| Thu 29 Mar 2012, 16:15 | | DBXJP - db x-trackers MSCI Japan Trust - ABRIDGED AUDITED RESULTS FOR THE |
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DBXJP - db x-trackers MSCI Japan Trust - ABRIDGED AUDITED RESULTS FOR THE
YEAR ENDED 31 DECEMBER 2011
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 2011
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2011
2011 2010
R R
Revenue 4 595 114 3 786 837
Investment income 4 595 165 3 786 616
Foreign exchange (loss)/gain on dividends (51) 221
Expenses (45 139 730) (5 013 716)
Fair value loss on the investment (43 118 340) (2 952 168)
Management and administrative expenses (2 013 565) (2 054 919)
Finance cost (7 825) (6 629)
Operating loss before distribution (40 544 616) (1 226 879)
Comprising:
Income available for distribution before tax 2 573 724 1 725 289
Capital loss retained (43 118 340) (2 952 168)
Distributions (2 300 741) (1 194 881)
Change in net assets attributable to (42 845 357) (2 421 760)
investors before tax
Withholding tax (295 041) (265 416)
Change in net assets attributable to (43 140 398) (2 687 176)
investors
STATEMENT OF FINANCIAL POSITION
as at 31 December 2011
2011 2010
R R
Assets
Listed investments held at fair value 209 434 065 150 462 534
through profit or loss
Trade and other receivables 235 455 373 391
Cash and cash equivalents 2 543 295 1 483 972
Total assets 212 212 815 152 319 897
Liabilities
Net assets attributable to investors 209 811 931 150 635 990
Trade and other payables 2 400 884 1 683 907
Total liabilities 212 212 815 152 319 897
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2011
Total
R
Balance at 1 January 2010 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
Change in net assets attributable to investors (43 140 398)
Creation of securities 49 188 084
Effect of foreign currency translation 53 128 255
209 811 931
Balance at 31 December 2011
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Cash (utilised)/generated by operations (428 163) 204 124
Dividends received 4 120 136 3 760 152
Management fees paid (1 168 228) (2 334 029)
Interest paid (7 825) (6 629)
Net cash inflow from operating activities 2 515 920 1 623 618
Cash outflow from investing activities (48 961 616) (15 039 913)
Purchase of listed investments (48 961 616) (15 039 913)
Net cash inflow from financing activities 47 505 019 13 773 321
Distributions paid to investors (1 683 065) (957 395)
Proceeds on creation of securities 49 188 084 14 730 716
Net increase in cash and cash equivalents 1 059 323 357 026
Cash and cash equivalents at the beginning of 1 483 972 1 126 946
year
2 543 295 1 483 972
Cash and cash equivalents at the end of year
NOTES TO THE FINANCIAL STATEMENT
for the year ended 31 December 2011
db x-trackers MSCI Japan Securities
2011 2010
Number Number
db x-trackers MSCI Japan securities in 45 000 000 33 000 000
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 MSCI Japan securities creations and liquidations
There were 12 000 000 (2010: 3 000 000) Index Securities created during
the year at a value of R49 188 081 (2010: R14 730 716).
There were no liquidations during the current and prior year.
Distributions
The Trust 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 -
2011 2010
R R
Declared distributions (2 147 115) (1 096 226)
0.02565 Rand per security
Declared June 2011 and paid July 2011 (1 154 409)
0.01989 Rand per security
Declared June 2010 and paid July 2010 (656 282)
0.02206 Rand per security
Declared December 2011 and paid January (992 706)
2012
0.0133 Rand per security
Declared December 2010 and paid January (439 944)
2011
Management fees refunded during the year as (153 626) (98 655)
a rebate distribution
Total distribution expense for the year (2 300 741) (1 194 881)
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 MSCI Japan 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; and
* dividend income 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 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 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 16:14:59 Produced by the JSE SENS Department.
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