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THE DB X-TRACKER COL INVEST SCHEME - Abridged Audited Results for the Year Ended 31 December 2015 - DBXEU

Release Date: 31/03/2016 12:00
Code(s): DBXEU     PDF:  
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Abridged Audited Results for the Year Ended 31 December 2015 - 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 (CISCA)

ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2015
                                                      2015           2014
                                                       R               R
  Revenue                                           88 858 263      64 622 792
  Investment income                                 67 408 757      52 604 615
  Net fair value gain on investments at fair
  value through profit or loss                      21 449 506      12 018 177

  Expenses                                        (15 122 550)    (11 492 503)
  Management and administrative expenses          (15 102 050)    (11 492 005)
  Finance costs                                       (20 500)           (338)
  Foreign exchange loss on dividends                   -                 (160)

  Operating profit before distribution              73 735 713      53 130 289
  Comprising:
  Income available for distribution before
  tax                                               52 286 207      41 112 112
  Capital gain retained                             21 449 506      12 018 177

  Distributions                                   (33 685 012)    (29 184 395)
  Increase in net assets attributable to
  holders of redeemable securities before tax       40 050 701      23 945 894
  Withholding tax                                 (16 777 275)    (12 641 719)
  Increase in net assets attributable to            23 273 426      11 304 175
  holders of redeemable securities

STATEMENT OF FINANCIAL POSITION
at 31 December 2015
                                                  2015              2014
                                                   R                 R
  Assets
  Listed investments held at fair
  value through profit or loss                 2 449 970 705     1 505 894 503
  Trade and other receivables                      1 143 035          -
  Cash and cash equivalents                       13 789 408        12 796 192
  Total assets                                 2 464 903 148     1 518 690 695
  Liabilities
  Net assets attributable to holders
  of redeemable securities                     2 451 620 038     1 508 778 685
  Trade and other payables                        13 283 110         9 912 010
  Total liabilities                           2 464 903 148       1 518 690 695

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE
SECURITIES
for the year ended 31 December 2015
                                                                Total
                                                                  R
  Balance at 1 January 2014                                 1 266 716 470
  Increase in net assets attributable to holders
                                                               11 304 175
  of redeemable securities
  Creation of redeemable securities                           284 799 018
  Foreign currency translation adjustments
                                                             (54 040 978)
  attributable to redeemable securities
  Balance at 31 December 2014                               1 508 778 685
  Increase in net assets attributable to holders
                                                               23 273 426
  of redeemable securities
  Creation of redeemable securities                           492 014 894
  Foreign currency translation adjustments
                                                              427 553 033
  attributable to redeemable securities
  Balance at 31 December 2015                                 2 451 620 038

STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
                                                   2015          2014
                                                    R             R
  Cash utilised by operations                   (13 745 022)   (9 989 202)
  Dividends received                             63 403 898    50 387 456
  Management fees paid                          (11 066 554)   (9 551 034)
  Interest paid                                    (20 500)         (338)
  Net cash inflow from operating activities      38 571 822    30 846 882
  Cash outflow from investing activities       (495 073 662) (281 861 272)
  Purchase of listed investments               (495 073 662) (281 861 272)
  Cash inflow from financing activities         457 495 056   254 644 990
  Proceeds on creation of redeemable
  securities                                    492 014 893    284 799 018
  Distributions paid to investors               (34 519 837)   (30 154 028)

  Net increase in cash and cash equivalents      993 216       3 630 600
  Cash and cash equivalents at the
  beginning of year                              12 796 192          9 165 592
  Cash and cash equivalents at the end of        13 789 408         12 796 192
  year

                                              2015               2014
                                              Number             Number
  db x-trackers DJ EuroStoxx 50
  redeemable securities in issue              44 000 000         34 000 000


In terms of the Trust Deed and CISCA, the Trust is 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 redeemable securities.
Creations and redemptions
There were 10 000 000 (2014 – 6 000 000) creations during the year
amounting to a rand value of R492 014 894 (2014 – R284 799 018). There
were no redemptions during the current or prior year.

