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

Release Date: 31/03/2016 12:00
Code(s): DBXWD     PDF:  
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Abridged Audited Results for the Year Ended 31 December 2015 - 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 (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                                             75 894 958  111 668 429
 Investment income                                  75 894 958    55 298 046
 Net fair value gain on investments at fair
 value through profit or loss                                 -   56 370 383

Expenses                                          (108 353 579)      (14 349 382)
Foreign exchange loss on dividends                 (11 209 028)         (452 155)
Management and administrative expenses             (19 207 250)      (13 897 090)
Net fair value loss on investments at fair
value through profit or loss                          (77 142 175)             -
Equalisation on expropriations                          (774 096)              -
Finance costs                                             (21 030)         (137)

Operating (loss)/profit before distribution       (32 458 621)        97 319 047
Comprising:
Income available for distribution before tax        44 683 554        40 948 664
Capital (loss)/profit retained                    (77 142 175)        56 370 383
Distributions                                      (47 196 386)      (31 499 207)
(Decrease)/increase in net assets attributable
to holders of redeemable securities before tax    (79 655 007)       65 819 840
Withholding tax                                    (11 651 697)      (7 752 577)
(Decrease)/increase in net assets attributable    (91 306 704)        58 067 263
to 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                                   3 484 265 662 2 537 344 149
Trade and other receivables                          3 922 983     2 805 999
Cash and cash equivalents                           38 470 483    20 809 883
Total assets                                     3 526 659 128 2 560 960 031
Liabilities
Net assets attributable to holders of
redeemable securities                            3 489 591 212 2 541 403 491
Trade and other payables                            37 067 916    19 556 540
Total liabilities                                3 526 659 128 2 560 960 031
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                                 1 675 325 479
 Creation of redeemable securities                            590 168 799
 Increase in net assets attributable to holders of
                                                               58 067 263
 redeemable securities
 Foreign currency translation adjustments attributable
 to redeemable securities                                     217 841 950
 Balance at 31 December 2014                               2 541 403 491
 Creation of redeemable securities                            269 985 388
 Decrease in net assets attributable to holders of
                                                             (91 306 704)
 redeemable securities
 Redemption of redeemable securities                       (143,740,128)
 Foreign currency translation adjustments attributable
 to redeemable securities                                     913 249 165
Balance at 31 December 2015                                  3 489 591 212

STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
                                                         2015          2014
                                                            R             R
Cash utilised by operations                    (22 541   012)   (8 027 174)
Dividends received                              73 815   708    54 250 871
Management fees paid                           (14 997   327) (10 135 415)
Finance costs                                      (21   030)         (137)
Net cash inflow from operating activities       36 256   339    36 088 145
Cash outflow from investing activities        (110 814   523) (589 448 656)
Purchase of listed investments                (110 814   523) (589 448 656)
Net cash inflow from financing activities       92 218   784   560 059 357
Proceeds on creation of securities             269 985   388   590 168 799
Payment on redemption of securities           (143 740   128)             -
Distributions paid to investors                (34 026   476) (30 109 442)
Net increase in cash and cash equivalents       17 660   600     6 698 846
Cash and cash equivalents at the beginning
of year                                         20 809 883      14 111 037
Cash and cash equivalents at the end of
year                                            38 470 483      20 809 883

                                                      2015           2014
                                                    Number         Number
db x-trackers MSCI World redeemable
securities in issue                            135 000 000    129 000 000


In terms of the Trust Deed and CISCA, the Trust is required to pay the
net asset value attributable to investors on redeemable securities on
redemption of the securities. Vested income beneficiaries include all
holders of db x-trackers MSCI World redeemable securities.
Creations and redemptions
There were 12 000 000 (2014: 33 000 000) Index Securities created during
the year for a value of R269 985 388 (2014: R590 168 799). There were 6
000 000 (2014: nil) Index securities redeemed during the year for a value
of R143 740 128 (2014: nil).

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 68.4 basis points management fee charged (2014:
68.4 basis point 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 MSCI World Security –

                                                     2015            2014
                                                        R               R
Declared distributions                         (46 443 216)    (31 026 119)
0.17065 Rand per security
Declared June 2015 and paid July 2015          (22 525 690)
0.17293 Rand per security
Declared June 2014 and paid July 2014                          (20 233 192)
0.17717 Rand per security
Declared December 2015 and paid January        (23 917 526)
2016
0.08367 Rand per security
Declared December 2014 and paid January                        (10 792 927)
2015
Management fees refunded during the year
as a rebate distribution                          (753 170)       (473 088)

Total distribution expense for the year        (47 196 386)    (31 499 207)

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 0.684% of assets under management on a daily basis (2014:
0.684% of the assets under management).

The Trust had a TER of 68.4 basis points (2014: 68.4 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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