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Abridged Audited Results for the year ended 31 December 2013 - STXDIV
SATRIX DIVIDEND PLUS
JSE code: STXDIV
ISIN: ZAE000102018
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")
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
Satrix DIVI Plus Portfolio
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2013
2013 2012
R R
Income
Dividend income 79 293 208 74 939 062
Fee income: Securities lending 417 396 294 825
Interest income 582 901 438 226
Total income 80 293 505 75 672 113
Expenses
Management fee (8 378 984) (7 006 551)
Transaction costs (3 072 984) (2 027 437)
Trustee and custodian fees (91 477) (84 478)
Total operating expenses (11 543 445) (9 118 466)
Income attributable to investors before distributions 68 750 060 66 553 647
Income distributions (68 527 362) (66 239 506)
Realised gains on financial instruments designated at
fair value through profit or loss
152 434 120 51 358 421
Unrealised (losses)/gains on financial instruments
designated at fair value through profit or loss
(112 789 186) 244 599 672
Total fair value adjustments 39 644 934 295 958 093
Increase in net assets attributable to investors after
distributions 39 867 632 296 272 234
STATEMENT OF FINANCIAL POSITION
at 31 December 2013
2013 2012
R R
ASSETS
Listed equities designated as held at fair value through
profit or loss 1 942 254 877 1 862 853 953
Interest receivable 3 428 41 648
Securities lending fee receivable 88 237 59 372
Other receivables 1 356 305 977 788
Cash and cash equivalents 15 423 470 16 234 065
Total assets 1 959 126 317 1 880 166 826
LIABILITIES
Distributions payable to investors 15 088 866 15 781 734
Other payables 736 515 707 778
Total liabilities (excluding net assets attributable to
investors) 15 825 381 16 489 512
Net assets attributable to investors
1 943 300 936 1 863 677 314
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2013
Capital attributable to Income attributable to Net assets
investors investors attributable to
investors
R R R
Balance at 1 January 2012 1 221 147 568 509 220 1 221 656 788
Creation of Satrix DIVI Plus Securities 345 748 292 - 345 748 292
Increase in net assets attributable to investors
after distributions
295 958 093 314 141 296 272 234
Balance at 31 December 2012 1 862 853 953 823 361 1 863 677 314
Creation of Satrix DIVI Plus Securities 39 755 990 - 39 755 990
Increase in net assets attributable to investors
after distributions
39 644 934 222 698 39 867 632
Balance at 31 December 2013 1 942 254 877 1 046 059 1 943 300 936
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Net cash generated from operating activities
68 409 636 66 337 209
Cash utilised by operations (11 893 224) (9 298 374)
Fee income: Securities lending 388 531 240 286
Interest received 621 121 456 235
Dividends received 79 293 208 74 939 062
Cash outflow from investing activities (39 755 991) (345 748 294)
Purchase of underlying constituents (826 950 189) (914 565 354)
Sale of underlying constituents 787 194 198 568 817 060
Cash (outflow)/inflow from financing activities
(29 464 240) 285 392 107
Creation of Satrix DIVI Plus Securities
39 755 990 345 748 292
Cash distributed to security holders (69 220 230) (60 356 185)
Net movement in cash and cash equivalents
(810 595) 5 981 022
Cash and cash equivalents at the beginning of the year
16 234 065 10 253 043
Cash and cash equivalents at the end of the year 15 423 470 16 234 065
SATRIX DIVI PLUS SECURITIES
During the year, 20 000 000 (2012: 175 000 000) Satrix Divi Plus securities were created at a value of R39 755 990 (2012:
R345 748 292) and nil (2012: nil) Satrix Divi Plus securities were redeemed at a value of nil (2012: Rnil). All creations and
liquidations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions were made out of income of the Satrix DIVI Plus Portfolio.
The record dates were 28 March 2013, 28 June 2013, 27 September 2013 and 27 December 2013, respectively. During
the year under review the following distributions were effected per Satrix DIVI Plus Index Security.
2013 2012
R R
0.99 cents per security
Declared 28 March 2013 and paid 19 April 2013 8 537 659
1.52 cents per security
Declared 30 March 2012 and paid 11 April 2012 10 828 325
2.34 cents per security
Declared 28 June 2013 and paid 12 July 2013 20 647 922
2.81 cents per security
Declared 29 June 2012 and paid 10 July 2012 22 828 154
2.80 cents per security
Declared 27 September 2013 and paid 16 October 2013 24 706 915
2.23 cents per security
Declared 28 September 2012 and paid 12 October 2012 18 673 793
1.71 cents per security
Declared 27 December 2013 and paid 24 January 2014 15 088 866
1.83 cents per security
Declared 28 December 2012 and paid 17 January 2013 15 781 734
Accrued income portion of NAV paid on redemption of
securities (454 000) (1 872 500)
Total distributions 68 527 362 66 239 506
Fair value estimation
IFRS 13 became effective in the current year. We have assessed the impact of the new requirements and have found
that no changes with regard to fair value measurement are necessary. The fair value of financial assets and liabilities
traded in active markets (such as publicly traded derivatives and trading securities) are based on quoted market prices
at the close of trading at the year-end date.
