Sharenet Sites 
Sharenet Sites
Abridged Audited Results for the Year Ended 31 December 2015 - DBXUS
The db X-trackers Collective Investment Scheme
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 (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 76 444 652 248 812 832
Investment income 76 442 060 41 898 720
Foreign exchange gain on dividends 2 592 1 134
Net fair value gain on investments at fair
value through profit or loss - 206 912 978
Expenses (52 250 091) (14 051 935)
Management and administrative expenses (26 704 732) (14 051 935)
Net fair value loss on investments at fair
value through profit or loss (25 519 431) -
Finance costs (25 928) -
Operating profit before distribution 24 194 561 234 760 897
Comprising:
Income available for distribution before tax 49 713 992 27 847 919
Capital (loss)/gain retained (25 519 431) 206 912 978
Distributions (48 674 345) (22 269 950)
(Decrease)/increase in net assets attributable
to holders of redeemable securities before tax (24 479 784) 212 490 947
Withholding tax (11 155 997) (5 848 438)
(Decrease)/increase in net assets attributable
to holders of redeemable securities (35 635 781) 206 642 509
STATEMENT OF FINANCIAL POSITION
at 31 December 2015
2015 2014
R R
Assets
Listed investments held at fair value
through profit or loss 4 800 100 756 2 713 418 895
Trade and other receivables 5 403 497 3 033 642
Cash and cash equivalents 53 831 820 21 998 457
Total assets 4 859 336 073 2 738 450 994
Liabilities
Net assets attributable to holders of
redeemable securities 4 808 933 486 2 715 129 369
Trade and other payables 50 402 587 23 321 625
Total liabilities 4 859 336 073 2 738 450 994
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 1 337 790 821
Increase in net assets attributable to holders of
redeemable securities 206 642 509
Creations of redeemable securities 864 620 474
Foreign currency translation adjustments 306 075 565
attributable to redeemable securities
Balance at 31 December 2014 2 715 129 369
Creation of redeemable securities 964 682 934
Decrease in net assets attributable to holders of
redeemable securities (35 635 781)
Foreign currency translation adjustments 1 164 756 964
attributable to redeemable securities
4 808 933 486
Balance at 31 December 2015
STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
2015 2014
R R
Cash utilised by operations (9 845 669) (452 175)
Dividends received 72 094 808 37 516 034
Management fees paid (17 387 630) (9 380 352)
Interest paid (25 928) -
Net cash inflow from operating activities 44 835 581 27 683 507
Cash outflow from investing activities (947 441 737) (863 273 926)
Purchase of listed investments (947 441 737) (863 273 926)
Cash inflow from financing activities 934 439 519 848 284 993
Proceeds on creation of redeemable
securities 964 682 934 864 620 474
Distributions paid to investors (30 243 415) (16 335 481)
Net increase in cash and cash equivalents 31 833 363 12 694 574
Cash and cash equivalents at the beginning
of year 21 998 457 9 303 883
Cash and cash equivalents at the end of
year 53 831 820 21 998 457
2015 2014
Number Number
db x-Trackers MSCI USA redeemable
securities in issue 159 000 000 120 000 000
In terms of the Trust Deed and CISCA, the Trust is required to pay the net
asset value attributable to holders of redeemable securities on redemption
of the securities. Vested income beneficiaries include all holders of dbx-
trackers MSCI USA redeemable securities.
Creations and redemptions
There were 39 000 000 (2014: 48 000 000) Index Securities created during
the year for a value of R964 682 934 (2014: R864 620 474). There were no
redemptions during the current or 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 points management fee charged (2014:
85.5 basis points 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 MSCI USA Redeemable Security –
2015 2014
R R
Declared distributions (45 093 364) (20 084 622)
0.11022 Rand per security
Declared June 2015 and paid July 2015 (15 210 964)
0.08672 Rand per security (8 584 872)
Declared June 2014 and paid July 2014
0.18794 Rand per security
Declared December 2015 and paid January
2016 (29 882 400)
0.09583 Rand per security
Declared December 2014 and paid January (11 499 750)
2015
Management fees refunded during the year as (3 580 981) (2 185 328)
a rebate distribution
Total distribution expense for the year (48 674 345) (22 269 950)
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 assets under management on a daily basis (2014: 0.855% of the
assets under management).
The Trust had a TER of 85.5 basis points (2014: 85.5 basis).
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 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').
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.
