| Thu 29 Mar 2012, 15:52 | | 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 2011
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 2011
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
2011 2010
R R
Revenue 14 068 893 39 234 621
Investment income 14 037 231 11 364 894
Fair value gain on the investment - 27 854 071
Foreign exchange gain on dividends 31 662 15 656
Expenses (22 841 995) (3 038 901)
Fair value loss on the investment (20 083 356) -
Management and administrative expenses (2 758 639) (3 038 901)
Operating (loss)/profit before (8 773 102) 36 195 720
distribution
Comprising:
Income available for distribution before 11 310 254 8 341 649
tax
Capital (loss)/profit retained (20 083 356) 27 854 071
Distributions (9 238 894) (7 183 929)
Change in net assets attributable to (18 011 996) 29 011 791
investors before tax
Withholding tax (1 457 314) (1 181 134)
Change in net assets attributable to (19 469 310) 27 830 657
investors
STATEMENT OF FINANCIAL POSITION
as at 31 December 2011
2011 2010
R R
Assets
Listed investments held at fair value 352 300 820 306 469 468
through profit or loss
Trade and other receivables 1 685 200 912 844
Cash and cash equivalents 5 976 266 4 046 968
Total assets 359 962 286 311 429 280
Liabilities
Net assets attributable to investors 353 704 859 307 133 289
Trade and other payables 6 257 427 4 295 991
Total liabilities 359 962 286 311 429 280
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2011
Total
R
Balance at 1 January 2010 326 636 756
Change in net assets attributable to 27 830 657
investors
Effect of foreign currency translation (47 334 124)
Balance at 31 December 2010 307 133 289
Change in net assets attributable to (19 469 310)
investors
Effect of foreign currency translation 66 040 880
Balance at 31 December 2011 353 704 859
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Cash utilised by operations (1 407 914) (1 138 474)
Dividends received 13 264 786 11 443 099
Interest income 89 20 780
Management fees paid (2 790 329) (3 250 217)
Net cash inflow from operating activities 9 066 632 7 075 188
Cash inflow /(outflow) from investing 126 172 (238 818)
activities
Proceeds /(purchase) on sale/(acquisition) of 126 172 (238 818)
listed investments
Cash outflow from financing activities (7 263 506) (8 071 977)
Distributions paid to investors (7 263 506) (8 071 977)
Net increase/(decrease) in cash and cash 1 929 298 (1 235 607)
equivalents
Cash and cash equivalents at the beginning of 4 046 968 5 282 575
year
Cash and cash equivalents at the end of year 5 976 266 4 046 968
NOTES TO THE FINANCIAL STATEMENT
for the year ended 31 December 2011
db x-trackers FTSE 100 Securities
2011 2010
Number Number
db x-trackers FTSE 100 securities in issue 5 100 000 5 100 000
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 FTSE 100 securities creations and liquidations
There were no Index Securities created or liquidiated during the current or
prior year.
Distribution
The Trust 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:
2011 2010
R R
Declared distributions (8 650 905) (6 645 362)
0.90477 Rand per security
Declared June 2011 and paid July 2011 (4 614 315)
0.84307 Rand per security
declared June 2010 and paid July 2010 (4 299 666)
0.79149 Rand per security
Declared December 2011 and paid January (4 036 590)
2012
0.4599 Rand per security
declared December 2010 and paid January (2 345 696)
2011
Management fees refunded during the year as (587 989) (538 567)
a rebate distribution
Total distribution expense for the year (9 238 894) (7 183 929)
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 FTSE 100 portfolio 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; and
* dividends from listed equities designated as held at fair value through
profit or loss.
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.
Audit report
KPMG Inc, the entity`s independent auditors, has 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 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 15:52:02 Produced by the JSE SENS Department.
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