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Abridged Audited Results for the Year Ended 31 December 2015 - STXDIV
SATRIX COLLECTIVE INVESTMENT SCHEME
SATRIX DIVI
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”)
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 77 303 752 82 700 136
Fee income: Securities lending 705 115 875 976
Interest income 677 292 686 501
Total income 78 686 159 84 262 613
Expenses
Management fee (7 311 670) (8 173 376)
Transaction costs (3 003 470) (2 818 994)
Trustee and custodian fees (111 892) (108 907)
Total operating expenses (10 427 032) (11 101 277)
Income attributable to investors before
distribution 68 259 127 73 161 336
Income distributions (69 187 644) (73 048 472)
Income attributable to investors after
distributions (928 517) 112 864
Realised losses on financial instruments
designated at fair value through profit or
loss (4 020 714) (23 157 639)
Unrealised (losses)/gains on financial
instruments designated at fair value through
profit or loss (401 969 294) 100 897 896
Total fair value adjustments (405 990 008) 77 740 257
(Decrease)/increase in net assets
attributable to investors after
distributions (406 918 525) 77 853 121
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 1 331 648 057 1 830 174 327
Interest receivable 63 959 51 387
Securities lending fee receivable - 40 403
Other receivables - 1 422 021
Cash and cash equivalents 15 842 242 13 525 816
Total assets 1 347 554 258 1 845 213 954
LIABILITIES
Distributions payable to investors 15 238 674 13 186 871
Other payables 437 121 693 833
Total liabilities (excluding net assets
attributable to investors) 15 675 795 13 880 704
Net assets attributable to investors 1 331 878 463 1 831 333 250
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 1 942 254 877 1 046 059 1 943 300 936
Redemption of Satrix DIVI
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
Redemption of Satrix DIVI
Securities (92 536 262) - (92 536 262)
Decrease in net assets
attributable to investors
after distributions (405 990 008) (928 517) (406 918 525)
Balance at 31 December 2015 1 331 648 057 230 406 1 331 878 463
STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
2015 2014
R R
Net cash generated from operating activities 69 452 267 73 052 813
Cash utilised by operations (9 261 723) (11 209 675)
Fee income: Securities lending 745 518 923 810
Interest received 664 720 638 542
Dividend received 77 303 752 82 700 136
Cash inflow from investing activities 92 536 262 189 820 807
Purchase of underlying constituents (835 395 339) (714 093 165)
Sale of underlying constituents 927 931 601 903 913 972
Cash outflow from financing activities (159 672 103) (264 771 274)
Redemption of Satrix DIVI Securities (92 536 262) (189 820 807)
Cash distributed to security holders (67 135 841) (74 950 467)
Net movement in cash and cash equivalents 2 316 426 (1 897 654)
Cash and cash equivalents at the beginning
of the year 13 525 816 15 423 470
Cash and cash equivalents at the end of the
year 15 842 242 13 525 816
SATRIX DIVI SECURITIES
During the year, nil (2014: nil) Satrix DIVI securities were created at a
value of R nil (2014: R nil) and 40 000 000 (2014: 88 000 000) Satrix DIVI
securities were redeemed at a value of R92 536 262 (2014: R189 820 807). All
creations and liquidations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions were made
out of income of the Satrix DIVI 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 DIVI Security.
2015 2014
R R
2.22 cents per security
Declared 27 March 2015 and
paid 29 April 2015 17 635 454
1.77 cents per security
Declared 28 March 2014 and
paid 10 April 2014 14 768 700
2.48 cents per security
Declared 26 June 2015 and
paid 23 July 2015 18 708 867
2.87 cents per security
Declared 27 June 2014 and
paid 18 July 2014 23 372 988
2.27 cents per security
Declared 25 September 2015 and
Paid 22 October 2015 17 124 646
2.62 cents per security
Declared 26 September 2014 and
paid 16 October 2014 20 813 013
2.02 cents per security
Declared 31 December 2015 and
paid 26 January 2016 15 238 674
1.66 cents per security
Declared 24 December 2014 and
paid 23 January 2015 13 186 871
Accrued income portion of NAV paid
redemption/(creation) of securities 480 000 906 900
Total distributions 69 187 644 73 048 472
Operating Segments
The Satrix DIVI 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 1 331 648 057 – –
Net assets attributable to
investors – (1 331 878 463) –
Total 1 331 648 057 (1 331 878 463) –
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) –
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 – 63 959 –
Cash and cash equivalents – 15 842 242 –
Total – 15 906 201 –
31 December 2015
Liabilities
Distributions payable to
investors – – 15 238 674
Other payables – – 437 121
Total – – 15 675 795
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
31 December 2014
Liabilities
Distributions payable to
13 186 871
investors – –
Other payables – – 693 833
Total – – 13 880 704
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 7 636 147 8 259 123
Management fee payable at 31 December
Satrix Managers (RF) Proprietary Limited 437 121 693 833
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 Portfolio had a TER of 45.12 (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 DIVI 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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