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Abridged audited results for the year ended 31 December 2013 - STXIND
SATRIX INDI
JSE code: STXIND
ISIN: ZAE000036364
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")
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
SATRIX INDI PORTFOLIO
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2013
2013 2012
R R
Income
Dividend income 25 733 793 18 080 501
Fee income: Securities lending 212 683 306 436
Interest income 133 772 106 064
Total income 26 080 248 18 493 001
Expenses
Management fee (4 835 276) (2 949 389)
Transaction costs (529 771) (152 616)
Trustee and custodian fees (112 018) (115 476)
Total operating expenses (5 477 065) (3 217 481)
Income attributable to investors before distributions 20 603 183 15 275 520
Income distributions (20 857 567) (15 497 121)
Realised gains on financial instruments designated at
fair value through profit or loss
57 225 754 91 934 689
Unrealised gains on financial instruments designated at
fair value through profit or loss
274 273 086 123 164 940
Total fair value adjustment 331 498 840 215 099 629
Increase in net assets attributable to investors after
distributions
331 244 456 214 878 028
STATEMENT OF FINANCIAL POSITION
at 31 December 2013
2013 2012
R R
ASSETS
Listed equities designated held at fair value through
profit or loss 1 459 807 264 718 971 279
Interest receivable 1 126 5 025
Securities lending fee receivable 20 092 22 975
Other receivables 50 973 219 110
Underlying securities sold and not settled 8 639 069 6 430 085
Cash and cash equivalents - 1 916 027
Total assets 1 468 518 524 727 564 501
LIABILITIES
Bank Overdraft 5 601 333 -
Distributions payable to investors 2 547 582 1 440 865
Other payables 611 576 485 500
Underlying securities purchased and not settled - 6 461 704
Total liabilities (excluding net assets attributable to
investors) 8 760 491 8 388 069
Net assets attributable to investors 1 459 758 033 719 176 432
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2013
Capital attributable to Income attributable to Net assets attributable
investors investors to investors
R R R
Balance at 1 January 2012 597 997 607 426 754 598 424 361
Redemption of Satrix INDI Securities (164 312 761) - (164 312 761)
Creation of Satrix INDI securities 70 186 804 - 70 186 804
Increase in net assets attributable to
investors after distributions
215 099 629 (221 601) 214 878 028
Capital attributable Income attributable Net assets
to investors to investors attributable to
investors
R R R
Balance at 31 December 2012 718 971 279 205 153 719 176 432
Creation of Satrix INDI Securities 409 337 145 - 409 337 145
Increase in net assets attributable to
investors after distributions 331 498 840 (254 384) 331 244 456
Balance 31 December 2013 1 459 807 264 (49 231) 1 459 758 033
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Net cash generated from operating activities 12 233 490 15 552 512
Cash utilised by operations (13 853 540) (2 946 473)
Fee income: Securities lending 215 566 307 062
Interest received 137 671 111 422
Dividends received 25 733 793 18 080 501
Cash (outflow)/inflow from investing activities (409 337 145) 94 125 957
Purchase of Satrix INDI securities (545 301 705) (83 263 992)
Sale of Satrix INDI securities 135 964 560 177 389 949
Cash inflow/(outflow) from financing activities 389 586 295 (110 042 780)
Redemption of Satrix INDI Securities - (164 312 761)
Creation of Satrix INDI Securities 409 337 145 70 186 804
Cash distributed to security holders (19 750 850) (15 916 823)
Net movement in cash and cash equivalents (7 517 360) (364 311)
Cash and cash equivalents at the beginning of the year
1 916 027 2 280 338
Bank overdraft at the end of the year (5 601 333) 1 916 027
SATRIX INDI SECURITIES
During the year, nil (2012:5 000 000) Satrix Indi securities were redeemed at a value of Rnil (2012: R164 312 761) and 9
000 000 (2012: R2 000 000) Satrix 40 securities were created at a value of R409 337 145 (2012: 70 186 804). All creations
and liquidations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions were made out of income of the Satrix INDI Portfolio. The record
dates were 28 March 2013, 28 June 2013, 27 September 2013 and 27 December 2013 respectively.
2013 2012
R R
8.63 cents per security
1 794 044
Declared 28 March 2013 and paid 19 April 2013
9.07 cents per security
1 976 213
Declared 30 March 2012 and paid 11 April 2012
20.67 cents per security
Declared 28 June 2013 and paid 12 July 2013 4 917 074
25.08 cents per security
5 464 545
Declared 29 June 2012 and paid 10 July 2012
50.16 cents per security
12 433 890
Declared 27 September 2013 and paid 16 October 2013
39.52 cents per security
6 634 798
Declared 28 September 2012 and paid 12 October 2012
9.51 cents per security
2 547 582
Declared 27 December 2013 and paid 24 January 2014
8.10 cents per security
1 440 865
Declared 28 December 2012 and paid 17 January 2013
Accrued income portion of NAV (paid)/received on
redemption/creation of securities (835 023) (19 300)
Total distributions 20 857 567 15 497 121
Fair value estimation
IFRS 13 became effective in the current year. We have assessed the impact of the new requirements and have found that
no changes with regard to fair value measurement are necessary. The fair value of financial assets and liabilities traded in
active markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the close of
trading at the year-end date.
