Wrap Text
Abridged Audited Results for the Year Ended 31 December 2015 - STXFIN
SATRIX COLLECTIVE INVESTMENT SCHEME
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 2015
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2015
2015 2014
R R
Income
Dividend income 25 555 432 25 059 013
Fee income: Securities lending 194 976 142 393
REIT income 1 929 961 2 173 567
Interest income 268 114 215 016
Total income 27 948 483 27 589 989
Expenses
Management fee (3 200 447) (3 020 827)
Transaction costs (240 786) (273 273)
Other expenses (659 271) -
Trustee and custodian fees (91 466) (93 287)
Total operating expenses (4 191 970) (3 387 387)
Income attributable to investors before
distribution 23 756 513 24 202 602
Income distributions (23 917 301) (24 233 212)
Income attributable to investors after
distributions (160 788) (30 610)
Realised gains on financial instruments
designated at fair value through profit or
loss 76 509 509 153 037 435
Unrealised losses on financial instruments
designated at fair value through profit or
loss (89 082 901) (20 928 326)
Total fair value adjustments (12 573 392) 132 109 109
(Decrease)/increase in net assets
attributable to investors after
distributions (12 734 180) 132 078 499
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 696 820 960 715 432 481
Interest receivable 24 866 20 129
Securities lending fee receivable - 8 911
Other receivables - 678 488
Cash and cash equivalents 6 101 527 5 439 053
Total assets 702 947 353 721 579 062
LIABILITIES
Distributions payable to investors 5 543 323 5 369 523
Other payables 232 323 265 523
Total liabilities (excluding net assets
attributable to investors) 5 775 646 5 635 046
Net assets attributable to investors 697 171 707 715 944 016
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2015
Capital Income Net assets
attributable attributable to attributable
to investors investors to investors
R R R
Balance at 1 January 2014 837 863 048 542 145 838 405 193
Creation of Satrix FINI
securities 43 884 007 - 43 884 007
Redemption of Satrix FINI
Securities (298 423 683) - (298 423 683)
Increase in net assets
attributable to investors
after distributions 132 109 109 (30 610) 132 078 499
Balance at 31 December 2014 715 432 481 511 535 715 944 016
Creations of Satrix FINI
Securities 80 536 667 - 80 536 667
Redemption of Satrix FINI
Securities (86 574 796) - (86 574 796)
Decrease in net assets
attributable to investors
after distributions (12 573 392) (160 788) (12 734 180)
Balance at 31 December 2015 696 820 960 350 747 697 171 707
STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
2015 2014
R R
Net cash generated from operating activities 24 405 975 24 134 874
Cash utilised by operations (3 546 682) (3 447 809)
Fee income: Securities lending 203 887 143 630
Interest received 263 377 206 473
REIT received 1 929 961 2 173 567
Dividend received 25 555 432 25 059 013
Cash inflow from investing activities 6 038 129 254 539 676
Purchase of underlying constituents (177 774 013) (72 374 680)
Sale of underlying constituents 183 812 142 326 914 356
Cash outflow from financing activities (29 781 630) (279 648 379)
Creation of Satrix FINI Securities 80 536 667 43 884 007
Redemption of Satrix FINI Securities (86 574 796) (298 423 683)
Cash distributed to security holders (23 743 501) (25 108 703)
Net movement in cash and cash equivalents 662 474 (973 829)
Cash and cash equivalents at the beginning
of the year 5 439 053 6 412 882
Cash and cash equivalents at the end of the
year 6 101 527 5 439 053
SATRIX FINI SECURITIES
During the year, 5 000 000 (2014: 3 000 000) Satrix Fini securities were
created at a value of R 80 536 667(2014: R43 884 007) and 5 000 000 (2014:
23 000 000) Satrix Fini securities were redeemed at a value of R86 574 796
(2014: R298 423 683). 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 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 FINI Security.
2015 2014
R R
0.00 cents per security
Declared 27 March 2015 -
0.00 cents per security
Declared 28 March 2014 -
29.88 cents per security
Declared 26 June 2015 and
paid 23 July 2015 12 769 813
27.77 cents per security
Declared 27 June 2014 and
paid 18 July 2014 11 868 062
11.80 cents per security
Declared 25 September 2015 and
Paid 22 October 2015 5 396 965
11.32 cents per security
Declared 26 September 2014 and
paid 16 October 2014 4 951 027
12.12 cents per security
Declared 31 December 2015 and
paid 26 January 2016 5 543 323
11.74 cents per security 5 369 523
Declared 24 December 2014 and
paid 23 January 2015
Accrued income portion of NAV paid
redemption/(creation) of securities 207 200 2 044 600
Total distributions 23 917 301 24 233 212
Operating Segments
The Satrix FINI 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 696 820 960 – –
Net assets attributable to
investors – (697 171 707) –
Total 696 820 960 (697 171 707) –
Level 1 Level 2 Level 3
31 December 2014 R R R
Financial instruments
designated at fair value
through profit or loss:
Listed equities 715 432 481 – –
Net assets attributable to
investors – (715 944 016) –
Total 715 432 481 (715 944 016) –
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 – 24 866 –
Cash and cash equivalents – 6 101 527 –
Total – 6 126 393 –
31 December 2015 R R R
Liabilities
Distributions payable to
investors – – 5 543 323
Other payables – – 232 323
Total – – 5 775 646
Level 1 Level 2 Level 3
31 December 2014 R R R
Assets
Interest receivable – 20 129 –
Securities lending fee
receivable – – 8 911
Other receivables – – 678 488
Cash and cash equivalents – 5 439 053 –
Total – 5 459 182 687 399
31 December 2014
Liabilities
Distributions payable to
investors – – 5 369 523
Other payables – – 265 523
Total – – 5 635 046
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 3 276 005 3 098 412
Management fee payable at 31 December
Satrix Managers (RF) Proprietary Limited 232 323 265 540
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 45.21 (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 FINI 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').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
