| Thu 29 Mar 2012, 15:47 | | DBXEU - db x-trackers Eurostoxx 50 Trust - Abridged Audited Results for the |
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DBX
DBXEU - db x-trackers Eurostoxx 50 Trust - Abridged Audited Results for the
year ended 31 December 2011
db x-trackers Eurostoxx 50 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: DBXEU
ISIN: ZAE000115937
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
2011 2010
R R
Revenue 15 480 981 12 673 129
Investment income 15 480 065 12 670 129
Foreign exchange gains on dividends 916 3 000
Expenses (67 663 824) (23 442 777)
Fair value loss on the investment (64 658 015) (20 048 377)
Management and administrative expenses (3 002 983) (3 394 400)
Finance costs (2 826) -
Operating loss before distribution (52 182 843) (10 769 648)
Comprising:
Income available for distribution before tax 12 475 172 9 278 729
Capital loss retained (64 658 015) (20 048 377)
Distributions (7 952 904) (6 468 669)
Change in net assets attributable to (60 135 747) (17 238 317)
investors before tax
Withholding tax (3 724 009) (2 917 244)
Change in net assets attributable to (63 859 756) (20 155 561)
investors
STATEMENT OF FINANCIAL POSITION
as at 31 December 2011
2011 2010
R R
Assets
Listed investments held at fair value through 388 975 781 303 567 231
profit or loss
Cash and cash equivalents 3 549 353 2 395 276
Total assets 392 525 134 305 962 507
Liabilities
Net assets attributable to investors 389 264 675 303 289 859
Trade and other payables 3 260 459 2 672 648
Total liabilities 392 525 134 305 962 507
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2011
Total
R
Balance at 1 January 2010 385 942 351
Change in net assets attributable to investors (20 155 561)
Effect of foreign currency translation (62 496 931)
Balance at 31 December 2010 303 289 859
Change in net assets attributable to investors (63 859 756)
Creation of securities 93 443 700
Effect of foreign currency translation 56 390 872
Balance at 31 December 2011 389 264 675
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Cash utilised by operations (3 630 675) (2 931 018)
Dividends received 15 479 065 12 667 651
Management fees paid (3 195 512) (3 810 509)
Interest paid (2 826) -
Net cash inflow from operating activities 8 650 052 5 926 124
Cash outflow from investing activities (93 675 693) (185 768)
Purchase of listed investments (93 675 693) (185 768)
Cash inflow/(outflow) from financing 86 179 718 (6 660 555)
activities
Proceeds on creation of securities 93 443 700 -
Distributions paid to investors (7 263 982) (6 660 555)
Net increase (decrease) in cash and cash 1 154 077 (920 199)
equivalents
Cash and cash equivalents at the beginning 2 395 276 3 315 475
of year
Cash and cash equivalents at the end of year 3 549 353 2 395 276
NOTES TO THE FINANCIAL STATEMENT
for the year ended 31 December 2011
db x-trackers DJ EuroStoxx 50 Securities
2011 2010
Number Number
db x-trackers DJ EuroStoxx 50 securities 16 000 000 12 300 000
in issue
In terms of the Trust Deed and CISCA, the Trust 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 liquidations during the current or prior year. There were 3 700
000 (2010 - Nil) creations during the year amounting to a rand value of R93
443 700 (2010 - Nil).
Distributions
The Trust 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:
2011 2010
R R
Declared distributions (7 503 085) (6 089 894)
0.52675 Rand per security
Declared June 2011 and paid July 2011 (6 478 988)
0.4634 Rand per security
Declared June 2010 and paid July 2010 (5 700 060)
0.06402 Rand per security
Declared December 2011 and paid January (1 024 097)
2012
0.0317 Rand per security
Declared December 2010 and paid January (389 834)
2011
Management fees refunded during the year (449 819) (378 775)
as a rebate distribution
Total distribution expense for the year (7 952 904) (6 468 669)
Total Expense Ratio ("TER")
The TER represents the total expense to the Trust. The only expense to the
Trust is the management fee payable to db x-trackers (Pty) Ltd which is
calculated at 1.14% of the assets under management on a daily basis. The db x-
trackers DJ Eurostoxx 50 Trust had a TER of 114 basis points (2010:114 bps)
for the period 1 January to 31 December 2011.
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.
Statement of compliance
The financial statements are prepared in accordance with International
Financial Reporting Standards ("IFRS") issued by the International Accounting
Standards Board ("IASB"), and the AC500 series as issued by the Accounting
Practices Board, and the requirements of the Collective Investment Schemes
Control Act No 45 of 2002 ("CISCA"), in order to meet the requirements of the
Trust Deed approved by the Financial Services Board.
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.
Forthcoming requirements
The following standards, amendments to standards, and interpretations,
effective for the first time in the future accounting period, and which are
relevant to the Trust, have not been adopted for the year ended 31 December
2011:
IFRS 9: Financial Instruments - IFRS 9 deals with classification and
measurement of financial assets and financial liabilities. IFRS 9 is
effective in the 2015 financial year and the impact of this standard will be
assessed once the standard becomes effective.
IFRS 13 Fair Value Measurement - IFRS 13 deals with the measurement and
disclosure of fair value assets and liabilities. IFRS 13 is effective in the
2013 financial year and the impact of this standard will be assessed once the
standard becomes effective.
Investment income
Investment income comprises:
* interest income earned on cash and cash equivalents;
* cash equalisation component on creations; and
* dividends from listed equities designated as held at fair value through
profit or loss.
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.
Audit report
KPMG Inc, the entity`s independent auditors, has 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 the CIS`s registered office.
A full copy of these financial statements is available on the db x-trackers
website www.dbxtrackers.co.za.
29 March 2012
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers (Pty) Ltd
Date: 29/03/2012 15:47:01 Produced by the JSE SENS Department.
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