STANLIB Namibia Unit Trust Management Company Limited and Standard Bank Namibia Funds’ Financial Statements Annual Financial Statements for the year ended 31 December 2012
Registration number: 98/043
Contents
Standard Bank Namibia Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund for the year ended 31 December 2012
General information 1
Approval of Annual Financial Statements 2
Auditor’s Report 3
Standard Bank Namibia Managed Fund 5
Statement of Financial Position 5 Statement of Comprehensive Income 6 Statement of Changes in Equity 7 Standard Bank Namibia CashPlus Fund 8
Statement of Financial Position 8 Statement of Comprehensive Income 9 Statement of Changes in Equity 10 Standard Bank Namibia Income Fund 11
Statement of Financial Position 11 Statement of Comprehensive Income 12 Statement of Changes in Equity 13 Standard Bank Namibia Flexible Property Income Fund 14
Statement of Financial Position 14 Statement of Comprehensive Income 15 Statement of Changes in Equity 16 Standard Bank Namibia Inflation Plus Fund 17
Statement of Financial Position 17 Statement of Comprehensive Income 18 Statement of Changes in Equity 19 Standard Bank Money Market Fund 20
Statement of Financial Position 20 Statement of Comprehensive Income 21 Statement of Changes in Equity 22 Accounting Policies 23
Notes to the annual financial statements 27 Annual Financial Statements for the year ended 31 December 2012 1
Standard Bank Namibia Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund for the year ended 31 December 2012
Management Company STANLIB Namibia Unit Trust Management Company Limited Portfolio Management STANLIB Namibia (Pty) Ltd Trustees First National Bank of Namibia Approved Introducers Our unit trusts funds are represented by brokers, stockbrokers, banks, accountants, attorneys and Stanfin advisors throughout Namibia.
Statutory Information
Unit trusts are generally medium to long-term investments. The value of units may go down as well as up, and past performance is no indication of future growth. You can easily sell your units at the ruling price of the day (calculated on a forward pricing basis). Commission and incentives may be paid, and if so, are included in the overall costs. 2 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Approval of Annual Financial Statements for the year ended 31 December 2012
The directors of the fund management company are responsible for the preparation of the annual financial statements and related financial information included in this report.
The annual financial statements set out on pages 5 to 48 have been approved by the Board of Directors of STANLIB Namibia Unit Trust Management Company Limited on the 27 March 2013 and are signed on its behalf by:
MM Pupuma BI Amuenje Chairman Managing Director 27 March 2013 27 March 2013 Annual Financial Statements for the year ended 31 December 2012 3
Standard Bank Namibia Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Independent Auditor’s Report for the year ended 31 December 2012
Independent auditor’s report to the unit holders of
Standard Bank Namibia Managed Fund Standard Bank Namibia CashPlus Fund Standard Bank Namibia Income Fund Standard Bank Namibia Flexible Property Income Fund Standard Bank Namibia Inflation Plus Fund Standard Bank Namibia Money Market Fund
Report on the Financial Statements
We have audited the financial statements of the Standard Bank Namibia Managed Fund, Standard Bank Namibia CashPlus Fund, Standard Bank Namibia Income Fund, Standard Bank Namibia Flexible Property Fund, Standard Bank Namibia Inflation Plus Fund and the Standard Bank Namibia Money Market Fund, which comprise the statement of financial position as at 31 December 2012 and the statements of comprehensive income and changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 5 to 48.
Directors’ Responsibilty for the Financial Statements
The Directors are responsible for the preparation of the financial statements in accordance with the basis of accounting described in note 1, for determining that the basis of preparation is acceptable in the circumstances and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. 4 Annual Financial Statements for the year ended 31 December 2012
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements of Standard Bank Namibia Managed Fund, Standard Bank Namibia CashPlus Fund, Standard Bank Namibia Income Fund, Standard Bank Namibia Flexible Property fund, Standard Bank Namibia Inflation Plus Fund and the Standard Bank Namibia Money Market Fund have been prepared, in all material respects, in accordance with the basis of accounting described in note 1 to the financial statements.
Basis of Accounting and Restriction on Distribution and Use
Without modifying our opinion, we draw attention to note 1 to the financial statements, which describes the basis of accounting. The financial statements are prepared to assist the funds in providing financial statements to the unit holders. As a result, the financial statements may not be suitable for another purpose.
PricewaterhouseCoopers
Registered Accountants & Auditors Chartered Accountants (Namibia) Per: Louis van der Riet Partner Windhoek 28 March 2013 Annual Financial Statements for the year ended 31 December 2012 5
Standard Bank Namibia Managed Fund
Statement of Financial Position at 31 December 2012
Notes 2012 2011 N$’000 N$’000 Assets Non-current assets 128 239 97 497 Listed - Equity Securities - Local 1,1 17 388 14 799 Listed - Equity Securities - Foreign 1,1 61 291 39 273 Unlisted - Interest Bearing Securities - Local 1,1 3 305 5 132 Unlisted - Interest Bearing Securities - Foreign 1,1 1 339 1 222 Unlisted - Unit Trust Schemes - Local 1,1 17 574 17 526 Unlisted - Unit Trust Schemes - Foreign 1,1 27 342 19 545
Current assets 18 701 9 125 Account receivable 128 179 Cash and cash equivalents 1,1 18 575 8 946
Total assets 146 939 106 622
Equity and Liabilities Total equity 145 073 105 156 Capital value of unit portfolio divided into 44,956,201 units 145 044 105 078 (2011: 38,539,790 units) Undistributed income 29 78
Current liabilities 1 866 1 466 Accounts payable 259 170 Unit holders for distribution 1 607 1 296
Total equity and liabilities 146 939 106 622 6 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia Managed Fund
Statement of Comprehensive Income for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Income 4 562 3 720 Dividends Received 2 473 1 991 Interest Received 1 895 1 790 Income adjustment on unit creations and cancellations 183 (118) Sundry Income 11 57
Expenditure 1 079 980 Audit fee 29 29 Service charges 969 836 Bank charges 4 1 Custody fees 1 Sundry expenses - Namfisa fees 77 114
Total comprehensive income 3 483 2 740 Annual Financial Statements for the year ended 31 December 2012 7
Standard Bank Namibia Managed Fund
Statement of Changes in Equity for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Retained earnings Balance at beginning of the year 78 156 Net profit for the year 3 483 2 740 Income available for distribution 3 562 2 896
Income distribution for the year 3 292 2 818
Class A 16 6 2.08 cents per unit declared 31 December 2012, paid 3 January 2013 9 2.10 cents per unit declared 31 December 2011 and paid 5 January 2012 4 2.80 cents per unit declared 30 June 2012, paid 2 July 2012 7 - 2.27 cents per unit declared 30 June 2011 and paid 4 July 2011 - 2
Class R 3 276 2 812 3.37 cents per unit declared 31 December 2012, paid 3 January 2013 1 599 3.37 cents per unit declared 31 December 2011, paid 5 January 2012 1 294 3.53 cents per unit declared 30 June 2012, paid 2 July 2012 1 677 3.53 cents per unit declared 30 June 2011, paid 4 July 2011 1 518
Undistributed income at the end of the year 269 78
Capital value of unit portfolio Balance at the beginning of the year 105 078 107 290 Creation of units 32 185 19 627 Liquidation of units (12 821) (28 058) Capital profit / (loss) reinvested in the fund 20 602 6 219 Balance at the end of the year 145 044 105 078
Total equity end of year 145 313 105 156 8 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia CashPlus Fund
Statement of Financial Position at 31 December 2012
Notes 2012 2011 N$’000 N$’000 Assets Non-current assets 2 370 845 3 327 023 Interest Bearing Securities - Local 1,2 1 862 817 1 916 348 Collective Investments - Foreign 1,2 508 028 1 410 675
Current assets 850 897 256 531 Account receivable 50 558 45 195 Cash and cash equivalents 1,2 800 339 211 336
Total assets 3 221 742 3 583 554
Equity and Liabilities Total equity 3 200 184 3 560 531 Capital value of unit portfolio divided into 2,702,005,628 units 3 047 668 3 355 853 (2011: 2,863,797,868 units) Undistributed income 152 516 204 678
Current liabilities 21 558 23 023 Accounts payable 1 967 6 364 Provision - Withholdings tax 19 591 16 660
Total equity and liabilities 3 221 742 3 583 554 Annual Financial Statements for the year ended 31 December 2012 9
Standard Bank Namibia CashPlus Fund
Statement of Comprehensive Income for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Income 190 586 239 262 Interest received 207 393 225 057 Income adjustment on unit creation (16 807) 14 205
Expenditure 38 070 34 586 Audit fee 39 89 Bank charges 15 2 Management company’s service charge 16 659 16 651 Sundry expenses - Namfisa fees 21 357 1 184 Withholdings tax 19 591 16 660
Total comprehensive income 152 516 204 676 10 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia CashPlus Fund
Statement of Changes in Equity for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Retained earnings Balance at beginning of the year 204 678 842 815 Net profit for the year 152 516 204 676 Income available for distribution 357 194 1 047 491
Income distribution for the year - -
Transfer to capital (204 678) (842 813) No declarations were made for the year ended 2012. This is a Roll-up fund and income accumulates year to year and is capitalised on the last business day of the financial year. The last distribution was made in April 2008.
