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Abridged Audited Results for the Year Ended 31 December 2014 - DBXWD
The db x-trackers Collective Investment Scheme
db x-trackers MSCI World Trust
JSE code: DBXWD
ISIN: ZAE000115184
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 111 668 429 267 908 181
Investment income 55 298 046 26 181 009
Net fair value gain on the investments at
fair value through profit or loss 56 370 383 241 727 172
Expenses (14 349 382) (10 767 409)
Foreign exchange loss on dividends (452 155) (2 614 840)
Management and administrative expenses (13 897 090) (7 939 942)
Equalisation on expropriations - (207 598)
Finance costs (137) (5 029)
Operating profit before distribution 97 319 047 257 140 772
Comprising:
Income available for distribution 40 948 664 15 413 600
Capital profit retained 56 370 383 241 727 172
Distributions (31 499 207) (17 135 350)
Increase in net assets attributable to
redeemable securities before tax 65 819 840 240 005 422
Withholding tax (7 752 577) (3 588 663)
Increase in net assets attributable to 58 067 263 236 416 759
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 2 537 344 149 1 673 683 160
Trade and other receivables 2 805 999 1 765 644
Cash and cash equivalents 20 809 883 14 111 037
Total assets 2 560 960 031 1 689 559 841
Liabilities
Net assets attributable to redeemable
securities 2 541 403 491 1 675 325 479
Trade and other payables 19 556 540 14 234 362
Total liabilities 2 560 960 031 1 689 559 841
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 848 848 160
Creation of securities 639 501 603
Redemption of securities (263 912 168)
Increase in net assets attributable to redeemable
236 416 759
securities
Foreign currency translation adjustments attributable
to redeemable securities 214 471 125
Balance at 31 December 2013 1 675 325 479
Creation of securities 590 168 799
Increase in net assets attributable to redeemable
58 067 263
securities
Foreign currency translation adjustments attributable
to redeemable securities 217 841 950
Balance at 31 December 2014 2 541 403 491
STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
2014 2013
R R
Cash utilised by operations (8 027 174) (7 347 287)
Dividends received 54 250 871 25 353 535
Management fees paid (10 135 415) (7 029 295)
Finance costs (137) (5 029)
Net cash inflow from operating activities 36 088 145 10 971 924
Cash outflow from investing activities (589 448 656) (369 975 753)
Purchase of listed investments (589 448 656) (369 975 753)
Net cash inflow from financing activities 560 059 357 363 395 029
Proceeds on creation of securities 590 168 799 639 501 603
Payment on redemption of securities - (263 912 168)
Distributions paid (30 109 442) (12 194 406)
Net increase in cash and cash equivalents 6 698 846 4 391 200
Cash and cash equivalents at the beginning
of year 14 111 037 9 719 837
Cash and cash equivalents at the end of
year 20 809 883 14 111 037
2014 2013
Number Number
db x-trackers MSCI World securities in
issue 129 000 000 96 000 000
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
World securities.
db x-trackers MSCI World securities creations and redemptions
There were 33 000 000 (2013: 42 000 000) Index Securities created during
the year for a value of R590 168 799 (2013: R639 501 603).
There were nil (2013: 21 000 000) Index securities redeemed during the
year for a value of Rnil(2013: R263 912 168).
Distributions
The Trust effects semi–annual distributions. All distributions are made
out of the income of the db x-trackers MSCI World Trust.. The rebates
represent an investor’s partial reduction of the 68.4 basis point
management fee charged (2013: 114 basis point management fee charged for
the period 01 January 2013 to 30 June 2013 and the 68.4 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 World Index Security –
2014 2013
R R
Declared distributions (31 026 119) (16 114
345)
0.17293 Rand per security
Declared June 2014 and paid July 2014 (20 233 192)
0.10823 rand per security
Declared June 2013 and paid July 2013 (6 494 458)
0.08367 Rand per security
Declared December 2014 and paid January (10 792 927)
2015
0.10021 rand per security
Declared December 2013 and paid January (9 619 887)
2014
Management fees refunded during the year
as a rebate distribution (473 088) (1 021 005)
(17 135
Total distribution expense for the year (31 499 207) 350)
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 0.684% 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 0.684% of assets under
management on a daily basis for the period 01 July 2013 to 31 December
2013).
The db x-trackers MSCI World Trust had a TER of of 68.4 basis points
(2013: 114 basis points for the period 1 January to 30 June 2013 and a
TER of 68.4 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 Trust 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 for 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 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
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 02:34:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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