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STXDIV - Satrix Dividend Plus - Abridged audited results for the year ended 31

Release Date: 30/03/2012 08:25
Code(s): JSE STXDIV
Wrap Text

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 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.

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