Undistributed income at the end of the year 152 516 204 678
Capital value of unit portfolio Balance at the beginning of the year 3 355 853 2 737 664 Creation of units 791 021 1 112 321 Liquidation of units (1 301 358) (1 340 793) Capital profit / (loss) reinvested in the fund 202 152 846 661 Balance at the end of the year 3 047 668 3 355 853
Total equity end of year 3 200 184 3 560 532 Annual Financial Statements for the year ended 31 December 2012 11
Standard Bank Namibia Income Fund
Statement of Financial Position at 31 December 2012
Notes 2012 2011 N$’000 N$’000 Assets Non-current assets 903 746 201 955 Listed - Interest Bearing Securities - Foreign 1,3 610 142 131 975 Unlisted - Interest Bearing - Local 1,3 221 818 28 433 Unlisted - Unit Trust Schemes - Local 1,3 39 001 41 546 Unlisted - Unit Trust Schemes - Foreign 1,3 32 785 1
Current assets 11 356 8 037 Account receivable 7 964 1 884 Cash and cash equivalents 1,3 3 392 6 153
Total assets 915 102 209 992
Equity and Liabilities Total equity 898 999 206 615 Capital value of unit portfolio divided into 818,412,399 units 898 979 206 581 (2011: 208,190,582 units) Undistributed income 20 34
Current liabilities 16 103 3 377 Accounts payable 829 255 Unit holders for distribution 15 274 3 122
Total equity and liabilities 915 102 209 991 12 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia Income Fund
Statement of Comprehensive Income for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Income 50 247 10 367 Interest received 45 884 9 929 Income adjustment on unit creation 4 363 438
Expenditure 6 716 1 446 Audit fee 26 47 Bank charges 3 1 Service charges 6 460 1 335 Sundry expenses - Namfisa fees 227 63
Total comprehensive income 43 531 8 920 Annual Financial Statements for the year ended 31 December 2012 13
Standard Bank Namibia Income Fund
Statement of Changes in Equity for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Retained earnings Balance at beginning of the year 33 560 Net profit for the year 43 531 8 920 Income available for distribution 43 564 9 480
Income distribution for the year 43 544 9 447
Class A 43 544 9 447 1.50 cents per unit declared 31 December 2011 and paid 4 January 2011 15 273 1.82 cents per unit declared 31 December 2010 and paid 4 January 2011 3 123 1.59 cents per unit declared 30 September 2011 and paid 4 October 2011 12 697 1.86 cents per unit declared 30 September 2010 and paid 4 October 2010 2 487 1.57 cents per unit declared 30 June 2011 and paid 4 July 2011 11 242 2.01 cents per unit declared 30 June 2010 and paid 2 July 2010 2 185 1.68 cents per unit declared 31 March 2011 and paid 4 April 2011 4 332 1.92 cents per unit declared 31 March 2010 and paid 6 April 2010 1 652
Undistributed income at the end of the period 20 33
Capital value of unit portfolio Balance at the beginning of the year 206 582 94 895 Creation of units 867 904 167 091 Cancellation of units (181 752) (55 217) Capital profit / (loss) reinvested in the fund 6 245 (188) Balance at the end of the period 898 979 206 582
Total equity at end of period 898 999 206 615 14 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia Flexible Property Income Fund
Statement of Financial Position at 31 December 2012
Notes 2012 2011 N$’000 N$’000 Assets Non-current assets 169 410 109 666 Listed - Equity Securities - Local 1,4 10 764 82 635 Listed - Equity Securities - Foreign 1,4 129 898 Unlisted - Unit Trust Schemes - Local 1,4 28 721 27 005 Unlisted - Unit Trust Schemes - Foreign 1,4 27 26
Current assets 75 882 52 694 Account receivable 5 7 Cash and cash equivalents 1,4 75 877 52 687
Total assets 245 292 162 360
Equity and Liabilities Total equity 242 862 160 306 Capital value of unit portfolio divided into 120,815,296 units 242 811 160 171 (2011: 116,490,168 units) Undistributed income 51 135
Current liabilities 2 430 2 054 Accounts payable 442 229 Unit holders for distribution 1 988 1 825
Total equity and liabilities 245 292 162 360 Annual Financial Statements for the year ended 31 December 2012 15
Standard Bank Namibia Flexible Property Income Fund
Statement of Comprehensive Income for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Income 12 609 12 413 Dividend received 2 539 94 Interest received 9 515 11 936 Income adjustment on unit creation 262 127 Sundry income 293 256
Expenditure 3 286 2 710 Audit fee 50 31 Bank charges 1 1 Service charges 3 133 2 596 Sundry expenses - Namfisa fees 102 82
Total comprehensive income 9 323 9 703 16 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia Flexible Property Income Fund
Statement of Changes in Equity for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Retained earnings Balance at beginning of the year 135 13 Net profit for the year 9 323 9 703 Income available for distribution 9 459 9 716
Income distribution for the year 9 407 9 581
Class A 9 406 9 580 1.51 cents per unit declared 31 December 2011, paid 5 January 2012 1 988 1.15 cents per unit declared 31 December 2010, paid 4 January 2011 1 824 2.22 cents per unit declared 30 September 2011, paid 4 October 2011 2 815 - 2.71 cents per unit declared 30 September 2010, paid 4 October 2010 3 156 1.05 cents per unit declared 30 June 2011, paid 4 July 2011 2 683 - 1.56 cents per unit declared 30 June 2010, paid 2 July 2010 1 485 2.38 cents per unit declared 31 March 2011, paid 4 April 2011 1 920 - 1.88 cents per unit declared 31 March 2010, paid 6 April 2010 3 115
Class B1 1 1 1.67 cents per unit declared 31 December 2011, paid 5 January 2012 0,15 1.33 cents per unit declared 31 December 2010, paid 4 January 2011 0,17 2.38 cents per unit declared 30 September 2011, paid 4 October 2011 0,2 - 2.84 cents per unit declared 30 September 2010, paid 4 October 2010 0,24 1.21 cents per unit declared 30 June 2011, paid 4 July 2011 0,22 - 1.70 cents per unit declared 30 June 2010, paid 2 July 2010 0,12 2.54 cents per unit declared 31 March 2011, paid 4 April 2011 0,16 - 2.02 cents per unit declared 31 March 2010, paid 6 April 2010 - 0,25
Undistributed income at the end of the year 51 135
Capital value of unit portfolio Opening balance at the beginning of the year 160 170 153 644 Creation of units 107 423 71 483 Liquidation of units (54 859) (66 610) Capital profit / (loss) reinvested in the fund 30 076 1 654 Balance at the end of the year 242 810 160 170
Total equity end of year 242 862 160 305 Annual Financial Statements for the year ended 31 December 2012 17
Standard Bank Namibia Inflation Plus Fund
Statement of Financial Position at 31 December 2012
Notes 2012 2011 N$’000 N$’000 Assets Non-current assets 141 327 155 053 Listed - Equity Securities - Local 1,5 332 271 Listed - Equity Securities - Foreign 1,5 41 323 35 229 Unlisted - Interest Bearing - Local 1,5 1 042 1 057 Unlisted - Interest Bearing - Foreign 1,5 20 893 18 199 Unlisted - Unit Trust Schemes - Local 1,5 63 972 90 176 Unlisted - Unit Trust Schemes - Foreign 13 765 10 121
Current assets 12 425 2 523 Account receivable 353 483 Cash and cash equivalents 1,5 12 072 2 040
Total assets 153 752 157 576
Equity and Liabilities Total equity 151 615 154 746 Capital value of unit portfolio divided into 135,086,542 units 151 467 154 600 (2011: 108,886,958 units) Undistributed income 148 146
Current liabilities 2 137 2 830 Accounts payable 365 271 Unit holders for distribution 1 772 2 559
Total equity and liabilities 153 752 157 576 18 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia Inflation Plus Fund
Statement of Comprehensive Income for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Income 7 297 8 113 Dividends 1 181 1 070 Interest received 5 950 6 616 Income adjustment on unit creations and cancellations (267) 165 Sundry Income 433 262
Expenditure 3 228 3 017 Audit fee 24 23 Bank charges 1 1 Service charges 3 017 2 916 Sundry expenses - Namfisa fees 85 77 Withholdin tax 101 -
Total comprehensive income 4 069 5 096 Annual Financial Statements for the year ended 31 December 2012 19
Standard Bank Namibia Inflation Plus Fund
