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JSE STXDIV
STX2
STXDIV - Satrix Dividend Plus - Abridged Audited Results for the year ended 31
December 2010
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 2010
Satrix DIVI Plus Portfolio
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2010
2010 2009
R R
Income
Dividend income 29 524 550 21 667 399
Fee income: Securities lending 94 934 181 708
Interest income 314 572 207 653
Total income 29 934 056 22 056 760
Fair value adjustments
Realised gains on financial 107 889 388 16 300 442
instruments designated at fair
value through profit or loss
Unrealised gains on financial 56 458 773 133 197 929
instruments designated at fair
value through profit or loss
Total fair value adjustments 164 348 161 149 498 371
Expenses
Management fee (3 281 553) (2 307 802)
Transaction costs ( 676 932) ( 784 790)
Trustee and custodian fees ( 95 643) ( 115 086)
Total operating expenses (4 054 128) (3 207 678)
Increase in net assets 190 228 089 168 347 453
attributable to investors before
distributions
Income distributions (25 871 632) (19 039 050)
Increase in net assets 164 356 457 149 308 403
attributable to investors after
distributions
STATEMENT OF FINANCIAL POSITION
for the year ended 31 December 2010
2010 2009
R R
ASSETS
Listed equities designated held at 918 287 514 698 274 203
fair value through profit or loss
Interest receivable 62 237 39 122
Securities lending fee receivable 5 148 28 344
Cash and cash equivalents 4 017 182 4 304 715
Total assets 922 372 081 702 646 384
LIABILITIES
Distribution dividends payable to 3 784 246 4 102 474
investors
Other payables 290 890 268 572
Total liabilities (excluding net 4 075 136 4 371 046
assets attributable to investors)
Net assets attributable to 918 296 945 698 275 338
investors
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2010
Capital Income Net assets
attributable attributable to attributable
to investors investors to investors
R R R
Balance at 1 January 2009 365 919 569 191 103 366 110 672
Creation of Satrix DIVI Plus 182 856 263 - 182 856 263
Securities
Increase in net assets 149 498 371 18 849 082 168 347 453
attributable to investors
Distributions to investors - (19 039 050) (19 039
050)
Balance at 31 December 2009 698 274 203 1 135 698 275 338
Creation of Satrix DIVI 203 755 146 - 203 755 146
Plus Securities
Redemption of Satrix DIVI (148 089 996) - (148 089
Plus Securities 996)
Increase in net assets 164 348 161 25 879 928 190 228 089
attributable to investors
Distributions to investors - (25 871 632) (25 871
632)
Balance at 31 December 2010 918 287 514 9 431 918 296 945
STATEMENT OF CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Net cash generated from operating 25 902 327 19 166 425
activities
Cash utilised by operations (4 031 810) (3 060 725)
Fee income: Securities lending 118 130 157 940
Interest received 291 457 223 780
Dividends received 29 524 550 21 845 430
Cash outflow from investing (55 665 150) (182 856 264)
activities
Cash inflow from financing 29 475 290 165 309 616
activities
Net creation of Satrix DIVI Plus 55 665 150 182 856 263
securities
Cash distributed to security holders (26 189 860) (17 546 647)
Net movement in cash and cash ( 287 533) 1 619 777
equivalents
Cash and cash equivalents at the 4 304 715 2 684 938
beginning of year
Cash and cash equivalents at the end 4 017 182 4 304 715
of year
SATRIX DIVI PLUS SECURITIES
During the year, 130 000 000 (2009: 158 000 000) Satrix Divi Plus securities
were created at a value of R203 755 146 (2009: R182 856 263) and 100 000 000
(2009: nil) Satrix Divi Plus securities were redeemed at a value of R148 089
996. All liquidations were in specie and creations were in specie and cash.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix DIVI Plus Portfolio. The record dates are 26
March 2010, 25 June 2010, 23 September 2010 and 31 December 2010
respectively.
During the year under review the following distributions were effected per
Satrix DIVI Plus Index Security.
2010 2009
R R
1.77 cents per security
Declared 26 March 2010 and paid 15 7 759 500
April 2010
1.87 cents per security
Declared 27 March 2009 and paid 8 6 514 890
April 2009
1.50 cents per security
Declared 25 June 2010 and paid 23 7 025 847
July 2010
0.74 cents per security
Declared 19 June 2009 and paid 14 3 429 085
July 2009
1.55 cents per security
Declared 23 September 2010 and paid 7 260 042
20 October 2010
1.23 cents per security
Declared 17 September 2009 and paid 6 007 195
6 October 2009
0.73 cents per security
Declared 31 December 2010 and paid 3 784 246
27 January 2011
0.84 cents per security
Declared 23 December 2009 and paid 7 4 102 474
January 2010
Accrued income portion of NAV 41 997 (1 014 594)
(paid)/received on creation/
redemption of securities
25 871 632 19 039 050
Total Expense Ratio (`TER`)
The Satrix DIVI Plus Portfolio had a TER of 45.60 (2009: 45.65) basis points
(annualised) for the period 1 January to 31 December 2010. 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 South
Africa ("ASISA") standard on the calculation and publication of total
expense ratios.
Actual Expense Ratio (`AER`)
The Satrix DIVI Plus Portfolio had an AER of 40.50 (2009: 75.51) basis
points (annualised) for 2010, 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 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"), the AC500 Standards as issued by the
Accounting Practices Board and in accordance with the requirements of the
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 financial statements incorporate the principal accounting policies set
out below, which are consistent with those adopted in the previous financial
year.
Change in presentation - Statement of Financial Position, Statement of
Comprehensive Income and Statement of Changes in Net Assets Attributable to
Investors
The formats of the statement of financial position and statements of
comprehensive income and changes in net assets attributable to investors
have been modified. The new presentation formats are in accordance with an
allowed alternative format for fund-specific entities, as contained in IAS
32.
The new formats better reflect the income earned and available for
distribution, as well as the capital growth in the Portfolio and make for
easier understanding of the composition of the net assets attributable to
investors.
The presentation of the statement of financial position has been modified to
arrive at net assets attributable to investors. A third statement of
financial position has not been presented as the change represents a
modification to an allowed alternate form of presentation and no changes
were made to the monetary amounts of comparative figures.
Comparative figures have been restated accordingly in line with the new
presentation format.
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 2010:
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 by 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.
Audit report
KPMG Inc, the entity`s independent auditors, has audited the annual
financial statements of the Satrix DIVI 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.
31 March 2011
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 31/03/2011 17:31:50 Produced by the JSE SENS Department.
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