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SATRIX COLLECTIVE INVESTMENT SCHEME - Abridged audited results for the year ended 31 December 2012 - STXDIV

Release Date: 27/03/2013 16:35
Code(s): STXDIV     PDF:  
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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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