Distributions
The Trust effects semi–annual distributions. All distributions are made
out of the income of the Trust. The rebates represent an investor’s
partial reduction of the 85.5 basis points management fee charged (2014:
85.5 basis points management fee charged). The rebate is calculated using
a sliding scale depending on the size of the investor’s investment.
During the year under review the following distributions were effected
per db x-trackers DJ Eurostoxx 50 Redeemable Security:

                                                     2015              2014
                                                        R                 R
  Declared distributions                     (32 256 272)      (28 129 954)
  0.71500 Rand per security
  Declared June 2015 and paid July 2015      (30 029 796)
  0.74120 Rand per security
  Declared June 2014 and paid July 2014                        (25 200 918)
  0.05060 Rand per security
  Declared December 2015 and paid January
  2016                                        (2 226 476)
  0.08615 Rand per security
  Declared December 2014 and paid January
  2015                                                         (2 929 036)
  Management fees refunded during the
  year as a rebate distribution               (1 428 740)       (1 054 441)
  Total distribution expense for the year    (33 685 012)      (29 184 395)

Total Expense Ratio (TER)

The TER represents the total expense to the Trust. The only expense of
the Trust is the management fee payable to the Manager which is
calculated at 0.855% of assets under management on a daily basis (2014:
0.855% of the assets under management).

The Trust had a TER of 85.5 basis points (2014: 85.5 basis).

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 South Africa (ASISA) standard on the
calculation and publication of total expense ratios.




Statement of compliance
The information in the summarised report has been extracted from the
audited annual financial statements which have been prepared in
accordance with the requirements of the JSE Listing Requirements for
abridged reports, and the requirements of CISCA in order to meet the
requirements of the Trust Deed approved by the Financial Services Board.

The listing requirements require abridged reports to be prepared in
accordance with the framework concepts and the measurement and
recognition of 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 to also, as a minimum contain
the information required by IAS 34 Interim Financial Reporting. This
announcement does not include the information required pursuant to
paragraph 16A(j) of IAS 34. The full report is available on the issuer’s
website, at the issuer’s registered offices and upon request.

These financial statements were authorised for issue by the board of
directors of the Manager on 23 March 2016.

Accounting policies
The accounting policies applied in the preparation of the financial
statements from which the summary financial statements were derived are
in terms of International Financial Reporting Standards and are
consistent with those accounting policies applied in the preparation of
the previous annual financial statements.

New standards and interpretations not yet adopted
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 reporting periods
beginning on or after 1 January 2015:

IAS 1: Disclosure Initiative - The amendments provide additional guidance
on the application of materiality and aggregation when preparing
financial statements. IAS 1 is effective for reporting periods beginning
on or after 1 January 2016 and the impact of this standard will be
assessed once the standard becomes effective. The Trust will only apply
the standard once the standard becomes effective.

IFRS 9: Financial Instruments - IFRS 9 deals with classification and
measurement of financial assets and financial liabilities. IFRS 9 is
effective for reporting periods beginning on or after 1 January 2018 and
the impact of this standard will be assessed once the standard becomes
effective. The Trust will only apply the standard 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 reporting periods beginning on or after 1 January 2018 and
the impact of this standard will be assessed once the standard becomes
effective. The Trust will only apply the standard 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 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 payment is
established. This is usually the ex-dividend date for quoted equities.

Audit report
This summarised report is itself not reviewed or audited but is extracted
from the underlying audited information. The audited annual financial
statements for the year ended 31 December 2015 from which the summarised
report has been extracted were audited by KPMG Inc, who expressed an
unmodified opinion thereon. A copy of the auditor’s report on the audited
annual financial statements is available for inspection at the company’s
registered office together with the annual financial statements
identified in the respective auditor’s reports.

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 confirm that 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 2016

Date: 31/03/2016 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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