Wrap Text
Abridged Audited Results for the Year Ended 31 December 2015 - STXRES
SATRIX COLLECTIVE INVESTMENT SCHEME
SATRIX RESI
JSE code: STXRES
ISIN: ZAE000078622
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 10 118 491 11 937 104
Fee income: Securities lending 123 120 91 464
Interest income 53 132 67 649
Total income 10 294 743 12 096 217
Expenses
Management fee (965 455) (1 600 921)
Transaction costs (694 091) (8 113)
Trustee and custodian fees (64 340) (66 206)
Total operating expenses (1 723 886) (1 675 240)
Income attributable to investors before
distribution 8 570 857 10 420 977
Income distributions (8 883 577) (10 395 034)
Income attributable to investors after
distributions (312 720) 25 943
Realised gains/(losses) on financial
instruments designated at fair value through
profit or loss (92 335 123) 6 736 911
Unrealised losses on financial instruments
designated at fair value through profit or
loss (11 904 235) (53 789 637)
Total fair value adjustments (104 239 358) (47 052 726)
Decrease in net assets attributable to
investors after distributions (104 552 078) (47 026 783)
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 191 938 447 272 058 601
Interest receivable 2 143 8 633
Securities lending fee receivable - 7 694
Other receivables - 5 696
Cash and cash equivalents 127 696 2 033 540
Total assets 192 068 286 274 114 164
LIABILITIES
Distributions payable to investors - 1 547 382
Other payables 35 129 100 751
Total liabilities (excluding net assets
attributable to investors) 35 129 1 648 133
Net assets attributable to investors 192 033 157 272 466 031
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 483 963 723 381 487 484 345 210
Redemption of Satrix RESI
Securities (164 852 396) - (164 852 396)
(Decrease)/increase in net
assets attributable to
investors after
distributions (47 052 726) 25 943 (47 026 783)
Balance at 31 December 2014 272 058 601 407 430 272 466 031
Creations of Satrix RESI
Securities 24 119 204 - 24 119 204
Decrease in net assets
attributable to investors
after distributions (104 239 358) (312 720) (104 552 078)
Balance at 31 December 2015 191 938 447 94 710 192 033 157
STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
2015 2014
R R
Net cash generated from operating activities 8 525 115 10 332 855
Cash utilised by operations (1 783 812) (1 755 652)
Fee income: Securities lending 130 814 91 144
Interest received 59 622 60 259
Dividend received 10 118 491 11 937 104
Cash (outflow)/ inflow from investing
activities (24 119 204) 164 852 396
Purchase of underlying constituents (264 953 910) (1 568 363)
Sale of underlying constituents 240 834 706 166 420 759
Cash inflow/(outflow) from financing
activities 13 688 245 (175 721 594)
Creation of Satrix RESI Securities 24 119 204 -
Redemption of Satrix RESI Securities - (164 852 396)
Cash distributed to security holders (10 430 959) (10 869 198)
Net movement in cash and cash equivalents (1 905 844) (536 343)
Cash and cash equivalents at the beginning
of the year 2 033 540 2 569 883
Cash and cash equivalents at the end of the
year 127 696 2 033 540
SATRIX RESI SECURITIES
During the year, 1 000 000 (2014: nil) Satrix RESI securities were created
at a value of R24 119 204 (2014: Rnil) and nil (2014: 3 000 000) Satrix RESI
securities were redeemed at a value of R nil (2014: R164 852 396). All
creations and liquidations were in specie.
Distributions
The Portfolio effects quarterly distributions. All distributions were made
out of income of the Satrix RESI 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 RESI Security.
2015 2014
R R
74.43 cents per security
Declared 27 March 2015 and
paid 7 May 2015 4 829 000
67.13 cents per security
Declared 28 March 2014 and
paid 10 April 2014 4 355 378
0.00 cents per security
Declared 26 June 2015 -
10.27 cents per security
Declared 27 June 2014 and
paid 18 July 2014 666 315
62.56 cents per security
Declared 25 September 2015 and
Paid 22 October 2015 4 058 877
58.97 cents per security
Declared 26 September 2014 and
paid 16 October 2014 3 825 959
0.00 cents per security
Declared 31 December 2015 -
23.85 cents per security
Declared 24 December 2014 and
paid 23 January 2015 1 547 382
Accrued income portion of NAV paid
redemption/(creation) of securities (4 300) -
Total distributions 8 883 577 10 395 034
Operating Segments
The Satrix RESI 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 191 938 447 – –
Net assets attributable to
investors – (192 033 157) –
Total 191 938 447 (192 033 157) –
Level 1 Level 2 Level 3
31 December 2014 R R R
Financial instruments
designated at fair value
through profit or loss:
Listed equities 272 058 601 – –
Net assets attributable to
investors – (272 466 031) –
Total 272 058 601 (272 466 031) –
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 – 2 143 –
Cash and cash equivalents – 127 696 –
Total – 129 839 –
31 December 2015 R R R
Liabilities
Other payables – – 35 129
Total – – 35 129
Level 1 Level 2 Level 3
31 December 2014 R R R
Assets
Interest receivable – 8 633 –
Securities lending fee
receivable – – 7 694
Other receivables – – 5 696
Cash and cash equivalents – 2 033 540 –
Total – 2 042 173 13 390
31 December 2014 R R R
Liabilities
Distributions payable to
1 547 382
investors – –
Other payables – – 100 751
Total – – 1 648 133
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 1 056 910 1 691 577
Management fee payable at 31 December
Satrix Managers (RF) Proprietary Limited 35 129 100 751
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 RESI Portfolio had a TER of 44.09 (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 RESI 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 
