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DBXJP - db x-trackers MSCI Japan Trust - Abridged audited results for the year ended 31 December 2010 db x-trackers MSCI Japan 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: DBXJP ISIN: ZAE000115176 ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2010 2010 2009
R R Revenue Investment income 3 786 616 2 521 998 Fair value adjustment on the - 6 392 171 investment Foreign exchange gain/(loss) on 221 (114) dividends 3 786 837 8 914 055
Expenses Fair value adjustment on the (2 952 168) - investment Management and administrative (2 054 919) (1 399 430) expenses Finance cost (6 629) - (5 013 716) (1 399 430) Operating (loss)/profit before (1 226 879) 7 514 625 distributions Comprising Income available for distribution 1 725 289 1 122 454 before tax Capital (loss)/profits retained (2 952 168) 6 392 171 Distributions (1 194 881) (890 743) Change in net assets attributable (2 421 760) 6 623 882 to investors before tax Withholding tax (265 416) (159 927) Change in net assets attributable (2 687 176) 6 463 955 to investors STATEMENT OF FINANCIAL POSITION as at 31 December 2010 2010 2009 R R
Assets Listed investments held at fair 150 462 534 136 528 772 value through profit or loss Trade and other receivables 373 391 104 665 Cash and cash equivalents 1 483 972 1 126 946 Total assets 152 319 897 137 760 383 Liabilities Net assets attributable to investors 150 635 990 136 746 433 Trade and other payables 1 683 907 1 013 950 Total liabilities 152 319 897 137 760 383 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2010 Total R Balance at 1 January 2009 115 331 130 Change in net assets attributable to investors 6 463 955 Creation of securities 42 617 960 Effect of foreign currency translation (27 666 612)
Balance at 31 December 2009 136 746 433 Change in net assets attributable to investors (2 687 176) Creation of securities 14 730 716 Effect of foreign currency translation 1 846 017 Balance at 31 December 2010 150 635 990 STATEMENT of CASH FLOWS for the year ended 31 December 2010 2010 2009
R R Cash generated by operations 204 124 95 286 Dividends received 3 760 152 2 299 753 Management fees paid (2 334 029) (1 092 882) Finance cost (6 629) - Net cash inflow from operating 1 623 618 1 302 157 activities Cash outflow from investing activities (15 039 913) (42 673 340) Purchase of listed investments (15 039 913) (42 673 340) Net cash inflow from financing 13 773 321 41 347 149 activities Distributions paid to investors (957 395) (1 270 811) Proceeds on creation of securities 14 730 716 42 617 960 Net increase /(decrease) in cash and 357 026 (24 034) cash equivalents Cash and cash equivalents at the 1 126 946 1 150 980 beginning of year Cash and cash equivalents at the end 1 483 972 1 126 946 of year db x-trackers MSCI Japan Securities db x-trackers MSCI Japan securities in issue 2010 2009 Number Number Total securities in issue 33 000 000 30 000 000 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 MSCI Japan securities creations and liquidations There were 3 000 000 (2009: 9 000 000) Index Securities created during the year at a value of R14 730 716 (2009: R42 617 960). There were no liquidations during the current and prior year. The Portfolio effects semi-annual distributions. All distributions are made out of the income of the db x-trackers MSCI Japan Trust. During the period under review the following distributions were effected per db x-trackers MSCI Japan Index Security - 2010 2009
R R Declared distributions (1 096 226) (831 621) 0.01989 Rand per security Declared June 2010 and paid July 2010 (656 282) 0.02153 Rand per security Declared June 2009 and paid July 2009 (645 887) 0.0133 Rand per security Declared December 2010 and paid January (439 944) 2011 0.00619 Rand per security Declared December 2009 and paid January (185 734) 2010 Management fees refunded during the year as (98 655) (59 122) a rebate distribution Total distribution expense for the year (1 194 881) (890 743) Total Expense Ratio ("TER") The db x-trackers MSCI Japan portfolio had a TER of 114 basis points (2009: 114 bps) for the period 1 January to 31 December 2010. 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 MSCI Japan Trust portfolio had an AER of 114 basis points (2009: 114 bps) for 2010, 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`), the AC 500 standards as issued by the Accounting Practices Board 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 2010: - 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. The impact of this standard will be assessed in the forthcoming financial year - IFRS 9: Financial Instruments - IFRS 9 deals with classification and measurement of financial assets and financial liabilties. IFRS 9, will in time, replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 is not yet completed and as early adoption is not anticipated, the impact of this standard will be assessed once the complete standard has been issued. Investment income Investment income comprises: - interest income earned on cash and cash equivalents; - dividend income 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 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. Presentation of the Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Investors The format of the Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Investors has been modified. The new formats better reflect the income earned and available for distribution, as well as the capital growth in the Porfolio and make for easier understanding of the composition of the net assets attributable to investors. Comparative figures have been restated accordingly. Audit report KPMG Inc, the entity`s independent auditors, have 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 87 Maude Street, 3 Exchange Square, Sandton, 2196. A full copy of these financial statements is available on the db x-trackers website www.dbxtrackers.co.za. 31 March 2011 Sponsor Vunani Corporate Finance Trustee Standard Bank of SA Limited Manager db x-trackers (Pty) Ltd Date: 31/03/2011 14:48:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. 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