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JSE STXDIV
STX2
STXDIV - Satrix Dividend Plus - Abridged audited results for the year ended 31
December 2011
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 2011
Satrix DIVI Plus Portfolio
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
2011 2010
R R
Income
Dividend income 48 826 056 29 524 550
Fee income: Securities lending 57 970 94 934
Interest income 336 921 314 572
Other income 31 189 -
Total income 49 252 136 29 934 056
Fair value adjustments
Realised gains on financial 39 828 709 107 889 388
instruments designated at fair
value through profit or loss
Unrealised (losses)/gains on (24 797 761) 56 458 773
financial instruments designated
at fair value through profit or
loss
Total fair value adjustments 15 030 948 164 348 161
Expenses
Management fee (4 883 088) (3 281 553)
Transaction costs (3 125 431) (676 932)
Trustee and custodian fees (79 253) (95 643)
Total operating expenses (8 087 773) (4 054 128)
Increase in net assets 56 195 311 190 228 089
attributable to investors before
distributions
Income distributions (40 664 575) (25 871 632)
Increase in net assets 15 530 736 164 356 457
attributable to investors after
distributions
STATEMENT OF FINANCIAL POSITION
at 31 December 2011
2011 2010
R R
ASSETS
Listed equities designated held at 1 221 147 567 918 287 514
fair value through profit or loss
Interest receivable 59 657 62 237
Securities lending fee receivable 4 833 5 148
Other receivables 557 993 -
Cash and cash equivalents 10 253 043 4 017 182
Total assets 1 232 023 093 922 372 081
LIABILITIES
Distributions payable to investors 9 898 413 3 784 246
Other payables 467 893 290 890
Total liabilities (excluding net 10 366 306 4 075 136
assets attributable to investors)
Net assets attributable to 1 221 656 787 918 296 945
investors
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2011
Capital Income Net assets
attributable attributable to attributable
to investors investors to investors
R R R
Balance at 1 January 2010 698 274 203 1 135 698 275 338
Creation of Satrix DIVI Plus 203 755 146 - 203 755 146
Securities
Redemptions of Satrix DIVI (148 089 996) - (148 089 996)
Plus Securities
Increase in net assets 164 348 161 25 879 928 190 228 089
attributable to investors
before distributions
Distributions to investors - (25 871 632) (25 871 632)
Balance at 31 December 2010 918 287 514 9 431 918 296 945
Creation of Satrix DIVI 289 508 715 - 289 508 715
Plus Securities
Capital Income Net assets
attributable attributable to attributable
to investors investors to investors
R R R
Redemption of Satrix DIVI (1 679 609) - (1 679 609)
Plus Securities
Increase in net assets 15 030 948 41 164 363 56 195 311
attributable to investors
before distributions
Distributions to investors - (40 664 575) (40 664 575)
Balance at 31 December 2011 1 221 147 568 509 219 1 221 656 787
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Net cash generated from operating 40 786 268 25 902 327
activities
Cash utilised by operations (8 437 574) (4 031 810)
Fee income: Securities lending 58 285 118 130
Interest received 339 501 291 457
Dividends received 48 826 056 29 524 550
(287 829 105) (55 665 150)
Cash outflow from investing
activities
Purchase of underlying constituents (939 220 409) (667 440 401)
Sale of underlying constituents 651 391 304 611 775 251
253 278 698 29 475 290
Cash inflow from financing
activities
Creation of Satrix DIVI Plus 289 508 715 203 755 146
Securities
Redemption of Satrix DIVI Plus (1 679 609) (148 089 996)
Securities
Cash distributed to security holders (34 550 408) (26 189 860)
Net movement in cash and cash 6 235 861 (287 533)
equivalents
Cash and cash equivalents at the 4 017 182 4 304 715
beginning of the year
Cash and cash equivalents at the end 10 253 043 4 017 182
of the year
SATRIX DIVI PLUS SECURITIES
During the year, 170 000 000 (2010: 130 000 000) Satrix Divi Plus securities
were created at a value of R289 508 715 (2010: R203 755 146) and 1 000 000
(2010: 100 000 000) Satrix Divi Plus securities were redeemed at a value of
R1 679 609 (2010: R148 089 996). All creations and liquidations were in
specie.
Distributions
The Portfolio effects quarterly distributions. All distributions are made
out of income of the Satrix DIVI Plus Portfolio. The record dates are 25
March 2011, 24 June 2011, 23 September 2011 and 30 December 2011
respectively.
During the year under review the following distributions were effected per
Satrix DIVI Plus Index Security.
2011 2010
R R
1.45 cents per security
Declared 25 March 2011 and paid 8 966 652
21 April 2011
1.77 cents per security
Declared 26 March 2010 and paid 7 759 500
15 April 2010
1.90 cents per security
Declared 24 June 2011 and paid 12 680 407
18 July 2011
1.50 cents per security
Declared 25 June 2010 and paid 7 025 847
23 July 2010
1.54 cents per security
Declared 23 September 2011 and 10 585 803
paid 18 October 2011
1.55 cents per security
Declared 23 September 2010 and 7 260 042
paid 20 October 2010
1.44 cents per security
Declared 30 December 2011 and 9 898 413
paid 17 January 2012
0.73 cents per security
Declared 31 December 2010 and 3 784 246
paid 27 January 2011
Accrued income portion of NAV ( 1 466 700) 41 997
(paid)/received on creation/
redemption of securities
Total distributions 40 664 575 25 871 632
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 DIVI Plus Portfolio had a TER of 45.60 (2010: 45.60) basis points
(annualised) for the period 1 January to 31 December 2011. 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 DIVI Plus Portfolio had an AER of 74.51 (2010: 40.50) basis points
(annualised) for 2011, 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 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 issued by the Accounting Practices Board and
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.
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
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 2011, and have not been applied in
preparing these financial statements. All standards and interpretations issued
but not effective for the year ended 31 December 2011 have been considered.
Except for the IFRS 13 and IFRS 10, 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
IFRS 7 Disclosures - Transfers Annual periods beginning on or
amendment of Financial Assets after 1 July 2011
IFRS 1 Severe Hyperinflation Annual periods beginning on or
amendment and Removal of Fixed after 1 July 2011
Dates for First-time
Adopters
IAS 12 Deferred tax: Recovery Annual periods beginning on or
amendment of Underlying Assets after 1 January 2012
IAS 1 amendment Presentation of Annual periods beginning on or
Financial Statements: after 1 July 2012
Presentation of Items of
Other Comprehensive
Income
IAS 19 Employee Benefits: Annual periods beginning on or
amendment Defined benefit plans after 1 January 2013
IAS 27 Separate Financial Annual periods beginning on or
Statements (2011) after 1 January 2013
IAS 28 Investments in Annual periods beginning on or
Associates and Joint after 1 January 2013
Ventures (2011)
IFRS 10 Consolidated Financial Annual periods beginning on or
Statements 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 on or
in Other Entities 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
Audit report
KPMG Inc, the entity`s independent auditors, has audited the annual financial
statements of the Satrix DIVI Plus 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.
30 March 2012
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 30/03/2012 08:25:01 Produced by the JSE SENS Department.
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