| Fri 2 Jul 2010, 13:17 | | DBXJP - Db X-Trackers MSCI Japan Trust - Abridged audited results for the year |
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JSE DBXJP
DBX
DBXJP - Db X-Trackers MSCI Japan Trust - Abridged audited results for the year
ended 31 December 2009
db x-trackers MSCI Japan 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: DBXJP
ISIN: ZAE000115176
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 2 521 998 1 568 025
Fair value adjustments 6 392 171 22 813 742
Foreign exchange gains 27 666 612 15 980 446
36 580 781 40 362 213
Expenses
Fair value adjustments (6 392 171) (22 813 742)
Management and administrative (1 399 430) (495 857)
expenses
Foreign exchange losses (27 666 725) (15 984 907)
(35 458 326) (39 294 506)
Income available for distribution 1 122 455 1 067 707
Distributions (890 743) (1 007 497)
Change in net assets attributable 231 712 60 210
to investors before tax
Withholding tax (159 927) (39 652)
Change in net assets attributable 71 785 20 558
to investors
Total comprehensive income 71 785 20 558
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
Assets
Listed investments held at fair 136 528 772 115 129 874
value through profit or loss
Trade and other receivables 104 665 118 505
Cash and cash equivalents 1 126 946 1 150 980
Total assets 137 760 383 116 399 359
Liabilities
Net assets attributable to investors 136 746 433 115 331 130
Trade and other payables 1 013 950 1 068 229
Total liabilities 137 760 383 116 399 359
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 2008 - - -
Net creation of securities 122 143 868 - 122 143 868
Change in net assets - 20 558 20 558
attributable to investors
Revaluation of securities (22 813 742) - (22 813 742)
Unrealised exchange rate 15 980 446 - 15 980 446
fluctuations
Balance at 31 December 2008 115 310 572 20 558 115 331 130
Change in net assets - 71 785 71 785
attributable to investors
Revaluation of securities 6 392 171 - 6 392 171
Net creation of securities 42 617 960 - 42 617 960
Unrealised exchange rate (27 666 613) - (27 666 613)
fluctuations
Balance at 31 December 2009 136 654 090 92 343 136 746 433
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash generated by operations 95 286 985 898
Dividends received 2 299 753 434 723
Management fees paid (1 092 882) (1 314)
Net cash inflow from operating 1 302 157 1 419 307
activities
Cash outflow from investing (42 673 340) (121 963 170)
activities
Net cash inflow from in financing 41 347 149 121 694 843
activities
Distributions to investors (1 270 811) (449 025)
Creations 42 617 960 122 143 868
Net increase in cash and cash (24 034) 1 150 980
equivalents
Cash and cash equivalents at the 1 150 980 -
beginning of year
Cash and cash equivalents at the 1 126 946 1 150 980
end of year
db x-trackers MSCI Japan Securities
db x-trackers MSCI Japan securities in issue
2009 2008
R R
Total securities in issue 30 000 000 21 000 000
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 MSCI Japan securities creations and liquidations
There were 9 000 000 (2008: 21 000 000) Index Securities created during the year
at a value of R42 617 960 (2008: R122 143 868).
There were no liquidations during the year (2008 - nil).
The Portfolio effects semi-annual distributions. All distributions are made out
of the income of the db x-trackers MSCI Japan Trust. During the period under
review the following distributions were effected per db x-trackers MSCI Japan
Index Security -
2009 2008
R R
Declared distributions (831 621) (983 825)
0.12153 Rand per security (645 887)
Declared June 2009 and paid July 2009
0.04299 Rand per security (386 919)
Declared 30 June 2008 and paid July 2008
0.00619 Rand per security
Declared December 2009 and paid January 2010 (185 734)
0.1245 cents per security (596 906)
Declared 31 December 2008 and paid January
2009
Management fees refunded during the year as (59 122) (23 5672)
a rebate distribution
Total distribution expense for the year (890 743) (1 007 497)
Total Expense Ratio ("TER")
The db x-trackers MSCI Japan 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 MSCI Japan 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.
2 July2010
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers (Pty) Ltd
Date: 02/07/2010 13:17:01 Produced by the JSE SENS Department.
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