Statement of Changes in Equity for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Retained earnings Balance at beginning of the year 146 218 Net profit for the year 4 069 5 096 Income available for distribution 4 215 5 314
Income distribution for the year 4 067 5 168
Class A 1 193 1 691 2.17 cents per unit declared 30 December 2011, paid 5 January 2012 564 - 2.48 cents per unit declared 31 December 2010, paid 5 January 2011 - 816 2.10 cents per unit declared 30 June 2011, paid 4 July 2011 629 - 2.52 cents per unit declared 30 June 2010, paid 2 July 2010 - 875
Class B3 32 27 2.46 cents per unit declared 30 December 2011, paid 5 January 2012 14 2.77 cents per unit declared 31 December 2010, paid 5 January 2011 - 19 2.40 cents per unit declared 30 June 2011, paid 4 July 2011 18 - 2.42 cents per unit declared 30 June 2010, paid 2 July 2010 - 8
Class B4 2 680 3 264 1.79 cents per unit declared 30 December 2011, paid 5 January 2012 1 126 - 2.11 cents per unit declared 31 December 2010, paid 5 January 2011 - 1 631 1 554 - 1.77 cents per unit declared 30 June 2011, paid 4 July 2011 - 1 633
Class B5 162 186 1.66 cents per unit declared 30 December 2011, paid 5 January 2012 68 - 1.97 cents per unit declared 31 December 2010, paid 5 January 2011 - 93 94 - 1.64 cents per unit declared 30 June 2011, paid 4 July 2011 - 93
Undistributed income at the end of the period 148 146
Capital value of unit portfolio Balance at the beginning of the year 154 600 123 410 Creation of units 15 970 56 742 Cancellation of units (33 000) (27 401) Capital profit reinvested in the fund 13 897 1 849 Balance at the end of the period 151 467 154 600
Total equity at end of period 151 615 154 745 20 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia Money Market Fund
Statement of Financial Position at 31 December 2012
Notes 2012 2011 N$’000 N$’000 Assets Non-current assets 244 037 397 933 Interest Bearing Securities - Local 1,6 178 814 340 000 Collective Investments - Foreign 1,6 65 223 57 933
Current assets 285 982 126 430 Account receivable 5 380 6 919 Cash and cash equivalents 1,6 280 602 119 511
Total assets 530 019 524 363
Equity and Liabilities Total equity 526 939 521 382 Capital value of unit portfolio divided into 521,381,627 units 526 939 521 382 (2011: 573,089,323 units) Undistributed income - -
Current liabilities 3 080 2 981 Accounts payable 528 509 Unit holders for distribution 2 552 2 472
Total equity and liabilities 530 019 524 363 Annual Financial Statements for the year ended 31 December 2012 21
Standard Bank Namibia Money Market Fund
Statement of Comprehensive Income for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Income 33 699 35 972 Interest received 33 699 35 972
Expenditure 2 484 2 727 Audit fee 35 80 Bank charges 1 1 Management company’s service charge 2 163 2 145 Sundry expenses - Namfisa fees 285 502
Total comprehensive income 31 216 33 245 22 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia Money Market Fund
Statement of Changes in Equity for the year ended 31 December 2012
2012 2011 N$’000 N$’000 Retained earnings Balance at beginning of the year - - Net profit for the year 31 216 33 245 Income available for distribution 31 216 33 245
Income distribution for the year 31 215 33 244
Class R 8 936 11 247 6.05 cents per unit declared for the year (2011: 7.23) 8 936 11 247
Class A 7 360 8 043 5.45 cents per unit declared for the year (2011: 6.63) 7 360 8 043
Class B3 0 1 3.94 cents per unit declared for the year (2011: 5.12) 0 1
Class B4 1 0 4.22 cents per unit declared for the year (2011: 4.89) 1 0
Class B5 14 917 13 953 5.55 cents per unit declared for the year (2011: 6.73) 14 917 13 953
Undistributed income at the end of the year - -
Capital value of unit portfolio Balance at the beginning of the year 521 382 573 089 Creation of units 1 395 748 394 587 Liquidation of units (1 390 190) (446 294) Capital profit / (loss) reinvested in the fund - - Balance at the end of the year 526 939 521 382
Total equity end of year 526 939 521 382 Annual Financial Statements for the year ended 31 December 2012 23
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund
Accounting Policies for the year ended 31 December 2012
1. Accounting policies
The principal accounting policies relating to the unit trust funds (“funds”) are set out below and are consistent with those of the previous year. The principal accounting policies and the presentation and disclosure contained in the financial statements are not intended to, and do not, comply with all the requirements of International Financial Reporting Standards. The annual financial statements are prepared on the historical cost basis, except for unit portfolios that are reflected at fair value.
1.1 Financial instruments
Recognition and measurement Financial instruments are initially recorded at cost; thereafter carried at their estimated fair value except for originated loans which are carried at amortised cost.
Purchases and sales of investments are recognised on trade date, being the date on which the fund commits to purchase or sell the asset. Financial instruments are initially recognised at fair value plus transaction costs that are directly attributable to the acquisition of the asset. Financial assets are subsequently carried at fair value. Loans and receivables are carried at amortised cost.
Gains and losses on subsequent measurement Realised and unrealised gains or losses on investments are accounted for in the capital value of the funds.
Impairment Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount the latter being the higher of the net selling price and value in use.
A provision for loans and receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms. The amount of the provision is the difference between the carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the statement of comprehensive income. 24 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund
Accounting Policies for the year ended 31 December 2012 (continued)
Derecognition Financial instruments are de-recognised when the right to receive cash flows from the instrument has expired or has been transferred, and the fund has transferred substantially all risks and rewards of ownership.
Financial liabilities are de-recognised when the obligations under the contracts are discharged, cancelled or expired.
Basis of fair value The fair value is determined as follows:
Market seller price quoted on stock exchanges recognised in terms of The Namibian Unit Trust Control Act. Participatory interests in other unit trust funds (i.e. where a unit trust fund has a holding in another unit trust fund): Valued at the repurchase price as quoted in newspaper publications.
1.2 Cash and cash equivalents
Cash and cash equivalents are carried in the statement of financial position at cost which approximates fair value. Cash and cash equivalents comprise cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.
1.3 Dividend income
Dividend income comprises dividends received and accrued on investments, including scrip dividends where there is a cash option, for which the last date to register falls within the accounting period.
1.4 Interest income
Interest is recognised on a time proportionate basis.
Premiums or discounts arising on acquisition of fixed interest securities are amortised on the straight-line basis over the remaining term to maturity.
Dividend income comprises dividends received from and accrued on investments for which the last date to trade falls within the accounting period. Annual Financial Statements for the year ended 31 December 2012 25
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund
Accounting Policies for the year ended 31 December 2012 (continued)
1.5 Foreign denominated assets and liabilities
Foreign denominated assets and liabilities have a South African Rand (Rand) currency. The Namibian Dollar is pegged 1:1 to the Rand. There is no resulting currency adjustment.
1.6 Withholding tax
Tax at the rate of 10% is withheld on the Standard Bank Namibia Cash Plus Fund, a non- distributing fund, in accordance with the Income Tax Act. This tax is paid to the Receiver of Revenue at the end of each financial year.
