2013 Q4 Form 10-K Financial Statement

#000119312514080629 Filed on March 03, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2013 2012 Q4
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $14.58M
YoY Change -17.42%
Operating Profit -$13.74M
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$57.06M -$223.3M -$94.28M
YoY Change -39.47% 263.41%
Net Earnings / Revenue
Basic Earnings Per Share -$1.04 -$3.69 -$1.52
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $45.30M $219.8M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.547B $1.668B
YoY Change -7.24% -18.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $328.6M $6.866M
YoY Change 4686.13% -47.4%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $318.0M
YoY Change
Treasury Stock Shares
Shareholders Equity $1.219B $1.661B
YoY Change
Total Liabilities & Shareholders Equity $1.547B $1.668B
YoY Change -7.24% -18.52%

Cashflow Statement

Concept 2013 Q4 2013 2012 Q4
OPERATING ACTIVITIES
Net Income -$57.06M -$223.3M -$94.28M
YoY Change -39.47% 263.41%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $40.67M
YoY Change -87.54%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $215.1M
YoY Change -32.24%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -215.1M
YoY Change -32.24%
NET CHANGE
Cash From Operating Activities 40.67M
Cash From Investing Activities
Cash From Financing Activities -215.1M
Net Change In Cash -174.5M
YoY Change -2070.34%
FREE CASH FLOW
Cash From Operating Activities $40.67M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2013 us-gaap Nature Of Operations
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<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>(2) Fund Investment Overview</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"> <font style="font-family:Times New Roman" size="2">The Fund invests with a view to tracking the changes, whether positive or negative, in the level of the DBIQ Diversified Agriculture Index Excess Return</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">TM</sup></font><font style="font-family:Times New Roman" size="2">(the &#x201C;Index&#x201D;) over time, plus the excess, if any, of the Fund&#x2019;s interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Index is intended to reflect the change in market value of the agricultural sector. The commodities comprising the Index are Corn, Soybeans, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle and Lean Hogs (each an &#x201C;Index Commodity&#x201D;, and collectively, the &#x201C;Index Commodities&#x201D;).</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The CFTC and/or commodity exchanges, as applicable, impose position limits on market participants trading in all eleven commodities included in the Index. The Index is comprised of futures contracts on each of the Index Commodities that expire in a specific month and trade on a specific exchange (the &#x201C;Index Contracts&#x201D;). As disclosed in the Fund&#x2019;s Prospectus, if the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for the Fund to gain full or partial exposure to any Index Commodity by investing in a specific Index Contract, the Fund may invest in a futures contract referencing the particular Index Commodity other than the Index Contract or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with such Index Commodity. Because the Fund is approaching or has reached position limits with respect to certain futures contracts comprising the Index, the Fund has commenced investing in other futures contracts based on commodities that comprise the Fund&#x2019;s Index and in futures contracts based on commodities other than commodities that comprise the Fund&#x2019;s Index.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Fund also holds United States Treasury Obligations and other high credit quality short-term fixed income securities for deposit with the Fund&#x2019;s commodity broker as margin.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Fund reached its position limits with respect to its futures contracts for Lean Hogs prior to January&#xA0;2, 2013 and remained subject to such limits through January&#xA0;8, 2013. The Fund was also subject to these position limits for the periods from February&#xA0;5, 2013 through February&#xA0;8, 2013 and February&#xA0;20, 2013 through March&#xA0;7, 2013. During each of these periods, the Fund established positions in the next to expire futures contracts for Lean Hogs as proxies and in lieu of the positions as provided by the Index during the corresponding time periods.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Fund does not borrow money to increase leverage. As of December&#xA0;31, 2013 and, 2012, the Fund had $1,537,352,117 (or 99.4%) and $1,662,528,200 (or 99.66%), respectively, of its holdings of cash, United States Treasury Obligations and unrealized appreciation/depreciation on futures contracts on deposit with its Commodity Broker. Of this, $62,577,522 (or 4.07%) and $98,465,174 (or 5.92%), respectively, of the Fund&#x2019;s holdings of cash and United States Treasury Obligations are required to be deposited as margin in support of the Fund&#x2019;s long futures positions. For additional information, please see the audited Schedule of Investments as of December&#xA0;31, 2013 and 2012 for details of the Fund&#x2019;s portfolio holdings.</font></p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px"> &#xA0;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">DBIQ&#x2122;, DBLCI&#x2122;, and Deutsche Bank Liquid Commodity Index&#x2122; are trademarks of Deutsche Bank AG London (the &#x201C;Index Sponsor&#x201D;). Trademark applications in the United States are pending with respect to both the Trust and aspects of the Index. Any use of these trademarks must be with the consent of or under license from the Index Sponsor. The Trust, the Fund and the Managing Owner have been licensed by the Index Sponsor to use the above noted trademarks. The Index Sponsor is an affiliate of the Trust, the Fund and the Managing Owner.</font></p> </div>
