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Abridged audited results for the year ended 31 December 2013 - DBXUS
db x-trackers MSCI USA Trust
JSE code: DBXUS
ISIN: ZAE000115192
A portfolio in the db x-trackers Collective Investment Scheme ("db x-
trackers"), registered as such in terms of the Collective Investment
Schemes Control Act, 45 of 2002 (the "Act")
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2013
2013 2012
R R
Revenue 198 260 085 42 522 713
Investment income 16 527 175 6 914 692
Net fair value gain on the investments at
fair value through profit or loss 181 732 910 35 608 021
Expenses (6 203 014) (2 988 070)
Management and administrative expenses (6 203 014) (2 987 642)
Finance costs - (428)
Operating profit before distribution 192 057 071 39 534 643
Comprising:
Income available for distribution before
tax 10 324 161 3 926 622
Capital profit retained 181 732 910 35 608 021
Distributions (8 358 425) (2 930 416)
Change in net assets attributable to
investors before tax 183 698 646 36 604 227
Withholding tax (2 306 943) (1 034 242)
Change in net assets attributable to
investors 181 391 703 35 569 985
STATEMENT OF FINANCIAL POSITION
as at 31 December 2013
2013 2012
R R
Assets
Listed investments held at fair value
through profit or loss 1 337 156 426 311 040 029
Trade and other receivables 1 516 756 301 306
Cash and cash equivalents 9 303 883 3 318 884
Total assets 1 347 997 065 314 660 219
Liabilities
Net assets attributable to investors 1 337 790 821 311 255 789
Trade and other payables 10 186 244 3 404 430
Total liabilities 1 347 977 065 314 660 219
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2013
Total
R
Balance at 1 January 2012 261 757 182
Increase in net assets attributable to investors 35 569 985
Effect of foreign currency translation 13 928 622
Balance at 31 December 2012 311 255 789
Creation of securities 702 173 634
Increase in net assets attributable to investors 181 391 703
Effect of foreign currency translation 142 969 695
1 337 790 821
Balance at 31 December 2013
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Cash utilised by operations (712 999) (926 678)
Dividends received 13 847 603 6 909 965
Management fees paid (3 504 271) (2 778 795)
Interest received/(finance costs paid) 25 (428)
Net cash inflow from operating activities 9 630 358 3 204 064
Cash outflow from investing activities (701 413 792) (9 951)
Purchase of listed investments (701 413 792) (9 951)
Net cash inflow/(outflow) from financing 697 768 433 (2 373 993)
activities
Proceeds on creation of securities 702 173 634 -
Distributions paid to investors (4 405 201) (2 373 993)
Net increase in cash and cash equivalents 5 984 999 820 120
Cash and cash equivalents at the beginning
of year 3 318 884 2 498 764
Cash and cash equivalents at the end of
year 9 303 883 3 318 884
2013 2012
Number Number
db x-Trackers MSCI USA securities in issue 72 000 000 27 000 000
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 db x-trackers MSCI USA
securities.
db x-trackers MSCI USA securities creations and redemptions
There were 45 000 000 (2012: nil) Index Securities created during the
year for a value of R702 173 634 (2012: nil). There were no redemptions
during the current and prior year.
Distributions
The Trust effects semi–annual distributions. All distributions are made
out of the income of the db x-trackers MSCI USA Trust.
The rebates represent an investor's partial reduction of the 114 basis points
management fee charged for the period 01 January 2013 to 30 June 2013 and
the 85.5 basis points management fee charged for the period 01 July 2013
to 31 December 2013.
The rebate is calculated using a sliding scale depending on the size of the
investor's investment.
During the periodunder review the following distributions were effected per db x-trackers
MSCI USA Index Security –
2013 2012
R R
Declared distributions (7 807 790) (2 600 337)
0.05086 Rand per security
Declared June 2013 and paid July 2013 (2 136 303) (967 234)
0.03582 Rand per security
Declared June 2012 and paid July 2012
0.07877 Rand per security
Declared December 2013 and paid January (5 671 487) (1 633 103)
2014
0.06049 Rand per security
Declared December 2012 and paid January
2013
Management fees refunded during the year as (550 635) (330 079)
a rebate distribution
Total distribution expense for the year (8 358 425) (2 930 416)
Total Expense Ratio ("TER")
The TER represents the total expense to the Trust. The only expense to
the Trust is the management fee payable to db x-trackers (Pty) Ltd which
is calculated at 1.14% of the assets under management on a daily basis
for the period 01 January 2013 to 30 June 2013 and 0.855% of assets under
management on a daily basis for the period 01 July 2013 to 31 December
2013.
The db x-trackers MSCI USA Trust had a TER of 114 basis points for the
period 01 January 2013 to 30 June 2013 and a TER of 85.5 basis points for
the period 01 July 2013 to 31 December 2013(2012:114 bps).
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 Portfolio under their management.
This is a requirement in terms of the Association for Savings and
Investments SA ("ASISA") standard on the calculation and publication of
total expense ratios.
Statement of compliance
The financial statements have been prepared in accordance with
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 Financial
Reporting Standards Council, and the requirements of the Collective
Investment Schemes Control Act No 45 of 2002 ("CISCA"), in order to meet
the requirements of the Trust Deed approved by the Financial Services
Board. These financial statements were authorised for issue by the board
of directors of the Manager on 24 March 2014.
Accounting policies
The accounting policies applied in the preparation of the financial
statements are consistent with those adopted in the previous financial
year and are in accordance with IFRS
The trust adopted the following new standards and amendments to standards,
including any consequential amendments to other standards, with a date of
initial application of 1 January 2013.
a) IFRS 13: Fair Value Measurement
b) IFRS 7: Amendment Disclosures – Offsettin Financial Assets and
Financial Liabilities
Forthcoming requirements
The following standards, amendments to standards, and interpretations,
effective for the first time in the future accounting period, and which
are relevant to the Portfolio, have not been adopted for the year ended
31 December 2012:
IFRS 9: Financial Instruments - IFRS 9 deals with classification and
measurement of financial assets and financial liabilities. The effective
date of IFRS 9 is yet to be decided.
IAS 32: Financial Instruments: Presentation: Offsetting Financial Assets
and Financial Liabilities. The amendments clarify when an entity can
offset financial assets and financial liabilities. This amendment is
effective in the 2014 financial year.
The impact of the above standards will be assessed once the standards
become effective, and applied only at that stage.
Investment income
Investment income comprises:
- interest income earned on cash and cash equivalents;
- cash equalisation component on creations; and
- dividends from listed equities designated as 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 expected
payment is established. This is usually the ex-dividend date for quoted
equities.
Audit report
KPMG Inc, the entity's independent auditors, has audited the financial
statements of the db x-trackers MSCI USA Trust from which the abridged
results contained in this announcement have been derived, and has
expressed an unmodified audit opinion on the financial statements.
Their audit report is available for inspection at the CIS's registered office.
A full copy of these financial statements is available on the db x-
trackers website www.dbxtrackers.co.za.
Directors' responsibility
This abridged report is extracted from the audited information, but is
not itself audited.
The directors take full responsibility for the
preparation of the abridged report and certify that the financial
information has been correctly extracted from the underlying financial
statements.
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers Proprietary Limited
31 March 2014
Date: 31/03/2014 08:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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