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Abridged Audited Results for the Year Ended 31 December 2015 - DBXUK
The db X-trackers Collective Investment Scheme
db x-trackers FTSE 100 Trust
JSE code: DBXUK
ISIN: ZAE000115929
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 (CISCA)
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2015
2015 2014
R R
Revenue 38 383 535 34 783 893
Investment income 38 311 853 34 783 893
Foreign exchange profit on dividends 71 682 -
Expenses (60 033 607) (29 990 553)
Net fair value loss on the investments at
(53 686 047) (24 522 954)
fair value through profit and loss
Management and administrative expenses (6 347 560) (5 459 396)
Foreign exchange loss on dividends - (8 203)
Operating (loss)/profit before
(21 650 072) 4 793 340
distribution
Comprising:
Income available for distribution before
32 035 975 29 316 294
tax
Capital loss retained (53 686 047) (24 522 954)
Distributions (29 655 094) (19 701 693)
Decrease in net assets attributable to
redeemable securities before tax (51 305 166) (14 908 353)
Withholding tax (3 628 975) (2 861 912)
Decrease in net assets attributable to (54 934 141) (17 770 265)
redeemable securities
STATEMENT OF FINANCIAL POSITION
at 31 December 2015
2015 2014
R R
Assets
Listed investments held at fair value
through profit or loss 1 013 365 675 715 820 352
Trade and other receivables 2 447 989 1 602 716
Cash and cash equivalents 17 879 321 10 470 135
Total assets 1 033 692 985 727 893 203
Liabilities
Net assets attributable to holders of
redeemable securities 1 015 578 957 716 630 343
Trade and other payables 18 114 028 11 262 860
Total liabilities 1 033 692 985 727 893 203
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE
SECURITIES
for the year ended 31 December 2015
Total
R
Balance at 1 January 2014 594 772 117
Decrease in net assets attributable to
(17 770 265)
holders of redeemable securities
Creation of redeemable securities 120 212 956
Foreign currency translation adjustments 19 415 535
attributable to redeemable securities
Balance at 31 December 2014 716 630 343
Decrease in net assets attributable to
holders of redeemable securities (54 934 141)
Creations of redeemable securities 130 531 379
Foreign currency translation adjustments
attributable to redeemable securities 223 351 376
Balance at 31 December 2015 1 015 578 957
STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
2015 2014
R R
Cash utilised by operations (1 365 508) (2 668 205)
Dividends received 35 493 778 34 632 124
Interest received 1 704 1 439
Management fees paid (5 141 122) (4 958 622)
Net cash inflow from operating
activities 28 988 852 27 006 736
Cash outflow from investing activities (127 879 994) (126 224 886)
Purchase of listed investments (127 879 994) (126 224 886)
Cash inflow from financing activities 106 300 328 101 924 708
Distributions paid to investors (24 231 051) (18 288 248)
Creation of redeemable securities 130 531 379 120 212 956
Net increase in cash and cash equivalents 7 409 186 2 706 558
Cash and cash equivalents at the
beginning of year 10 470 135 7 763 577
Cash and cash equivalents at the end of
year 17 879 321 10 470 135
2015 2014
Number Number
db x-trackers FTSE 100 redeemable
securities in issue 7 100 000 6 100 000
In terms of the Trust Deed and CISCA, the Trust is required to pay the
net asset value attributable to investors on redemption of securities.
Vested income beneficiaries include all holders of db x-trackers FTSE 100
redeemable securities.
Creations and redemptions
There were 1 000 000 (2014: 1 000 000) Index securities created during
the year amounting to a rand value of R130 531 379(2014: R120 212 956).
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 Trust. The rebates represent an
investor’s partial reduction of the 85.5 basis point management fee
charged (2014: 85.5 basis point management fee charged). The rebate
is calculated using a sliding scale depending on the size of the
investor’s investment. During the year under review, the following
distributions were effected per db x-trackers FTSE 100 Index
Redeemable Security:
2015 2014
R R
Declared distributions (28 730 373) (19 100 921)
2.16093 Rand per security
Declared June 2015 and paid July 2015 (15 342 598)
1.85940 Rand per security
Declared June 2014 and paid July 2014 (11 342 588)
1.88560 Rand per security
Declared December 2015 and paid January
2016 (13 387 775)
1.27180 Rand per security
Declared December 2014 and paid January
2015 (7 758 333)
Management fees refunded during the year
(924 721) (600 772)
as a rebate distribution
Total distribution expense for the year (29 655 094) (19 701 693)
Total Expense Ratio (TER)
The TER represents the total expense to the Trust. The only expense
of the Trust is the management fee payable to the Manager which is
calculated at 0.855% of the assets under management on a daily basis
(2014: 0.855% of assets under management).
The Trust had a TER of 85.5 basis points (2014: 85.5 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 Portfolio 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 the summarised report has been extracted from the
audited annual financial statements which have been prepared in
accordance with the requirements of 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 Board.
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
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 23 March 2016.
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 and are
consistent with those accounting policies applied in the preparation of
the previous annual financial statements.
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 Trust have not been adopted for the reporting periods
beginning on or after 1 January 2015:
IAS 1: Disclosure Initiative - The amendments provide additional guidance
on the application of materiality and aggregation when preparing financial
statements. IAS 1 is effective for reporting periods beginning on or after
1 January 2016 and the impact of this standard will be assessed once the
standard becomes effective. The Trust will only apply the standard once
the standard becomes effective.
IFRS 9: Financial Instruments - IFRS 9 deals with classification and
measurement of financial assets and financial liabilities. IFRS 9 is
effective for reporting periods beginning on or after 1 January 2018 and
the impact of this standard will be assessed once the standard becomes
effective. The Trust will only apply the standard once the standard
becomes effective.
IFRS 15: Revenue from Contracts with Customers - IFRS 15 contains a single
model that applies to contracts with customers and two approaches to
recognising revenue: at a point in time or over time. IFRS 15 is effective
for reporting periods beginning on or after 1 January 2018 and the impact
of this standard will be assessed once the standard becomes effective. The
Trust will only apply the standard once the standard becomes effective.
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)
- dividends from listed equities 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 year ended 31 December 2015 from which the summarised
report has been extracted were audited by KPMG Inc, 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 db x-
trackers website www.dbxtrackers.co.za.
Directors’ responsibility
The directors take full responsibility for the preparation of the
abridged report and confirm that the financial information has been
correctly extracted from the underlying annual financial statements.
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers Proprietary Limited
31 March 2016
Date: 31/03/2016 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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