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SYGNIA ITRIX (RF) PROPRIETARY LIMITED - Abridged Audited Results for the Year Ended 31 December 2018

Release Date: 29/03/2019 13:00
Code(s): SYGSW4     PDF:  
 
Wrap Text
Abridged Audited Results for the Year Ended 31 December 2018

THE SYGNIA ITRIX COLLECTIVE INVESTMENT SCHEME
SYGNIA ITRIX SWIX 40 EXCHANGE TRADED FUND
JSE CODE: SYGSW4
ISIN: ZAE000251344

A portfolio in the Sygnia Itrix Collective Investment Scheme (Sygnia Itrix), registered as
such in terms of the Collective Investment Schemes Control Act, 45 of 2002 (CISCA).


ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018



STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE 14 MONTHS ENDED 31 DECEMBER 2018


                                                                                      2018
                                                                                         R
REVENUE
Investment income                                                                6 362 884

EXPENSES
Management and administrative expenses                                            (463 659)
Net loss on financial assets at fair value
through profit or loss                                                        (25 136 920)

OPERATING LOSS BEFORE DISTRIBUTIONS                                           (19 237 695)
Comprising:
Income available for distribution before tax                                    5 899 225
Capital loss retained                                                         (25 136 920)

Distributions                                                                   (5 882 081)

Loss for the period                                                           (25 119 776)

Other comprehensive income not reclassified
to profit or loss                                                                            -

Total comprehensive loss and decrease in
net assets attributable to holders of
redeemable securities                                                         (25 119 776)
STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2018

                                                                                 2018
                                                                                    R
ASSETS
Financial assets at fair value
through profit or loss                                                 190 090    528
Trade and other receivables                                                205    455
Cash and cash equivalents                                                3 274    444
Total assets                                                           193 570    427


LIABILITIES
Net assets attributable to holders
Of redeemable securities                                               190 069 262
Trade and other payables                                                 3 501 165
Total liabilities                                                      193 570 427




STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SECURITIES

FOR THE 14 MONTHS ENDED 31 DECEMBER 2018

                                                                                    R

BALANCE AT 30 OCTOBER 2017                                                          -

Loss for the period                                                    (25 119 776)
Creation of redeemable securities                                      215 189 038

BALANCE AT 31 DECEMBER 2018                                            190 069 262
STATEMENT OF CASH FLOWS

FOR THE 14 MONTHS ENDED 31 DECEMBER 2018

                                                                                   2018
                                                                                      R

Cash utilised in operations                                                  (20 259)

Dividends received                                                         6 195 735
Interest received                                                             53 172
Net cash inflow from operating activities                                  6 228 648

Cash outflow from investing activities                                  (215 227 449)
Purchase of listed investments                                          (215 227 449)

Cash inflow from financing activities                                    212 273 245
Creation of securities                                                   215 189 038
Distributions paid to investors                                           (2 915 793)

Net increase in cash and cash equivalents                                  3 274 444
Cash and cash equivalents at the beginning of period                               -
Cash and cash equivalents at the end of period                             3 274 444




SYGNIA ITRIX SWIX 40 REDEEMABLE SECURITIES

                                                                                2018
                                                                              Number

Total redeemable securities in issue                                      18 596 145


In terms of the Trust Deed and CISCA, the Trust would be required to pay the net
asset value attributable to investors on redemption of securities. Vested income
beneficiaries include all holders of Sygnia Itrix SWIX 40 redeemable securities.



CREATIONS AND REDEMPTIONS

There were 18 596 145 creations during the current period amounting to a value of
R215 189 038.

There were no redemptions during the current period.
DISTRIBUTIONS

The Fund effects semi–annual distributions. All distributions are made from the
income of the Fund.