1.7 Offsetting
Financial assets and liabilities are set off and the net balance reported in the statement of financial position where there is a legally enforceable right to set off, it is the intention to settle on a net basis or to realise the asset and settle the liability simultaneously, the maturity date for the financial asset and liability is the same, and the financial asset and liability are denominated in the same currency.
1.8 Provisions
Provisions are recognised when, as a result of past events, the company has a present legal or constructive obligation of uncertain timing or amount, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are measured as the present value of management’s best estimate of the expenditure required to settle the obligation at the reporting date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the increase specific to the liability.
1.9 Expenses
Expenses of the unit trust funds are recognised when incurred in accordance with the trust deeds of the respective unit trust funds. 26 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund And Money Market Fund
Accounting Policies for the year ended 31 December 2012 (continued)
1.10 Portfolio composition
The composition of the portfolios of the respective unit trust funds comply with the requirements of the Namibian Unit Trust Control Act, some examples which are as follows:
§§ the unit portfolio may not hold securities issued by any one concern to an amount in excess of 5% of the market value of all the securities comprised in the unit portfolio;
§§ the unit portfolio may not hold securities of any one class (other than approved securities) issued by any one concern to an amount in excess of 5% of the aggregate amount representing all the serurities of that class issued by that concern, or, in the case of securities in any investment company, 10% of the aggregate amount of the issued securities of any one class in such company;
§§ at least 95% of market value must consist of stock exchange securities or of securities (other than stock exchange securities) acquired by the management company pursuant to the exercise of rights attaching to any stock exchange securities included in the unit portfolio.
1.11 Cash flow statements
No cash flow statements are prepared as all cash movements are clearly apparent in the financial statements. Annual Financial Statements for the year ended 31 December 2012 27
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1. Investments 1.1 Standard Bank Namibia Managed Fund
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Listed - Equity Securities - Local 17 388 11,84% 14 799 13,90% Anglo American Plc - Namibia 2 461 1,68% 0,00% 5 481 5,15% 0,00% Shoprite Holdings Namibia Limited 4 509 3,07% 0,00% 2 796 2,63% 0,00% FNB Namibia Holdings Ltd 773 0,53% 0,02% 688 0,65% 0,02% Firstrand Namibia 4 289 2,92% 0,00% 1 905 1,79% 0,00% Old Mutual Plc Namibia 1 323 0,90% 0,00% 990 0,93% 0,00% Sanlam Limited Namibia 2 963 2,02% 0,00% 1 127 1,06% 0,00% MMI Holding Namibia 1 070 0,73% 0,00% - 0,00% 0,00% Truworths International Limited - 0,00% 0,00% 814 0,76% 0,00% Nedbank Group Namibia - 0,00% 0,00% 998 0,94% 0,00%
Listed - Equity Securities - Foreign 61 291 41,75% 39 273 36,90% ABSA Group Limited 1 681 1,14% 0,00% 1 371 1,29% 0,00% African Bank Investments Limited 1 392 0,95% 0,01% 1 345 1,26% 0,00% African Rainbow Minerals Limited 2 348 1,60% 0,01% 1 936 1,82% 0,01% Aspen Pharmacare Holdings Limited 2 518 1,72% 0,00% 1 424 1,34% 0,00% AVI Limited 1 737 1,18% 0,01% 1 104 1,04% 0,00% Bidvest Group Limited 2 747 1,87% 0,00% 1 891 1,78% 0,00% Billiton Plc 7 587 5,17% 0,00% 4 637 4,36% 0,00% British American Tabacoo Plc 2 428 1,65% 0,00% 2 174 2,04% 0,00% Compagnie Fin Richemont 3 837 2,61% 0,00% 2 263 2,13% 0,00% FamBrands 836 0,57% 0,01% 521 0,49% 0,01% Imperial Holdings Limited 2 513 1,71% 0,01% 1 524 1,43% 0,00% Mr Price Group Limited 2 235 1,52% 0,01% 1 251 1,18% 0,01% MTN Group Limited 6 307 4,30% 0,00% 4 953 4,65% 0,00% Netcare Limited 2 198 1,50% 0,01% 1 479 1,39% 0,01% New Gold 4 080 2,78% 0,02% 3 778 3,55% 0,02% Pretoria Portland Cemenet Co. 962 0,66% 0,00% 737 0,69% 0,01% SAB Miller Plc 2 815 1,92% 0,00% 1 233 1,16% 0,00% Spar 1 198 0,82% 0,01% 929 0,87% 0,00% Vodacom Group Pty Limited 2 676 1,82% 0,00% 1 892 1,78% 0,00% Woolworths Holdings Limited 5 232 3,56% 0,01% 2 831 2,66% 0,00% Exxaro Resources Limited 867 0,59% 0,00% - Physical Platinum 2 400 1,63% 1,00% - Sasol Ltd 699 0,48% 0,00% - 28 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.1 Standard Bank Namibia Managed Fund (continued)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Listed - Interest Bearing Securities 3 305 2,25% 5 132 4,82% - Local Namibia Power Corp Ltd - 24/07/2020 2 232 1,52% 0,0023% 2 047 1,92% 0,3757% Telecom Namibia Limited 10.70% - 1 073 0,00% 0,0011% 1 079 1,01% 0,0058% 17/04/2015 FNB Namibia 9.15% 29/03/2012 - - 0,00% 0,0000% 2 006 1,88% 0,0004% Callable Fin
Listed - Interest Bearing Securities 1 339 0,91% 1 222 1,15% - Foreign RSA R207 7.25% 15/01/2020 181 0,12% 0,0000% 267 0,25% 0,0003% RSA R208 6.75% 31/03/2021 454 0,31% 0,0000% 955 0,90% 0,0012% AB07 8.80% 7/03/2014 -CALLABLE 13 0,01% 0,0000% - 07/03/2019 ABSA 8.10% 27/03/2015 5 0,00% 0,0000% - ABSA BANK 8.20% 01/06/2020 15 0,01% 0,0000% - City of Cape Town CCT03 11.16% 19 0,01% 0,0004% - 15/03/2025 City of Johannesburg COJ04 9% 13 0,01% 0,0002% - 05/06/2018 Development Bank 10.00% 9 0,01% 0,0000% - 27/02/2023 ES26 7.85% 02/04/2026 6 0,00% 0,0000% - ESKOM 10.00% 25/01/2023 25 0,02% 0,0000% - FIRSTRAND 9% 1592014 5 0,00% 0,0000% - Old Mutual Life Assurance Company 10 0,01% 0,0000% - Ltd 8.92% 27/10/2015 Standard Bank SBK8 SUB UNSEC 7 0,00% 0,0000% - 8.20% 10/04/2013 RSA R2023 7.75% 28/02/2023 59 0,04% 0,0000% - RSA R203 8.25% 15/09/2017 19 0,01% 0,0000% - RSA R204 8% 21/12/2018 12 0,01% 0,0000% - RSA R186 10.50% 21/12/2026 469 0,32% 0,0000% - RSA R212 2.75% 31/01/2022 17 0,01% 0,0000% - Annual Financial Statements for the year ended 31 December 2012 29
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.1 Standard Bank Namibia Managed Fund (continued)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Unlisted - Unit Trust Schemes - 17 574 11,97% 17 526 16,46% Local Standard Bank Namibia Income Fund 17 405 11,86% 1,9187% 13 372 12,56% 6,3665% Standard Bank Namibia Money 143 0,10% 0,0273% 15 0,01% 0,0029% Market Fund R Standard Bank Namibia Flexible 26 0,02% 0,0110% 4 139 3,89% 2,5499% Property
Unlisted - Unit Trust Schemes - 27 342 18,62% 19 545 18,36% Foreign Stanlib High Alpha Global Equity 27 342 18,62% 82,22% 19 545 18,36% 0,0026% Fund