The following tables analyse, within the fair value hierarchy, the Portfolio's financial assets and liabilities (by class)
measured at fair value at 31 December:
Level 1 Level 2 Level 3
31 December 2013 R R R
Financial instruments designated at fair
value through profit or loss:
Listed equities 1 459 807 264 – –
Net assets attributable to investors – 1 459 758 033 –
Total 1 459 807 264 1 459 758 033 –
31 December 2012
Financial instruments designated at fair
value through profit or loss:
Listed equities 718 971 279 – –
Net assets attributable to investors – 719 176 432 –
Total 718 971 279 719 176 432 –
The following table analyses, within the fair value hierarchy, the Portfolio's assets and liabilities (by class) not measured at
fair value at 31 December 2013 but for which fair value is disclosed:
The assets and liabilities included in the below table are carried at amortised cost; their carrying values are a reasonable
approximation of fair value.
Level 1 Level 2 Level 3
31 December 2013 R R R
Assets
Interest receivable – 1 126 –
Securities lending fee receivable – – 20 092
Other receivables – – 50 973
Underlying securities sold and not settled – – –
Cash and cash equivalents – – –
Total – 1 126 71 065
Level 1 Level 2 Level 3
R R R
Liabilities
Distributions payable to investors – – 2 547 582
Other payables – – 611 576
Total – – 3 159 158
Level 1 Level 2 Level 3
31 December 2012 R R R
Assets
Interest receivable – 5 025 –
Securities lending fee receivable – – 22 975
Other receivables – – 219 110
Underlying securities sold and not settled – – 6 430 085
Cash and cash equivalents – 1 916 027 –
Total – 1 921 052 6 672 170
Liabilities
Distributions payable to investors – – 1 440 865
Other payables – – 485 500
Underlying securities purchased and not
settled – – 6 461 704
Total – – 8 388 069
Related parties
Related parties include Satrix Managers (RF) (Proprietary)
Limited in its capacity as the management company of the
Portfolio. The following related party balances and
transactions occurred during the year.
2013 2012
R R
Management fee paid
Satrix Managers (RF) (Proprietary) Limited 4 263 289 2 630 756
Management fee payable at
31 December 2013
Satrix Managers (RF) (Proprietary) Limited 529 919 388 673
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 INDI Portfolio had a TER of 45.67 (2012: 45.60) basis points for the period 1 January to 31 December 2013. 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.
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, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council 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. 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 2013 for the first time, was
assessed and did not have a significant impact to the financial position or performance of the Portfolio.
Forthcoming requirements
New standards, amendments to 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
2013, and have not been applied in preparing these financial statements. All standards and interpretations issued but not
effective for the year ended 31 December 2013 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 32 amendment Offsetting financial assets and Annual periods beginning on or after
financial liabilities 1 January 2014
IAS 27 amendment Investments in Associates and Joint Annual periods beginning on or after
Ventures 1 January 2014
IFRS 10 amendment Consolidated Financial Statements Annual periods beginning on or after
1 January 2014
IFRS 12 amendment Disclosure of Interests in Other Annual periods beginning on or after
Entities 1 January 2014
IAS 36 amendment Impairment of assets Annual periods beginning on or after
1 January 2014
IAS 39 amendment Financial instruments: Recognition Annual periods beginning on or after
and measurement 1 January 2014
IFRIC 21 Levies Annual periods beginning on or after
1 January 2014
IAS 24 - Amendment Management entity Annual periods beginning on or after 1 July
2014
IFRS 2 - Amendment Vesting conditions Annual periods beginning on or after 1 July
2014
IFRS 3 - Amendment Contingent consideration Annual periods beginning on or after 1 July
2014
IFRS 9 - Amendment Financial Instruments Annual periods beginning on or after
1 January 2015
Preparer of Abridged annual financial statements for the year ended 31 December 2013
These Abridged annual financial statements have been prepared by R D Martin CA(SA), the Company Secretary.
Audit report
Ernst & Young Inc, the entity's independent auditors, has audited the abridged results of the Satrix INDI Portfolio
for the year ended 31 December 2013 and has expressed an unmodified audit opinion thereon. The auditor also expressed
an unmodified opinion on the annual financial statements from which these abridged results were derived. Their audit
report and the abridged results is available for inspection at the registered office of Satrix Managers (RF) (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.
26 March 2014
Sponsor
Vunani Corporate Finance
Trustee
Standard Chartered Bank
Manager
Satrix Managers (RF) (Proprietary) Limited
Date: 26/03/2014 05:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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