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Abridged audited results for the year ended 31 December 2012
db x-trackers MSCI USA Trust
JSE code: DBXUS
ISIN: ZAE000115192
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 2012
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2012
2012 2011
R R
Revenue 42 522 713 4 581 006
Investment income 6 914 692 4 581 006
Fair value gain on the investments 35 608 021 -
Expenses (2 988 070) (5 689 033)
Management and administrative expenses (2 987 642) (2 269 187)
Fair value loss on the investments - (3 419 492)
Finance cost (428) (354)
Operating profit/(loss)before distribution 39 534 643 (1 108 027)
Comprising:
Income available for distribution before
tax 3 926 622 2 311 465
Capital profit/(loss)retained 35 608 021 (3 419 492)
Distributions (2 930 416) (1 617 021)
Change in net assets attributable to
investors before tax 36 604 227 (2 725 048)
Withholding tax (1 034 242) (712 846)
Change in net assets attributable to
investors 35 569 985 (3 437 894)
STATEMENT OF FINANCIAL POSITION
as at 31 December 2012
2012 2011
R R
Assets
Listed investments held at fair value
through profit or loss 311 040 029 261 493 435
Trade and other receivables 301 306 346 698
Cash and cash equivalents 3 318 884 2 498 764
Total assets 314 660 219 264 338 897
Liabilities
Net assets attributable to investors 311 255 789 261 757 182
Trade and other payables 3 404 430 2 581 715
Total liabilities 314 660 219 264 338 897
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2012
Total
R
Balance at 1 January 2011 167 642 335
Change in net assets attributable to investors (3 437 894)
Creation of securities 51 281 227
Effect of foreign currency translation 46 271 514
Balance at 31 December 2011 261 757 182
Change in net assets attributable to investors
Creation of securities 35 569 985
Effect of foreign currency translation 13 928 622
Balance at 31 December 2012 311 255 789
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Cash utilised by operations (926 678) (645 044)
Dividends received 6 909 965 4 400 836
Management fees paid (2 778 795) (1 667 587)
Finance costs paid (428) (354)
Net cash inflow from operating activities 3 204 064 2 087 851
Cash outflow from investing activities (9 951) (51 068 796)
Purchase of listed investments (9 951) (51 068 796)
Net cash (outflow)/inflow from financing (2 373 993) 50 098 972
activities
Proceeds on creation of securities - 51 281 227
Distributions paid to investors (2 373 993) (1 182 255)
Net increase in cash and cash equivalents 820 120 1 118 027
Cash and cash equivalents at the beginning
of year 2 498 764 1 380 737
Cash and cash equivalents at the end of
year 3 318 884 2 498 764
2012 2011
Number Number
db x-trackers MSCI USA securities in issue 27 000 000 27 000 000
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.
Vested income beneficiaries include all holders of db x-trackers MSCI USA
securities.
db x-trackers MSCI USA securities creations and liquidations
There were no (2011: 6 000 000 at a value of R51 281 227) Index
Securities created during the year. There were no liquidations during
the current and prior year.
Distributions
The Trust effects semiannual distributions. All distributions are made
out of the income of the db x-trackers MSCI USA Trust. The rebates
represent an investors partial reduction of the 114 basis point
management fee charged. The rebate is calculated using a sliding scale
depending on the size of the investors investment. During the period
under review the following distributions were effected per db x-trackers
MSCI USA Index Security
2012 2011
R R
Declared distributions (2 600 337) (1 446 528)
0.03582 Rand per security
Declared June 2012 and paid July 2012 (967 234)
0.02016 Rand per security
Declared June 2011 and paid July 2011 (483 924)
0.06049 Rand per security
Declared December 2012 and paid January (1 633 103)
2013
0.03566 Rand per security
Declared December 2011 and paid January (962 604)
2012
Management fees refunded during the year as (330 079) (170 493)
a rebate distribution
Total distribution expense for the year (2 930 416) (1 617 021)
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 (2011:114
bps) for the period 1 January to 31 December 2012.
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 have been prepared in accordance with
International Financial Reporting Standards, the SAICA Financial Reporting
Guides as issued by the Accounting Practices Committee, the JSE Listing
Requirements 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 Portfolio, have not been adopted for the year ended
31 December 2012:
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.
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.
IAS 32: Financial Instruments: Presentation: Offsetting Financial Assets
and Financial Liabilities. The amendments clarify when an entity can
offset financial assets and financial liabilities. This amendment is
effective in the 2014 financial year.
IFRS 7: Amendment Disclosures Offsetting Financial Assets and Financial
Liabilities. This amendment contains new disclosure requirements for
financial assets and financial liabilities that are offset in the
statement of financial position; or are subject to enforceable master
netting arrangements or similar agreements. This amendment is effective
in the 2013 financial year.
The impact of the above standards will be assessed once the standards
become effective, and applied only at that stage.
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. This is usually the ex-dividend date for quoted
equities.
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.
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers (Pty) Ltd
28 March 2013
Date: 28/03/2013 09:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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