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Abridged Audited Results for the Year Ended 31 December 2014 - DBXJP
The db x-trackers Collective Investment Scheme
db x-trackers MSCI Japan Trust
JSE code: DBXJP
ISIN: ZAE000115176
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 35 444 385 127 936 667
Investment income 7 292 884 5 969 779
Net fair value gain on investments at fair
value through profit or loss 28 151 501 121 966 888
Expenses (2 809 073) (2 641 242)
Management and administrative expenses (2 809 073) (2 641 156)
Foreign exchange loss on dividends - (86)
Operating profit before distribution 32 635 312 125 295 425
Comprising:
Income available for distribution 4 483 811 3 328 537
Capital profit retained 28 151 501 121 966 888
Distributions (3 215 395) (2 974 554)
Increase in net assets attributable to
redeemable securities before tax 29 419 917 122 320 871
Withholding tax (1 145 180) (427 898)
Increase in net assets attributable to 28 274 737 121 892 973
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 376 404 888 362 562 986
Trade and other receivables 395 277 314 900
Cash and cash equivalents 2 790 063 2 889 679
Total assets 379 590 228 365 767 565
Liabilities
Net assets attributable to redeemable
securities 376 814 573 362 975 461
Trade and other payables 2 775 655 2 792 104
Total liabilities 379 590 228 365 767 565
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 234 655 482
Increase in net assets attributable to redeemable
121 892 973
securities
Foreign currency translation adjustment
6 427 006
attributable to redeemable securities
Balance at 31 December 2013 362 975 461
Increase in net assets attributable to redeemable
28 274 737
securities
Foreign currency translation adjustment (14 435 625)
attributable to redeemable securities
Balance at 31 December 2014 376 814 573
STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
2014 2013
R R
Cash utilised by operations (1 177 996) (397 943)
Dividends received 7 212 207 5 923 345
Management fees paid (2 704 893) (2 376 886)
Interest received 300 305
Net cash inflow from operating activities 3 329 618 3 148 821
Cash (outflow)/inflow from investing
activities (126 026) 233 214
Proceeds on (purchase)/sale of listed
investments (126 026) 233 214
Net cash outflow from financing activities (3 303 208) (2 799 064)
Distributions paid to investors (3 303 208) (2 799 064)
Net (decrease)/ increase in cash and cash
equivalents (99 616) 582 971
Cash and cash equivalents at the beginning
of year 2 889 679 2 306 708
Cash and cash equivalents at the end of year 2 790 063 2 889 679
2014 2013
Number Number
db x-trackers MSCI Japan securities in
issue 45 000 000 45 000 000
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 MSCI Japan
securities.
db x-trackers MSCI Japan securities creations and redemptions
There were no Index Securities created during the current and prior year.
There were no redemptions during the current and prior year.
Distributions
The Trust effects semi–annual distributions. All distributions are made out
of the income of the db x-trackers MSCI Japan Trust. The rebates represent
an investor’s partial reduction of the 85.5 basis point management fee
(2013: 114 basis point management fee charged for the period 01 January
2013 to 30 June 2013 and the 85.5 basis point 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 MSCI Japan Index Security:
2014 2013
R R
Declared distributions (2 963 464) (2 576 652)
0.03933 Rand per security
Declared June 2014 and paid July 2014 (1 769 677)
0.02809 Rand per security
Declared June 2013 and paid July 2013 (1 263 911)
0.02653 Rand per security
Declared December 2014 and paid January
2015 (1 193 787)
0.02917 Rand per security
Declared December 2013 and paid January
2014 (1 312 741)
Management fees refunded during the year
as a rebate distribution (251 931) (397 902)
Total distribution expense for the year (3 215 395) (2 974 554)
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 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 MSCI Japan 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.
a) 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 the future accounting period, and which
are relevant to the Portfolio, 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.
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 (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 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 02:31:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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