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Abridged Audited Results for the Year Ended 31 December 2014 - STXDIV
SATRIX DIVIDEND PLUS
JSE code: STXDIV
ISIN: ZAE000102018
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 2014
Satrix DIVI Plus Portfolio
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2014
2014 2013
R R
Income
Dividend income 82 700 136 79 293 208
Fee income: Securities lending 875 976 417 396
Interest income 686 501 582 901
Total income 84 262 613 80 293 505
Expenses
Management fee (8 173 376) (8 378 984)
Transaction costs (2 818 994) (3 072 984)
Trustee and custodian fees (108 907) (91 477)
Total operating expenses (11 101 277) (11 543 445)
Income attributable to investors
before distributions 73 161 336 68 750 060
Income distributions (73 048 472) (68 527 362)
Income attributable to investors
after distributions 112 864 222 698
Realised (losses)/gains on
financial instruments designated
at fair value through profit or
loss (23 157 639) 152 434 120
Unrealised gains/(losses) on
financial instruments designated
at fair value through profit or
loss 100 897 896 (112 789 186)
Total fair value adjustments 77 740 257 39 644 934
Increase in net assets
attributable to investors after
distributions 77 853 121 39 867 632
STATEMENT OF FINANCIAL POSITION
at 31 December 2014
2014 2013
R R
ASSETS
Listed equities designated as held
at fair value through profit or
loss 1 830 174 327 1 942 254 877
Interest receivable 51 387 3 428
Securities lending fee receivable 40 403 88 237
Other receivables 1 422 021 1 356 305
Cash and cash equivalents 13 525 816 15 423 470
Total assets 1 845 213 954 1 959 126 317
LIABILITIES
Distributions payable to investors 13 186 871 15 088 866
Other payables 693 833 736 515
Total liabilities (excluding net
assets attributable to investors) 13 880 704 15 825 381
Net assets attributable to
investors 1 831 333 250 1 943 300 936
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2014
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2013 1 862 853 953 823 361 1 863 677 314
Creation of Satrix DIVI Plus
Securities 39 755 990 - 39 755 990
Increase in net assets
attributable to investors
after distributions 39 644 934 222 698 39 867 632
Balance at 31 December 2013 1 942 254 877 1 046 059 1 943 300 936
Redemption of Satrix DIVI
Plus Securities (189 820 807) - (189 820 807)
Increase in net assets
attributable to investors
after distributions 77 740 257 112 864 77 853 121
Balance at 31 December 2014 1 830 174 327 1 158 923 1 831 333 250
STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
2014 2013
R R
Net cash generated from operating
activities 73 052 813 68 409 636
Cash utilised by operations (11 209 675) (11 893 224)
Fee income: Securities lending 923 810 388 531
Interest received 638 542 621 121
Dividends received 82 700 136 79 293 208
Cash outflow from investing
activities 189 820 807 (39 755 991)
Purchase of underlying constituents (714 093 165) (826 950 189)
Sale of underlying constituents 903 913 972 787 194 198
Cash (outflow)/inflow from financing
activities (264 771 274) (29 464 240)
Creation of Satrix DIVI Plus
Securities - 39 755 990
Redemption of Satrix DIVI Plus
Securities (189 820 807) -
Cash distributed to security holders (74 950 467) (69 220 230)
Net movement in cash and cash
equivalents (1 897 654) (810 595)
Cash and cash equivalents at the
beginning of the year 15 423 470 16 234 065
Cash and cash equivalents at the end
of the year 13 525 816 15 423 470
SATRIX DIVI PLUS SECURITIES
During the year, nil (2013: 20 000 000) Satrix Divi Plus securities were
created at a value of nil (2013: R39 755 990) and 88 000 000 (2013: nil)
Satrix Divi Plus securities were redeemed at a value of R 189 820 807
(2013: Rnil). All creations and liquidations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions were made
out of income of the Satrix DIVI Plus Portfolio. The record dates were 28
March 2014, 27 June 2014, 26 September 2014 and 24 December 2014,
respectively. During the year under review the following distributions
were effected per Satrix DIVI Plus Index Security.
