Sharenet Sites 
Sharenet Sites
DBXUK - db x-trackers MSCI FTSE 100 Trust - Abridged audited results for the year ended 31 December 2009 db x-trackers MSCI FTSE 100 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: DBXUK ISIN: ZAE000115929 ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2009 2009 R 2008
R Revenue Investment income 14 124 234 20 010 977 Fair value adjustments 60 489 435 170 431143 Foreign exchange gains 42 468 026 15 746 310 117 078 695 206 188 430 Expenses Fair value adjustments (60 489 435) (170 431 143) Management and administrative (3 066 018) (4 367 965) expenses Foreign exchange losses (42 170 676) (15 658 605) (105 726 129) (190 457 713)
Income available for distribution 11 352 566 15 730 717 Distributions (9 184 756) (15 259 415) Change in net assets attributable to 2 167 810 471 302 investors before tax Withholding tax (1 457 696) - Change in net assets attributable to 710 114 471 302 investors Total comprehensive income 710 114 471302 BALANCE SHEET as at 31 December 2009 2009 2008 R R
Assets Listed investments held at fair value 325 710 703 331 832 114 through profit or loss Trade and other receivables 1 011 829 1 576 984 Cash and cash equivalents 5 282 575 8 206 112 Total assets 332 005 107 341 615 210 Liabilities Net assets attributable to investors 326 636 756 333 457 390 Trade and other payables 5 368 351 8 157 820 Total liabilities 332 005 107 341 615 210 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2009 Capital Profit/ Total attributable to (Loss)
investors attributable to investors R R R
Balance at 1 January 2008 486 367 802 1 390 824 487 758 626 Change in net assets 471 302 471 302 attributable to investors - Revaluation of securities 15 658 605 - 15 658 605 Unrealised exchange rate (170 431 143) - (170 431 143) fluctuations Balance at 31 December 2008 331 595 264 1 862 126 333 457 390 Change in net assets 710 114 710 114 attributable to investors - Revaluation of securities 60 489 435 - 60 489 435 Liquidation of securities (25 849 507) (25 849 507) Unrealised exchange rate (42 170 676) - (42 170 676) fluctuations Balance at 31 December 2009 324 064 516 2 572 240 326 636 756 CASH FLOW STATEMENT for the year ended 31 December 2009 2009 2008 R R Cash (utilised)/generated by (1 224 239) 46 038 operations Dividends received 14 670 310 19 824 043 Management fees paid (3 471 436) (4 317 740) Net cash inflow from operating 9 974 635 15 552 341 activities Cash inflow/(outflow) from investing 24 440 170 (40 858) activities Net cash outflow from in financing (37 338 342) (9 910 500) activities Liquidation of securities (25 849 507) - Distributions to investors (11 488 835) (9 910 500) Net (decrease)/increase in cash and (2 923 537) 5 600 983 cash equivalents Cash and cash equivalents at the 8 206 112 6 430 741 beginning of year - (3 825 612)
Foreign exchange effects thereon Cash and cash equivalents at the end 5 282 575 8 206 112 of year db x-trackers FTSE 100 Securities db x-trackers FTSE 100 Securities in issue 2009 2008 R R Total securities in issue 5 100 000 5 600 000 In terms of the Portfolio Trust Deed and CISCA, the Portfolio 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 (2008: Nil) Index Securities created during the year. There were 500 000 (2008 - nil) liquidations during the year at a value of R25 849 507 (2008: nil) The Portfolio effects semi-annual distributions. All distributions are made out of the income of the db x-trackers FTSE 100 Trust During the period under review the following distributions were effected per db x-trackers FTSE 100 Index Security 2009 2008
R R Declared distributions (8 693 031) (14 435 398) 1.09002 Rand per security (5 559 086) Declared June 2009 and paid July 2009 1.57923 Rand per security (8 843 672) declared 30 June 2008 and paid August 2008 0.61450 Rand per security (3 133 955) Declared December 2009 and paid January 2010 0.99852 Rand per security (5 591 726) declared 31 December 2008 and paid January 2009 Management fees refunded during the year (491 715) (824 017) as a rebate distribution Total distribution expense for the year (9 184 756) (15 259 415) Total Expense Ratio ("TER") The db x-trackers FTSE 100 portfolio had a TER of 114 basis points for the period 1 January to 31 December 2009. The ratio is calculated based on the ASISA standard and does not include the cost of acquiring assets. 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. Actual Expense Ratio ("AER") The db x-trackers FTSE 100 Trust portfolio had an AER of 114 basis points for 2009, as determined by management. 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 in accordance with the requirements of the Standard Exchange Traded Fund Trust Deed approved by the Financial Services Board ("FSB") and the Collective Investment Schemes Control Act No. 45 of 2002 ("CISCA"). 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 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 2009: - Revised IAS 24: Related Party Disclosures - The changes introduced in the revised IAS 24, include amendments to the definition of a related party and related party disclosure requirements for government-related entities. - IFRS 9: Financial Instruments - IFRS 9 deals with classification and measurement of financial assets and will replace the relevant sections of IAS 39. Investment income Investment income comprises: - interest on cash and cash equivalents; - dividends from listed equities designated as held at fair value through profit or loss; and - withholding tax credits (where applicable). Interest income Interest income is recognised in the statement of comprehensive income, using the effective interest method taking into account the expected timing and amount of cash flows. Dividend income Dividends in the form of cash are recognised when the right to receive the expected payment is established. Audit report These financial statements have been audited by the independent auditors, KPMG Inc., and their unqualified audit opinion is available for inspection at the company`s registered office. A full copy of these financial statements is available on the db x-trackers website www.dbxtrackers.co.za. Audit report These financial statements have been audited by the independent auditors, KPMG Inc., and their unqualified audit opinion is available for inspection at the company`s registered office. A full copy of these financial statements is available on the db x-trackers. website www.dbxtrackers.co.za. 2 July2010 Sponsor Vunani Corporate Finance Trustee Standard Bank of SA Limited Manager db x-trackers (Pty) Ltd Date: 02/07/2010 13:15:01 Supplied by www.sharenet.co.za 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.
