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JSE DBXUS
DBX
DBXUS - db x-trackers MSCI USA Trust - Abridged audited results for the year
ended 31 December 2009
db x-trackers MSCI USA 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: DBXUS
ISIN: ZAE000115192
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 2 303 360 2 156 498
Fair value adjustments 22 081 602 36 465 081
Foreign exchange gain 23 489 605 15 353 732
47 874 567 53 975 311
Expenses
Fair value adjustments (22 081 602) (36 465 081)
Management and administrative (1 087 628) (500 865)
expenses
Interest expense (1 613) -
Unrealised loss on foreign exchange (23 487 763) (15 353 732)
(46 658 606) (52 319 678)
Income available for distribution 1 215 961 1 655 633
Distributions (805 600) (1 488 196)
Change in net assets attributable to 410 361 167 437
investors before tax
Withholding tax (326 225) (190 889)
Change in net assets attributable to 84 136 (23 452)
investors
Total comprehensive income/(loss) 84 136 (23 452)
BALANCE SHEET
as at 31 December 2009
2009 2008
R R
Assets
Listed investments held at fair 116 983 347 95 730 464
value through profit or loss
Trade and other receivables 159 102 292 914
Cash and cash equivalents 988 968 1 175 506
Total assets 118 131 417 97 198 884
Liabilities
Trade and other payables 926 497 1 219 701
Net assets attributable to investors 117 204 920 95 979 183
Total liabilities 118 131 417 97 198 884
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 April - - -
2008
Net creation of 117 113 984 - 117 113 984
securities
Change in net - (23 452) (23 452)
assets attributable
to investors
Revaluation of (36 465 081) - (36 465 081)
securities
Unrealised exchange 15 353 732 - 15 353 732
rate fluctuations
Balance at 31 96 002 635 (23 452) 95 979 183
December 2008
Change in net 84 136 84 136
assets attributable
to investors
Revaluation of 22 081 602 - 22 081 602
securities
Net creation of 22 547 762 22 547 762
securities
Unrealised exchange (23 487 763) - (23 487 763)
rate fluctuations
Balance at 31 117 144 236 60 634 117 204 920
December 2009
CASH FLOW STATEMENT
for the year ended 31 December 2009
2009 2008
R R
Cash (utilised)/generated by operations (600 227) 910 022
Dividends received 2 324 234 1 158 523
Management fees paid (635 737) (362 577)
Net cash inflow from operating 1 088 270 1 705 968
activities
Cash outflow from investing activities (22 659 044) (116 841 813)
Net cash inflow from in financing 21 384 236 116 311 351
activities
Net Creations 22 547 762 117 113 984
Distributions to investors (1 163 526) (802 633)
Net (decrease)/ increase in cash and (186 538) 1 175 506
cash equivalents
Cash and cash equivalents at the 1 175 506 -
beginning of year
Cash and cash equivalents at the end of 988 968 1 175 506
year
db x-Trackers MSCI USA Securities
db x-Trackers MSCI USA securities in issue
2009 2008
R R
Total securities in issue 15 000 000 12 000 000
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 USA securities creations and liquidations
There were 3 000 000 (2008: 12 000 000) Index Securities created during the year
at a value of R22 547 762 (2008: R117 113 984).
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 USA Trust. During the period under
review the following distributions were effected per db x-trackers MSCI USA
Index Security -
2009 2008
R R
Declared distributions (784 949) (1 457 527)
0.03736 Rand per security
Declared June 2009 and paid July 2009 (448 278)
0.1223 Rand per security
Declared 30 June 2008 and paid July 2008 (733 936)
0.0224 Rand per security
Declared December 2009 and paid January 2010 (336 671)
0.0603 Rand per security
Declared 31 December 2008 and paid January (723 591)
2009
Management fees refunded during the year as (20 651) (30 669)
a rebate distribution
Total distribution expense for the year (805 600) (1 488 196)
Total Expense Ratio ("TER")
The db x-trackers MSCI USA 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 USA 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 13:18:00 Produced by the JSE SENS Department.
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