$DBA
INVESCO DB AGRICULTURE FUND

2016 Q1 Form 10-K Financial Statement

#000119312516482640 Filed on February 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q3
Revenue $319.3K $41.68K
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 $1.453M $2.053M
YoY Change -28.42% -27.53%
Operating Profit -$1.134M -$1.755M -$2.012M
YoY Change -42.75% -33.37% -26.71%
Interest Expense $2.387K $4.579K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$3.826M -$10.19M -$102.9M
YoY Change -96.37% -65.59% 10.21%
Net Earnings / Revenue -1198.3% -246916.28%
Basic Earnings Per Share -$0.08 -$0.23 -$2.47
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 31.60M shares 39.00M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $23.29M $45.31M $36.21M
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 $674.4M $821.2M
YoY Change -45.6% -40.12%
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 $541.1K $6.019M
YoY Change -99.73% -97.09%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $667.1M $673.9M $815.2M
YoY Change
Total Liabilities & Shareholders Equity $674.4M $821.2M
YoY Change -45.6% -40.12%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$3.826M -$10.19M -$102.9M
YoY Change -96.37% -65.59% 10.21%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
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 $3.001M
YoY Change -95.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2015 us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>(3) Fund Investment Overview</b></font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); PADDING-BOTTOM: 0px; FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 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: 0.8ex">TM</sup></font><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;(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 over the expenses of the Fund.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <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;). The Fund also holds United States Treasury Obligations on deposit with the Custodian (as defined below) and with the Commodity Broker (as defined below) as margin.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The Commodity Futures Trading Commission (the &#x201C;CFTC&#x201D;) and/or commodity exchanges, as applicable, impose position limits on market participants trading in all eleven commodity futures contracts 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 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.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The Fund reached its position limits with respect to its futures contracts for Wheat prior to December&#xA0;31, 2014. The Fund established positions in Red Wheat as proxies in lieu of the positions as provided by the Index. The Fund has not reached position limits with respect to the 2015 reporting periods.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">The Fund holds United States Treasury Obligations for deposit with the Commodity Broker as margin. The Fund does not borrow money to increase leverage. As of December&#xA0;31, 2015 and December&#xA0;31, 2014, the Fund had $97,148,736 (or 14.40% of its total assets) and $1,234,711,913 (or 99.60% of its total assets), respectively, of its holdings of cash, United States Treasury Obligations and unrealized appreciation/depreciation on futures contracts on deposit with its Commodity Broker or its Predecessor Commodity Broker (as defined below), as applicable. Of this, $94,990,500 (or 14.08% of its total assets) and $54,266,610 (or 4.38% of its total assets) was required to be deposited to satisfy maintenance margin required by the Commodity Broker or Predecessor Commodity, as applicable for the Fund&#x2019;s open futures positions as of December&#xA0;31, 2015 and December&#xA0;31, 2014, respectively. All remaining cash and United States Treasury Obligations are on deposit with the Custodian (see Note 4). For additional information, please see the Schedules of Investments as of December&#xA0;31, 2015 and December&#xA0;31, 2014 for details of the Fund&#x2019;s portfolio holdings.</font></p> </div>
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Yes
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5429115
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<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. GAAP 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>
CY2015 dei Trading Symbol
TradingSymbol
DBA
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.16
CY2015 us-gaap Interest Income Operating
InterestIncomeOperating
213932
CY2015 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-236
CY2015 us-gaap Net Income Loss
NetIncomeLoss
-168069989
CY2015 us-gaap Increase Decrease In Brokerage Receivables
IncreaseDecreaseInBrokerageReceivables
2158236
CY2015 us-gaap Payments For Purchase Of Securities Operating Activities
PaymentsForPurchaseOfSecuritiesOperatingActivities
3274025322
CY2015 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
14311
CY2015 us-gaap Interest Paid
InterestPaid
11025
CY2015 us-gaap Gain Loss On Investments
GainLossOnInvestments
-160289252
CY2015 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
139873537
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
340838884
CY2015 us-gaap Unrealized Gain Loss On Marketable Securities Cost Method Investments And Other Investments
UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments
55149332
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
-7780737
CY2015 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
-215438348
CY2015 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
55135021
CY2015 us-gaap Realized Gain Loss On Marketable Securities Cost Method Investments And Other Investments
RealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments
-215438584
CY2015 us-gaap Distributed Earnings
DistributedEarnings
0
CY2015 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
-213932
CY2015 us-gaap Operating Expenses
OperatingExpenses
7994669
CY2015 us-gaap Interest Expense
InterestExpense
11025
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-200965347
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
139873537
CY2015 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
-274688
CY2015 us-gaap Floor Brokerage Exchange And Clearance Fees
FloorBrokerageExchangeAndClearanceFees
676093
CY2015 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
335872630
CY2015 us-gaap Increase Decrease In Payables To Broker Dealers
IncreaseDecreaseInPayablesToBrokerDealers
732
CY2015 us-gaap Professional Fees
ProfessionalFees
7307551
CY2015 us-gaap Proceeds From Sale Of Securities Operating Activities
ProceedsFromSaleOfSecuritiesOperatingActivities
3696283942
CY2015 dba Stockholders Equity Period Increase Decrease Due To Share Transactions
StockholdersEquityPeriodIncreaseDecreaseDueToShareTransactions
-195999093
CY2015 dba Average Net Assets To Net Investment Income Loss
AverageNetAssetsToNetInvestmentIncomeLoss
-0.0091 pure
CY2015 dba Return At Net Asset Value
ReturnAtNetAssetValue
-0.1675 pure
CY2015 dba Net Investment Income Loss Per Share
NetInvestmentIncomeLossPerShare
-0.20
CY2015 dba Gain Loss On Investments Per Share
GainLossOnInvestmentsPerShare
-3.96
CY2015 dba Number Of Shares Issued Per Basket
NumberOfSharesIssuedPerBasket
200000 shares
CY2015 dba Return At Market Value
ReturnAtMarketValue
-0.1719 pure
CY2015 dba Minimum Number Of Baskets Of Shares That Can Be Purchased
MinimumNumberOfBasketsOfSharesThatCanBePurchased
1 Basket
CY2015 dba Management Fee Per Annum Of Daily Net Assets
ManagementFeePerAnnumOfDailyNetAssets
0.0085 pure
CY2015 dba Minimum Number Of Baskets Of Shares That Can Be Redeemed
MinimumNumberOfBasketsOfSharesThatCanBeRedeemed
1 Basket
CY2015 dba Average Charges Paid To Broker Per Round Turn Trade Maximum
AverageChargesPaidToBrokerPerRoundTurnTradeMaximum
7.00
CY2015 dba Commodities Included In Index
CommoditiesIncludedInIndex
11 Comodity
CY2015 dba Percentage Of Assets Held By Broker
PercentageOfAssetsHeldByBroker
0.1440 pure
CY2015 dba Cash Transferred
CashTransferred
88823232
CY2015 dba Average Net Assets To Expenses
AverageNetAssetsToExpenses
0.0093 pure
CY2015 dba Proceeds From Payments To Commodity Broker
ProceedsFromPaymentsToCommodityBroker
87966053
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.07
CY2014Q1 us-gaap Interest Income Operating
InterestIncomeOperating
164033
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
199432475
CY2014Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
202280809
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2848334
CY2014Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
312214930
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.70
CY2015Q1 us-gaap Interest Income Operating
InterestIncomeOperating
49828
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-105427407
CY2015Q1 us-gaap Gain Loss On Investments
GainLossOnInvestments
-103446945
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1980462
CY2015Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-174971859
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.88
CY2014Q2 us-gaap Interest Income Operating
InterestIncomeOperating
137246
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-47598845
CY2014Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
-44155360
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3443485
CY2014Q2 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-118904149
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.24
CY2015Q2 us-gaap Interest Income Operating
InterestIncomeOperating
40889
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
50457637
CY2015Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
52491596
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2033959
CY2015Q2 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
99997252
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.93
CY2014Q3 us-gaap Interest Income Operating
InterestIncomeOperating
88736
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-93370265
CY2014Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-90625482
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2744783
CY2014Q3 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-247477898
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.47
CY2015Q3 us-gaap Interest Income Operating
InterestIncomeOperating
41677
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-102907300
CY2015Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
-100895590
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2011710
CY2015Q3 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-147762451
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
CY2014Q4 us-gaap Interest Income Operating
InterestIncomeOperating
54278
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-29622446
CY2014Q4 us-gaap Gain Loss On Investments
GainLossOnInvestments
-26989181
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-2633265
CY2014Q4 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-126642144
CY2015Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.23
CY2015Q4 us-gaap Interest Income Operating
InterestIncomeOperating
81538
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
-10192919
CY2015Q4 us-gaap Gain Loss On Investments
GainLossOnInvestments
-8438313
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-1754606
CY2015Q4 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-141332024

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