The following tables analyse, within the fair value hierarchy, the Portfolio's financial assets and liabilities (by class)
measured at fair value at 31 December:
Level 1 Level 2 Level 3
31 December 2013 R R R
Financial instruments designated at fair
value through profit or loss:
Listed equities 1 942 254 877 – –
Net assets attributable to investors – 1 943 300 936 –
Total 1 942 254 877 1 943 300 936 –
31 December 2012
Financial instruments designated at fair
value through profit or loss:
Listed equities 1 862 853 953 – –
Net assets attributable to investors – 1 863 677 314 –
Total 1 862 853 953 1 863 677 314 –
The following table analyses, within the fair value hierarchy, the Portfolio's assets and liabilities (by class) not measured
at fair value at 31 December 2013 but for which fair value is disclosed:
The assets and liabilities included in the below table are carried at amortised cost; their carrying values are a reasonable
approximation of fair value.
Level 1 Level 2 Level 3
31 December 2013 R R R
Assets
Interest receivable – 3 428 –
Securities lending fee receivable – – 88 237
Other receivables – – 1 356 305
Cash and cash equivalents – 15 423 470 –
Total – 15 426 898 1 444 542
Level 1 Level 2 Level 3
R R R
Liabilities
Distributions payable to investors – – 15 088 866
Other payables – – 736 515
Total – – 15 825 381
Level 1 Level 2 Level 3
31 December 2012 R R R
Assets
Interest receivable – 41 648 –
Securities lending fee receivable – – 59 372
Other receivables – – 977 788
Cash and cash equivalents – 16 234 065 –
Total – 16 275 713 1 037 160
Liabilities
Distributions payable to investors – – 15 781 734
Other payables – – 707 778
Total – – 16 489 512
Related parties
Related parties include Satrix Managers (RF) (Proprietary) Limited in its capacity as the management company of the
Portfolio. The following related party balances and transactions occurred during the year.
2013 2012
R R
Management fee paid
Satrix Managers (RF) (Proprietary) Limited 7 365 560 6 179 327
Management fee payable at
31 December 2012
Satrix Managers (RF) (Proprietary) Limited 726 229 695 767
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 DIVI Plus Portfolio had a TER of 45.60 (2012: 45.60) basis points for the period 1 January to 31 December
2013. 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.
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, the Financial Reporting Pronouncements as issued by the Financial Reporting
Standards Council 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.
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 2013 for the first
time, was assessed and did not have a significant impact to the financial position or performance of the Portfolio.
Forthcoming requirements
New standards, amendments to standards and interpretations not yet adopted
A number of standards, amendments to standards and interpretations are not effective for the year ended 31 December
2013, and have not been applied in preparing these financial statements. All standards and interpretations issued but not
effective for the year ended 31 December 2013 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 32 amendment Offsetting financial assets and financial Annual periods beginning on or after
liabilities 1 January 2014
IAS 27 amendment Investments in Associates and Joint Annual periods beginning on or after
Ventures 1 January 2014
IFRS 10 amendment Consolidated Financial Statements Annual periods beginning on or after
1 January 2014
IFRS 12 amendment Disclosure of Interests in Other Entities Annual periods beginning on or after
1 January 2014
IAS 36 amendment Impairment of assets Annual periods beginning on or after
1 January 2014
IAS 39 amendment Financial instruments: Recognition and Annual periods beginning on or after
measurement 1 January 2014
IFRIC 21 Levies Annual periods beginning on or after
1 January 2014
IAS 24 - Amendment Management entity Annual periods beginning on or after 1 July
2014
IFRS 2 - Amendment Vesting conditions Annual periods beginning on or after 1 July
2014
IFRS 3 - Amendment Contingent consideration Annual periods beginning on or after 1 July
2014
IFRS 9 - Amendment Financial Instruments Annual periods beginning on or after
1 January 2015
Preparer of Abridged annual financial statements for the year ended 31 December 2013
These Abridged annual financial statements have been prepared by R D Martin CA(SA), the Company Secretary.
Audit report
Ernst & Young Inc, the entity's independent auditors, has audited the abridged results of the Satrix 40 Portfolio for the year
ended 31 December 2013 and has expressed an unmodified audit opinion thereon. The auditor also expressed an unmodified opinion
on the annual financial statements from which these abridged results were derived. Their audit report and the abridged results
is available for inspection at the registered office of Satrix Managers (RF) (Pty) Limited, First Floor, Three Exchange Square,
87 Maude Street, Sandown.
26 March 2014
Sponsor
Vunani Corporate Finance
Trustee
Standard Chartered Bank
Manager
Satrix Managers (RF) (Proprietary) Limited
Date: 26/03/2014 05:24:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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