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Abridged audited results for the year ended 31 December 2013 - STXFIN
SATRIX FINI
JSE code: STXFIN
ISIN: ZAE000036356
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 26 868 870 27 633 199
Fee income: Securities lending 126 403 142 954
Interest income 2 429 354 1 076 173
Total income 29 424 627 28 852 326
Expenses
Management fee
(3 399 095) (3 285 055)
Transaction costs
(357 741) (207 042)
Trustee and custodian fees
(77 700) (94 943)
Total operating expenses (3 834 536) (3 587 040)
Income attributable to investors before distribution 25 590 091 25 265 286
Income distributions (25 614 490) (25 551 595)
Realised gains on financial instruments designated at fair value through profit or loss 35 809 115 72 649 325
Unrealised gains on financial instruments designated at fair value through profit or loss 74 526 140 126 165 102
Total fair value adjustments 110 335 255 198 814 427
Increase in net assets attributable to investors after distributions 110 310 856 198 528 118
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 837 863 048 704 770 494
Interest receivable 11 586 14 884
Securities lending fee receivable 10 148 10 060
Other receivables 659 860 663 569
Underlying securities sold and not settled - 1 889 001
Cash and cash equivalents 6 412 882 5 272 644
Total assets 844 957 524 712 620 652
LIABILITIES
Distributions payable to investors 6 245 014 5 111 707
Other payables 307 317 274 426
Underlying securities purchased and not settled - 1 897 481
Total liabilities (excluding net assets attributable to investors) 6 552 331 7 283 614
Net assets attributable to investors 838 405 193 705 337 038
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
708 595 178 852 854 709 448 032
Redemptions of Satrix FINI securities
(202 639 112) - (202 639 112)
Increase in net assets attributable to investors
after distributions 198 814 427 (286 309) 198 528 118
Balance at 31 December 2012
704 770 493 566 545 705 337 038
Creations of Satrix FINI Securities 22 757 299 - 22 757 299
Increase in net assets attributable to investors after
distributions
110 335 255 (24 399) 110 310 856
Balance at 31 December 2013
837 863 047 542 146 838 405 193
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Net cash generated from operating activities
25 621 421 25 234 548
Cash utilised by operations
(3 806 416) (3 632 081)
Fee income: Securities lending 126 315 151 600
Interest received
2 432 652 1 081 830
Dividend received 26 868 870 27 633 199
Cash (outflow)/inflow from investing activities (22 757 299) 202 639 112
Purchase of underlying constituents (123 884 869) (21 782 954)
Sale of underlying constituents 101 127 570 224 422 066
Cash outflow from financing activities (1 723 884) (228 917 379)
Creation/(Redemption) of Satrix FINI Securities
22 757 299 (202 639 112)
Cash distributed to security holders
(24 481 183) (26 278 267)
Net movement in cash and cash equivalents
1 140 238 (1 043 719)
Cash and cash equivalents at the beginning of the year
5 272 644 6 316 363
Cash and cash equivalents at the end of the year 6 412 882 5 272 644
SATRIX FINI SECURITIES
During the year, 2 000 000 (2012: nil) Satrix Fini securities were created at a value of R22 757 299 (2012: nil) and nil (2012: 21 000
000) Satrix Fini securities were redeemed at a value of Rnil (2012: R202 639 112). All creations and liquidations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions were made out of income of the Satrix FINI 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 FINI Security.
2013 2012
R R
0.19 cents per security
Declared 28 March 2013 and paid 19 April 2013 123 000
3.76 cents per security
Declared 30 March 2012 and paid 11 April 2012 2 960 511
20.51 cents per security
Declared 28 June 2013 and paid 12 July 2013 13 277 557
15.38 cents per security
Declared 29 June 2012 and paid 10 July 2012 11 802 149
9.08 cents per security
Declared 27 September 2013 and paid 16 October 2013 5 968 919
8.43 cents per security
Declared 28 September 2012 and paid 12 October 2012 5 373 028
9.50 cents per security
Declared 27 December 2013 and paid 24 January 2014 6 245 014
8.02 cents per security
Declared 28 December 2012 and paid 17 January 2013 5 111 707
Accrued income portion of NAV paid redemption of securities - 304 200
Total distributions 25 614 490 25 551 595
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 837 863 048 – –
Net assets attributable to investors – 838 405 193 –
Total 837 863 048 838 405 193 –
31 December 2012
Financial instruments designated at fair value
through profit or loss:
Listed equities 704 770 494 – –
Net assets attributable to investors – 705 337 038 –
Total 704 770 494 705 337 038 –
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 – 11 586 –
Securities lending fee receivable – – 10 148
Other receivables – – 659 860
Underlying securities sold and not settled – – –
Cash and cash equivalents – 6 412 882 –
Total – 6 424 468 670 008
Level 1 Level 2 Level 3
R R R
Liabilities
Distributions payable to investors – – 6 245 014
Other payables – – 307 317
Total – – 6 552 331
Level 1 Level 2 Level 3
31 December 2012 R R R
Assets
Interest receivable – 14 884 –
Securities lending fee receivable – – 10 060
Other receivables – – 663 569
Underlying securities sold and not settled – – 1 889 001
Cash and cash equivalents – 5 272 644 –
Total – 5 287 528 2 562 630
Liabilities
Distributions payable to investors – – 5 111 707
Other payables – – 274 426
Underlying securities purchased and not settled – – 1 897 481
Total – – 7 283 614
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 2 997 580 2 994 075
Management fee payable at
31 December 2013
Satrix Managers (RF) (Proprietary) Limited 307 329 263 053
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 FINI Portfolio had a TER of 45.61 (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 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 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.
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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