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Abridged audited results for the year ended 31 December 2013
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 2013
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2013
2013 2012
R R
Revenue 171 220 976 89 525 343
Investment income 31 323 722 17 707 803
Net fair value gain on the investments
through profit or loss 139 897 254 71 817 540
Expenses (7 070 669) (4 407 400)
Management and administrative expenses (7 070 669) (4 336 415)
Finance costs - (70 985)
Operating gain before distribution 164 150 307 85 117 943
Comprising:
Income available for distribution before
tax 24 253 052 13 300 403
Capital gain retained 139 897 255 71 817 540
Distributions (17 772 122) (11 178 433)
Change in net assets attributable to
investors before tax 146 378 185 73 939 510
Withholding tax (7 726 288) (4 361 096)
Change in net assets attributable to 138 651 897 69 578 414
investors
STATEMENT OF FINANCIAL POSITION
as at 31 December 2013
2013 2012
R R
Assets
Listed investments held at fair value
through profit or loss 1 266 056 032 650 194 886
Trade and other receivables - 119 609
Cash and cash equivalents 9 165 592 5 335 570
Total assets 1 275 221 624 655 650 065
Liabilities
Net assets attributable to investors 1 266 716 470 650 890 302
Trade and other payables 8 505 154 4 759 763
Total liabilities 1 275 221 624 655 650 065
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2013
Total
R
Balance at 1 January 2012 389 264 675
Increase in net assets attributable to
69 578 414
investors
Creation of securities 146 727 037
Effect of foreign currency translation 45 320 176
Balance at 31 December 2012 650 890 302
Increase in net assets attributable to
138 651 897
investors
Creation of securities 253 740 391
Effect of foreign currency translation 223 433 880
Balance at 31 December 2013 1 266 716 470
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Cash utilised by operations (7 460 090) (3 829 490)
Dividends received 30 774 507 17 398 249
Management fees paid (5 600 720) (3 487 176)
Interest received 2 013 -
Interest paid - (70 985)
Net cash inflow from operating activities 17 715 710 10 010 598
Cash outflow from investing activities (252 530 011) (144 081 389)
Purchase of listed investments (252 530 011) (144 081 389)
Cash inflow from financing activities 238 644 323 135 857 008
Proceeds on creation of securities 253 740 391 146 727 037
Distributions paid to investors (15 096 068) (10 870 029)
Net increase in cash and cash equivalents 3 830 022 1 786 217
Cash and cash equivalents at the
beginning of year 5 335 570 3 549 353
Cash and cash equivalents at the end of 9 165 592 5 335 570
year
2013 2012
Number Number
db x-trackers DJ EuroStoxx 50
securities in issue 28 000 000 22 000 000
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 DJ Eurostoxx 50 securities.
db x-trackers DJ EuroStoxx 50 securities creations and liquidations
There were no redemptions during the current or prior year. There were
6 000 000 (2012 – 6 000 000) creations during the year amounting to a
rand value of R253 740 391 (2012 – R146 727 037).
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 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 under review the following distributions were
effected per db x-trackers DJ Eurostoxx 50 Index Security:
2013 2012
R R
Declared distributions (16 794 513) (10 122 373)
0.57763 Rand per security
Declared June 2013 and paid July 2013 (12 707 533) (8 693 589)
0.54335 Rand per security
Declared June 2012 and paid July 2012
0.14596 Rand per security
Declared December 2013 and paid January
2014 (4 086 980) (1 428 784)
0.06493 Rand per security
Declared December 2012 and paid January
2013
Management fees refunded during the
year as a rebate distribution (977 609) (1 056 060)
Total distribution expense for the year (17 772 122) (11 178 433)
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 DJ Eurostoxx 50 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 – 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 Trust, 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 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
KPMG Inc, the entity's independent auditors, has audited the financial
statements of the db x-trackers DJ Eurostoxx 50 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 08:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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