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. 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