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Abridged Audited Results for the Year Ended 31 December 2014 - DBXEU
The db x-trackers Collective Investment Scheme
db x-trackers DJ Eurostoxx 50 Trust
JSE code: DBXEU
ISIN: ZAE000115937
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 2014
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2014
2014 2013
R R
Revenue 64 622 792 171 220 976
Investment income 52 604 615 31 323 722
Net fair value gain on the investments
through profit or loss 12 018 177 139 897 254
Expenses (11 492 503) (7 070 669)
Management and administrative expenses (11 492 005) (7 070 669)
Finance costs (338) -
Foreign exchange loss on dividends (160) -
Operating profit before distribution 53 130 289 164 150 307
Comprising:
Income available for distribution before
tax 41 112 112 24 253 052
Capital gain retained 12 018 177 139 897 255
Distributions (29 184 395) (17 772 122)
Increase in net assets attributable to
redeemable securities before tax 23 945 894 146 378 185
Withholding tax (12 641 719) (7 726 288)
Increase in net assets attributable to 11 304 175 138 651 897
redeemable securities
STATEMENT OF FINANCIAL POSITION
at 31 December 2014
2014 2013
R R
Assets
Listed investments held at fair
value through profit or loss 1 505 894 503 1 266 056 032
Cash and cash equivalents 12 796 192 9 165 592
Total assets 1 518 690 695 1 275 221 624
Liabilities
Net assets attributable to
redeemable securities 1 508 778 685 1 266 716 470
Trade and other payables 9 912 010 8 505 154
Total liabilities 1 518 690 695 1 275 221 624
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE
SECURITIES
for the year ended 31 December 2014
Total
R
Balance at 1 January 2013 650 890 302
Increase in net assets attributable to
138 651 897
redeemable securities
Creation of securities 253 740 391
Foreign currency translation adjustment
223 433 880
attributable to redeemable securities
Balance at 31 December 2013 1 266 716 470
Increase in net assets attributable to
11 304 175
redeemable securities
Creation of securities 284 799 018
Foreign currency translation adjustment
(54 040 978)
attributable to redeemable securities
Balance at 31 December 2014 1 508 778 685
STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
2014 2013
R R
Cash utilised by operations (9 989 202) (7 460 090)
Dividends received 50 387 456 30 774 507
Management fees paid (9 551 034) (5 600 720)
Interest received - 2 013
Interest paid (338) -
Net cash inflow from operating activities 30 846 882 17 715 710
Cash outflow from investing activities (281 861 272) (252 530 011)
Purchase of listed investments (281 861 272) (252 530 011)
Cash inflow from financing activities 254 644 990 238 644 323
Proceeds on creation of securities 284 799 018 253 740 391
Distributions paid to investors (30 154 028) (15 096 068)
Net increase in cash and cash equivalents 3 630 600 3 830 022
Cash and cash equivalents at the
beginning of year 9 165 592 5 335 570
Cash and cash equivalents at the end of 12 796 192 9 165 592
year
2014 2013
Number Number
db x-trackers DJ EuroStoxx 50
securities in issue 34 000 000 28 000 000
In terms of the Trust Deed and CISCA, the Trust would be 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 db x-trackers DJ Eurostoxx 50 securities.
db x-trackers DJ EuroStoxx 50 securities creations and redemptions
There were no redemptions during the current or prior year. There were 6
000 000 (2013 – 6 000 000) Index Securities created during the year
amounting to a rand value of R284 799 018 (2013 – R253 740 391).
Distributions
The Trust effects semi–annual distributions. All distributions are made
out of the income of the db x-trackers DJ Eurostoxx 50 Trust. The
rebates represent an investor’s partial reduction of the 85.5 basis
points management fee charged (2013:114 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 period the following
distributions were effected per db x-trackers DJ Eurostoxx 50 Index
Security:
2014 2013
R R
Declared distributions (28 129 954) (16 794 513)
0.74120 Rand per security
Declared June 2014 and paid July 2014 (25 200 918)
0.57763 Rand per security
Declared June 2013 and paid July 2013 (12 707 533)
0.08615 Rand per security
Declared December 2014 and paid January
2015 (2 929 036)
0.14596 Rand per security
Declared December 2013 and paid January
2014 (4 086 980)
Management fees refunded during the
year as a rebate distribution (1 054 441) (977 609)
Total distribution expense for the year (29 184 395) (17 772 122)
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 Proprietary
Limited which is calculated at 0.855% of assets under management on a
daily basis (2013: 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 DJ Eurostoxx 50 Trust had a TER of 85.5 basis points
(2013:114 basis points for the period 1 January to 30 June 2013 and a
TER of 85.5 basis points for the period 01 July 2013 to 31 December
2013).
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 25 March 2015.
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 2014.
Amendments to IAS 32 – Offsetting Financial Assets and Financial
Liabilities.
Forthcoming requirements
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 year ended 31
December 2014:
IFRS 9: Financial Instruments - IFRS 9 deals with classification and
measurement of financial assets and financial liabilities. IFRS 9 is
effective for the year ending 31 December 2018 and the impact of this
standard will be assessed once the standard becomes effective. The Trust
will apply the standard only 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 the year ending 31 December 2017 and the impact of this
standard will be assessed once the standard becomes effective. The Trust
will apply the standard only 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 designated as at fair value through
profit or loss.
Interest income
Interest income is recognised in the 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
This summarised report is extracted from audited information, but is not
itself audited. The annual financial statements were audited by KPMG Inc,
who expressed an unmodified opinion thereon. The audited annual financial
statements and the auditor’s report thereon are available for inspection
at the company’s registered office.
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 2015
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