BlackRock Asset Management Deutschland AG Semi-annual report as at 31 October 2014 for the investment fund

Transcription

1 BlackRock Asset Management Deutschland AG Semi-annual report as at 31 October 2014 for the investment fund ishares ATX UCITS ETF (DE)

2 Contents Notice and note on licences Additional information for investors in Austria Report of the Management Board Semi-annual report for ishares ATX UCITS ETF (DE) Management Company and Depository of 11

3 Note The investment funds named in this report are governed by German law. Fund units are bought on the basis of the currently valid prospectus and management regulations, supplemented by the most recent annual report concerned and also by the semi-annual report if such a report exists that is more recent than the last annual report. The financial statements were drawn up in German and translated into English. Only the German version is legally binding. Note on Licences Legal Information The German ishares funds mentioned in this document are investment funds subject to the German Investment Code. These funds are managed by BlackRock Asset Management Deutschland AG and are regulated by the Federal Financial Supervisory Authority (BaFin). For Investors in Germany The sales prospectuses of the funds issued in Germany are available free of charge electronically and in hard copy from BlackRock Asset Management Deutschland AG, Max-Joseph-Str. 6, D Munich, Tel: +49 (0) , Fax: +49 (0) , info@ishares.de. Risk Warnings The value of investments in all the ishares funds may fluctuate, and investors may not get back the amount invested. Past performance may not be repeated and is no guarantee of future returns. Investment risks from market and currency losses as well as high volatility and concentration risk cannot be excluded. Index Disclaimers of Liability The ATX (Austrian Traded Index) is a registered trademark of Wiener Börse AG. The issuer has been granted a licence to use ATX in respect of this issue. This product is not issued, sponsored, sold or marketed by Wiener Börse AG. ishares is a registered trademark of BlackRock Institutional Trust Company, N.A BlackRock Asset Management Deutschland AG. All rights reserved. Additional Information for Investors in Austria The sales prospectuses, including contractual terms and conditions, financial statements and semi-annual reports can be obtained, without charge, at the relevant paying agent and distributor. Paying Agent and Distributor in Austria: UniCredit Bank Austria AG Schottengasse Vienna, Austria Tax Representative in Austria: Ernst & Young Wagramer Str Vienna, Austria 3 of 11

4 Report of the Management Board Dear Investors, BlackRock Asset Management Deutschland AG is able to look back on a very successful financial year. Private and institutional investors value the benefits provided by the reasonable pricing, liquidity and transparency of ishares ETFs. BlackRock conducts all its global business in exchange traded index funds (ETFs) under the ishares brand. As at 31 October 2014, the volume of assets under management for the 62 ishares funds currently issued in Germany was approximately EUR 35 billion, making BlackRock Asset Management Deutschland AG the fifth-largest retail fund company in Germany (source: BVI Bundesverband Investment und Asset Management e.v.). This semi-annual report provides detailed information about the performance of our index funds. Our ETF product range includes 249 ishares funds currently approved in Germany, providing investors with easy and diversified access to a large number of worldwide markets and asset classes. A quarter of these exchange-traded index funds are issued in Germany. The code (DE) in the fund name identifies them as such. Institutional and private investors alike value ishares ETFs not only as building blocks that enable them to put their own investment ideas into practice in their portfolios, but as the funds become more widespread, demand also rises for ETF-based asset management products. In light of this, together with respected partners we have developed models that enable different types of investor with differing risk/return profiles to create suitable asset inventories. This includes the Best of ETF Strategy in cooperation with the Bank für Vermögen. ETFs have flourished in Germany and Europe since their launch more than ten years ago. On 11 April 2000 ishares DJ Euro STOXX 50 (now ishares EURO STOXX 50 UCITS ETF (DE)) and ishares DJ STOXX 50 (now ishares STOXX Europe 50 UCITS ETF (DE)) were the first exchange-traded index funds to be listed on the German stock exchange. This listing has been instrumental in making a lasting change to the European investment landscape. ETFs have provided investors with new avenues in portfolio management, particularly through their high level of liquidity, efficiency and transparency. As a provider from the outset, ishares retains its outstanding positioning in the European ETF market. We continue to invest in excellent service and products that meet the needs of our clients. We intend to develop our market leadership further through the continuous and innovative extension of our product range. Among the strategic competitive advantages of ishares ETFs are high market liquidity, narrow bid/ask spreads and a high level of precision in index replication. In addition, as a leading ETF provider, we also aim to develop the ETF market as a whole. This includes making even more efforts to promote the idea of a closely-linked European ETF market. That s why, in March 2014, we listed the first ETF with an international securities structure in Xetra on the German stock market. All share transactions in the fund are executed via a central point irrespective of which European stock market they are traded on. That helps to increase liquidity and reduce costs, which could ultimately be reflected in growth in the European ETF market. Please visit our website or call us on +49 (0) for further information. We would like to thank you for your trust and we are looking forward to continuing to work together in partnership. Your BlackRock Asset Management Deutschland AG Directors Christian Staub Dr Thomas Groffmann Alexander Mertz 4 of 11

