STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December

Transcription

1 SATIX 40 JSE code: STX40 ISIN: ZAE 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 ) ABIDGED AUDITED ESULTS FO THE YEA ENDED 31 DECEMBE 2014 STATEMENT OF COMPEHENSIVE INCOME for the year ended 31 December 2014 Income Dividend income Fee income: Securities lending EIT income Interest income Total income Expenses Management fee ( ) ( ) Trustee and custodian fees ( ) ( ) Transaction costs ( ) ( ) Total operating expenses ( ) ( ) Income to investors before distributions Income distributions ( ) ( ) Income to investors after distributions ( ) ( ) ealised gains on financial instruments designated at fair value through profit and loss Unrealised gains /(losses) on financial instruments designated at fair value through profit and loss ( ) Total fair value adjustments Increase in net assets to investors after distributions

2 STATEMENT OF FINANCIAL POSITION at 31 December 2014 ASSETS Listed equities designated as held at fair value through profit or loss Interest receivable Securities lending fee receivable Other receivables Cash and cash equivalents Total assets LIABILITIES Distributions payable to investors Other payables Total liabilities (excluding net assets to investors) Net assets to investors STATEMENT OF CHANGES IN NET ASSETS ATTIBUTABLE TO INVESTOS for the year ended 31 December 2014 Capital to investors Income to investors Net assets to investors Balance at 1 January ( ) Creation of Satrix 40 Securities edemption of Satrix 40 Securities ( ) - ( ) Increase in net assets to investors after distributions ( ) Capital Income Net assets

3 to investors to investors to investors Balance at 31 December ( ) Creation of Satrix 40 securities edemption of Satrix 40 securities ( ) - ( ) Increase in net assets to investors after distributions ( ) Balance at 31 December ( ) STATEMENT OF CASH FLOWS for the year ended 31 December 2014 Net cash generated from operating activities Cash utilised by operations ( ) ( ) Fee income: Securities lending Interest received Dividends received EIT income received Cash inflow from investing activities Purchase of underlying constituents ( ) ( ) Sale of underlying constituents Cash outflow from financing activities ( ) ( ) Creation of Satrix 40 Securities edemption of Satrix 40 Securities ( ) ( ) Cash distributed to security holders ( ) ( ) Net movement in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year

4 SATIX 40 SECUITIES During the year (2013: ) Satrix 40 securities were created at a value of (2013: ) and (2013: ) Satrix 40 securities were redeemed at a value of (2013: ). All creations and liquidations were in specie. Distributions The Portfolio effects quarterly distributions. All distributions were made out of income of the Satrix 40 Portfolio. The record dates were 28 March 2014, 27 June 2014, 26 September 2014 and 24 December 2014 respectively. During the year under review the following distributions were effected per Satrix 40 Security cents per security Announced 28 March 2014 and paid 10 April cents per security Announced 28 March 2013 and paid 19 April cents per security Announced 27 June 2014 and paid 18 July cents per security Announced 28 June 2013 and paid 12 July cents per security Announced 26 September 2014 and paid 16 October cents per security Announced 27 September 2013 and paid 16 October cents per security Announced 24 December 2014 and paid 23 January cents per security Announced 27 December 2013 and paid 24 January Accrued income portion of NAV paid on redemption of securities Total distribution Operating Segments Satrix 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 the financial statements as currently set out, thus no further IFS 8 disclosure is required.

5 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 fari value at 31 December: 31 December 2014 Financial instruments designated at fair value through profit or loss: Level 1 Level 2 Level 3 Listed equities Net assets to investors Total December 2013 Financial instruments designated at fair value through profit or loss: Listed equities Net assets to investors Total 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 2014 but for which fair value is disclosed: Level 1 Level 2 Level 3 31 December 2014 Assets Interest receivable Securities lending fee receivable Other receivables Cash and cash equivalents Total Level 1 Level 2 Level 3 Liabilities Distributions payable to investors Other payables Total

6 Level 1 Level 2 Level 3 31 December 2013 Assets Interest receivable Securities lending fee receivable Other receivables Cash and cash equivalents Total Liabilities Distributions payable to investors Other payables Total elated parties elated parties include Satrix Managers (F) Proprietary Limited in its capacity as the management company of the Portfolio. The following related party balances and transactions occurred during the year. Management fee paid Satrix Managers (F) Proprietary Limited Management fee payable at 31 December 2014 Satrix Managers (F) Proprietary Limited 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 atio ('TE')

7 The TE is a standard measure used by the Collective Investment Scheme ( CIS ) industry to illustrate costs of portfolios on a comparable basis. The TE includes the management fee, audit fees, bank charges, custodian fees, costs related to securities lending and taxes. The Satrix 40 Portfolio had a TE of 45.6 (2013: 45.6) basis point for the period 1 January to 31 December 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 eporting Standards ( IFS ) issued by the International Accounting Standards Board ( IASB ) and SAICA Financial eporting Guides as issued by the Accounting Practices Committee, the Financial eporting Pronouncements as issued by the Financial eporting 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 eporting Standards (IFS) and the SAICA Financial eporting 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 and, 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 2014 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

8 A number of standards, amendments to standards and interpretations are not effective for the year ended 31 December 2014, and have not been applied in preparing these financial statements. All standards and interpretations issued but not effective for the year ended 31 December 2014 has 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 IFS 9 Financial Instruments 2018 IFS 14 IFS 15 IFS 11 amendment IAS 16 and IAS 38 amendment IAS 16 and IAS 41 amendment IAS 19 egulatory deferral accounts evenue from contracts with customers Accounting for acquisition of interest in joint operations Clarification of acceptable methods of depreciation and amortisation Agricultural: Bearer plants Defined benefit plans: Employee contributions on or after 1 July 2014 Preparer of Abridged annual financial statements for the year ended 31 December 2014

9 These Abridged annual financial statements have been prepared by D Martin CA(SA), the Company Secretary. Audit report Ernst & Young Inc, the entity s independent auditors, has audited the abridged results of the Satrix 40 Portfolio for the year ended 31 December 2014 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 (F) Proprietary Limited, 4 th Floor, Building 2, 11 Alice Lane, Sandton. A full copy of these financial statements is available on the Satrix website 26 March 2015 Sponsor Vunani Corporate Finance Trustee Standard Chartered Bank Manager Satrix Managers (F) Proprietary Limited