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Abridged audited results for the year ended 31 December 2012 - 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 2012
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2012
2012 2011
R R
Income
Dividend income 21 145 411 17 487 773
Interest income 248 594 9 590
Total income 21 394 005 17 497 363
Expenses
Management fee (3 512 526) (3 023 231)
Transaction costs (209 833) (353 739)
Trustee and custodian fees (93 487) (87 253)
Total operating expenses (3 815 846) (3 464 223)
Income attributable to investors
before distributions 17 578 159 14 033 140
Income distributions (14 783 387) (14 075 146)
Realised gains on financial
instruments designated at fair
value through profit or loss 21 159 425 17 699 552
Unrealised gains/(losses) on
financial instruments designated at
fair value through profit or loss 110 874 890 (18 789 154)
Total fair value adjustment 132 034 315 (1 089 602)
Increase/(Decrease) in net assets
attributable to investors after
distributions 134 829 087 (1 131 608)
STATEMENT OF FINANCIAL POSITION
at 31 December 2012
2012 2011
R R
ASSETS
Listed equities designated held at
fair value through profit or loss 779 261 679 633 216 738
Interest receivable 4 309 2 926
Underlying securities sold and not
settled 1 235 994 -
Cash and cash equivalents 1 654 062 391 269
Total assets 782 156 044 633 610 933
LIABILITIES
Other payables 335 388 284 780
Underlying securities purchased and
not settled 1 242 070 -
Total liabilities (excluding net
assets attributable to investors 1 577 458 284 780
Net assets attributable to
investors 780 578 586 633 326 153
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2012
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2011 545 819 088 156 222 545 975 310
Creation of Satrix RAFI 40
Securities 103 711 289 - 103 711 289
Redemption of Satrix RAFI 40
Securities (29 303 984) - (29 303 984)
Increase/(decrease) in
net assets attributable
to investors before
distributions (1 089 602) 14 033 140 12 943 538
Dividends reinvested 14 075 146 - 14 075 146
Distributions to investors - (14 075 146) (14 075 146)
Balance at 31 December 2011 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)
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
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)
Balance at 31 December 2012 777 669 598 2 908 988 780 578 586
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Net cash generated from operating
activities 16 044 635 14 116 385
Cash utilised by operations (3 759 162) (3 381 219)
Interest received 247 211 9 831
Dividends received 19 556 586 17 487 773
Cash outflow from investing
activities (14 009 081) (88 487 250)
Purchase of underlying constituents (126 714 043) (201 446 375)
Sale of underlying constituents 112 704 962 112 959 125
Cash (outflow)/inflow from financing
activities (772 761) 74 407 305
Creation of Satrix RAFI
40 Securities 38 825 916 103 711 289
Redemption of Satrix RAFI
40 Securities (39 598 677) (29 299 184)
Cash distributed to
security holders - (4 800)
Net movement in cash and cash
equivalents 1 262 793 36 441
Cash and cash equivalents at the
beginning of the year 391 269 354 828
Cash and cash equivalents at the end
of the year 1 654 062 391 269
SATRIX RAFI 40 SECURITIES
During the year, 5 000 000 (2011: 14 000 000) Satrix Rafi 40 securities were
created at a value of R38 825 916 (2011: R103 711 289) and 5 000 000 (2011:
4 000 000) Satrix Rafi 40 securities were redeemed at a value of R39 598 677
(2011: R29 299 184). All creations and liquidations were in specie.
Distributions
The Portfolio announces dividends monthly. All distributions that are made
out of income of the Satrix RAFI 40 Portfolio are reinvested back into the
Portfolio net of withholding tax. During the year under review the
following distributions were effected per Satrix RAFI 40 Security.
2012 2011
R R
6.34 cents per security
Declared and re-invested 30 March
2012 5 064 219 -
1.14 cents per security
Declared 26 April 2012 and
re-invested 11 May 2012 910 601 -
1.02 cents per security
Declared 25 May 2012 and re-invested
5 June 2012 814 748 -
1.03 cents per security
Declared 29 June 2012 and
re-invested 10 July 2012 874 236 -
3.83 cents per security
Declared 18 June 2011 and paid 23
July 2011 5 709 935
0.33 cents per security
Declared 27 July 2012 and
re-invested 6 August 2012 280 095 -
1.08 cents per security
Declared 31 August 2012 and
re-invested 10 September 2012 916 675 -
4.27 cents per security
Declared 28 September 2012 and
re-invested 10 October 2012 3 624 259 -
4.58 cents per security
Declared 26 October 2012 and
re-invested 2 November 2012 3 887 379 -
0.00 cents per security
Declared 30 November 2012 and
re-invested 18 December 2012 - -
9.85 cents per security
Declared 28 December 2012 and
re-invested 11 January 2013 1 035 503 -
6.83 cents per security
Declared 23 December 2011 and paid
27 January 2012 8 360 411
Accrued income portion of NAV paid
on creation/redemption of securities - 4 800
Total distribution 17 407 715 14 075 146
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 3 069 682 2 641 242
Management fee payable at
31 December 2012
Satrix Managers (Proprietary)
Limited 335 387 284 796
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 52.75 (2011: 52.75) 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 RAFI 40 Portfolio had an AER of 58.54 (2011: 59.50) basis points
(annualised) for 2012, as determined by the Management Company. The AER is
calculated using 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.
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 Annual periods
Financial Statements: beginning on or after
Presentation of Items of 1 July 2012
Other Comprehensive
Income
IAS 19 Employee Benefits: Annual periods
amendment Defined 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 Annual periods
Associates and Joint beginning on or after
Ventures (2011) 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 Annual periods
in 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 after 1
financial liabilities January 2013
IFRS 7 Mandatory effective date Annual periods
and transition beginning on or after
disclosures 1 January 2015
IFRS 1 First-time adoption of Annual periods
International Financial beginning on or after 1
Reporting Standards January 2013
IAS 32 Offsetting financial Annual periods
assets and financial beginning on or after 1
liabilities January 2014
IFRS 9 Mandatory effective date Annual periods
and transition beginning on or after
disclosures 1 January 2015
Audit report
Ernst & Young Inc, the entity's independent auditors, has audited the annual
financial statements of the Satrix RAFI 40 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 04:33:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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