Control Act No 45 of 2002 ("CISCA").
Functional and presentation currency
These financial statements are presented in South African Rand, which is
the Portfolio`s functional currency.
Accounting policies
The accounting policies applied in the preparation of the financial
statements are consistent with those adopted in the previous financial
year and are in accordance with IFRS.
The following standards, amendments to standards, and interpretations,
effective for the first time in the future accounting period, and which
are relevant to the Portfolio, have not been adopted for the year ended 31
December 2009:
Revised IAS 24: Related Party Disclosures - The changes introduced in the
revised IAS 24 include amendments to the definition of a related party and
related party disclosure requirements for government-related entities.
IFRS 9: Financial Instruments - IFRS 9 deals with classification and
measurement of financial assets and will replace the relevant sections of
IAS 39.
Investment income
Investment income comprises:
income from securities lending activities;
interest on cash and cash equivalents;
dividends from listed equities designated as held at fair value through
profit or loss; and
withholding tax credits (where applicable).
Interest income
Interest income is recognised in the statement of comprehensive income,
using the effective interest method taking into account the expected
timing and amount of cash flows.
Dividend income
Dividends in the form of cash and manufactured dividends are recognised
when the right to receive the expected payment is established.
Manufactured dividends received are recognised as income in the statement
of comprehensive income.
Audit report
These financial statements have been audited by the independent auditors, KPMG
Inc., and their unqualified audit opinion is available for inspection at the
company`s registered office.
A full copy of these financial statements is available on the Satrix website
www.satrix.co.za.
8 June 2010
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 08/06/2010 13:47:01 Produced by the JSE SENS Department.
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