| Fri 2 Jul 2010, 13:19 | | DBXWD - db x-trackers MSCI World Trust - Abridged audited results for the year |
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DBXWD - db x-trackers MSCI World Trust - Abridged audited results for the year
ended 31 December 2009
db x-trackers MSCI World 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: DBXWD
ISIN: ZAE000115184
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 4 863 967 4 007 149
Fair value adjustments 48 801 619 46 323 829
Foreign exchange gain 44 165 891 15 211 057
97 831 477 65 542 035
Expenses
Fair value adjustments (48 709 057) (46 323 829)
Management and administrative (1 779 749) (698 280)
expenses
Foreign exchange loss (44 165 891) (15 287 051)
(94 654 697) (62 309 160)
Income available for distribution 3 176 780 3 232 875
Distributions (2 255 920) (3 058 165)
Change in net assets attributable 920 860 174 710
to investors before tax
Withholding tax (642 407) (276 939)
Change in net assets attributable 278 453 (102 229)
to investors
Total comprehensive income/(loss) 278 453 (102 229)
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
Assets
Listed investments held at fair 180 030 587 128 911 126
value through profit or loss
Dividends receivable 224 750 303 581
Cash and cash equivalents 1 555 428 1 761 805
Total assets 181 810 765 130 976 512
Liabilities
Net assets attributable to investors 180 161 474 129 288 615
Trade and other payables 1 649 291 1 687 897
Total liabilities 181 810 765 130 976 512
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 20009
Capital Profit/ Total
attributable (Loss)
to investors attribu-
table to
investors
R R R
Balance at 1 January 2008 - - -
Net creation of securities 160 503 616 - 160 503 616
Undistributed loss - (102 229) (102 229)
attributable to investors
Revaluation of securities (46 323 829) - (46 323 829)
Unrealised exchange rate 15 211 057 - 15 211 057
fluctuations
Balance at 31 December 129 390 844 (102 229) 129 288 615
2008
Change in net assets - 278 453 278 453
attributable to investors
Revaluation of securities 48 709 057 - 48 709 057
Unrealised exchange rate (44 165 891) (44 165 891)
fluctuations
Net creation of securities 46 051 240 46 051 240
Balance at 31 December 179 985 250 176 224 180 161 474
2009
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash (utilised)/generated by (374 565) 1 384 979
operations
Dividends received 4 739 704 2 035 898
Management fees paid (1 399 277) (96 725)
Net cash inflow from operating 2 965 862 3 324 152
activities
Cash outflow from investing (46 576 295) (160 023 898)
activities
Net cash inflow from in financing 43 404 056 158 461 551
activities
Net creation of securities 46 051 240 160 503 616
Distribution to investors (2 647 184) (2 042 065)
Net (decrease)/increase in cash (206 377) 1 761 805
and cash equivalents
Cash and cash equivalents at the 1 761 805 -
beginning of year
Cash and cash equivalents at the 1 555 428 1 761 805
end of year
db x-Trackers MSCI World Securities
db x-Trackers MSCI World securities in issue
2009 2008
R R
Total securities in issue 21 000 000 15 000 000
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 World securities creations and liquidations
There were 6 000 000 (2008: 15 000 000) Index Securities created during the year
at a value of R46 051 240 (2008: R160 503 616).
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 World Trust. During the period under
review the following distributions were effected per db x-trackers MSCI World
Index Security -
2009 2008
R R
Declared distributions (2 181 163) (3 031 702)
0.07329 Rand per security
Declared June 2009 and paid July 2009 (1 539 098)
0.21765 Rand per security (1 958 860)
Declared 30 June 2008 and paid July 2008
0.03057 Rand per security (642 065)
Declared December 2009 and paid January 2010
0.07152 Rand per security (1 072 842)
Declared 31 December 2008 and paid January
2009
Management fees refunded during the year as (74 757) (26 463)
a rebate distribution
Total distribution expense for the year (2 255 920) (3 058 165)
Total Expense Ratio ("TER")
The db x-trackers MSCI World 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 World 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 July 2010
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers (Pty) Ltd
Date: 02/07/2010 13:19:01 Produced by the JSE SENS Department.
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