| Thu 29 Mar 2012, 16:25 | | DBXUS - db x-trackers MSCI USA Trust - Abridged audited results for the |
|
JSE DBXUS
DBX
DBXUS - db x-trackers MSCI USA Trust - Abridged audited results for the
year ended 31 December 2011
db x-trackers MSCI USA 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: DBXUS
ISIN: ZAE000115192
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 4 581 006 25 467 307
Investment income 4 581 006 3 483 852
Fair value gain on the investment - 21 983 234
Foreign exchange gains on dividends - 221
Expenses (5 689 033) (1 712 629)
Management and administrative (2 269 187) (1 712 530)
expenses
Fair value loss on the investment (3 419 492) -
Finance cost (354) (99)
Operating (loss)/profit before (1 108 027) 23 754 678
distribution
Comprising:
Income available for distribution 2 311 465 1 771 444
before tax
Capital (loss)/profit retained (3 419 492) 21 983 234
Distributions (1 617 021) (1 276 028)
Change in net assets attributable to (2 725 048) 22 478 650
investors before tax
Withholding tax (712 846) (514 775)
Change in net assets attributable to (3 437 894)
investors 21 963 875
STATEMENT OF FINANCIAL POSITION
as at 31 December 2011
2011 2010
R R
Assets
Listed investments held at fair 261 493 435 167 572 617
value through profit or loss
Trade and other receivables 346 698 199 640
Cash and cash equivalents 2 498 764 1 380 737
Total assets 264 338 897 169 152 994
Liabilities
Net assets attributable to investors 261 757 182 167 642 335
Trade and other payables 2 581 715 1 510 659
Total liabilities 264 338 897 169 152 994
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2011
Total
R
Balance at 1 January 2010 117 204 920
Creation of securities 47 346 987
Change in net assets attributable to 21 963 875
investors
Effect of foreign currency translation (18 873 447)
Balance at 31 December 2010 167 642 335
Change in net assets attributable to (3 437 894)
investors
Creation of securities 51 281 227
Effect of foreign currency translation 46 271 514
Balance at 31 December 2011 261 757 182
STATEMENT OF CASH FLOWS
for the year ended 31 December 2011
2011 2010
R R
Cash utilised by operations (645 044) (366 500)
Dividends received 4 400 836 3 366 240
Management fees paid (1 667 587) (1 444 299)
Finance costs paid (354) (99)
Net cash inflow from operating 2 087 851 1 555 342
activities
Cash outflow from investing (51 068 796) (47 479 483)
activities
Purchase of listed investments (51 068 796) (47 479 483)
Net cash inflow from financing 50 098 972 46 315 910
activities
Proceeds on creation of securities 51 281 227 47 346 987
Distributions paid to investors (1 182 255) (1 031 077)
Net increase in cash and cash 1 118 027 391 769
equivalents
Cash and cash equivalents at the 1 380 737 988 968
beginning of year
Cash and cash equivalents at the end 2 498 764 1 380 737
of year
NOTES TO THE FINANCIAL STATEMENT
for the year ended 31 December 2011
db x-Trackers MSCI USA Securities
2011 2010
Number Number
db x-Trackers MSCI USA securities in issue 27 000 000 21 000 000
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 MSCI USA securities creations and liquidations
There were 6 000 000 (2010: 6 000 000) Index Securities created during
the year at a total value of R51 281 227 (2010: R47 346 987). 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 USA Trust. During the period
under review the following distributions were effected per db x-trackers
MSCI USA Index Security -
2011 2010
R R
Declared distributions (1 446 528) (1 127 792)
0.02016 Rand per security
Declared June 2011 and paid July 2011 (483 924)
0.0289 Rand per security
Declared June 2010 and paid July 2010 (520 754)
0.03566 Rand per security
Declared December 2011 and paid January (962 604)
2012
0.02480 Rand per security
Declared December 2010 and paid January (607 038)
2011
Management fees refunded during the year as (170 493) (148 236)
a rebate distribution
Total distribution expense for the year (1 617 021) (1 276 028)
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 USA 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 equivalent
and
* 4divident 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 USA 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 16:25:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