2014 2013
R R
1.77 cents per security
Announced 28 March 2014 and paid 10
April 2014 14 768 700
0.99 cents per security
Announced 28 March 2013 and paid 19
April 2013 8 537 659
2.87 cents per security
Announced 27 June 2014 and paid 18
July 2014 23 372 988
2.34 cents per security
Announced 28 June 2013 and paid 12
July 2013 20 647 922
2.62 cents per security
Announced 26 September 2014 and
paid 16 October 2014 20 813 013
2.80 cents per security
Announced 27 September 2013 and
paid 16 October 2013 24 706 915
1.66 cents per security
Announced 24 December 2014 and paid
26 January 2015 13 186 871
1.71 cents per security
Announced 27 December 2013 and paid
24 January 2014 15 088 866
Accrued income portion of NAV paid
on redemption of securities 906 900 (454 000)
Total distributions 73 048 472 68 527 362
Operating Segments
The Satrix DIVI Plus Portfolio offers only one product, being the specific
exchange traded fund, tracking the specific identified index.
Information regarding the results of the reportable segment is disclosed in
the financial statements as currently set out, thus no further IFRS 8
disclosure is required.
Fair value estimation
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 2014 R R R
Financial instruments
designated at fair value
through profit or loss:
Listed equities 1 830 174 327 – –
Net assets attributable to
investors – 1 831 333 250 –
Total 1 830 174 327 1 831 333 250 –
31 December 2013
Financial instruments
designated at fair value
through profit or loss:
Listed equities 1 942 254 877 – –
Net assets attributable to
investors – 1 943 300 936 –
Total 1 942 254 877 1 943 300 936 –
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 2014 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 2014 R R R
Assets
Interest receivable – 51 387 –
Securities lending fee
receivable – – 40 403
Other receivables – – 1 422 021
Cash and cash equivalents – 13 525 816 –
Total – 13 577 203 1 462 424
Level 1 Level 2 Level 3
R R R
Liabilities
Distributions payable to
investors – – 13 186 871
Other payables – – 693 833
Total – 13 880 704
Level 1 Level 2 Level 3
31 December 2013 R R R
Assets
Interest receivable – 3 428 –
Securities lending fee
88 237
receivable – –
Other receivables – – 1 356 305
Cash and cash equivalents – 15 423 470 –
Total – 15 426 898 1 444 542
Liabilities
Distributions payable to
investors – – 15 088 866
Other payables – – 736 515
Total – – 15 825 381
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.
2014 2013
R R
Management fee paid
Satrix Managers (RF) Proprietary Limited 8 259 123 7 365 560
Management fee payable at
31 December 2014
Satrix Managers (RF) Proprietary Limited 693 833 726 229
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 DIVI Plus Portfolio had a TER of 45.60 (2012: 45.60) basis
points for the period 1 January to 31 December 2014. 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
2014 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 2014, and have not been applied
in preparing these financial statements. All standards and interpretations
issued but not effective for the year ended 31 December 2014 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
IFRS 9 Financial Instruments Annual periods
beginning on or
after 1 January 2018
IFRS 14 Regulatory deferral Annual periods
accounts beginning on or
after 1 January 2016
IFRS 15 Revenue from contracts Annual periods
with customers beginning on or
after 1 January 2017
IFRS 11 amendment Accounting for Annual periods
acquisition of interest beginning on or
in joint operations after 1 January 2016
IAS16 and IAS38 Clarification of Annual periods
acceptable methods of beginning on or
depreciation and after 1 January 2016
amortisation
IAS 16 and IAS 41 Agricultural: Bearer Annual periods
plants beginning on or
after 1 January 2016
IAS 19 Defined benefit plans: Annual periods
Employee contributions beginning on or
after 1 January 2014
Preparer of Abridged annual financial statements for the year ended 31
December 2014
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 DIVI Plus 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, 4th Floor, Building
2, 11 Alice Lane, Sandton.
A full copy of these financial statements is available on the Satrix
website www.satrix.co.za.
26 March 2015
Sponsor
Vunani Corporate Finance
Trustee
Standard Chartered Bank
Manager
Satrix Managers (RF) Proprietary Limited
Date: 26/03/2015 01:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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