| Thu 31 Mar 2011, 14:47 | | DBXWD - db x-trackers MSCI World Trust - Abridged audited results for the year |
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JSE DBXWD
STX2
DBXWD - db x-trackers MSCI World Trust - Abridged audited results for the year
ended 31 December 2010
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 2010
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2010
2010 2009
R R
Revenue
Investment income 7 163 118 4 863 967
Fair value adjustment on the 30 794 057 48 709 057
investment
Foreign exchange gains on dividends - 92 562
37 957 175 53 665 586
Expenses
Management and administrative (2 629 972) (1 779 749)
expenses
Finance costs (1 825) -
Foreign exchange loss on dividends (4 173) -
(2 635 970) (1 779 749)
Operating profit available for 35 321 205 51 885 837
distribution
Comprising
Income available for distribution 4 527 148 3 176 780
before tax
Capital profit retained 30 794 057 48 709 057
Distributions (3 670 575) (2 255 920)
Change in net assets attributable 31 650 630 49 629 917
to investors before tax
Withholding tax (890 424) (642 407)
Change in net assets attributable 30 760 206 48 987 510
to investors
STATEMENT OF FINANCIAL POSITION
as at 31 December 2010
2010 2009
R R
Assets
Listed investments held at fair 331 022 893 180 030 587
value through profit or loss
Dividends receivable 385 227 224 750
Cash and cash equivalents 2 762 015 1 555 428
Total assets 334 170 135 181 810 765
Liabilities
Net assets attributable to investors 331 292 155 180 161 474
Trade and other payables 2 877 980 1 649 291
Total liabilities 334 170 135 181 810 765
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2010
Total
R
Balance at 1 January 2009 129 288 615
Change in net assets attributable to investors 48 987 510
Effect of foreign currency translation (44 165 891)
Creation of securities 46 051 240
Balance at 31 December 2009 180 161 474
Change in net assets attributable to investors 30 760 206
Effect of foreign currency translation (34 963 551)
Creation of securities 155 334 026
Balance at 31 December 2010 331 292 155
STATEMENT OF CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Cash utilised by operations (248 868) (374 565)
Dividends received 6 564 325 4 739 704
Management fees paid (2 172 059) (1 399 277)
Finance cost (1 825) -
Net cash inflow from operating activities 4 141 573 2 965 862
Cash outflow from investing activities (155 161 800) (46 576 295)
Purchase of listed investments (155 161 800) (46 576 295)
Net cash inflow from in financing 152 226 814 43 404 056
activities
Proceeds on creation of securities 155 334 026 46 051 240
Distributions paid to investors (3 107 212) (2 647 184)
Net increase/(decrease) in cash and cash 1 206 587 (206 377)
equivalents
Cash and cash equivalents at the beginning 1 555 428 1 761 805
of year
Cash and cash equivalents at the end of 2 762 015 1 555 428
year
db x-Trackers MSCI World Securities
db x-Trackers MSCI World securities in issue
2010 2009
Number Number
Total securities in issue 39 000 000 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 World securities creations and liquidations
There were 18 000 000 (2009: 6 000 000) Index Securities created during the year
at a value of R155 334 026 (2009: R46 051 240).
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 World Trust. During the period under
review the following distributions were effected per db x-trackers MSCI World
Index Security -
2010 2009
R R
Declared distributions (3 238 279) (2 181 163)
0.05996 Rand per security
Declared June 2010 and paid July 2010 (1 978 591)
0.07329 Rand per security
Declared June 2009 and paid July 2009 (1 539 098)
0.0323 Rand per security
Declared December 2010 and paid January 2011 (1 259 688)
0.03057 Rand per security
Declared December 2009 and paid January 2010 (642 065)
Management fees refunded during the year as (432 296) (74 757)
a rebate distribution
Total distribution expense for the year (3 670 575) (2 255 920)
Total Expense Ratio ("TER")
The db x-trackers MSCI World 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 World 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;
* 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 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 MSCI World 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 14:47:04 Produced by the JSE SENS Department.
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