Wrap Text
Abridged Audited Results for the Year Ended 31 December 2015 - STXRAF
SATRIX COLLECTIVE INVESTMENT SCHEME
SATRIX RAFI 40
JSE code: STXRAF
ISIN: ZAE000126033
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 37 635 349 31 038 424
REIT income 441 625 609 728
Interest income 183 745 161 858
Total income 38 260 719 31 810 010
Expenses
Management fee (5 081 568) (5 115 328)
Transaction costs (674 177) (605 634)
Trustee and custodian fees (99 171) (95 267)
Total operating expenses (5 854 916) (5 816 229)
Income attributable to investors before
distribution 32 405 803 25 993 781
Income distributions (32 105 126) (26 051 927)
Income attributable to investors after
distributions 300 677 (58 146)
Realised gains on financial instruments
designated at fair value through profit or
loss 78 889 402 46 979 617
Unrealised losses on financial instruments
designated at fair value through profit or
loss (188 226 477) (13 683 627)
Total fair value adjustments (109 337 075) 33 295 990
(Decrease)/increase in net assets
attributable to investors after
distributions (109 036 398) 33 237 844
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 857 523 064 971 608 663
Interest receivable 10 208 8 000
Cash and cash equivalents 2 411 718 1 766 785
Total assets 859 944 990 973 383 448
LIABILITIES
Other payables 768 294 421 830
Total liabilities (excluding net assets
attributable to investors) 768 294 421 830
Net assets attributable to investors 859 176 696 972 961 618
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 932 832 921 5 919 138 938 752 059
Redemption of Satrix RAFI 40
Securities (21 334 917) - (21 334 917)
Increase in net assets
attributable to investors
after distributions 33 295 990 25 993 781 59 289 771
Dividends reinvested 22 306 632 - 22 306 632
Dividends previously
reinvested 4 508 037 (4 508 037) -
Distributions to investors - (26 051 927) (26 051 927)
Balance at 31 December 2014 971 608 663 1 352 955 972 961 618
Redemption of Satrix RAFI 40
Securities (32 205 275) - (32 205 275)
(Decrease)/increase in net
assets attributable to
investors after
distributions (109 337 075) 32 405 803 (76 931 272)
Dividends reinvested 27 456 751 - 27 456 751
Distributions to investors - (32 105 126) (32 105 126)
Balance at 31 December 2015 857 523 064 1 653 632 859 176 696
STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
2015 2014
R R
Net cash generated from operating activities 32 705 059 26 014 443
Cash utilised by operations (5 508 452) (5 788 120)
Interest received 181 537 154 411
REIT received 441 625 609 728
Dividend received 37 635 349 31 038 424
Cash inflow/(outflow) from investing
activities 100 149 (4 717 010)
Purchase of underlying constituents (201 042 610) (153 317 083)
Sale of underlying constituents 201 142 759 148 600 073
Cash outflow from financing activities (32 205 275) (21 334 917)
Redemption of Satrix RAFI 40 Securities (32 205 275) (21 334 917)
Net movement in cash and cash equivalents 644 933 (37 484)
Cash and cash equivalents at the beginning
of the year 1 766 785 1 804 269
Cash and cash equivalents at the end of the
year 2 411 718 1 766 785
SATRIX RAFI 40 SECURITIES
During the year, nil (2014: nil) Satrix RAFI 40 securities were created at a
value of R nil (2014: R nil) and 3 000 000 (2014: 2 000 000) Satrix RAFI 40
securities were redeemed at a value of R32 205 275 (2014: R21 334 917). All
creations and liquidations were in specie.
Distributions
The Portfolio announces dividends monthly. All distributions that were made
out of income of the Satrix RAFI 40 Portfolio were reinvested back into the
Portfolio net of withholding tax. During the year under review the following
distributions were effected per Satrix RAFI 40 Security.
2015 2014
R R
2.92 cents per security
Declared 27 March 2015 and
re-invested 10 April 2015 2 507 616
1.29 cents per security
Declared 28 March 2014 and
re-invested 11 April 2014 1 107 817
12.03 cents per security
Declared 24 April 2015 and
re-invested 12 May 2015 10 331 036
11.66 cents per security
Declared 25 April 2014 and
re-invested 16 May 2014 10 013 290
2.93 cents per security
Declared 29 May 2015 and
re-invested 11 June 2015 2 516 204
1.83 cents per security
Declared 30 May 2014 and
re-invested 10 June 2014 1 571 554
0.11 cents per security
Declared 24 July 2015 and
re-invested 07 August 2015 94 465
0.00 cents per security
Declared 8 August 2014 -
4.26 cents per security
Declared 28 August 2015 and
re-invested 08 September 2015 3 658 372
1.29 cents per security
Declared 29 August 2014 and
re-invested 11 September 2014 1 107 817
8.33 cents per security
Declared 25 September 2015 and
re-invested 16 October 2015 7 153 577
8.95 cents per security
Declared 26 September 2014 and
re-invested 16 October 2014 7 686 016
5.42 cents per security
Declared 30 October 2015 and
re-invested 13 November 2015 4 654 548
3.69 cents per security
Declared 31 October 2014 and
re-invested 14 November 2014 3 168 871
0.49 cents per security
Declared 27 November 2015 and
re-invested 9 December 2015 420 799
0.61 cents per security
Declared 28 November 2014 and
re-invested 3 December 2014 523 851
0.75 cents per security
Declared 31 December 2015 and
re-invested 19 January 2016 621 580
0.89 cents per security
Declared 24 December 2014 and
re-invested 16 January 2015 764 308
Accrued income portion of NAV paid
redemption/(creation)of securities 4 200 (50 000)
Total distributions 31 962 397 25 893 524
Operating Segments
The Satrix RAFI 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 857 523 064 – –
Net assets attributable to
investors – (859 176 696) –
Total 857 523 064 (859 176 696) –
Level 1 Level 2 Level 3
31 December 2014 R R R
Financial instruments
designated at fair value
through profit or loss:
Listed equities 971 608 663 – –
Net assets attributable to
investors – (972 961 618) –
Total 971 608 663 (972 961 618) –
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 – 10 208 –
Cash and cash equivalents – 2 411 718 –
Total – 2 421 926 –
Liabilities
Distributions payable to
investors – – 768 294
Total – – 768 294
Level 1 Level 2 Level 3
31 December 2014 R R R
Assets
Interest receivable – 8 000 –
Cash and cash equivalents – 1 766 785 –
Total – 1 774 785 –
Liabilities
Other payables – – 421 830
Total – – 421 830
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 4 735 107 5 087 222
Management fee payable at 31 December
Satrix Managers (RF) Proprietary Limited 768 294 421 833
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 RAFI 40 Portfolio had a TER of 52.7 (2014: 52.7) 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 RAFI 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').
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 
