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Abridged audited results for the year ended 31 December 2012 - 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 2012
Satrix DIVI Plus Portfolio
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2012
2012 2011
R R
Income
Dividend income 74 939 062 48 826 056
Fee income: Securities lending 294 825 57 970
Interest income 438 226 336 921
Other income - 31 189
Total income 75 672 113 49 252 136
Expenses
Management fee (7 006 551) (4 883 088)
Transaction costs (2 027 437) (3 125 431)
Trustee and custodian fees (84 478) (79 253)
Total operating expenses (9 118 466) (8 087 772)
Income attributable to investors
before distributions 66 553 647 41 164 364
Income distributions (66 239 506) (40 664 575)
Realised gains on financial
instruments designated at fair
value through profit or loss 51 358 421 39 828 709
Unrealised gains/(losses) on
financial instruments designated
at fair value through profit or
loss 244 599 672 (24 797 761)
Total fair value adjustments 295 958 093 15 030 948
Increase in net assets
attributable to investors after
distributions 296 272 234 15 530 737
STATEMENT OF FINANCIAL POSITION
at 31 December 2012
2012 2011
R R
ASSETS
Listed equities designated held at
fair value through profit or loss 1 862 853 953 1 221 147 567
Interest receivable 41 648 59 657
Securities lending fee receivable 59 372 4 833
Other receivables 977 788 557 993
Cash and cash equivalents 16 234 065 10 253 043
Total assets 1 880 166 826 1 232 023 093
LIABILITIES
Distributions payable to investors 15 781 734 9 898 413
Other payables 707 778 467 892
Total liabilities (excluding net
assets attributable to investors) 16 489 512 10 366 305
Net assets attributable to
investors 1 863 677 314 1 221 656 788
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2012
Capital Income Net assets
attributable attributable to attributable
to investors investors to investors
R R R
Balance at 1 January 2011 918 287 514 9 431 918 296 945
Creation of Satrix DIVI Plus
Securities 289 508 715 - 289 508 715
Redemptions of Satrix DIVI
Plus Securities (1 679 609) - (1 679 609)
Increase in net assets
attributable to investors
after distributions 15 030 948 499 789 15 530 737
Capital Income Net assets
attributable attributable to attributable
to investors investors to investors
R R R
Balance at 31 December 2011 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
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Net cash generated from operating
activities 66 337 209 40 786 269
Cash utilised by operations (9 298 374) (8 437 573)
Fee income: Securities lending 240 286 58 285
Interest received 456 235 339 501
Dividends received 74 939 062 48 826 056
Cash outflow from investing
activities (345 748 294) (287 829 105)
Purchase of underlying constituents (914 565 354) (939 220 409)
Sale of underlying constituents 568 817 060 651 391 304
Cash inflow from financing
activities 285 392 107 253 278 698
Creation of Satrix DIVI Plus
Securities 345 748 292 289 508 715
Redemption of Satrix DIVI Plus
Securities - (1 679 609)
Cash distributed to security
holders (60 356 185) (34 550 408)
Net movement in cash and cash
equivalents 5 981 022 6 235 862
Cash and cash equivalents at the
beginning of the year 10 253 043 4 017 181
Cash and cash equivalents at the
end of the year 16 234 065 10 253 043
SATRIX DIVI PLUS SECURITIES
During the year, 175 000 000 (2011: 170 000 000) Satrix Divi Plus securities
were created at a value of R345 748 292 (2011: R289 508 715) and nil
(2011: 1 000 000) Satrix Divi Plus securities were redeemed at a value of
nil (2011: R1 679 609). 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 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 DIVI Plus Index Security.
2012 2011
R R
1.52 cents per security
Declared 30 March 2012 and paid
11 April 2012 10 828 325
1.45 cents per security
Declared 25 March 2011 and paid
21 April 2011 8 966 652
2.81 cents per security
Declared 29 June 2012 and paid
10 July 2012 22 828 154
1.90 cents per security
Declared 24 June 2011 and paid
18 July 2011 12 680 407
2.23 cents per security
Declared 28 September 2012 and paid
12 October 2012 18 673 793
1.54 cents per security
Declared 23 September 2011 and paid 10 585 803
18 October 2011
Declared 28 December 2012 and paid
17 January 2013 15 781 734
1.44 cents per security
Declared 30 December 2011 and paid
17 January 2012 9 898 413
Accrued income portion of NAV
(paid)/received on creation/
redemption of securities (1 872 500) (1 466 700)
Total distributions 66 239 506 40 664 575
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 6 179 327 4 281 902
Management fee payable at
31 December 2012
Satrix Managers (Proprietary)
Limited 695 767 466 115
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 (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 DIVI Plus Portfolio had an AER of 56.52 (2011: 74.51) 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 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') 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 Financial Annual periods
Statements: Presentation beginning on or
of Items of Other after 1 July 2012
Comprehensive Income
IAS 19 amendment Employee Benefits: Defined Annual periods
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 Associates Annual periods
and Joint Ventures (2011) beginning on or
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 in Annual periods
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 disclosures beginning on or
after 1 January 2015
IFRS 1 First-time adoption of Annual periods
International Financial beginning on or
Reporting Standards after 1 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 disclosures beginning on or
after 1 January 2015
Audit report
Ernst & Young 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.
27 March 2013
Sponsor
Vunani Corporate Finance
Trustee
ABSA Bank Limited
Manager
Satrix Managers (Proprietary) Limited
Date: 27/03/2013 04:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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