| Thu 31 Mar 2011, 14:40 | | DBXEU - db x-trackers Eurostoxx 50 Trust - Abridged audited results for the year |
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JSE DBXEU
DBX
DBXEU - db x-trackers Eurostoxx 50 Trust - Abridged audited results for the year
ended 31 December 2010
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 2010
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2010
2010 2009
R R
Revenue
Investment income 12 670 129 16 532 704
Fair value adjustment on the - 63 170 410
investment
Foreign exchange gains on dividends 3 000 -
12 673 129 79 703 114
Expenses
Fair value adjustment on the (20 048 377) -
investment
Management and administrative expenses (3 394 400) (3 811 242)
Foreign exchange loss on dividends - (237)
(23 442 777) (3 811 479)
Operating (loss)/ profit before (10 769 648) 75 891 635
distributions
Comprising
Income available for distribution 9 278 729 12 721 224
before tax
Capital (loss)/ profit retained (20 048 377) 63 170 410
Distributions (6 468 669) (8 107 132)
Change in net assets attributable to (17 238 317) 67 784 503
investors before tax
Withholding tax (2 917 244) (3 780 347)
Change in net assets attributable to (20 155 561) 64 004 156
investors
STATEMENT OF FINANCIAL POSITION
as at 31 December 2010
2010 2009
R R
Assets
Listed investments held at fair value 303 567 231 385 926 771
through profit or loss
Cash and cash equivalents 2 395 276 3 315 475
Total assets 305 962 507 389 242 246
Liabilities
Net assets attributable to investors 303 289 859 385 942 351
Trade and other payables 2 672 648 3 299 895
Total liabilities 305 962 507 389 242 246
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2010
Total
R
Balance at 1 January 2009 460 759 219
Change in net assets attributable to investors 64 004 156
Effect of foreign currency translation (88 850 672)
Liquidation of Index securities (49 970 351)
Balance at 31 December 2009 385 942 352
Change in net assets attributable to investors (20 155 561)
Effect of foreign currency translation (62 496 932)
Balance at 31 December 2010 303 289 859
STATEMENT CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Cash utilised by operations (2 931 019) (3 851 517)
Dividends received 12 667 651 16 503 832
Management fees paid (3 810 509) (5 128 543)
Net cash inflow from operating activities 5 926 123 7 523 772
Cash (outflow)/inflow from investing (185 767) 49 700 809
activities
(Purchase)/proceeds on sale of listed (185 767) 49 700 809
investments
Net cash outflow from financing (6 660 555) (59 199 139)
activities
Liquidation of securities - (49 970 351)
Distributions paid to investors (6 660 555) (9 228 788)
Net decrease in cash and cash equivalents (920 199) (1 974 558)
Cash and cash equivalents at the 3 315 475 5 290 033
beginning of year
Cash and cash equivalents at the end of 2 395 276 3 315 475
year
db x-trackers DJ EuroStoxx 50 Securities
db x-trackers DJ EuroStoxx 50 securities in issue
2010 2009
Number Number
Total securities in issue 12 300 000 12 300 000
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 Index Securities created during the current or prior year
There were nil (2009 - 2 000 000) liquidations during the year amounting to the
value of nil (2009 - R49 970 351).
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:
2010 2009
R R
Declared distributions (6 089 894) (7 700 166)
0.4634 Rand per security
Declared June 2010 and paid July 2010 (5 700 060)
0.58116 Rand per security
Declared June 2009 and paid July 2009 (7 148 302)
0.0317 Rand per security
Declared December 2010 and paid January (389 834)
2011
0.04487 Rand per security
Declared December 2009 and paid January (551 864)
2010
Management fees refunded during the (378 775) (406 966)
year as a rebate distribution
Total distribution expense for the year (6 468 669) (8 107 132)
Total Expense Ratio ("TER")
The db x-trackers DJ Eurostoxx 50 portfolio had a TER of 114 basis points
(2009:114 bps) for the period 1 January to 31 December 2010. 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
(2009:114 bps) for 2010, 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`), the AC 500 standards as issued by the Accounting Practices Board
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 2010:
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. The
impact of this standard will be assessed in the forthcoming financial year.
IFRS 9: Financial Instruments - IFRS 9 deals with classification and measurement
of financial assets and financial liabilities. IFRS 9 will in time, replace IAS
39 Financial Instruments: Recognition and measurement. IRFS 9 is not yet
completed and as early adoption is not anticipated, the impact of this standard
will be assessed once the complete standard has been issued.
Investment income
Investment income comprises:
- interest income earned 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 profit or loss, using the effective
interest method taking into account the expected timing and amount of cash
flows.
Dividend income
Dividend income is recognised when the right to receive the expected payment is
established.
Presentation of the Statement of Comprehensive Income and Statement of Changes
in Net Assets Attributable to Investors
The format of the Statement of Comprehensive Income and Statement of Changes in
Net Assets Attributable to Investors has been modified. The new formats better
reflect the income earned and available for distribution, as well as the capital
growth in the Portfolio and make for easier understanding of the composition of
the net assets attributable to investors. Comparative figures have been
restated accordingly.
Audit report
KPMG Inc, the entity`s independent auditors, have audited the financial
statements of the db x-trackers Eurostoxx 50 Trust from which the abridged
results contained in this announcement have been derived, and has expressed an
unmodified audit opinion on the annual financial statements. Their audit report
is available for inspection at 87 Maude Street, 3 Exchange Square, Sandton,
2196.
A full copy of these financial statements is available on the db x-trackers
website www.dbxtrackers.co.za.
31 March 2011
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers (Pty) Ltd
Date: 31/03/2011 14:40:04 Produced by the JSE SENS Department.
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