5 Semi-Annual Report for ishares ATX UCITS ETF (DE) for the reporting period from 01/05/2014 to 31/10/2014 Statement of assets and liabilities as at 31/10/2014 Market value % of fund in EUR assets 1) I. Assets 101,995, Shares 100,928, Financial sector 46,545, Commercial & service sector 18,903, Manufacture of industrial raw materials and semi-finished goods 17,172, Industrial manufacturing, including construction industry 7,571, Telecoms 2,145, Transport 5,626, Utilities 2,964, Receivables 429, Bank accounts 636, II. Liabilities -22, Other liabilities -22, III. Fund assets 101,972, ) Rounding of percentages during the calculation may result in slight rounding differences. 5 of 11

6 Semi-Annual Report for ishares ATX UCITS ETF (DE) for the reporting period from 01/05/2014 to 31/10/2014 Statement of net assets as at 31/10/2014 Designation of class of security ISIN Market Units or shares or currency in 1,000 As at Purchases/ 31/10/2014 Additions Sales/ Disposals in the reporting period Price Market value in EUR Securities 100,928, Exchange-traded securities 100,928, Shares 100,928, Andritz AG Inhaber-Aktien o.n. AT UNITS 196,553 71,810 87,878 EUR ,571, SAP AG Inhaber-Aktien o.n. AT00BUWOG001 UNITS 161, ,051 10,680 EUR ,376, CA Immobilien Anlagen AG Inhaber-Aktien o.n. AT UNITS 235, ,577 70,861 EUR ,601, conwert Immobilien Invest SE Inhaber-Aktien o.n. AT UNITS 184,375 68,493 58,629 EUR ,629, Erste Group Bank AG Inhaber-Aktien o.n. AT UNITS 928, , ,464 EUR ,855, Flughafen Wien AG Inhaber-Aktien o.n. 3) AT UNITS 28,350 10,537 9,020 EUR ,076, Immofinanz AG Inhaber-Aktien o.n. AT UNITS 2,743,348 1,019, ,309 EUR ,616, Lenzing AG Inhaber-Aktien o.n. AT UNITS 35,840 13,314 11,398 EUR ,648, OMV AG Inhaber-Aktien o.n. AT UNITS 441, , ,479 EUR ,083, Raiffeisen Bank Intl AG Inhaber-Aktien o.n. AT UNITS 395, , ,763 EUR ,731, RHI AG Inhaber-Aktien o.n. AT UNITS 75,254 27,949 23,926 EUR ,538, Schoeller-Bleckm. Oilf. Equ.AG Inhaber-Aktien EO 1 AT UNITS 30,243 11,236 9,615 EUR ,081, Telekom Austria AG Inhaber-Aktien o.n. 3) AT UNITS 358, , ,605 EUR ,145, UNIQA Insurance Group AG Inhaber-Stammaktien o.n. AT UNITS 417, , ,641 EUR ,706, Verbund AG Inhaber-Aktien A o.n. 3) AT UNITS 183,850 68,299 58,465 EUR ,964, Vienna Insurance Group AG Inhaber-Aktien o.n. AT UNITS 172,797 64,192 54,950 EUR ,628, voestalpine AG Inhaber-Aktien o.n. AT UNITS 372, , ,445 EUR ,902, Wienerberger AG Inhaber-Aktien o.n. AT UNITS 317, , ,902 EUR ,062, Zumtobel Group AG Inhaber-Aktien (Kat. A) o.n. AT UNITS 82,214 30,546 26,148 EUR ,156, Österreichische Post AG Inhaber-Aktien o.n. AT0000APOST4 UNITS 91,193 33,872 28,996 EUR ,549, Bank Accounts, Unsecuritised Money Market Instruments, Money Market Funds 636, Bank accounts 636, EUR balances 636, Custodian Bank: StateStreet Bank EUR 636, % , Other assets 429, Withholding tax reimbursement claims EUR 429, , Other liabilities % of fund assets 2) -22, Management fee EUR -22, , Fund assets EUR 101,972, Unit value EUR Units in circulation UNITS 4,550,000 2) Rounding of percentages during the calculation may result in slight rounding differences. 3) These securities are partially or fully transferred as securities loans. 6 of 11

7 Semi-Annual Report for ishares ATX UCITS ETF (DE) for the reporting period from 01/05/2014 to 31/10/2014 Notes on Securities Loans Designation of class of security Nominal in units or currency in 1,000s limited unlimited total The following securities were transferred as securities loans as at the reporting date: Flughafen Wien AG Inhaber-Aktien o.n. UNITS 26, ,904, Telekom Austria AG Inhaber-Aktien o.n. UNITS 100, , Verbund AG Inhaber-Aktien A o.n. UNITS 147, ,370, Total value of securities loans repayable EUR ,872, ,872, Transactions during the reporting period, insofar as these no longer appear in the assets listed: Securities purchases and sales, investment units and bonds (market allocation on the reporting date) ISIN Units or shares or currency in 1,000 Purchases/ Additions Sales/ Disposals Securities Exchange-traded securities Shares Mayr-Melnhof Karton AG Inhaber-Aktien o.n. AT UNITS 2,896 28,451 Securities loans (trading volume valued on the basis of the value agreed when the loan transaction was concluded): Designation of class of security Volume in 1,000 Unlimited EUR 13,681 Underlyings: Erste Group Bank AG Inhaber-Aktien o.n., Lenzing AG Inhaber-Aktien o.n., Telekom Austria AG Inhaber-Aktien o.n., Verbund AG Inhaber-Aktien A o.n., Vienna Insurance Group AG Inhaber-Aktien o.n., Zumtobel Group AG Inhaber-Aktien (Kat. A) o.n. 7 of 11

