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Abridged Audited Results for the Year Ended 31 December 2015 - STXSWX
SATRIX COLLECTIVE INVESTMENT SCHEME
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 2015
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2015
2015 2014
R R
Income
Dividend income 11 523 494 9 971 296
Fee income: Securities lending 86 868 77 107
Interest income 104 351 79 331
REIT income 436 709 276 209
Total income 12 151 422 10 403 943
Expenses
Management fee (1 677 077) (1 466 441)
Transaction costs (172 705) (182 225)
Trustee and custodian fees (104 214) (104 539)
Total operating expenses (1 953 996) (1 753 205)
Income attributable to investors before
distribution 10 197 426 8 650 738
Income distributions (10 029 251) (8 733 050)
Income attributable to investors after
distributions 168 175 (82 312)
Realised gains on financial instruments
designated at fair value through profit or
loss 7 756 845 7 418 642
Unrealised gains on financial instruments
designated at fair value through profit or
loss 3 481 499 26 007 843
Total fair value adjustments 11 238 344 33 426 485
Increase in net assets attributable to
investors after distributions 11 406 519 33 344 173
STATEMENT OF FINANCIAL POSITION
at 31 December 2015
2015 2014
R R
ASSETS
Listed equities designated as held at fair
value through profit or loss 387 477 188 376 238 844
Interest receivable 10 946 8 328
Securities lending fee receivable - 6 460
Other receivables - 9 285
Cash and cash equivalents 2 486 214 2 018 388
Total assets 389 974 348 378 281 305
LIABILITIES
Distributions payable to investors 2 229 142 1 938 712
Other payables 133 803 137 709
Total liabilities (excluding net assets
attributable to investors) 2 362 945 2 076 421
Net assets attributable to investors 387 611 403 376 204 884
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2015
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2014 312 465 235 48 352 312 513 587
Creation of Satrix SWIX TOP
40 securities 30 347 124 - 30 347 124
Increase/(decrease) in net
assets attributable to
investors after
distributions 33 426 485 (82 312) 33 344 173
Balance at 31 December 2014 376 238 844 (33 960) 376 204 884
Increase in net assets
attributable to investors
after distributions 11 238 344 168 175 11 406 519
Balance at 31 December 2015 387 477 188 134 215 387 611 403
STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
2015 2014
R R
Net cash generated from operating activities 10 206 647 8 661 511
Cash utilised by operations (1 948 617) (1 732 439)
Fee income: Securities lending 93 328 74 989
Interest received 101 733 71 456
REIT received 436 709 276 209
Dividend received 11 523 494 9 971 296
Cash outflow from investing activities - (30 347 124)
Purchase of underlying constituents (55 646 691) (57 290 948)
Sale of underlying constituents 55 646 691 26 943 824
Cash (outflow)/inflow from financing
activities (9 738 821) 22 181 420
Creation of Satrix SWIX TOP 40 Securities - 30 347 124
Cash distributed to security holders (9 738 821) (8 165 704)
Net movement in cash and cash equivalents 467 826 495 807
Cash and cash equivalents at the beginning
of the year 2 018 388 1 522 581
Cash and cash equivalents at the end of the
year 2 486 214 2 018 388
SATRIX SWIX TOP 40 SECURITIES
During the year, nil (2014: 3 000 000) Satrix Swix Top 40 securities were
created at a value of R nil (2014: R30 347 124) and nil (2014: nil) Satrix
Swix Top 40 securities were redeemed at a value of R nil (2014: nil). 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 27
March 2015, 26 June 2015, 25 September 2015 and 31 December 2015
respectively.
During the year under review the following distributions were effected per
Satrix SWIX Top 40 Security.
