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Abridged audited results for the year ended 31 December 2013 - STXSWX
SATRIX SWIX TOP 40
JSE Code: STXSWX
ISIN: ZAE000078580
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
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2013
2013 2012
R R
Income
Dividend income 7 510 560 10 643 536
Fee income: Securities lending 56 416 85 322
Interest income 47 134 175 294
Total income 7 614 110 10 904 152
Expenses
Management fee (1 013 989) (1 328 373)
Transaction costs (135 077) (133 844)
Trustee and custodian fees (103 736) (147 100)
Total operating expenses (1 252 802) (1 609 317)
Income attributable to investors before distributions 6 361 308 9 294 835
Income distributions (6 384 594) (9 358 140)
Realised gains on financial instruments designated at fair value through profit
or loss 6 614 418 55 783 876
Unrealised gains on financial instruments designated at fair value through
profit or loss 41 126 477 1 557 712
Total fair value adjustment 47 740 895 57 341 588
Increase in net assets attributable to investors after distributions 47 717 609 57 278 283
STATEMENT OF FINANCIAL POSITION
at 31 December 2013
2013 2012
R R
ASSETS
Listed equities designated as held at fair value through profit or loss 312 465 235 195 596 512
Interest receivable 453 3 067
Securities lending fee receivable 4342 3 928
Other receivables 205 910
Underlying securities sold and not settled - 1 613 983
Cash and cash equivalents 1 522 581 926 755
Total assets 313 992 816 198 145 155
LIABILITIES
Distributions payable to investors 1 371 366 774 116
Other payables 107 863 78 028
Underlying securities purchased and not settled - 1 624 861
Total liabilities (excluding net assets attributable to investors) 1 479 229 2 477 005
Net assets attributable to investors 312 513 587 195 668 150
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 359 283 755 134 944 359 418 699
Redemption of Satrix SWIX Top 40 Securities (221 028 832) - (221 028 832)
Increase in net assets attributable to investors
after distributions 57 341 588 (63 305) 57 278 283
Capital attributable to Income attributable to Net assets attributable
investors investors to investors
R R R
Balance at 31 December 2012 195 596 511 71 639 195 668 150
Creation of Satrix SWIX Top 40 Securities 69 127 828 - 69 127 828
Increase in net assets attributable to investors
after distributions 47 740 895 (23 286) 47 717 609
Balance at 31 December 2013 312 465 234 48 353 312 513 587
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Net cash generated from operating activities 6 383 170 9 227 256
Cash utilised by operations (1 233 140) (1 687 710)
Fee income: Securities lending 56 002 92 437
Interest received 49 748 178 993
Dividends received 7 510 560 10 643 536
Cash (outflow)/inflow from investing activities (69 127 828) 221 028 832
Purchase of underlying constituents (105 188 125) (30 480 470)
Sale of underlying constituents 36 060 297 251 509 302
Cash inflow/(outflow) from financing activities 63 340 484 (231 485 964)
Creation of Satrix Swix Top 40 Securities 69 127 828 -
Redemption of Satrix SWIX Top 40 Securities - (221 028 832)
Cash distributed to security holders (5 787 344) (10 457 132)
Net movement in cash and cash equivalents 595 826 (1 229 876)
Cash and cash equivalents at the beginning of the year 926 755 2 156 631
Cash and cash equivalents at the end of the year 1 522 581 926 755
Satrix SWIX Top 40 security
During the year, 9 000 000 (2012: nil) Satrix Swix Top 40 securities were created at a value of R69 127 828 (2012: nil) and nil (2012:
33 000 000) Satrix Swix Top 40 securities were redeemed at a value of Rnil and (2012: R221 028 832). All creations and liquidations were
in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions were made out of income of the Satrix SWIX Top 40 Portfolio. The record
dates were 28 March 2013, 28 June 2013, 27 September 2013 and 27 December 2013 respectively. During the year under review the
following distributions were effected per Satrix SWIX Top 40 security.
2013 2012
R R
2.56 cents per security
Declared 28 March 2013 and paid 19 April 2013
658 384
2.85 cents per security
Declared 30 March 2012 and paid 11 April 2012 1 673 467
6.32 cents per security
Declared 28 June 2013 and paid 12 July 2013 1 751 786
7.07 cents per security
Declared 29 June 2012 and paid 10 July 2012 3 585 772
7.82 cents per security
Declared 27 September 2013 and paid 16 October 2013 2 714 958
7.03 cents per security
Declared 28 September 2012 and paid 12 October 2012 2 510 985
3.59 cents per security
Declared 27 December 2013 and paid 24 January 2014 1 371 366
3.01 cents per security
Declared 28 December 2012 and paid 17 January 2013 774 116
(111 900) 813 800
Accrued income portion of NAV received on creation of securities
Total distributions 6 384 594 9 358 140
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 312 462 235 – –
Net assets attributable to investors – 312 513 587 –
Total 312 462 235 312 513 587 –
31 December 2012
Financial instruments designated at fair value
through profit or loss:
Listed equities 195 596 512 – –
Net assets attributable to investors – 195 668 150 –
Total 195 596 512 195 668 150 –
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 – 453 –
Securities lending fee receivable – – 4 342
Other receivables – – 910
Underlying securities sold and not settled – – –
Cash and cash equivalents – 1 522 581 –
Total – 1 523 034 5 252
Level 1 Level 2 Level 3
R R R
Liabilities
Distributions payable to investors – – 1 371 366
Other payables – – 107 863
Total – – 1 479 229
Level 1 Level 2 Level 3
31 December 2012 R R R
Assets
Interest receivable – 3 067 –
Securities lending fee receivable – – 3 928
Other receivables – – 910
Underlying securities sold and not settled – – 1 613 983
Cash and cash equivalents – 926 755 –
Total – 929 822 1 618 821
Liabilities
Distributions payable to investors – – 774 116
Other payables – – 78 028
Underlying securities purchased and not settled – – 1 624 861
Total – – 2 477 005
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 885 977 1 186 572
Management fee payable at 31 December 2013
Satrix Managers (RF) (Proprietary) Limited 108 021 74 736
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 SWIX Top 40 Portfolio had a TER of 45.66 (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 asset
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 2012 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 SWIX TOP 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
ABSA Bank Limited
Manager
Satrix Managers (RF) (Proprietary) Limited
Date: 26/03/2014 05:28:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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