During the period under review the following distributions were effected by the Fund:

                                                                                  2018
                                                                                     R

Declared distributions                                                    5 882 081

0.01739 Rand per security
declared December 2017 and paid January 2018                                300 835

0.14861 Rand per security
declared June 2018 and paid July 2018                                     2 614 960

0.1595129 Rand per security
declared December 2018 and paid January 2019                              2 966 286

Total distribution expense for the period                                 5 882 081



TOTAL EXPENSE RATIO (TER)

The TER represents the total expense to the Fund. The only expense of the Fund is the
management fee payable to the Manager which is calculated at 0.10% per annum of the
assets under management on a daily basis. The Fund had a TER of 15 basis points.

Increased consumer demand for greater transparency in financial services and the
recognition thereof by the collective investment industry requires Collective
Investment Scheme (CIS) managers to calculate and publish a total expense ratio for
each Fund under their management. This is a requirement in terms of the Association
for Savings and Investments South Africa (ASISA) standard on the calculation and
publication of total expense ratios.
STATEMENT OF COMPLIANCE

The information in this summarised report has been extracted from the audited annual
financial statements, which were prepared in accordance with the JSE Listing
Requirements for abridged reports, and the requirements of CISCA, in order to meet
the requirements of the Trust Deed approved by the Financial Services Conduct
Authority.

The listing requirements require abridged reports to be prepared in accordance with
the framework concepts and the measurement and recognition of International Financial
Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee, and the Financial Reporting Pronouncements as issued
by the Financial Reporting Standards Council and to also, as a minimum, contain the
information required by IAS 34 Interim Financial Reporting. This announcement does
not include the information required pursuant to paragraph 16A(j) of IAS 34. The full
report is available on the issuer’s website, at the issuer’s registered offices and
upon request.

These financial statements were authorised for issue by the board of directors of the
Manager on 28 March 2019.


ACCOUNTING POLICIES

The accounting policies applied in the preparation of the financial statements from
which the summary financial statements were derived are in terms of International
Financial Reporting Standards. No comparative figures have been presented as this is
the Fund's first period of trading.


NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED

The following standards, amendments to standards and interpretations effective for
the first time in future accounting periods and which are relevant to the Fund have
not been early adopted.

Amendment to IFRS 9: Prepayment Features with Negative Compensation Effective for
annual periods beginning on or after 1 January 2019

Under the current IFRS 9 requirements, the SPPI (solely payments of principal and
interest) condition is not met if the lender has to make a settlement payment in the
event of termination by the borrower (also referred to as early repayment gain).
Prepayment Features with Negative Compensation amends the existing requirements in
IFRS 9 regarding termination rights in order to allow measurement at amortised cost
(or, depending on the business model, at fair value through other comprehensive
income) even in the case of negative compensation payments.


INVESTMENT INCOME

Investment income comprises:
•   Interest income earned on cash and cash equivalents;
•   Cash equalisation component on creations (at the time of creation it represents
    the income portion attributable to the net asset value at the time that is
    payable by the creating party); and
•   Dividends from listed equities held at fair value through profit or loss.


INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method
taking into account the expected timing and amount of cash flows.


DIVIDEND INCOME

Dividend income is recognised when the right to receive the payment is established.
This is usually the ex-dividend date for quoted equities.


AUDIT REPORT

This summarised report is itself not reviewed or audited, but is extracted from the
underlying audited information. The audited annual financial statements for the
period ended 31 December 2018 from which the summarised report has been extracted
were audited by Deloitte and Touche, who expressed an unmodified opinion thereon. A
copy of the auditor’s report on the audited annual financial statements is available
for inspection at the company’s registered office together with the annual financial
statements identified in the respective auditor’s reports.

A full copy of these financial statements is available on the Sygnia website:
https://www.sygnia.co.za/etfs/documents.


DIRECTORS’ RESPONSIBILITY

The directors take full responsibility for the preparation of the abridged report and
confirm that the financial information was correctly extracted from the underlying
annual financial statements.


Sponsor
Vunani Corporate Finance

Trustee
Standard Bank of SA Limited

Manager
Sygnia Itrix (RF) Proprietary Limited


29 March 2019

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