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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 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
