BlackRock Asset Management Deutschland AG Semi-annual report as at 31 October 2015 for the investment fund ishares ATX UCITS ETF (DE)
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 3 3 4 5 10 2 of 11
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-80333 Munich, Tel: +49 (0) 89 42729 5858, Fax: +49 (0) 89 42729 5958, 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. 2015 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 6-8 1010 Vienna, Austria Tax Representative in Austria: Ernst & Young Wagramer Str. 19 1220 Vienna, Austria 3 of 11
Report of the Management Board Dear Investors, BlackRock Asset Management Deutschland AG is able to look back on a successful first half of 2015. 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 2015, the volume of assets under management for the 58 ishares funds currently issued in Germany was approximately EUR 40 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 241 ishares funds currently approved in Germany, providing investors with easy and diversified access to a large number of worldwide markets and asset classes. Around 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. In the first half of the year, this included developing sample portfolios for a major retail bank and various online brokers. This year marks an anniversary of the success story of ETFs in Germany and Europe. 15 years ago, on 11 April 2000, ishares DJ Euro STOXX 50 (now ishares EURO STOXX 50 UCITS ETF (Dist) and ishares DJ STOXX 50 (now ishares STOXX Europe 50 UCITS ETF) were the first exchange-traded index funds to be listed on Deutsche Börse. 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. Today in Europe there are more than 2,200 ETFs, which are available in 22 countries from 45 providers. As a provider from the outset, ishares retains its outstanding positioning on 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. Please visit our website or call us on +49 (0) 89 42729-5858 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
Semi-Annual Report for ishares ATX UCITS ETF (DE) Statement of assets and liabilities as at 31/10/15 Market value % of fund in EUR assets 1) I. Assets 74,690,635.25 100.07 1. Shares 73,955,009.20 99.08 Financial sector 34,282,273.15 45.93 Commercial & service sector 9,921,702.90 13.29 Manufacture of industrial raw materials and semi-finished goods 15,491,329.97 20.76 Industrial manufacturing, including construction industry 7,206,904.80 9.66 Telecoms 1,574,737.39 2.11 Transport 3,583,777.17 4.80 Utilities 1,894,283.82 2.54 2. Derivatives 42,575.00 0.06 Forward contracts 42,575.00 0.06 3. Receivables 537,553.78 0.72 4. Bank accounts 33,117.27 0.04 5. Other assets 122,380.00 0.16 II. Liabilities -52,000.49-0.07 Other liabilities -52,000.49-0.07 III. Fund assets 74,638,634.76 100.00 1) Rounding of percentages during the calculation may result in slight rounding differences. 5 of 11
Semi-Annual Report for ishares ATX UCITS ETF (DE) Statement of Net Assets as at 31/10/15 Designation of class of security ISIN Market Units or shares or currency in 1,000 As at Purchases/ 31/10/2015 Additions Sales/ Disposals in the reporting period Price Market value in EUR % of fund assets 2) Securities 73,955,009.20 99.08 Exchange-traded securities 73,955,009.20 99.08 Shares 73,955,009.20 99.08 Andritz AG Inhaber-Aktien o.n. AT0000730007 UNITS 157,356 74,779 51,254 EUR 45.800 7,206,904.80 9.66 BUWOG AG Inhaber-Aktien o.n. AT00BUWOG001 UNITS 129,177 62,967 29,930 EUR 19.350 2,499,574.95 3.35 CA Immobilien Anlagen AG Inhaber-Aktien o.n. AT0000641352 UNITS 170,853 83,282 39,579 EUR 17.835 