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JSE DBXWD
DBX
DBXWD - db x-trackers MSCI World Trust - Abridged audited
results for the year ended 31 December 2011
db x-trackers MSCI World 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: DBXWD
ISIN: ZAE000115184
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 15 398 126 37 957 175
Investment income 15 216 397 7 163 118
Foreign exchange gains on dividends 181 729 -
Fair value gain on the investment - 30 794 057
Expenses (57 333 685) (2 635
970)
Foreign exchange loss on dividends - (4 173)
Fair value loss on the investment (52 264 045) -
Management and administrative expenses (5 065 864) (2 629
972)
Finance costs (3 776) (1 825)
Operating (loss)/profit before (41 935 559) 35 321 205
distribution
Comprising:
Income available for distribution before 10 328 486 4 527 148
tax
Capital (loss)/profit retained (52 264 045) 30 794 057
Distributions (7 945 510) (3 670
575)
Change in net assets attributable to (49 881 069) 31 650 630
investors before tax
Withholding tax (2 078 085) (890 424)
Change in net assets attributable to (51 959 154) 30 760 206
investors
STATEMENT OF FINANCIAL POSITION
as at 31 December 2011
2011 2010
R R
Assets
Listed investments held at fair value 658 085 570 331 022 893
through profit or loss
Trade and other receivables 986 574 385 227
Cash and cash equivalents 6 916 848 2 762 015
Total assets 665 988 992 334 170 135
Liabilities
Net assets attributable to investors 658 851 891 331 292 155
Trade and other payables 7 137 101 2 877 980
Total liabilities 665 988 992 334 170 135
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO
INVESTORS
for the year ended 31 December 2011
Total
R
Balance at 1 January 2010 180 161 474
Change in net assets attributable to 30 760 206
investors
Effect of foreign currency translation (34 963 551)
Creation of securities 155 334 026
Balance at 31 December 2010 331 292 155
Change in net assets attributable to (51 959 154)
investors
Effect of foreign currency translation 99 404 093
Creation of securities 280 114 797
Balance at 31 December 2011 658 851 891
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Cash utilised by operations (1 432 550) (248 868)
Dividends received 14 530 343 6 564 325
Management fees paid (3 259 569) (2 172 059)
Finance costs (3 776) (1 825)
Net cash inflow from operating 9 834 448 4 141 573
activities
Cash outflow from investing (279 922 629) (155 161 800)
activities
Purchase of listed investments (279 922 629) (155 161 800)
Net cash inflow from financing 274 243 014 152 226 814
activities
Proceeds on creation of securities 280 114 797 155 334 026
Distributions paid to investors (5 871 783) (3 107 212)
Net increase in cash and cash 4 154 833 1 206 587
equivalents
Cash and cash equivalents at the 2 762 015 1 555 428
beginning of year
Cash and cash equivalents at the end 6 916 848 2 762 015
of year
NOTES TO THE FINANCIAL STATEMENT
for the year ended 31 December 2011
db x-Trackers MSCI World Securities
2011 2010
Number Number
db x-Trackers MSCI World 69 000 000 39 000 000
securities 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 MSCI World securities creations and
liquidations
There were 30 000 000 (2010: 18 000 000) Index Securities
created during the year for a value of R280 114 797
(2010: R155 334 026).
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 World Trust. During the period under
review the following distributions were effected per db x-
trackers MSCI World Index Security -
2011 2010
R R
Declared distributions (6 849 628) (3 238
279)
0.06518 Rand per security
Declared June 2011 and paid July (3 715 137)
2011
0.05996 rand per security
Declared June 2010 and paid July (1 978
2010 591)
0.04543 Rand per security
Declared December 2011 and paid (3 134 491)
January 2012
0.0323 rand per security
Declared December 2010 and paid (1 259
January 2011 688)
Management fees refunded during (1 095 882) (432 296)
the year as a rebate distribution
Total distribution expense for (7 945 510) (3 670
the year 575)
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 World 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 World
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 16:18:04 Produced by the JSE SENS Department.
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