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'). 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. 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