Sharenet Sites 
Sharenet Sites
Abridged audited results for the year ended 31 December 2013 - DBXUK
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 (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 84 986 976 37 260 299
Investment income 20 297 464 16 651 486
Net fair value gain on the investments at
fair value through profit or loss 64 689 512 20 608 813
Expenses (4 438 128) (3 556 633)
Management and administrative expenses (4 164 261) (3 518 867)
Foreign exchange loss on dividends (273 867) (37 766)
Operating profit before distribution 80 548 848 33 703 666
Comprising:
Income available for distribution before
15 859 336 13 094 853
tax
Capital profit retained 64 689 512 20 608 813
Distributions (14 970 463) (11 099 590)
Change in net assets attributable to
investors before tax 65 578 385 22 604 076
Withholding tax (2 034 295) (1 666 615)
Change in net assets attributable to 63 544 090 20 937 461
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 594 702 885 407 881 621
Trade and other receivables 1 505 602 1 119 070
Cash and cash equivalents 7 763 577 7 438 826
Total assets 603 972 064 416 439 517
Liabilities
Net assets attributable to investors 594 772 117 410 258 050
Trade and other payables 9 199 947 6 181 467
Total liabilities 603 972 064 416 439 517
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2013
Total
R
Balance at 1 January 2012 353 704 859
Increase in net assets attributable to
20 937 461
investors
Effect of foreign currency translation 35 615 730
Balance at 31 December 2012 410 258 050
Increase in net assets attributable to
investors 63 544 090
Effect of foreign currency translation 120 969 977
Balance at 31 December 2013 594 772 117
STATEMENT OF CASH FLOWS
for the year ended 31 December 2013
2013 2012
R R
Cash utilised by operations (2 568 960) (1 564 526)
Dividends received 19 909 695 17 127 874
Interest received 1 237 89 742
Management fees paid (3 659 560) (3 378 215)
Net cash inflow from operating activities 13 682 412 12 274 875
Cash (outflow)/inflow from investing
activities (1 161 775) 643 742
(Purchase)/proceeds on sale of listed
investments (1 161 775) 643 742
Cash outflow from financing activities (12 195 886) (11 456 057)
Distributions paid to investors (12 195 886) (11 456 057)
Net increase in cash and cash equivalents 324 751 1 462 560
Cash and cash equivalents at the beginning
of year 7 438 826 5 976 266
Cash and cash equivalents at the end of year 7 763 577 7 438 826
2013 2012
Number Number
db x-trackers FTSE 100 securities in
issue 5 100 000 5 100 000
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.
db x-trackers FTSE 100 securities creations and liquidations
There were no Index Securities created or liquidated during the current
or prior year.
Distributions
The Trust effects semi–annual distributions. All distributions are made
out of the income of the db x-trackers FTSE 100 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
FTSE 100 Index Security:
2013 2012
R R
Declared distributions (14 212 755) (10 290 025)
1.47390 Rand per security
Declared June 2013 and paid July 2013 (7 516 962) (6 426 970)
1.26019 Rand per security
declared June 2012 and paid July 2012
1.31290 Rand per security
Declared December 2013 and paid January (6 695 793) (3 863 055)
2014
0.75746 Rand per security
declared December 2012 and paid January
2013
Management fees refunded during the year
(757 708) (809 565)
as a rebate distribution
Total distribution expense for the year (14 970 463) (11 099 590)
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 FTSE 100 portfolio 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 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 FTSE 100 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 08:46:00 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.