3,047,163.26 4.08 conwert Immobilien Invest SE Inhaber-Aktien o.n. AT0000697750 UNITS 129,156 62,960 29,917 EUR 13.035 1,683,548.46 2.26 Erste Group Bank AG Inhaber-Aktien o.n. AT0000652011 UNITS 519,916 240,710 204,742 EUR 26.670 13,866,159.72 18.58 Flughafen Wien AG Inhaber-Aktien o.n. AT0000911805 UNITS 13,617 6,633 3,150 EUR 85.710 1,167,113.07 1.56 Immofinanz AG Inhaber-Aktien o.n. AT0000809058 UNITS 2,087,675 1,017,646 483,627 EUR 2.332 4,868,458.10 6.52 Lenzing AG Inhaber-Aktien o.n. AT0000644505 UNITS 17,225 8,399 3,986 EUR 69.560 1,198,171.00 1.61 OMV AG Inhaber-Aktien o.n. AT0000743059 UNITS 353,688 172,404 81,933 EUR 24.200 8,559,249.60 11.47 Raiffeisen Bank Intl AG Inhaber-Aktien o.n. AT0000606306 UNITS 253,308 123,477 58,677 EUR 14.380 3,642,569.04 4.88 RHI AG Inhaber-Aktien o.n. AT0000676903 UNITS 60,250 29,372 13,958 EUR 20.570 1,239,342.50 1.66 Schoeller-Bleckm. Oilf. Equ.AG Inhaber-Aktien EO 1 AT0000946652 UNITS 24,203 11,795 5,608 EUR 54.650 1,322,693.95 1.77 Telekom Austria AG Inhaber-Aktien o.n. AT0000720008 UNITS 287,256 140,025 66,545 EUR 5.482 1,574,737.39 2.11 UNIQA Insurance Group AG Inhaber-Stammaktien o.n. AT0000821103 UNITS 267,158 130,232 61,891 EUR 8.451 2,257,752.26 3.02 Verbund AG Inhaber-Aktien A o.n. 3) AT0000746409 UNITS 147,186 71,750 34,096 EUR 12.870 1,894,283.82 2.54 Vienna Insurance Group AG Inhaber-Aktien o.n. AT0000908504 UNITS 83,003 40,460 19,225 EUR 29.120 2,417,047.36 3.24 voestalpine AG Inhaber-Aktien o.n. AT0000937503 UNITS 226,880 112,833 52,389 EUR 32.935 7,472,292.80 10.01 Wienerberger AG Inhaber-Aktien o.n. 3) AT0000831706 UNITS 254,031 123,829 58,846 EUR 16.765 4,258,829.72 5.71 Zumtobel Group AG Inhaber-Aktien (Kat. A) o.n. AT0000837307 UNITS 65,819 32,087 15,248 EUR 20.700 1,362,453.30 1.83 Österreichische Post AG Inhaber-Aktien o.n. AT0000APOST4 UNITS 73,011 35,591 16,911 EUR 33.100 2,416,664.10 3.24 Derivatives 42,575.00 0.06 (The amounts marked with a minus sign are sold positions.) Equity Index Derivatives 42,575.00 0.06 Receivables/liabilities Equity Index Futures Contracts 42,575.00 0.06 ATX AUSTRIAN TRADED FUT December 2015 EURX Number 27 EUR 42,575.00 0.06 Bank Accounts, Unsecuritised Money Market Instruments, Money Market Funds 33,117.27 0.04 Bank accounts 33,117.27 0.04 EUR balances 33,117.27 0.04 Depository: State Street Bank GmbH EUR 33,117.27 % 100.000 33,117.27 0.04 Other assets 659,933.78 0.88 Withholding tax reimbursement claims EUR 537,553.78 537,553.78 0.72 Initial margin EUR 122,380.00 122,380.00 0.16 Other liabilities -52,000.49-0.07 Management fee EUR -12,125.49-12,125.49-0.02 Received variation margin EUR -39,875.00-39,875.00-0.05 Fund assets EUR 74,638,634.76 100.00 Unit value EUR 24.47 Units in circulation UNITS 3,050,000 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
Semi-Annual Report for ishares ATX UCITS ETF (DE) Notes on Securities Loans Designation of class of security Nominal in units or currency in 1,000 limited unlimited total The following securities were transferred as securities loans as at the reporting date: Verbund AG Inhaber-Aktien A o.n. AT0000746409 UNITS 85,770 0.00 1,103,859.90 Wienerberger AG Inhaber-Aktien o.n. AT0000831706 UNITS 25,000 0.00 419,125.00 Total value of securities loans repayable EUR 0.00 1,522,984.90 1,522,984.90 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 Volume in 1,000 Derivatives (Option premiums or volume of option contracts converted into opening transactions; in the case of warrants, statement of purchases and sales) Futures contracts Equity Index Futures Contracts Purchased contracts: 506 Underlying security(ies): ATX Austrian Traded Index (EUR) 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 9,678 Underlyings: BUWOG AG Inhaber-Aktien o.n. (AT00BUWOG001), Immofinanz AG Inhaber-Aktien o.n. (AT0000809058), Raiffeisen Bank Intl AG Inhaber- Aktien o.n. (AT0000606306), Schoeller-Bleckm. Oilf. Equ.AG Inhaber-Aktien EO 1 (AT0000946652), conwert Immobilien Invest SE Inhaber-Aktien o.n. (AT0000697750) 7 of 11
