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DBXJP - Abridged audited results for the year ended 31 December 2012
db x-trackers MSCI Japan Trust
JSE code: DBXJP
ISIN: ZAE000115176
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")
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 44 806 168 4 595 165
Investment income 5 965 735 4 595 165
Fair value gain on investments 38 840 433 -
Expenses (2 238 684) (45 139 781)
Fair value loss on the investments - (43 118 340)
Management and administrative expenses (2 238 407) (2 013 565)
Finance cost - (7 825)
Foreign exchange loss on dividends (277) (51)
Operating profit/(loss) before distribution 42 567 484 (40 544 616)
Comprising:
Income available for distribution before tax 3 727 051 2 573 724
Capital profit/(loss) retained 38 840 433 (43 118 340)
Distributions (2 983 466) (2 300 741)
Change in net assets attributable to
investors before tax 39 584 018 (42 845 357)
Withholding tax (389 269) (295 041)
Change in net assets attributable to
investors 39 194 749 (43 140 398)
STATEMENT OF FINANCIAL POSITION
as at 31 December 2012
2012 2011
R R
Assets
Listed investments held at fair value
through profit or loss 234 402 306 209 434 065
Trade and other receivables 268 771 235 455
Cash and cash equivalents 2 306 708 2 543 295
Total assets 236 977 785 212 212 815
Liabilities
Net assets attributable to investors 234 655 482 209 811 931
Trade and other payables 2 322 303 2 400 884
Total liabilities 236 977 785 212 212 815
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2012
Total
R
Balance at 1 January 2011 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
Balance at 31 December 2011 209 811 931
Change in net assets attributable to investors 39 194 749
Effect of foreign currency translation (14 351 198)
Balance at 31 December 2012 234 655 482
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Cash generated/(utilised) by operations 28 212 (332 526)
Dividends received 5 527 670 4 120 136
Management fees paid (2 420 206) (1 263 865)
Interest received/(paid) 29 147 (7 825)
Net cash inflow from operating activities 3 164 823 2 515 920
Cash outflow from investing activities (479 006) (48 961 616)
Purchase of listed investments (479 006) (48 961 616)
Net cash (outflow)/inflow from financing
activities (2 922 404) 47 505 019
Distributions paid to investors (2 922 404) (1 683 065)
Proceeds on creation of securities - 49 188 084
Net (decrease)/increase in cash and cash
equivalents (236 587) 1 059 323
Cash and cash equivalents at the beginning
of year 2 543 295 1 483 972
Cash and cash equivalents at the end of year 2 306 708 2 543 295
2012 2011
Number Number
db x-trackers MSCI Japan securities in
issue 45 000 000 45 000 000
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 Japan
securities.
db x-trackers MSCI Japan securities creations and liquidations
There were no (2011: 12 000 000 at a value of R49 188 084) 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 Japan 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 Japan Index Security:
2012 2011
R R
Declared distributions (2 727 566) (2 147 115)
0.03606 Rand per security
Declared June 2012 and paid July 2012 (1 622 842)
0.02565 Rand per security
Declared June 2011 and paid July 2011 (1 154 409)
0.02455 Rand per security
Declared December 2012 and paid January
2013 (1 104 724)
0.02206 Rand per security
Declared December 2011 and paid January
2012 (992 706)
Management fees refunded during the year
as a rebate distribution (255 900) (153 626)
Total distribution expense for the year (2 983 466) (2 300 741)
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
(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 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.
Sponsor
Vunani Corporate Finance
Trustee
Standard Bank of SA Limited
Manager
db x-trackers (Pty) Ltd
28 March 2013
Date: 28/03/2013 09:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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