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Abridged audited results for the year ended 31 December 2013 - STXRAF
SATRIX RAFI 40
JSE code: STXRAF
ISIN: ZAE000126033
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 2013
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2013
2013 2012
R R
Income
Dividend income 25 291 209 21 145 411
Interest income 517 437 248 594
Total income 25 808 646 21 394 005
Expenses
Management fee
(4 350 962) (3 512 526)
Transaction costs
(237 862) (209 833)
Trustee and custodian fees
(77 503) (93 487)
Total operating expenses (4 666 327) (3 815 846)
Income attributable to investors before distributions 21 142 319 17 578 159
Income distributions (18 132 169) (14 783 387)
Realised gains on financial instruments designated at fair value
through profit or loss
69 267 415 21 159 425
Unrealised gains on financial instruments designated at fair
value through profit or loss
42 960 473 110 874 890
Total fair value adjustment 112 227 888 132 034 315
Increase in net assets attributable to investors after
distributions 115 238 038 134 829 087
STATEMENT OF FINANCIAL POSITION
at 31 December 2013
2013 2012
R R
ASSETS
Listed equities designated held at fair value through profit or
loss 937 340 958 779 261 679
Interest receivable 553 4 309
Underlying securities sold and not settled - 1 235 994
Cash and cash equivalents 1 804 269 1 654 062
Total assets 939 145 780 782 156 044
LIABILITIES
Other payables 393 721 335 388
Underlying securities purchased and not settled - 1 242 070
Total liabilities (excluding net assets attributable to investors) 393 721 1 577 458
Net assets attributable to investors 938 752 059 780 578 586
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 to
investors investors investors
R R R
Balance at 1 January 2012
633 211 937 114 216 633 326 153
Creation of Satrix RAFI 40 Securities 38 825 916 - 38 825 916
Redemption of Satrix RAFI 40 Securities (39 598 677) - (39 598 677)
Increase in net assets attributable to investors
after distributions
132 034 315 17 578 159 149 612 474
Dividends reinvested
13 196 107 - 13 196 107
Distributions to investors - (14 783 387) (14 783 387)
Capital attributable to Income attributable to Net assets attributable to
investors investors investors
R R R
Balance at 31 December 2012 777 669 598 2 908 988 780 578 586
Creation of Satrix RAFI 40 Securities 27 719 222 - 27 719 222
Increase in net assets attributable to investors
after distributions 112 227 888 21 142 319 133 370 207
Dividends reinvested
15 216 213 - 15 216 213
Distributions to investors - (18 132 169) (18 132 169)
Balance at 31 December 2013
932 832 921 5 919 138 938 752 059
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Net cash generated from operating activities
18 282 376 16 044 635
Cash utilised by operations
(4 614 070) (3 759 162)
Interest received
521 193 247 211
Dividends received 22 375 235 19 556 586
Cash outflow from investing activities (45 851 391) (14 009 081)
Purchase of underlying constituents (191 839 610) (126 714 043)
Sale of underlying constituents 145 988 219 112 704 962
Cash inflow/(outflow) from financing activities
27 719 222 (772 761)
Creation of Satrix RAFI 40 Securities
27 719 222 38 825 916
Redemption of Satrix RAFI 40 Securities
- (39 598 677)
Net movement in cash and cash equivalents
150 207 1 262 793
Cash and cash equivalents at the beginning of the year
1 654 062 391 269
Cash and cash equivalents at the end of the year 1 804 269 1 654 062
SATRIX RAFI 40 SECURITIES
During the year, 3 000 000 (2012: 5 000 000) Satrix Rafi 40 securities were created at a value of R27 719 222 (2012: R38 825 916) and
nil (2012: 5 000 000) Satrix Rafi 40 securities were redeemed at a value of Rnil (2012: R39 598 677). All creations and liquidations were
in specie.
