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DBXUK - Abridged audited results for the year ended 31 December 2012
db x-trackers FTSE 100 Trust
JSE code: DBXUK
ISIN: ZAE000115929
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 37 260 299 14 068 893
Investment income 16 651 486 14 037 231
Fair value gain on the investments 20 608 813 -
Foreign exchange gain on dividends - 31 662
Expenses (3 556 633) (22 841 995)
Fair value loss on the investments - (20 083 356)
Management and administrative expenses (3 518 867) (2 758 639)
Foreign exchange loss on dividends (37 766) -
Operating profit/(loss) before
distribution 33 703 666 (8 773 102)
Comprising:
Income available for distribution before
tax 13 094 853 11 310 254
Capital profit/(loss)retained 20 608 813 (20 083 356)
Distributions (11 099 590) (9 238 894)
Change in net assets attributable to
investors before tax 22 604 076 (18 011 996)
Withholding tax (1 666 615) (1 457 314)
Change in net assets attributable to
investors 20 937 461 (19 469 310)
STATEMENT OF FINANCIAL POSITION
as at 31 December 2012
2012 2011
R R
Assets
Listed investments held at fair value
through profit or loss 407 881 621 352 300 820
Trade and other receivables 1 119 070 1 685 200
Cash and cash equivalents 7 438 826 5 976 266
Total assets 416 439 517 359 962 286
Liabilities
Net assets attributable to investors 410 258 050 353 704 859
Trade and other payables 6 181 467 6 257 427
Total liabilities 416 439 517 359 962 286
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2012
Total
R
Balance at 1 January 2011 307 133 289
Change in net assets attributable to
investors (19 469 310)
Effect of foreign currency translation 66 040 880
Balance at 31 December 2011 353 704 859
Change in net assets attributable to
investors 20 937 461
Effect of foreign currency translation 35 615 730
Balance at 31 December 2012 410 258 050
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Cash utilised by operations (1 564 526) (1 407 914)
Dividends received 17 127 874 13 264 786
Interest received 89 742 89
Management fees paid (3 378 215) (2 790 329)
Net cash inflow from operating activities 12 274 875 9 066 632
Cash inflow from investing activities 643 742 126 172
Proceeds on sale of listed investments 643 742 126 172
Cash outflow from financing activities (11 456 057) (7 263 506)
Distributions paid to investors (11 456 057) (7 263 506)
Net increase in cash and cash equivalents 1 462 560 1 929 298
Cash and cash equivalents at the beginning
of year 5 976 266 4 046 968
Cash and cash equivalents at the end of year 7 438 826 5 976 266
2012 2011
Number Number
db x-trackers FTSE 100 securities in
issue 5 100 000 5 100 000
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 FTSE 100 securities creations and liquidations
There were no Index Securities created or liquidiated during the current
or prior year.
Distributions
The Trust effects semiannual distributions. All distributions are made
out of the income of the db x-trackers FTSE 100 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
FTSE 100 Index Security:
2012 2011
R R
Declared distributions (10 290 025) (8 650 905)
1.26019 Rand per security
Declared June 2012 and paid July 2012 (6 426 970)
0.90477 Rand per security
declared June 2011 and paid July 2011 (4 614 315)
0.75746 Rand per security
Declared December 2012 and paid January 2013 (3 863 055)
0.79149 Rand per security
declared December 2011 and paid January 2012 (4 036 590)
Management fees refunded during the year
as a rebate distribution (809 565) (587 989)
Total distribution expense for the year (11 099 590) (9 238 894)
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 FTSE 100 portfolio 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 Trust, 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
- dividends 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 FTSE 100 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 09:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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