| Fri 2 Jul 2010, 13:15 | | DBXUK - db x-trackers MSCI FTSE 100 Trust - Abridged audited results for the |
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DBXUK - db x-trackers MSCI FTSE 100 Trust - Abridged audited results for the
year ended 31 December 2009
db x-trackers MSCI FTSE 100 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: DBXUK
ISIN: ZAE000115929
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2009
2009
R 2008
R
Revenue
Investment income 14 124 234 20 010 977
Fair value adjustments 60 489 435 170 431143
Foreign exchange gains 42 468 026 15 746 310
117 078 695 206 188 430
Expenses
Fair value adjustments (60 489 435) (170 431 143)
Management and administrative (3 066 018) (4 367 965)
expenses
Foreign exchange losses (42 170 676) (15 658 605)
(105 726 129) (190 457 713)
Income available for distribution 11 352 566 15 730 717
Distributions (9 184 756) (15 259 415)
Change in net assets attributable to 2 167 810 471 302
investors before tax
Withholding tax (1 457 696) -
Change in net assets attributable to 710 114 471 302
investors
Total comprehensive income 710 114 471302
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
Assets
Listed investments held at fair value 325 710 703 331 832 114
through profit or loss
Trade and other receivables 1 011 829 1 576 984
Cash and cash equivalents 5 282 575 8 206 112
Total assets 332 005 107 341 615 210
Liabilities
Net assets attributable to investors 326 636 756 333 457 390
Trade and other payables 5 368 351 8 157 820
Total liabilities 332 005 107 341 615 210
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2009
Capital Profit/ Total
attributable to (Loss)
investors attributable
to investors
R R R
Balance at 1 January 2008 486 367 802 1 390 824 487 758 626
Change in net assets 471 302 471 302
attributable to investors -
Revaluation of securities 15 658 605 - 15 658 605
Unrealised exchange rate (170 431 143) - (170 431 143)
fluctuations
Balance at 31 December 2008 331 595 264 1 862 126 333 457 390
Change in net assets 710 114 710 114
attributable to investors -
Revaluation of securities 60 489 435 - 60 489 435
Liquidation of securities (25 849 507) (25 849 507)
Unrealised exchange rate (42 170 676) - (42 170 676)
fluctuations
Balance at 31 December 2009 324 064 516 2 572 240 326 636 756
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash (utilised)/generated by (1 224 239) 46 038
operations
Dividends received 14 670 310 19 824 043
Management fees paid (3 471 436) (4 317 740)
Net cash inflow from operating 9 974 635 15 552 341
activities
Cash inflow/(outflow) from investing 24 440 170 (40 858)
activities
Net cash outflow from in financing (37 338 342) (9 910 500)
activities
Liquidation of securities (25 849 507) -
Distributions to investors (11 488 835) (9 910 500)
Net (decrease)/increase in cash and (2 923 537) 5 600 983
cash equivalents
Cash and cash equivalents at the 8 206 112 6 430 741
beginning of year
- (3 825 612)
Foreign exchange effects thereon
Cash and cash equivalents at the end 5 282 575 8 206 112
of year
db x-trackers FTSE 100 Securities
db x-trackers FTSE 100 Securities in issue
2009 2008
R R
Total securities in issue 5 100 000 5 600 000
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 FTSE 100 securities creations and liquidations
There were no (2008: Nil) Index Securities created during the year.
There were 500 000 (2008 - nil) liquidations during the year at a value of R25
849 507 (2008: nil)
The Portfolio effects semi-annual distributions. All distributions are made out
of the income of the db x-trackers FTSE 100 Trust
During the period under review the following distributions were effected per db
x-trackers FTSE 100 Index Security
2009 2008
R R
Declared distributions (8 693 031) (14 435 398)
1.09002 Rand per security (5 559 086)
Declared June 2009 and paid July 2009
1.57923 Rand per security (8 843 672)
declared 30 June 2008 and paid August
2008
0.61450 Rand per security (3 133 955)
Declared December 2009 and paid January
2010
0.99852 Rand per security (5 591 726)
declared 31 December 2008 and paid
January 2009
Management fees refunded during the year (491 715) (824 017)
as a rebate distribution
Total distribution expense for the year (9 184 756) (15 259 415)
Total Expense Ratio ("TER")
The db x-trackers FTSE 100 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 FTSE 100 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;
- 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.
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 July2010
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers (Pty) Ltd
Date: 02/07/2010 13:15:01 Produced by the JSE SENS Department.
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