8 Semi-Annual Report for ishares ATX UCITS ETF (DE) for the reporting period from 01/05/2014 to 31/10/2014 Profit-and-Loss Account (incl. Income Adjustment) for the period from 01/05/2014 to 31/10/2014 I. Income 1. Dividends from foreign issuers (before withholding tax) EUR 1,983, Income from securities lending and securities repurchase agreements EUR 8, Deduction of foreign withholding tax EUR -495, Other income EUR 200, Total income EUR 1,696, II. Expenses 1. Management fee EUR -163, Other expenses EUR -10, Total expenses EUR -174, III. Ordinary net income EUR 1,522, IV. Disposals 1. Realised gains EUR 870, Realised losses EUR -4,449, Gain/loss on disposals EUR -3,579, V. Annual realised results EUR -2,056, Net change in unrealised gains EUR -3,464, Net change in unrealised losses EUR -6,003, VI. Annual unrealised results EUR -9,468, VII. Result for the financial year EUR -11,525, Change in Fund Assets 2014 I. Value of fund assets at the start of the financial year EUR 113,357, Distribution for the previous year EUR -151, Interim distributions EUR -1,316, Inflow/Outflow of funds (net) EUR 725, a) Proceeds received from sales of units EUR 36,805, b) Payments for redemption of units EUR -36,079, Income adjustment/cost compensation EUR 883, Result for the financial year EUR -11,525, of which unrealised gains EUR -3,464, of which unrealised losses EUR -6,003, II. Value of fund assets at the end of the financial year EUR 101,972, of 11

9 Semi-Annual Report for ishares ATX UCITS ETF (DE) for the reporting period from 01/05/2014 to 31/10/2014 Annex Other information Number of fund units in circulation and value of a fund unit on the reporting date pursuant to Article 16 Para. 1 No. 1 of the German Capital Investment Accounting and Valuation Ordinance (KARBV) Unit value EUR Units in circulation UNITS 4,550,000 Information on the evaluation process for assets pursuant to Article 16 Para. 1 No. 2 KARBV Security Prices and Market Prices The fund assets are valued on the basis of the following market prices: All securities: Closing prices on the respective valuation dates The valuation of assets generally took place during the financial year and at the balance sheet date on the basis of the last traded stock exchange price. Assets not admitted for trading on stock exchanges nor admitted to another regulated market or included in such market, or for which no tradable value is available, are valued at current market values, which shall be assessed with due care using appropriate valuation models and taking into consideration current market conditions. Money in bank accounts and existing receivables are valued at their current nominal value. Existing liabilities are reported at the amounts payable. Index fund information pursuant to Article 16 Para. 2 KARBV Tracking error level at the end of the reporting period, pursuant to Article 16 Para. 2 No. 1 KARBV 1.15 percentage points Further information necessary for understanding the report pursuant to Article 7 No. 9 d) KARBV Explanation of the calculation of net change in unrealised gains and losses Determination of net change in unrealised gains and losses takes place by means of comparing, in each financial year, the valuations of assets included in the unit price with the relevant historical purchase prices, the level of the positive differences in the sum of unrealised gains included, the level of the negative differences in the sum of unrealised losses included and by determining the net changes from a comparison of the sum totals at the end of the financial year with those at the beginning. Munich, 31 October 2014 BlackRock Asset Management Deutschland AG Dr Thomas Groffmann Alexander Mertz 9 of 11

10 Management Company and Depository Management Company BlackRock Asset Management Deutschland AG Max-Joseph-Str Munich, Germany Share capital as at 31/12/2013: EUR 5 million Liable equity as at 31/12/2013: EUR 10 million Shareholder BlackRock Investment Management (UK) Limited Management Christian Staub* Chairman of the Management Board Munich Dr Thomas Groffmann Vice Chairman of the Management Board Munich Alexander Mertz Management Board Munich Supervisory Board Rachel Lord (Chairwoman)** BlackRock, Managing Director, Head of Sales EMEA ishares London, UK Derek Stein BlackRock, Managing Director, Head of Business Operations Group San Francisco, USA. Prof. Markus Rudolf Vice-Rector and University Professor, WHU Otto Beisheim School of Management Depository State Street Bank GmbH Brienner Str Munich, Germany Auditor Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft Rosenheimer Platz Munich, Germany (*) Since 01/08/2014 (**) since 01/07/ of 11

11 BlackRock Asset Management Deutschland AG Max-Joseph-Str. 6 D Munich, Germany Tel: +49 (0) info@ishares.de

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