| Fri 2 Jul 2010, 13:16 | | DBXEU - db x-trackers Eurostoxx 50 Trust - Abridged audited results for the year |
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DBXEU - db x-trackers Eurostoxx 50 Trust - Abridged audited results for the year
ended 31 December 2009
db x-trackers Eurostoxx 50 Trust
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 (the "Act"))
JSE code: DBXEU
ISIN: ZAE000115937
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2009
2009 2008
R R
Revenue
Investment income 16 532 704 25 455 095
Fair value adjustments 63 170 410 336 633 296
Foreign exchange gain 88 850 672 170 634 940
168 553 786 532 723 331
Expenses
Fair value adjustments (63 170 410) (336 633 296)
Management and administrative (3 811 242) (5 857 636)
expenses
Foreign exchange loss (88 850 672) (170 634 940)
Realised foreign exchange loss on (238) (152 573)
dividends
(155 832 562) (513 278 445)
Income available for distribution 12 721 224 19 444 886
Distributions (8 107 132) (15 016 538)
Change in net assets attributable to 4 614 092 4 428 348
investors before tax
Withholding tax (3 780 347) (4 109 450)
Change in net assets attributable to 833 745 318 898
investors
Total comprehensive income 833 745 318 898
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
Assets
Listed investments held at fair value 385 926 771 461 307 842
through profit or loss
Cash and cash equivalents 3 315 475 5 290 033
Total assets 389 242 246 466 597 875
Liabilities
Net assets attributable to investors 385 942 351 460 759 219
Trade and other payables 3 299 895 5 838 656
Total liabilities 389 242 246 466 597 875
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2009
Capital Profit/ Total
attributable (Loss)
to investors attribu-table
to investors
R R R
Balance at 1 January 627 181 492 (742 815) 626 438 677
2008
Change in net assets - 318 898 318 898
attributable to
investors
Revaluation of (336 633 296) - (336 633 296)
securities
Unrealised exchange rate 170 634 940 - 170 634 940
fluctuations
Balance at 31 December 461 183 136 (423 917) 460 759 219
2008
Change in net assets - 833 745 833 745
attributable to
investors
Liquidation of (49 970 351) - (49 970 351)
securities
Revaluation of 63 170 410 - 63 170 410
securities
Unrealised exchange rate (88 850 672) - (88 850 672)
fluctuations
Balance at 31 December 385 532 523 409 828 385 942 351
2009
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash utilised by operations (3 851 517) (3 862 472)
Dividends received 16 503 832 25 363 062
Management fees paid (5 128 543) (5 757 678)
Net cash inflow from operating 7 523 772 15 742 912
activities
Cash inflow/(outflow) from investing 49 700 809 (1 004 234)
activities
Net cash outflow from in financing (59 199 139) (13 345 432)
activities
Liquidation of securities (49 970 351) -
Distributions to investors (9 228 788) (13 345 432)
Net (decrease)/increase in cash and (1 974 558) 1 393 246
cash equivalents
Cash and cash equivalents at the 5 290 033 3 896 787
beginning of year
Cash and cash equivalents at the end of 3 315 475 5 290 033
year
db x-trackers DJ EuroStoxx 50 Securities
db x-trackers DJ EuroStoxx 50 securities in issue
2009 2008
R R
Total securities in issue 12 300 000 14 300 000
In terms of the Portfolio Trust Deed and CISCA, the Portfolio would be required
to pay the net asset value attributable to investors on
redemption of securities.
db x-trackers DJ EuroStoxx 50 securities creations and liquidations
There were no (2008: nil).Index Securities created during the year
There were 2 000 000 (2008 - nil) liquidations during the year at a value
of R49 970 351 (2008 - nil).
The Portfolio effects semi-annual distributions. All distributions are made out
of the income of the db x-trackers DJ Eurostoxx 50 Trust. During the period
under review the following distributions were effected per db x-trackers DJ
Eurostoxx 50 Index Security:
2009 2008
R R
Declared distributions (7 700 166) (14 364 737))
0.58116 Rand per security
Declared June 2009 and paid July 2009 (7 148 302)
0.8800 Rand per security
Declared 30 June 2008 and paid July (12 584 621)
2008
0.04487 Rand per security
Declared December 2009 and paid January (551 864)
2010
0.1245 Rand per security
Declared 31 December 2008 and paid (1 780 116)
January 2009
Management fees refunded during the (406 966) (651 801)
year as a rebate distribution
Total distribution expense for the year (8 107 132) (15 016 538)
Total Expense Ratio ("TER")
The db x-trackers DJ Eurostoxx 50 portfolio had a TER of 114 basis points
for the period 1 January to 31 December 2009. The ratio is calculated
based on the ASISA standard and does not include the cost of acquiring
assets.
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 SA ("ASISA") standard on the calculation and publication
of total expense ratios.
Actual Expense Ratio ("AER")
The db x-trackers DJ Eurostoxx 50 Trust portfolio had an AER of 114 basis
points for 2009, as determined by management.
Statement of compliance
The financial statements are prepared in accordance with International Financial
Reporting Standards ("IFRS") issued by the International Accounting Standards
Board ("IASB`), and in accordance with the requirements of the Standard Exchange
Traded Fund Trust Deed approved by the Financial Services Board ("FSB") and the
Collective Investment Schemes Control Act No. 45 of 2002 ("CISCA").
Accounting policies
The accounting policies applied in the preparation of the financial statements
are consistent with those adopted in the previous financial year and are in
accordance with IFRS
The following standards, amendments to standards, and interpretations, effective
for the first time in the future accounting period, and which are relevant to
the Portfolio, have not been adopted for the year ended 31 December 2009:
* Revised IAS 24: Related Party Disclosures - The changes introduced in the
revised IAS 24, include amendments to the definition of a related party and
related party disclosure requirements for government-related entities.
* IFRS 9: Financial Instruments - IFRS 9 deals with classification and
measurement of financial assets and will replace the relevant sections of
IAS 39.
Investment income
Investment income comprises:
* interest on cash and cash equivalents;
* Cash equalisation component on creations;
* dividends from listed equities designated as held at fair value through
profit or loss; and
withholding tax credits (where applicable).
Interest income
Interest income is recognised in the statement of comprehensive income, using
the effective interest method taking into account the expected timing and amount
of cash flows.
Dividend income
Dividends in the form of cash are recognised when the right to receive the
expected payment is established.
Audit report
These financial statements have been audited by the independent auditors, KPMG
Inc., and their unqualified audit opinion is available for inspection at the
company`s registered office.
A full copy of these financial statements is available on the db x-trackers
website www.dbxtrackers.co.za.
2 July 2010
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers (Pty) Ltd
Date: 02/07/2010 13:16:01 Produced by the JSE SENS Department.
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