| Thu 31 Mar 2011, 14:41 | | DBXUS - Db X-Trackers MSCI USA Trust - Abridged audited results for the year |
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DBXUS - Db X-Trackers MSCI USA Trust - Abridged audited results for the year
ended 31 December 2010
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 2010
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2010
2010
2009
R R
Revenue
Investment income 3 483 852 2 303 360
Fair value adjustment on the investment 21 983 234 22 081 602
Foreign exchange gains on dividends 221 1 842
25 467 307 24 386 804
Expenses
Management and administrative expenses (1 712 530) (1 087 628)
Finance cost (99) (1 613)
(1 712 629) (1 089 241)
Operating profit before distributions 23 754 678 23 297 563
Comprising
Income available for distribution before 1 771 444 1 215 964
tax
Capital profit retained 21 983 234 22 081 602
Distributions (1 276 028) (805 600)
Change in net assets attributable to 22 478 650 22 491 963
investors before tax
Withholding tax (514 775) (326 225)
Change in net assets attributable to 21 963 875 22 165 738
investors
STATEMENT OF FINANCIAL POSITION
as at 31 December 2010
2010 2009
R R
Assets
Listed investments held at fair value through 167 572 617 116 983 347
profit or loss
Trade and other receivables 199 640 159 102
Cash and cash equivalents 1 380 737 988 968
Total assets 169 152 994 118 131 417
Liabilities
Net assets attributable to investors 167 642 335 117 204 920
Trade and other payables 1 510 659 926 497
Total liabilities 169 152 994 118 131 417
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2010
Total
R
Balance at 1 January 2009 95 979 183
Creation of securities 22 547 762
Change in net assets attributable to investors 22 165 738
Effect of foreign currency translation (23 487 763)
Balance at 31 December 2009 117 204 920
Change in net assets attributable to investors 21 963 875
Creation of securities 47 346 987
Effect of foreign currency translation (18 873 447)
Balance at 31 December 2010 167 642 335
STATEMENT of CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Cash utilised by operations (366 500) (598 614)
Dividends received 3 366 240 2 324 234
Management fees paid (1 444 299) (635 737)
Finance cost paid (99) (1 613)
Net cash inflow from operating activities 1 555 343 1 088 270
Cash outflow from investing activities (47 479 483) (22 659 044)
Purchase of listed investments (47 479 483) (22 659 044)
Net cash inflow from financing activities 46 315 910 21 384 236
Proceeds on creation of securities 47 346 987 22 547 762
Distributions paid to investors (1 031 077) (1 163 526)
Net increase/(decrease) in cash and cash 391 769 (186 538)
equivalents
Cash and cash equivalents at the beginning of year 988 968 1 175 506
Cash and cash equivalents at the end of year 1 380 737 988 968
db x-Trackers MSCI USA Securities
db x-Trackers MSCI USA securities in issue
2010 2009
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 USA securities creations and liquidations
There were 6 000 000 (2009: 3 000 000) Index Securities created during the year
at a value of R47 346 987 (2009: R22 547 762).
There were no liquidations during the current and prior year.
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 -
2010 2009
R R
Declared distributions (1 127 792) (784 949)
0.0289 Rand per security
Declared June 2010 and paid July 2010 (520 754)
0.03736 Rand per security
Declared June 2009 and paid July 2009 (448 278)
0.02480 Rand per security
Declared December 2010 and paid January 2011 (607 038)
0.0224 Rand per security
Declared December 2009 and paid January 2010 (336 671)
Management fees refunded during the year as (148 236) (20 651)
a rebate distribution
Total distribution expense for the year (1 276 028) (805 600)
Total Expense Ratio ("TER")
The db x-trackers MSCI USA 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 MSCI USA 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.
IFRS 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;
* dividend income 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 profit and 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 MSCI USA 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 14:41:03 Produced by the JSE SENS Department.
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