Non-current assets 128 238 87,35% 97 497 91,60%
Cash and cash equivalents 18 575 12,65% 8 946 8,40%
Total 146 814 100,00% 106 444 100,00% 30 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.2 Standard Bank Namibia CashPlus Fund (2012)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Unlisted - Interest Bearing - Local 1 862 817 58,74% Bank Windhoek FD 6.02% 07112013 100 000 3,15% 0,1042% Bank Windhoek FD 5.95% 22/10/2013 50 000 1,58% 0,0521% Bank Windhoek FD 6.36% 16/01/ 50 000 1,58% 0,0521% Bank Windhoek FD 5.75% 16102013 100 000 3,15% 0,1042% Bank Windhoek FD 5.82% 04102013 70 000 2,21% 0,0729% Bank Windhoek FD 6.45% 04/07/2013 100 000 3,15% 0,1042% First National Bank Namibia NCD 90 173 2,84% 0,0939% 5.58% 01102013 First National Bank Namibia FD 65 000 2,05% 0,0677% 5.93%06112013 First National Bank Namibia NCD 100 109 3,16% 0,1043% 6.35 % 01022013 First National NCD 6.50% 22052013 75 287 2,37% 0,0784% Government of Namibia TB 6.20 47 150 1,49% 0,0491% 01032013 NamPost FD JIBAR+65=5.725% 100 000 3,15% 0,1042% 11012013 NamPost FD 6.30% 16012013 50 000 1,58% 0,0521% NamPost FD6.02%07112013 20 000 0,63% 0,0208% NamPost FD 5.725% 24012013 80 000 2,52% 0,0833% NamPost NCD 6.45% 04/07/2013 25 113 0,79% 0,0262% Nedbank Namibia FD 6.43% 75 000 2,37% 0,0781% 14022013 Nedbank Namibia FRN NCD 50 012 1,58% 0,0521% JIBAR+50= 6.101% 17012013 Nedbank Namibia FD 6.30% 50 000 1,58% 0,0521% 16012013 Standard Bank Namibia PN 6.06% 94 118 2,97% 0,0980% DISC 21022013 Standard Bank Namibia FRN 100 000 3,15% 0,1042% JIBAR+80BPS21102013 Standard Bank Namibia PN 5.971% 70 592 2,23% 0,0735% 05022013 Standard Bank Namibia FRN NCD 200 241 6,31% 0,2086% JIBAR+60=6.20% 270313 Standard Bank Namibia 100 021 3,15% 0,1042% JIBAR+.50BPS=6.101% 15012013 Annual Financial Statements for the year ended 31 December 2012 31
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.2 Standard Bank Namibia CashPlus Fund (2012 continued)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Unlisted - Unit Trust Schemes - 508 028 16,02% Foreign Standard Bank Institutional Money 508 028 16,02% 2,9921% Market Fund CL
Non-current assets 2 370 844 74,76%
Cash and cash equivalents 800 339 25,24%
TOTAL 3 171 184 100,00% 32 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.2 Standard Bank Namibia CashPlus Fund (2011)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Unlisted - Interest Bearing - Local 1 916 348 54,16% Bank Windhoek Jibar+.46bps 50 008 1,41% 0,0052% 09102012 Bank Windhoek Jibar+46bps= 6.035% 50 019 1,41% 0,0052% 22102012 BANKWH JIBAR+ 52BPS=6.095% 50 034 1,41% 0,0052% 07112012 FNB Namibia Jibar+46bps 10102012 100 017 2,83% 0,0185% FNB Namibia Jibar+ 50bps=6.075% 40 026 1,13% 0,0074% 06112012 Nedbank Namibia 50 018 1,41% 0,0146% Jibar+45bps=5.575% 19102012 Nebank Namibia Jibar+ 50 018 1,41% 0,0146% 45bps=6.025% 12102012 Standard Bank Namibia Jibar+ 45bps 100 015 2,83% 0,0087% 09102012 Standard Bank Namibia Jibar+45bps 100 032 2,83% 0,0087% =6.025% 19102012 Bank Windhoek NCD Jibar+60bps 70 072 1,98% 0,0073% 15062012 Bank Windhoek Jibar+60bps=6.175% 75 108 2,12% 0,0078% 180612 Bank Windhoek Jibar+ 48bps= 75 014 2,12% 0,0078% 6.055% 11102012 Bank Windhoek Jibar+48bps=6.055% 75 020 2,12% 0,0078% 16102012 Standard Bank Namibia Jibar+ 150 032 4,24% 0,0130% 45bps=6.025% 12102012 FNB Namibia .42bps 24022012 75 059 2,12% 0,0139% FNB Namibia Jibar+42bps 17022012 25 018 0,71% 0,0046% Bank Windhoek 6.40% 160112 77 000 2,18% 0,0080% Bank Windhoek FD 6.6% 07052012 50 000 1,41% 0,0052% Bank Windhoek FD 6.65% 04072012 100 000 2,83% 0,0104% Nedbank Namibia FD 6.36% 180112 60 000 1,70% 0,0175% Nedbank Namibia FD 6.25% 20012 50 000 1,41% 0,0146% Namibia Post - Savings Bank FD 20 000 0,57% 0,0056% 6.20% 07112012 Standard Bank Namibia FD 6.20% 150 000 4,24% 0,0130% 170112 FNB Namibia PN 6.016% 03/02/2012 70 545 1,99% 0,0131% Standard Bank Namibia 6.25% NCD 103 130 2,91% 0,0089% 20012012 Standard Bank Namibia 6.70% 100 163 2,83% 0,0087% 240212 Annual Financial Statements for the year ended 31 December 2012 33
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.2 Standard Bank Namibia CashPlus Fund (2011 continued)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Unlisted - Unit Trust Schemes - 1 410 675 39,87% Foreign Standard Bank Institutional Money 1 410 675 39,87% 0,0077% Market Fund CL
Non-current assets 3 327 023 94,03%
Cash and cash equivalents 211 336 5,97%
TOTAL 3 538 360 100,00% 34 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.3 Standard Bank Namibia Income Fund
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Listed - Interest Bearing Securities 610 142 67,26% 131 975 63,42% - Foreign ABSA Bank Ltd FRN JIBAR+125BP 5 000 0,55% 0,0042% 4 977 2,39% 0,3705% 17/03/2016 African Bank Ltd 13% 19/09/2013 1 049 0,12% 0,0040% 1 071 0,51% 0,1428% African Bank Ltd FRN JIBAR+500BP 3 000 0,33% 0,0115% 3 000 1,44% 0,0530% 13/10/2014 Airports Company of SA 10.86% 1 125 0,12% 0,0122% 1 096 0,53% 0,6849% 09/03/2016 Amber House Fund A1 4 999 0,55% 0,1117% 5 000 2,40% 1,8487% JB+135BPS+0.15% 21/11/2014 Barlow World FRN 3M Jibar + 155bps 5 004 0,55% 0,1018% 5 000 2,40% 0,3966% 01/10/2016 Blue Daimond Jibar + 242bps 3 000 0,33% 0,2168% 3 000 1,44% 0,4290% 03/07/2013 Imperial Group Ltd Jibar + 198bps 2 012 0,22% 0,0575% 2 016 0,97% 0,2956% 28/09/2015 Investec Jibar + 265bps 20/09/2022 4 000 0,44% 0,0068% 4 000 1,92% 0,4155% Land & Agricultural Bank of SA Infl 5 018 0,55% 0,1977% 5 000 2,40% 0,3585% Jibar + 160bps 25/10/2013 Mobile Telephone Networks 10.19% 1 059 0,12% 0,0151% 1 062 0,51% 0,0674% 13/07/2014 Nedbank CLN Transnet Jibar + 1.61% 4 000 0,44% 0,0042% 4 000 1,92% 0,2950% 12/03/2013 Nedbank FRN Jibar + 125 bps 2 000 0,22% 0,0021% 2 000 0,96% 0,6924% 23/03/2016 Old Mutual Life Assurance Company 8 274 0,91% 0,0086% 3 132 1,50% 1,5943% Ltd 8.92% 27/10/2015 PRI Jibar + 123bps 15/06/2014 6 000 0,66% 0,0063% 6 000 2,88% 0,0865% RCS Investment Holdings 3month 5 000 0,55% 0,0052% 5 000 2,40% 0,4351% Jibar + 203bps 15/07/2013 Resilient Poperty Income Fund FRN 3 000 0,33% 0,1443% 3 000 1,44% 2,4619% 3monh Jibar + 145bps 03/05/14 RSA R204 8% 21/12/2018 23 285 2,57% 0,0020% 19 873 9,55% 1,3269% SSA01 SAPPI Southern Africa (Pt) Ltd 3 767 0,42% 0,0039% 3 598 1,73% 0,0271% 9.63% 28/06/2016 Standard Bank Fixed Rate 9.66% 5 369 0,59% 0,0028% 5 055 2,43% 0,6806% Callable 01/12/2017 Standard Bank Jibar + 125bps 7 988 0,88% 0,0042% 7 986 3,84% 0,2747% 26/04/2016 Thekwini FRN Jibar + 1.45% 18/07/2016 step up 2.10% 5 000 0,55% 0,1117% 5 000 2,40% 0,3102% 18/07/2039 ABSA 8.10% 27/03/2015 1 022 0,11% 0,0009% - 0,00% 0,1726% Annual Financial Statements for the year ended 31 December 2012 35
