| Thu 31 Mar 2011, 14:46 | | DBXUK - Db x-trackers FTSE 100 Trust - Abridged audited results for the year |
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DBXUK - Db x-trackers FTSE 100 Trust - Abridged audited results for the year
ended 31 december 2010
Db x-trackers FTSE 100 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: DBXUK
ISIN: ZAE000115929
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2010
2010
R 2009
R
Revenue
Investment income 11 364 894 14 121 234
Fair value adjustments on the 27 854 071 60 489 435
investment
Foreign exchange gain on dividends 15 656 297 350
39 234 621 74 908 019
Expenses
Management and administrative (3 038 901) (3 066 018)
expenses
(3 038 901) (3 066 018)
Operating profit available for 36 195 720 71 842 001
distribution
Comprising
Income available for distribution 8 341 649 11 352 566
before tax
Capital profit retained 27 854 071 60 489 435
Distributions (7 183 929) (9 184 756)
Change in net assets attributable to 29 011 791 62 657 245
investors before tax
Withholding tax (1 181 134) (1 457 696)
Change in net assets attributable to 27 830 657 61 199 549
investors
STATEMENT OF FINANCIAL POSITION
as at 31 December 2010
2010 2009
R R
Assets
Listed investments held at fair value 306 469 468 325 710 703
through profit or loss
Trade and other receivables 912 844 1 011 829
Cash and cash equivalents 4 046 968 5 282 575
Total assets 311 429 280 332 005 107
Liabilities
Net assets attributable to investors 307 133 289 326 636 756
Trade and other payables 4 295 991 5 368 351
Total liabilities 311 429 280 332 005 107
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2010
Total
R
Balance at 1 January 2009 333 457 390
Change in net assets attributable to investors 61 199 549
Effect of foreign currency translation (42 170 676)
Liquidation of securities (25 849 507)
Balance at 31 December 2009 326 636 756
Change in net assets attributable to investors 27 830 657
Effect of foreign currency translation (47 334 124)
Balance at 31 December 2010 307 133 289
STATEMENT CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Cash utilised by operations (1 138 474) (1 230 572)
Dividends received 11 443 099 14 670 310
Interest income 20 780 6 333
Management fees paid (3 250 217) (3 471 436)
Net cash inflow from operating activities 7 075 188 9 974 635
Cash (outflow) / inflow from investing (238 818) 24 440 170
activities
(Purchase)/proceeds on sale of listed (238 818) 24 440 170
investments
Net cash outflow from financing activities (8 071 977) (37 338 342)
Liquidation of securities - (25 849 507)
Distributions paid to investors (8 071 977) (11 488 835)
Net decrease in cash and cash equivalents (1 235 607) (2 923 537)
Cash and cash equivalents at the beginning 5 282 575 8 206 112
of year
Cash and cash equivalents at the end of 4 046 968 5 282 575
year
db x-trackers FTSE 100 Securities
db x-trackers FTSE 100 securities in issue
2010 2009
Number Number
Total securities in issue 5 100 000 5 100 000
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 FTSE 100 securities creations and liquidations
There were no Index Securities created during the current or prior year.
There were Nil (2009 - 500 000) liquidations during the year at a value of nil
(2009: R25 849 507).
The Portfolio effects semi-annual distributions. All distributions are made out
of the income of the db x-trackers FTSE 100 Trust
During the period under review the following distributions were effected per db
x-trackers FTSE 100 Index Security
2010 2009
R R
Declared distributions (6 645 362) (8 693 031)
0.84307 Rand per security
Declared June 2010 and paid July 2010 (4 299 666)
1.09002 Rand per security
declared June 2009 and paid July 2009 (5 559 086)
0.4599 Rand per security
Declared December 2010 and paid January (2 345 696)
2011
0.61450 Rand per security
declared December 2009 and paid January (3 133 955)
2010
Management fees refunded during the year (538 567) (491 715)
as a rebate distribution
Total distribution expense for the year (7 183 929) (9 184 756)
Total Expense Ratio ("TER")
The db x-trackers FTSE 100 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 FTSE 100 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;
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 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 FTSE 100 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 14:46:37 Produced by the JSE SENS Department.
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