Semi-Annual Report for ishares ATX UCITS ETF (DE) Profit and Loss Account (incl. Income Adjustment) I. Income 1. Dividends from foreign issuers (before withholding tax) EUR 771,098.30 2. Interest from domestic liquidity investments EUR 0.01 3. Income from securities lending and securities repurchase agreements EUR 22,088.48 4. Deduction of foreign withholding tax EUR -192,774.59 5. Other income EUR 71,854.21 Total income EUR 672,266.41 II. Expenses 1. Interest from borrowing EUR -404.39 2. Management fee EUR -105,259.05 3. Other expenses EUR -6,791.41 Total expenses EUR -112,454.85 III. Ordinary net income EUR 559,811.56 IV. Disposals 1. Realised gains EUR 2,623,649.35 2. Realised losses EUR -2,191,618.08 Gain/loss on disposals EUR 432,031.27 V. Annual realised results EUR 991,842.83 1. Net change in unrealised gains EUR -3,436,581.55 2. Net change in unrealised losses EUR -1,365,882.20 VI. Annual unrealised results EUR -4,802,463.75 VII. Result for the financial year EUR -3,810,620.92 Change in Fund Assets 2015 I. Value of fund assets at the start of the financial year EUR 63,028,408.08 1. Distribution for the previous year EUR -479,460.00 2. Interim distributions EUR -409,089.80 3. Inflow/Outflow of funds (net) EUR 16,333,975.00 a) Proceeds received from sales of units EUR 33,485,460.00 b) Payments for redemption of units EUR -17,151,485.00 4. Income adjustment/cost compensation EUR -24,577.60 5. Result for the financial year EUR -3,810,620.92 of which unrealised gains EUR -3,436,581.55 of which unrealised losses EUR -1,365,882.20 II. Value of fund assets at the end of the financial year EUR 74,638,634.76 8 of 11
Semi-Annual Report for ishares ATX UCITS ETF (DE) 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 24.47 Units in circulation UNITS 3,050,000 Information on the evaluation process for assets pursuant to Article 16 Para. 1 No. 2 of the German Capital Investment Accounting and 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. Derivatives admitted for trading on a stock exchange or another regulated market are valued at the closing price on the relevant valuation date. Market key a) Futures exchanges EURX European Exchange (EUREX) Index fund information pursuant to Article 16 Para. 2 of the German Capital Investment Accounting and Valuation Ordinance ( KARBV ) Tracking error level at the end of the reporting period, pursuant to Article 16 Para. 2 No. 1 of the German Capital 0.99 percentage points Investment Accounting and Valuation Ordinance ( KARBV ) 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 2015 BlackRock Asset Management Deutschland AG Christian Staub Alexander Mertz 9 of 11
Management Company and Depository Management Company BlackRock Asset Management Deutschland AG Max-Joseph-Str. 6 80333 Munich, Germany Share capital as at 31/12/14: EUR 5 million Liable equity as at 31/12/14: 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. 59 80333 Munich, Germany Auditor Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft Rosenheimer Platz 4 81669 Munich, Germany 10 of 11
BlackRock Asset Management Deutschland AG Max-Joseph-Str. 6 D-80333 Munich, Germany Tel: +49 (0) 89 42729-5858 info@ishares.de www.ishares.de