Distributions
The Portfolio announces dividends monthly. All distributions that were made out of income of the Satrix RAFI 40 Portfolio were reinvested
back into the Portfolio net of withholding tax. During the year under review the following distributions were effected per Satrix RAFI 40
Security.
2013 2012
R R
1.35 cents per security
Declared 28 March 2013 and re-invested 12 April 2013 797 846
6.34 cents per security
Declared and re-invested 30 March 2012 5 064 219
6.87 cents per security
Declared 26 April 2013 and re-invested 09 May 2013 5 831 068
1.14 cents per security
Declared 26 April 2012 and re-invested 11 May 2012 910 601
2.62 cents per security
Declared 31 May 2013 and re-invested 12 June 2013 2 302 384
1.02 cents per security
Declared 25 May 2012 and re-invested 05 June 2012 814 748
0.00 cents per security
Declared 28 June 2013 -
1.03 cents per security
Declared 29 June 2012 and re-invested 10 July 2012 874 236
0.00 cents per security
Declared 26 July 2013 -
0.33 cents per security
Declared 27 July 2012 and re-invested 6 August 2012 280 095
1.11 cents per security
Declared 30 August 2013 and re-invested 12 September 2013 975 438
1.08 cents per security
Declared 31 August 2012 and re-invested 10 September 2012 916 675
7.81 cents per security
Declared 27 September 2013 and re-invested 09 October 2013 6 863 215
4.27 cents per security
Declared 28 September 2012 and re-invested 10 October 2012 3 624 259
3.69 cents per security
Declared 25 October 2013 and re-invested 04 November 2013 3 242 671
4.58 cents per security
Declared 26 October 2012 and
re-invested 02 November 2012 3 887 379
0.00 cents per security
Declared 29 November 2013 -
0.00 cents per security
Declared 30 November 2012 -
1.05 cents per security
Declared 27 December 2013 and re-invested 16 January 2014 922 711
9.85 cents per security
Declared 28 December 2012 and re-invested 11 January 2013 1 035 503
Total distribution 20 935 333 17 407 715
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 937 340 958 – –
Net assets attributable to investors – 938 752 059 –
Total 937 340 958 938 752 059 –
Level 1 Level 2 Level 3
31 December 2012 R R R
Financial instruments designated at fair value
through profit or loss:
Listed equities 779 261 679 – –
Net assets attributable to investors – 780 578 586 –
Total 779 261 679 780 578 586 –
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 – 553 –
Other receivables – – –
Underlying securities sold and not settled – – –
Cash and cash equivalents – 1 804 269 –
Total – 1 804 822 –
Liabilities
Other payables – – 393 721
Total – – 393 721
Level 1 Level 2 Level 3
31 December 2012 R R R
Assets
Interest receivable – 4 309 –
Underlying securities sold and not settled – – 1 235 994
Cash and cash equivalents – 1 654 062 –
Total – 1 658 371 1 235 994
Liabilities
Other payables – – 335 388
Underlying securities purchased and not settled – – 1 242 070
Total – – 1 577 458
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 3 807 115 3 069 682
Management fee payable at
31 December 2013
Satrix Managers (RF) (Proprietary) Limited 393 728 335 387
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 RAFI 40 Portfolio had a TER of 52.76 (2012: 52.75) basis points (annualised) 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 Committee, 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 financial Annual periods beginning on or after 1 January
liabilities 2014
IAS 27 amendment Investments in Associates and Joint Annual periods beginning on or after 1 January
Ventures 2014
IFRS 10 amendment Consolidated Financial Statements Annual periods beginning on or after 1 January
2014
IFRS 12 amendment Disclosure of Interests in Other Entities Annual periods beginning on or after 1 January
2014
IAS 36 amendment Impairment of assets Annual periods beginning on or after 1 January
2014
IAS 39 amendment Financial instruments: Recognition and Annual periods beginning on or after 1 January
measurement 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 RAFI 40 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 05:26:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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