Sharenet Sites 
Sharenet Sites
Abridged audited results for the year ended 31 December 2013 - DBXWD
db x-trackers MSCI World Trust
JSE code: DBXWD
ISIN: ZAE000115184
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 267 908 181 111 797 707
Investment income 26 181 009 22 648 457
Net fair value gain on the investments at
fair value through profit or loss 241 727 172 89 149 250
Expenses (10 767 409) (6 984 064)
Foreign exchange loss on dividends (2 614 840) (242 871)
Management and administrative expenses (7 939 942) (6 741 193)
Equilisation on expropriations (207 598) -
Finance costs (5 029) -
Operating profit before distribution 257 140 772 1 104 813 643
Comprising:
Income available for distribution 15 413 600 15 664 393
Capital profit retained 241 727 172 89 149 250
Distributions (17 135 350) (13 334 710)
Change in net assets attributable to
investors before tax 240 005 422 91 478 933
Withholding tax (3 588 663) (3 056 944)
Change in net assets attributable to
investors 236 416 759 88 421 989
STATEMENT OF FINANCIAL POSITION
as at 31 December 2013
2013 2012
R R
Assets
Listed investments held at fair value through
profit or loss 1 673 683 160 847 509 110
Trade and other receivables 1 765 644 929 631
Cash and cash equivalents 14 111 037 9 719 837
Total assets 1 689 559 841 858 158 578
Liabilities
Net assets attributable to investors 1 675 325 479 848 848 160
Trade and other payables 14 234 362 9 310 418
Total liabilities 1 689 559 841 858 158 578
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2013
Total
R
Balance at 1 January 2012 658 851 891
Creation of securities 60 279 320
Increase in net assets attributable to investors 88 421 989
Effect of foreign currency translation 41 294 960
Balance at 31 December 2012 848 848 160
Creation of securities 639 501 603
Redemption of securities (263 912 168)
Increase in net assets attributable to investors 236 416 759
Effect of foreign currency translation 214 471 125
Balance at 31 December 2013 1 675 325 479
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Cash utilised by operations (7 347 287) (2 764 920)
Dividends received 25 353 535 22 571 105
Management fees paid (7 029 295) (6 134 926)
Interest income - 11 471
Finance costs (5 029) -
Net cash inflow from operating activities 10 971 924 13 682 730
Cash outflow from investing activities (369 975 753) (58 979 330)
Purchase of listed investments (369 975 753) (58 979 330)
Net cash inflow from financing activities 363 395 029 48 099 589
Proceeds on creation of securities 639 501 603 60 279 320
Payment on redemption of securities (263 912 168) -
Distributions paid to investors (12 194 406) (12 179 731)
Net increase in cash and cash equivalents 4 391 200 2 802 989
Cash and cash equivalents at the beginning
of year 9 719 837 6 916 848
Cash and cash equivalents at the end of
year 14 111 037 9 719 837
2013 2012
Number Number
db x-trackers MSCI World securities in
issue 96 000 000 75 000 000
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
World securities.
Distributions
The Trust effects semi–annual distributions. All distributions are made
out of the income of the db x-trackers MSCI World 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 68.4 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 period under review the following distributions were effected per
db x-trackers MSCI World Index Security –
2013 2012
R R
Declared distributions (16 114 345) (11 345 180)
0.10823 Rand per security
Declared June 2013 and paid July 2013 (6 494 458) (6 732 095)
0.08976 rand per security
Declared June 2012 and paid July 2012
0.10021 Rand per security
Declared December 2013 and paid January (9 619 887) (4 613 085)
2014
0.06151 rand per security
Declared December 2012 and paid January
2013
Management fees refunded during the year
as a rebate distribution (1 021 005) (1 989 530)
Total distribution expense for the year (17 135 350) (13 334 710)
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 0.684% of assets under
management on a daily basis for the period 01 July 2013 to 31 December
2013.
The db x-trackers MSCI World Trust had a TER of 114 basis points for the
period 01 January 2013 to 30 June 2013 and a TER of 68.4 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 – Offsetting 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 2013:
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 World 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 08:52:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