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.3 Standard Bank Namibia Income Fund (continued)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Listed - Interest Bearing Securities - Foreign continued ABSA 8.80% 7/03/2014 -CALLABLE 2 976 0,33% 0,0025% - 0,00% 0,6042% 07/03/2019 ABSA Bank Limited 8.295% 29 299 3,23% 0,0246% - 0,00% 0,0001% 21/11/2018 ABSA Bank Ltd FRN 3month Jibar 20 000 2,20% 0,0168% - 0,00% 0,0029% +175bps 17/03/2020 ABSA FRN 3month Jibar +205bps 15 000 1,65% 0,0126% - 0,00% 0,8149% 21/11/2023 ABSA Portfolio CLN 3 month Jibar + 20 030 2,21% 0,0168% - 0,00% 0,0000% 195bps 20/12/2014 African Bank 3 month Jibar +195bps 25 000 2,76% 0,0962% - 0,00% 0,0000% =7.55% 20/04/2015 African Bank ABLS5 3month Jibar + 4 000 0,44% 0,0154% - 0,00% 0,0000% 499bps 29/06/2024 African Bank FD Jibar + 195bps=7.55 20 000 2,20% 0,0769% - 0,00% 0,0000% 09/04/2015 African Bank Ltd 3month Jibar 5 000 0,55% 0,0192% - 0,00% 0,0000% +264bps 09/10/2017 Amber House Fund 2 A1 Jibar + 10 001 1,10% 0,2234% - 135bps + 15bps 18/10/2015 Amber House Fund2 B13 month Jibar 10 001 1,10% 0,2234% - + 210bps + 15bps 18/10/2015 Blue Granite Jibar +1.15bps 15/03/2017 full redemtpion 9 016 0,99% 0,8927% - 15/06/2037 CBL15 Capitec Bank 3month Jibar + 19 974 2,20% 0,0951% - 185bps 15/05/2015 FIRSTRAND 9% 15/09/2014 1 230 0,14% 0,0007% - Grindrod Bank 3month Jibar + 10 001 1,10% 0,0104% - 180bps 15/10/2015 Investec Bank Ltd FRN 3month Jibar 28 000 3,09% 0,0475% - + 245bps 27/09/2024 Investec Bank Ltd FRN Jibar + 250bps 40 002 4,41% 0,0678% - 11/07/2022 Investec Bank Ltd FRN 3Jibar + 5 000 0,55% 0,0085% - 250bps 02/04/2022 Kagiso FRN 3month Jibar + 330bps 5 000 0,55% 0,0052% - 01/11/2017 Letshego Holdings Ltd FRN 3month 15 000 1,65% 2,0000% - Jibar + 500bps 13/12/2015 Liberty Group LGL03 03/04/2018 30 022 3,31% 0,0313% - 36 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.3 Standard Bank Namibia Income Fund (continued)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Listed - Interest Bearing Securities - Foreign continued RCS Investment Holdings 3Month 15 001 1,65% 0,0156% - Jibar + 270bps 25/05/2015 Resilient Property Income Fund Ltd 5 000 0,55% 0,2405% - 3Month Jibar + 145bps 20/08/2015 Resilient Property Income Fund Ltd 10 000 1,10% 0,4810% - 3month Jibar + 170bps 12/11/2017 RSA R203 8.25% 15/09/2017 5 064 0,56% 0,0004% - Standard Bank 3 month Jibar + 10 999 1.21% 0.0058% - 220bps 30/07/2024 Standard Bank 3 month Jibar + 20 001 2.20% 0.0105% - 220bps 24/10/2024 Standard Bank 3month Jibar + 22 001 2.43% 0.0115% - 210bps 15/03/2018 Standard Bank FRN 3month Jibar + 15 025 1.66% 0.0079% - 1.63bps = 7.205% FM 14/03/2019 Standard Bank Jibar + 220bps 2 000 0.22% 0.0010% - 24/11/2016 FM 24/11/2021 Standard Bank Ltd 3monh Jibar + 30 002 3.31% 0.0157% - 160bps 24/05/2019 Thekwini 3month Jibar + 1.98% 9 999 1.10% 0.2234% - 18/07/2017 Thekwini FRN 3month Jibar + 1.55% 5 000 0.55% 0.1117% - 18/07/2017 Top Drive Funding Ltd 3 month Jibar 20 000 2.20% 0.0208% - + 135bps 05/04/2018 Transnet Ltd 17 9.25% 14/11/2017 5 527 0.61% 0.0095% - Investec FRN Jibar+146bps - 0.00% 5 000 2.40% 0.1726% 28/06/2013 Standard Bank Jibar+220bps - 0.00% 2 000 0.96% 0.6042% 24/11/2016 FM 24/11/2 NedNam PN Jibar + 100bps = 6.75% - 0.00% 10 000 4.81% 0.0001% 140714 MBF017 Mercedes-Benz - 0.00% 4 000 1.92% 0.0029% JibarB+152bps 16/ Nedbank FRN Jibar+148bps - 11 107 5.34% 0.8149% 19/04/2013 Annual Financial Statements for the year ended 31 December 2012 37
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.3 Standard Bank Namibia Income Fund (continued)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Unlisted - Interest Bearing 221 818 24.45% 28 433 13.66% Securities - Local Bank Windhoek 3m Jibar+115bps 15 000 1.65% 0.0156% 15 000 7.21% 0.3748% B ank W in dho ek 9. 38 % 16 /0 8 /2015 5 366 0.59% 0.0056% 5 257 2.53% 2.3647% Telecom Namibia Limited 10.70% - 2 146 0.24% 0.0022% 2 158 1.04% 5.1487% 17/04/2015 Bank Windhoek 3M JIBAR+ 135BPS= 50 142 5.53% 0.0522% - 0.00% 0.0000% 6.95% 19/06/2017 First National Bank of Namibia Ltd 36 000 3.97% 0.0375% - 0.00% 0.0000% Jibar + 165bps Namibian Government 8% 6 936 0.76% 0.0072% - 0.00% 0.0000% 15/10/2017 Nedbank Namibia FRN PN 6.95% 50 153 5.53% 0.0522% - 0.00% 0.0000% 26/07/2017 Nedbank Namibia PN Jibar + 100bps 10 000 1.10% 0.0104% - 0.00% 0.0000% = 6.575% 14/07/2014 Standard Bank Namibia FRN 3M Jibar 40 858 4.50% 0.0426% - 0.00% 0.0000% + 10bps 11/07/2015 Telecom Namibia Limited 9.13% - 5 218 0.58% 0.0054% - 0.0000% 19/08/2015 FNB Namibia 9.15% 29/03/2012 - - 6 018 2.89% 0.0063% Callable FIN
Unlisted - Unit Trust Schemes - 39 001 4.30% 41 546 19.96% Local Standard Bank Namibia Money 39 001 4.30% 7.4338% 41 546 19.96% 1.6217% Market Fund
Unlisted - Unit Trust Schemes - 32 785 0.00% 1 0.00% Foreign Standard Bank Institutional Money 1 0.00% 0.0000% 1 0.00% 0.0067% Market Fund Class B4 STANLIB Income Fund (Class B1) 32 784 3.61% 0.0002% -
Non-current assets 903 746 96.01% 201 954 97.04%
Cash and cash equivalents 3 392 0.37% 6 153 0.00%
Total 907 138 96.39% 208 107 100.00% 38 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.4 Standard Bank Namibia Flexible Property Income Fund
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Listed - Equity Securities - Local 10 764 4.59% - 0.00% Oryx Properties Ltd 10 764 4.59% 1.4171% -
Listed - Equity Securities - Foreign 129 898 55.39% 82 635 50.90% Acucap Property Limited 7 678 3.27% 0.0922% 5 504 3.39% 0.0725% Arrowhead Properties Limited 2 339 1.00% 0.1790% 153 0.09% 0.0276% Dipula Income Fund 1 109 0.47% 0.0644% 589 0.36% 0.0671% Fortress A 9 580 4.08% 0.2183% 6 052 3.73% 0.1462% GrowthPoint Properties 4 760 2.03% 0.3564% 13 281 8.18% 0.0371% Hospitatlity Property Fund Limited 7 352 3.14% 0.3890% 4 448 2.74% 0.3881% - A Linked Hyprop Invest 9 795 4.18% 0.0552% 7 970 4.91% 0.0605% Premium Properties 3 809 1.62% 0.1365% 2 175 1.34% 0.0919% Redefine Income Fund Limited 7 638 3.26% 0.0294% 6 408 3.95% 0.0310% Resilient Property Income Fund 6 919 2.95% 0.0462% 8 000 4.93% 0.0623% Synergy Income Fund 880 0.38% 0.1772% 720 0.44% 0.0711% Sycom Property Fund 5 641 2.41% 0.0824% 2 615 1.61% 0.0097% Vukile Property Fund Ltd 4 842 2.06% 0.0650% 5 622 3.46% 0.3370% Vunani Property Investment 4 020 1.71% 0.3472% 1 163 0.72% 0.0384% Capital Property Fund 7 202 3.07% 0.0419% 7 665 4.72% 0.0922% Fountainhead Property Trust 8 802 3.75% 0.0898% 2 677 1.65% 0.1311% Investec Property Fund Limited 3 585 1.53% 0.0700% 614 0.38% 0.0453% Rebosis Property Fund 6 866 2.93% 0.1929% 2 261 1.39% 0.0276% Vividend Income Fund Ltd 4 885 2.08% 0.4598% 798 0.49% 0.0326% Ascension Poperties Ltd A Linked 2 479 1.06% 0.3258% - Units Ascension Poperties Ltd B Linked 2 130 0.91% 0.2812% - Units Annuity Properties Ltd 323 0.14% 0.0311% - Dipula Income Fund B 4 348 1.85% 0.3564% - Delta Property Fund 3 117 1.33% 0.1625% - Fortress B 1 620 0.69% 0.0751% - Fairvest Property Holdings 467 0.20% 0.1224% - New Europe Property Investment 2 557 1.09% 0.0325% - Octodec Investments 4 829 2.06% 0.2288% - Synergy Income Fund Ltd B units 325 0.14% 0.0471% - Redefine Property International - 1 487 0.92% 0.0271% Limited SA Corporate Real Estate Fund - 816 0.50% 0.1071% Emira - 1 617 1.00% 0.0839% Annual Financial Statements for the year ended 31 December 2012 39
