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Abridged Audited Results for the Year Ended 31 December 2014 - DBXUK
The db x-trackers Collective Investment Scheme
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 2014
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2014
2014 2013
R R
Revenue 34 783 893 84 986 976
Investment income 34 783 893 20 297 464
Net fair value gain on the investments at
fair value through profit or loss - 64 689 512
Expenses (29 990 553) (4 438 128)
Net fair value loss on the investment at
(24 522 954) -
fair value through profit and loss
Management and administrative expenses (5 459 396) (4 164 261)
Foreign exchange loss on dividends (8 203) (273 867)
Operating profit before distribution 4 793 340 80 548 848
Comprising:
Income available for distribution before
29 316 294 15 859 336
tax
Capital(loss)/ profit retained (24 522 954) 64 689 512
Distributions (19 701 693) (14 970 463)
(Decrease)/increase in net assets
attributable to redeemable securities
before tax (14 908 353) 65 578 385
Withholding tax (2 861 912) (2 034 295)
(Decrease)/increasein net assets (17 770 265) 63 544 090
attributable to 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 715 820 352 594 702 885
Trade and other receivables 1 602 716 1 505 602
Cash and cash equivalents 10 470 135 7 763 577
Total assets 727 893 203 603 972 064
Liabilities
Net assets attributable to redeemable
securities 716 630 343 594 772 117
Trade and other payables 11 262 860 9 199 947
Total liabilities 727 893 203 603 972 064
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 410 258 050
Increase in net assets attributable to
63 544 090
redeemable securities
Foreign currency translation adjustment 120 969 977
attributable to redeemable securities
Balance at 31 December 2013 594 772 117
Decrease in net assets attributable to
redeemable securities (17 770 265)
Creations of securities 120 212 956
Foreign currency translation adjustment 19 415 535
attributable to redeemable securities
Balance at 31 December 2014 716 630 343
STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
2014 2013
R R
Cash utilised by operations (2 668 205) (2 568 960)
Dividends received 34 632 124 19 909 695
Interest received 1 439 1 237
Management fees paid (4 958 622) (3 659 560)
Net cash inflow from operating
activities 27 006 736 13 682 412
Cash outflow from investing activities (126 224 886) (1 161 775)
Purchase of listed investments (126 224 886) (1 161 775)
Cash inflow/(outflow) from financing
activities 101 924 708 (12 195 886)
Distributions paid to investors (18 288 248) (12 195 886)
Creation of investors 120 212 956 -
Net increase in cash and cash equivalents 2 706 558 324 751
Cash and cash equivalents at the
beginning of year 7 763 577 7 438 826
Cash and cash equivalents at the end of
year 10 470 135 7 763 577
2014 2013
Number Number
db x-trackers FTSE 100 securities in
issue 6 100 000 5 100 000
In terms of the Trust Deed and CISCA, the Trust would be required to pay
the net asset value attributable to holders of redeemable securities on
redemption of the securities. Vested income beneficiaries include all
holders of db x-trackers DJ FSTE 100 securities.
db x-trackers DJ FTSE 100 securities creations and redemptions
There were no redemptions during the current or prior year. There were 1
000 000 (2013: Nil) Index securities created during the year amounting to
a rand value of R120 212 956 (2013:Nil).
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 85.5 basis
point management fee charged (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 FTSE 100 Index Security:
2014 2013
R R
Declared distributions (19 100 921) (14 212 755)
1.8594 Rand per security
Declared June 2014 and paid July 2014 (11 342 588)
1.47390 Rand per security
Declared June 2013 and paid July 2013 (7 516 962)
1.2718 Rand per security
Declared December 2014 and paid January
2015 (7 758 333)
1.31290 Rand per security
Declared December 2013 and paid January
2014 (6 695 793)
Management fees refunded during the year
(600 772) (757 708)
as a rebate distribution
Total distribution expense for the year (19 701 693) (14 970 463)
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 the
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 FTSE 100 portfolio 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 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.
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 02:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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