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Abridged Audited Results for the Year Ended 31 December 2018
THE SYGNIA ITRIX COLLECTIVE INVESTMENT SCHEME
SYGNIA ITRIX S&P 500 EXCHANGE TRADED FUND
JSE CODE: SYG500
ISIN: ZAE000251377
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 19 330 955
Net gain on financial assets at fair value
through profit or loss 90 426 066
EXPENSES
Management and administrative expenses (1 876 760)
Loss on foreign exchange (155 865)
OPERATING PROFIT BEFORE DISTRIBUTIONS 107 724 396
Comprising:
Income available for distribution before tax 17 298 330
Capital gain retained 90 426 066
Distributions (19 016 259)
Profit before tax 88 708 137
Withholding tax (144 662)
Profit for the period 88 563 475
Other comprehensive income not reclassified
to profit or loss -
Total comprehensive profit and increase in
net assets attributable to holders of
redeemable securities 88 563 475
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018
2018
R
ASSETS
Financial assets at fair value
through profit or loss 1 124 851 367
Trade and other receivables 4 067 792
Cash and cash equivalents 10 755 332
Total assets 1 139 674 491
LIABILITIES
Net assets attributable to holders
Of redeemable securities 1 124 573 429
Trade and other payables 15 101 062
Total liabilities 1 139 674 491
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 -
Profit for the period 88 563 475
Creation of redeemable securities 1 326 767 349
Redemption of redeemable securities (290 757 395)
BALANCE AT 31 DECEMBER 2018 1 124 573 429
STATEMENT OF CASH FLOWS
FOR THE 14 MONTHS ENDED 31 DECEMBER 2018
2018
R
Cash generated by operations 1 013 913
Dividends received 16 788 205
Withholding taxes paid (144 662)
Interest received 29 102
Net cash inflow from operating activities 17 686 558
Cash outflow from investing activities (1 034 425 302)
Purchase of listed investments (1 034 425 302)
Cash inflow from financing activities 1 027 494 076
Creation of securities 1 326 767 349
Redemption of securities (290 757 395)
Distributions paid to investors (8 515 878)
Net increase in cash and cash equivalents 10 755 332
Cash and cash equivalents at the beginning of period -
Cash and cash equivalents at the end of period 10 755 332
SYGNIA ITRIX S&P 500 REDEEMABLE SECURITIES
2018
Number
Total redeemable securities in issue 31 206 454
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 S&P 500 redeemable securities.
CREATIONS AND REDEMPTIONS
There were 38 639 942 creations during the current period amounting to a value of
R1 326 767 349.
There were 7 433 488 redemptions during the current period amounting to a value of
R290 757 395.
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 (19 016 259)
0.06002 Rand per security
declared December 2017 and paid January 2018 (242 477)
0.2321385 Rand per security
declared June 2018 and paid July 2018 (8 273 403)
0.336481 Rand per security
declared December 2018 and paid January 2019 (10 500 379)
Total distribution expense for the period (19 016 259)
TOTAL EXPENSE RATIO (TER)
The TER represents the total expense to the Fund. Included in the expenses 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 16 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
Date: 29/03/2019 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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