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.4 Standard Bank Namibia Flexible Property Income Fund (continued)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Unlisted - Unit Trust Schemes - 28 721 12.25% 27 005 16.63% Local Standard Bank Namibia Income Fund 28 721 12.25% 3.1661% 27 005 16.63% 12.8572% Class A
Unlisted - Unit Trust Schemes - 27 0.01% 26 0.02% Foreign Standard Bank Institutional Money 27 0.01% 0.0002% 26 0.02% 0.0000% Market Fund CL
Non-current assets 158 648 67.65% 109 666 67.55%
Cash and cash equivalents 75 877 32.35% 52 687 32.45%
Total 234 523 100.00% 162 353 100.00% 40 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.5 Standard Bank Namibia Inflation Plus Fund
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Listed - Equity Securities - Local 332 0.22% 271 0.17% FNB Namibia Holding Limited 332 0.22% 0.007455% 271 0.17% 0.0075%
Listed - Equity Securities - Foreign 41 323 26.94% 35 229 22.42% Anglo American Plc 1 983 1.29% 0.0005% 2 514 1.60% 0.0012% Aspen Pharmacare Holdings Limited 1 902 1.24% 0.0025% 1 083 0.69% 0.0007% Billiton Plc 2 853 1.86% 0.0005% 2 517 1.60% 0.0005% Exxaro Resources Limited 473 0.31% 0.0008% 530 0.34% 0.0009% First Rand Limited 1 012 0.66% 0.0006% 791 0.50% 0.0010% Impala Platinum Holdings Ltd 907 0.59% 0.0009% 1 041 0.66% 0.0018% MTN Group Limited 1 964 1.28% 0.0006% 1 693 1.08% 0.0029% Naspers Limited -N- 2 201 1.43% 0.0010% 1 487 0.95% 0.0011% New Gold 3 253 2.12% 0.0159% 2 522 1.61% 0.0005% Pretoria Portland Cement Company 715 0.47% 0.0035% 571 0.36% 0.0008% SAB Miller Plc 4 751 3.10% 0.0007% 3 694 2.35% 0.0022% Sanlam Limited 2 270 1.48% 0.0007% 1 589 1.01% 0.0006% Sasol Ltd 3 025 1.97% 0.0013% 3 491 2.22% 0.0060% Shoprite Holdings 2 937 1.91% 0.0025% 1 257 0.80% 0.0006% Standard Bank Group Limited 2 079 1.36% 0.0011% 1 871 1.19% 0.0013% Tiger Brands Limited 5 029 3.28% 0.0081% 4 128 2.63% 0.0023% Vodacom Group Pty Limited 1 817 1.18% 0.0010% 1 413 0.90% 0.0064% Woolworths 2 150 1.40% 0.0036% 1 238 0.79% 0.0000% Alsi 2012 Put AlsiH2 27500 - (3) 0.00% 0.0000% 15/03/2012 Alsi 2012 Put AlsiH2 27500 - 3 0.00% 0.0109% 15/03/2013 Arcelor Mittal SA Limited - 486 0.31% 0.0014% Investec Plc - 1 313 0.84% 0.0035%
Unlisted - Interest Bearing - Local 1 042 0.68% 1 057 0.67% B a n k W i n d h o e k 10 . 16 % 0 4 / 0 2 / 2 0 1 9 1 042 0.68% 0.0001% 1 057 0.67% 0.0001%
Unlisted - Interest Bearing - Foreign 20 893 13.62% 18 199 11.58% Firstrand FRN Jibar+88bps 359 0.23% 0.0000% 240 0.15% 0.0000% 02/04/2013 RSA R189 6.25% 31/03/2013 787 0.51% 0.0027% 792 0.50% 0.0027% RSA R203 8.25% 15/09/2017 254 0.17% 0.0003% 349 0.22% 0.0003% RSA R212 2.75% 31/01/2022 18 425 12.01% 0.0626% 1 039 0.66% 0.0626% ABSA 4 . 25% 31/10/2013 1 068 0.70% 0.0009% - SA National Road Agency Ltd - 0.00% 15 779 10.04% 0.0476% 4.25% 31 Annual Financial Statements for the year ended 31 December 2012 41
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.5 Standard Bank Namibia Inflation Plus Fund (continued)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Unlisted - Unit Trust Schemes - 63 972 41.70% 90 176 57.40% Local Standard Bank Namibia Income Fund 44 830 29.22% 4.9419% 42 152 26.83% 20.0688% A Class Standard Bank Namibia Money 19 142 12.48% 3.6486% 48 024 30.57% 9.1583% Market Fund R
Unlisted - Unit Trust Schemes - 13 765 8.97% 10 121 6.44% Foreign STANLIB Insititutional Property Fund 13 765 8.97% 0.3666% 10 121 6.44% 0.4897%
Non-current assets 141 328 92.13% 155 053 98.70%
Cash and cash equivalents 12 072 7.87% 2 040 1.30%
TOTAL 153 400 100.00% 157 093 100.00% 42 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.6 Standard Bank Namibia Money Market Fund (2012)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Unlisted - Interest Bearing - Local 178 814 34.08% Bank Windhoek FD 5.82% 04/10/2013 30 000 5.72% 0.0313% First National Bank Namibia FD 35 000 6.67% 0.0365% 5.93% 06/11/2013 Nedbank Namibia FD 6.43% 25 000 4.77% 0.0260% 14/02/2013 Nampost Namibia FD 5.725% 20 000 3.81% 0.0208% 24/01/2013 Standard Bank Namibia PN 6.06% 9 397 1.79% 0.0098% DISC 21/02/2013 Government of NamibiaTB 6.20% 9 417 1.79% 0.0098% 01/03/2013 Nedbank Namibia NCD 6.45% 50 000 9.53% 0.0521% 04/07/2013
Unlisted - Unit Trust Schemes - 65 223 12.43% Foreign Standard Bank Institutional Money 65 223 12.43% 0.3841% Market Fund CL
Non-current assets 244 037 47%
Cash and cash equivalents 280 602 53.48%
TOTAL 524 640 100.00% Annual Financial Statements for the year ended 31 December 2012 43
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund, Inflation Plus Fund and Money Market Fund
Notes to the annual financial statements for the year ended 31 December 2012
1.6 Standard Bank Namibia Money Market Fund (2011)
2012 % of % Holding 2011 % of % Holding N$’000 Portfolio of Market N$’000 Portfolio of Market Capitalisation Capitalisation Unlisted - Interest Bearing - Local 340 000 65.71% Namibia Post Ltd - FD 6.50% 190112 50 000 9.66% 0.0140% Standard Bank of Namibia - FD 6.15% 100 000 19.33% 0.0087% 0202012 Bank Windhoek - FD 6.60% 070512 25 000 4.83% 0.0026% Bank Windhoek - FD 6.65% 040712 50 000 9.66% 0.0052% FNB Namibia Jibar + 50bps - 6.075% 35 000 6.76% 0.0065% 061112 Namibia Post - Savings Bank - FD 30 000 5.80% 0.0084% 6.20% 071120 Bank Windhoek Jibar + 52bps = 50 000 9.66% 0.0052% 6.095% 071112
Unlisted - Unit Trust Schemes - 57 933 11.20% Foreign Standard Bank Institutional Money 57 933 11.20% 0.3145% Market Fund CL
Non-current assets 397 933 76.90%
Cash and cash equivalents 119 511 23.10%
TOTAL 517 444 100.00% 44 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund and Inflation Plus Fund
Notes to the annual financial statements for the year ended 31 December 2012
2. Prices
2.1 Standard Bank Namibia Managed Fund
The Fund has outperformed the benchmark over the period of 1 year, 3 year and 5 year. Also, the fund has outperformed the benchmark mark and peers considerably.
