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DBXEU - Abridged audited results for the year ended 31 December 2012
db x-trackers Eurostoxx 50 Trust
JSE code: DBXEU
ISIN: ZAE000115937
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 89 525 343 15 480 981
Investment income 17 707 803 15 480 065
Fair value gain on the investments 71 817 540 -
Foreign exchange gains on dividends - 916
Expenses (4 407 400) (67 663 824)
Fair value loss on the investments - (64 658 015)
Management and administrative expenses (4 336 415) (3 002 983)
Finance costs (70 985) (2 826)
Operating gain/(loss) before distribution 85 117 943 (52 182 843)
Comprising:
Income available for distribution before
tax 13 300 403 12 475 172
Capital gain/(loss) retained 71 817 540 (64 658 015)
Distributions (11 178 433) (7 952 904)
Change in net assets attributable to
investors before tax 73 939 510 (60 135 747)
Withholding tax (4 361 096) (3 724 009)
Change in net assets attributable to
investors 69 578 414 (63 859 756)
STATEMENT OF FINANCIAL POSITION
as at 31 December 2012
2012 2011
R R
Assets
Listed investments held at fair value
through profit or loss 650 194 886 388 975 781
Trade and other receivables 119 609 -
Cash and cash equivalents 5 335 570 3 549 353
Total assets 655 650 065 392 525 134
Liabilities
Net assets attributable to investors 650 890 302 389 264 675
Trade and other payables 4 759 763 3 260 459
Total liabilities 655 650 065 392 525 134
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2012
Total
R
Balance at 1 January 2011 303 289 859
Change in net assets attributable to investors (63 859 756)
Creation of securities 93 443 700
Effect of foreign currency translation 56 390 872
Balance at 31 December 2011 389 264 675
Change in net assets attributable to investors 69 578 414
Creation of securities 146 727 037
Effect of foreign currency translation 45 320 176
Balance at 31 December 2012 650 890 302
STATEMENT OF CASH FLOWS
for the year ended 31 December 2012
2012 2011
R R
Cash utilised by operations (3 829 490) (3 630 675)
Dividends received 17 398 249 15 479 065
Management fees paid (3 487 176) (3 195 512)
Interest paid (70 985) (2 826)
Net cash inflow from operating activities 10 010 598 8 650 052
Cash outflow from investing activities (144 081 389) (93 675 693)
Purchase of listed investments (144 081 389) (93 675 693)
Cash inflow from financing activities 135 857 008 86 179 718
Proceeds on creation of securities 146 727 037 93 443 700
Distributions paid to investors (10 870 029) (7 263 982)
Net increase in cash and cash equivalents 1 786 217 1 154 077
Cash and cash equivalents at the
beginning of year 3 549 353 2 395 276
Cash and cash equivalents at the end of
year 5 335 570 3 549 353
2012 2011
Number Number
db x-trackers DJ EuroStoxx 50
securities in issue 22 000 000 16 000 000
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 DJ Eurostoxx 50 securities.
db x-trackers DJ EuroStoxx 50 securities creations and liquidations
There were no liquidations during the current or prior year. There were
6 000 000 (2011 3 700 000) creations during the year amounting to a
rand value of R146 727 037 (2011 R93 443 700).
Distributions
The Trust effects semiannual distributions. All distributions are made
out of the income of the db x-trackers DJ Eurostoxx 50 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 DJ Eurostoxx 50 Index Security:
2012 2011
R R
Declared distributions (10 122 373) (7 503 085)
0.54335 Rand per security
Declared June 2012 and paid July 2012 (8 693 589)
0.52675 Rand per security
Declared June 2011 and paid July 2011 (6 478 988)
0.06493 Rand per security
Declared December 2012 and paid January
2013 (1 428 784)
0.06402 Rand per security
Declared December 2011 and paid January
2012 (1 024 097)
Management fees refunded during the
year as a rebate distribution (1 056 060) (449 819)
Total distribution expense for the year (11 178 433) (7 952 904)
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 DJ Eurostoxx 50 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 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;
- cash equalisation component on creations; and
- dividends from listed equities designated as held at fair value
through profit or loss.
Interest income
Interest income is recognised in the 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 Eurostoxx 50 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 09:04:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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