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%; MARGIN-TOP: 18px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>(b) Use of Estimates</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities during the reporting period of the financial statements and accompanying notes. Actual results could differ from those estimates. There were no significant estimates used in the preparation of these financial statements.</font></p> </div>
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CY2012 us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
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CY2012 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
112308977
CY2012 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-157308710
CY2012 us-gaap Investment Income Net
InvestmentIncomeNet
-16458950
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-61447325
CY2012 us-gaap Increase Decrease In Cash Collateral For Borrowed Securities
IncreaseDecreaseInCashCollateralForBorrowedSecurities
23198185
CY2012 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
11358
CY2012 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
595610034
CY2012 us-gaap Increase Decrease In Client Funds Held
IncreaseDecreaseInClientFundsHeld
5621014
CY2012 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
311577582
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
278127646
CY2012 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
112222659
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-317482388
CY2012 us-gaap Floor Brokerage Exchange And Clearance Fees
FloorBrokerageExchangeAndClearanceFees
1457657
CY2012 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
-1202371
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
8854208
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3557
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-279171
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
278127646
CY2012 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
589705228
CY2012 us-gaap Distributed Earnings
DistributedEarnings
0
CY2012 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
7465475555
CY2012 us-gaap Asset Management Costs
AssetManagementCosts
16202363
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OperatingExpenses
17660020
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NetInvestmentIncomeLossPerShare
-0.25
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ReturnAtNetAssetValue
-0.0292 pure
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AverageNetAssetsToNetInvestmentIncomeLoss
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GainLossOnInvestmentsPerShare
-0.59
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ReturnAtMarketValue
-0.0322 pure
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AverageNetAssetsToExpenses
0.0093 pure
CY2012 dba Average Charges Paid To Broker Per Round Turn Trade Maximum
AverageChargesPaidToBrokerPerRoundTurnTradeMaximum
10.00
CY2012 dba Percentage Of Assets Held By Broker
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0.9966 pure
CY2012 dba Percentage Of Holdings Considered Restricted
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CY2013Q1 us-gaap Earnings Per Share Basic
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-2.05
CY2013Q1 us-gaap Gain Loss On Investments
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CY2013Q1 us-gaap Interest Income Operating
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CY2012Q1 us-gaap Earnings Per Share Basic
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CY2012Q1 us-gaap Gain Loss On Investments
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CY2012Q1 us-gaap Interest Income Operating
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CY2012Q1 us-gaap Increase Decrease In Operating Capital
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CY2012Q2 us-gaap Earnings Per Share Basic
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CY2012Q2 us-gaap Gain Loss On Investments
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CY2012Q2 us-gaap Interest Income Operating
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CY2012Q2 us-gaap Increase Decrease In Operating Capital
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CY2012Q3 us-gaap Interest Income Operating
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CY2012Q3 us-gaap Increase Decrease In Operating Capital
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CY2012Q3 us-gaap Net Income Loss
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CY2013Q3 us-gaap Earnings Per Share Basic
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CY2013Q3 us-gaap Gain Loss On Investments
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CY2013Q3 us-gaap Interest Income Operating
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CY2013Q3 us-gaap Increase Decrease In Operating Capital
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CY2013Q3 us-gaap Investment Income Net
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CY2013Q3 us-gaap Net Income Loss
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CY2012Q4 us-gaap Earnings Per Share Basic
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CY2012Q4 us-gaap Gain Loss On Investments
GainLossOnInvestments
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CY2012Q4 us-gaap Interest Income Operating
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CY2012Q4 us-gaap Increase Decrease In Operating Capital
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CY2012Q4 us-gaap Investment Income Net
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CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2013Q4 us-gaap Earnings Per Share Basic
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CY2013Q4 us-gaap Gain Loss On Investments
GainLossOnInvestments
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CY2013Q4 us-gaap Interest Income Operating
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CY2013Q4 us-gaap Increase Decrease In Operating Capital
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CY2013Q4 us-gaap Investment Income Net
InvestmentIncomeNet
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CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-57063714

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