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'). 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. 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