We maintained our exposure to Namibian and some SA bonds. Investors need to invest in the longer end of the bond curve, where interest rates are in the region of 8%. We made numerous changes to our Industrial and Financial portion of the portfolio. The key point is that we have reduced our exposure to Retailers in the portfolio. The proceeds of these two sales were switched into SAB Miller and Tongaat. SAB Miller provided investors with exposure to the emerging market consumer in geographies like Africa and China at undemanding valuations. Tongaat Hulett provides investors with exposure to sugar milling and refineries in South Africa, Zimbabwe and Swaziland.
We continue to position the Fund for moderate SA GDP growth that remains consumer driven. The Fund’s SA equity holdings target companies that are exposed to the SA consumer, healthcare and defensive rand hedge shares.
2012 cents 2011 cents Lowest Buy Price 289.13 253.23 Highest Buy Price 346.40 281.62 Lowest Sell Price 274.67 266.55 Highest Sell Price 329.08 296.44 Annual Financial Statements for the year ended 31 December 2012 45
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund and Inflation Plus Fund
Notes to the annual financial statements for the year ended 31 December 2012
2.2 Standard Bank Namibia CashPlus Fund
The global economic recovery slowed in 2011 and downside risks increased further, according to the IMF. A combination of supply disruptions due to the devastating earthquake in Japan, oil price increases, and the debt crises in the US as well as the Euro Area contributed to suppress the global economic recovery.
There were considerable inflows into the money market funds during the year. A strategy to change the geographical composition of the funds was adopted, which saw the funds geographical composition altered to 65 % in Namibia and 35 % in South Africa (previously 36% in Namibia and 64% in South Africa). The change in geographical allocation ensured the funds maintaining a stable return and outperforming the benchmarks in the short and long run as the Namibian yield is higher than that of South Africa.
2012 cents 2011 cents Lowest Buy Price 133.96 119.73 Highest Buy Price 141.19 124.01 46 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund and Inflation Plus Fund
Notes to the annual financial statements for the year ended 31 December 2012
2. Prices (continued)
2.3 Standard Bank Namibia Income Fund
The size of the Standard Bank Namibia Income Fund increased from N$210 million at the beginning of the year to end the year at N$915 million. The modified duration of the fund ended the year at 0.67 years. 79% of the Fund is invested in floating rate instruments, given that we have reached the bottom of the interest rate cycle.
The SBN Income Fund returned 8.2% for the year ending December 2012. This was better in line with the benchmark but significantly higher than money market returns of 5.5%. The Fund is invested in a range of corporate debt in South Africa and Namibia in line with the prudential requirements. Given that we are at or near the bottom of the interest rate cycle, the Fund’s now holds floating rate instruments which are defensive if rate start to move higher. The modified duration which measure the capital risk on the Fund has been reduced to 0.6 years which is similar to money market funds, however, the Fund gives higher yields due to the corporate bonds it is invested in.
2012 cents 2011 cents Lowest Buy Price 99.91 98.69 Highest Buy Price 102.79 100.74 Lowest Sell Price 98.91 99.68 Highest Sell Price 101.77 101.76 Annual Financial Statements for the year ended 31 December 2012 47
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund and Inflation Plus Fund
Notes to the annual financial statements for the year ended 31 December 2012
2. Prices (continued)
2.4 Standard Bank Namibia Flexible Property Income Fund
The fund delivered 24.59% returns compared to the benchmark’s 20.09% which translates to 4.50% outperformance. The outperformance was driven by being overweight listed property and stock picking. At the beginning of the year the listed property exposure was 51%. We took the listed property exposure to just over 70% at the end of June. By the end of the year we had cut it down to 57%. Our intention, in the short-term, is to trim it closer to the 50% levels. This is a cautious move after such a strong return from listed property in 2012. We will however continue to look for attractively valued and defensive listed property stocks.
The listed property sector was the best performing asset class with 35.88% ahead of equities’ 26.68%, bonds’ 16.02% and cash at 5.55%. Listed property companies and funds that reported during the year all delivered results in line or better than expectations. Newly listed companies met their pre-listing guidance. The outlook from all the results was fairly positive. Property fundamentals remained strong particularly in the retail and industrial markets. The office market is still facing higher vacancies and weaker demand.
2012 cents 2011 cents Lowest Buy Price 121.49 111.74 Highest Buy Price 137.38 117.28 Lowest Sell Price 115.42 117.63 Highest Sell Price 130.51 123.45 48 Annual Financial Statements for the year ended 31 December 2012
Standard Bank Namibia: Managed Fund, CashPlus Fund, Income Fund, Flexible Property Income Fund and Inflation Plus Fund
Notes to the annual financial statements for the year ended 31 December 2012
2. Prices (continued)
2.5 Standard Bank Namibia Inflation Plus Fund
The past year has been a good year for Local Equities, with the ALSI delivering 26.7%. The majority of the return was achieved after the announcement by the US Federal Reserve of the quantitative easing (QE3) plan. Since this announcement was made (14th September 2012), the ALSI has delivered a total return of 10.1%.
The INDI25 (44.5%) and FINI15 (37.8%) significantly outperformed the RESI10 (3.1%) over the past year. The wildcat strikes in South Africa that hit the Resources sector contributed to the poor return experienced in this sector. Listed Property (35.9%) and Bonds (16.0%) also delivered healthy returns over the past year.
The fund delivered a return of 15.92% against the benchmark of 11.42% over the 12 months ending December 2012. We believe that the fund has delivered exceptional returns given the state of global markets and global economics. The above result means that the fund was able to capture up to 60% of the returns from equity markets even with an average equity exposure of 28%. Other, asset classes that also contributed to the stellar results were the property shares and exposure to income funds (fund with a combination of bonds & cash).
2012 cents 2011 cents Lowest Buy Price 121.49 111.74 Highest Buy Price 137.38 117.28 Lowest Sell Price 115.42 117.63 Highest Sell Price 130.51 123.45
2.6 Standard Bank Namibia Money Market Fund
The price of the Standard Bank Namibia Money Market Fund remained at 100 Namibian cents throughout the year. Annual Financial Statements for the year ended 31 December 2012 49
Notes 50 Annual Financial Statements for the year ended 31 December 2012
Notes
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