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 Date: 31/03/2015 02:30:00 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.