| Thu 31 Mar 2011, 14:48 | | DBXJP - db x-trackers MSCI Japan Trust - Abridged audited results for the year |
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DBXJP - db x-trackers MSCI Japan Trust - Abridged audited results for the year
ended 31 December 2010
db x-trackers MSCI Japan 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: DBXJP
ISIN: ZAE000115176
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 3 786 616 2 521 998
Fair value adjustment on the - 6 392 171
investment
Foreign exchange gain/(loss) on 221 (114)
dividends
3 786 837 8 914 055
Expenses
Fair value adjustment on the (2 952 168) -
investment
Management and administrative (2 054 919) (1 399 430)
expenses
Finance cost (6 629) -
(5 013 716) (1 399 430)
Operating (loss)/profit before (1 226 879) 7 514 625
distributions
Comprising
Income available for distribution 1 725 289 1 122 454
before tax
Capital (loss)/profits retained (2 952 168) 6 392 171
Distributions (1 194 881) (890 743)
Change in net assets attributable (2 421 760) 6 623 882
to investors before tax
Withholding tax (265 416) (159 927)
Change in net assets attributable (2 687 176) 6 463 955
to investors
STATEMENT OF FINANCIAL POSITION
as at 31 December 2010
2010 2009
R R
Assets
Listed investments held at fair 150 462 534 136 528 772
value through profit or loss
Trade and other receivables 373 391 104 665
Cash and cash equivalents 1 483 972 1 126 946
Total assets 152 319 897 137 760 383
Liabilities
Net assets attributable to investors 150 635 990 136 746 433
Trade and other payables 1 683 907 1 013 950
Total liabilities 152 319 897 137 760 383
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2010
Total
R
Balance at 1 January 2009 115 331 130
Change in net assets attributable to investors 6 463 955
Creation of securities 42 617 960
Effect of foreign currency translation (27 666 612)
Balance at 31 December 2009 136 746 433
Change in net assets attributable to investors (2 687 176)
Creation of securities 14 730 716
Effect of foreign currency translation 1 846 017
Balance at 31 December 2010 150 635 990
STATEMENT of CASH FLOWS
for the year ended 31 December 2010
2010 2009
R R
Cash generated by operations 204 124 95 286
Dividends received 3 760 152 2 299 753
Management fees paid (2 334 029) (1 092 882)
Finance cost (6 629) -
Net cash inflow from operating 1 623 618 1 302 157
activities
Cash outflow from investing activities (15 039 913) (42 673 340)
Purchase of listed investments (15 039 913) (42 673 340)
Net cash inflow from financing 13 773 321 41 347 149
activities
Distributions paid to investors (957 395) (1 270 811)
Proceeds on creation of securities 14 730 716 42 617 960
Net increase /(decrease) in cash and 357 026 (24 034)
cash equivalents
Cash and cash equivalents at the 1 126 946 1 150 980
beginning of year
Cash and cash equivalents at the end 1 483 972 1 126 946
of year
db x-trackers MSCI Japan Securities
db x-trackers MSCI Japan securities in issue
2010 2009
Number Number
Total securities in issue 33 000 000 30 000 000
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 Japan securities creations and liquidations
There were 3 000 000 (2009: 9 000 000) Index Securities created during the year
at a value of R14 730 716 (2009: R42 617 960).
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 Japan Trust. During the period under
review the following distributions were effected per db x-trackers MSCI Japan
Index Security -
2010 2009
R R
Declared distributions (1 096 226) (831 621)
0.01989 Rand per security
Declared June 2010 and paid July 2010 (656 282)
0.02153 Rand per security
Declared June 2009 and paid July 2009 (645 887)
0.0133 Rand per security
Declared December 2010 and paid January (439 944)
2011
0.00619 Rand per security
Declared December 2009 and paid January (185 734)
2010
Management fees refunded during the year as (98 655) (59 122)
a rebate distribution
Total distribution expense for the year (1 194 881) (890 743)
Total Expense Ratio ("TER")
The db x-trackers MSCI Japan 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 Japan 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 liabilties. 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 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 Porfolio 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 Japan 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 14:48:01 Produced by the JSE SENS Department.
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