2015 2014
R R
2.96 cents per security
Declared 27 March 2015 and
paid 29 April 2015 1 166 456
3.36 cents per security
Declared 28 March 2014 and
paid 10 April 2014 1 166 529
9.75 cents per security
Declared 26 June 2015 and
paid 23 July 2015 3 677 518
8.46 cents per security
Declared 27 June 2014 and
paid 18 July 2014 2 937 154
7.97 cents per security
Declared 25 September 2015 and
Paid 22 October 2015 3 006 135
7.75 cents per security
Declared 26 September 2014 and
paid 16 October 2014 2 923 155
5.91 cents per security
Declared 31 December 2015 and
paid 26 January 2016 2 229 142
5.14 cents per security
Declared 24 December 2014 and
paid 23 January 2015 1 938 712
Accrued income portion of NAV paid
redemption/(creation) of securities - (232 500)
Total distributions 10 029 251 8 733 050
Operating Segments
The Satrix SWIX TOP 40 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
Financials 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 2015 R R R
Financial instruments
designated at fair value
through profit or loss:
Listed equities 387 477 188 – –
Net assets attributable to
investors – (387 611 403) –
Total 387 477 188 (387 611 403) –
Level 1 Level 2 Level 3
31 December 2014 R R R
Financial instruments
designated at fair value
through profit or loss:
Listed equities 376 238 844 – –
Net assets attributable to
investors – (376 204 884) –
Total 376 238 844 (376 204 884) –
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 but for which fair value is disclosed:
Level 1 Level 2 Level 3
31 December 2015 R R R
Assets
Interest receivable – 10 946 –
Cash and cash equivalents – 2 486 214 –
Total – 2 497 160 –
31 December 2015 R R R
Liabilities
Distributions payable to
investors – – 2 229 142
Other payables – – 133 803
Total – – 2 362 945
Level 1 Level 2 Level 3
31 December 2014 R R R
Assets
Interest receivable – 8 328 –
Securities lending fee
receivable – – 6 460
Other receivables – – 9 285
Cash and cash equivalents – 2 018 388 –
Total – 2 026 716 15 745
31 December 2014 R R R
Liabilities
Distributions payable to
investors – – 1 938 712
Other payables – – 137 709
Total – – 2 076 421
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.
2015 2014
R R
Management fee paid
Satrix Managers (RF) Proprietary Limited 1 701 461 1 451 658
Management fee payable at 31 December
Satrix Managers (RF) Proprietary Limited 133 803 137 708
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 45.36 (2014: 45.60) basis
points for the period 1 January 2013 to 31 December 2015. 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 2015 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 2015, and have not been applied in
preparing these financial statements. All standards and interpretations
issued but not effective for the year ended 31 December 2015 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 14 Regulatory deferral Annual periods beginning
accounts on or after 1 January 2016
IAS 27 amendment Equity Method in Separate Annual periods beginning
Financial Statements on or after 1 January 2016
IFRS 11 amendment Accounting for acquisition Annual periods beginning
of interest in joint on or after 1 January 2016
operations
IAS 10 and IAS 28 Sale or contribution of Annual periods beginning
amendment Asset between an Investor on or after 1 January 2016
and its Associate or Joint
Venture
IAS 16 and IAS 38 Clarification of acceptable Annual periods beginning
amendment methods of depreciation and on or after 1 January 2016
amortisation
IFRS 10, IFRS 12 Investment Entities: Annual periods beginning
and IAS 28 Applying the Consolidation on or after 1 January 2016
amendment Exception
IAS 16 and IAS 41 Agricultural: Bearer plants Annual periods beginning
amendment on or after 1 January 2016
IAS 1 amendment Disclosure Initiative Annual periods beginning
on or after 1 January 2016
IFRS 15 Revenue from contracts with Annual periods beginning
customers on or after 1 January 2018
IFRS 9 Financial Instruments Annual periods beginning
on or after 1 January 2018
Preparer of Abridged annual financial statements for the year ended 31
December 2015
These Abridged annual financial statements have been prepared by T du
Plessis CA (SA), the Financial Manager.
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 2015 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.
31 March 2016
Sponsor
Vunani Corporate Finance
Trustee
Standard Chartered Bank
Manager
Satrix Managers (RF) Proprietary Limited
Date: 31/03/2016 12:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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