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DBXEU - db x-trackers Eurostoxx 50 Trust - Abridged audited results for the year ended 31 December 2010 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: DBXEU ISIN: ZAE000115937 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 12 670 129 16 532 704 Fair value adjustment on the - 63 170 410 investment Foreign exchange gains on dividends 3 000 - 12 673 129 79 703 114 Expenses Fair value adjustment on the (20 048 377) - investment Management and administrative expenses (3 394 400) (3 811 242) Foreign exchange loss on dividends - (237) (23 442 777) (3 811 479)
Operating (loss)/ profit before (10 769 648) 75 891 635 distributions Comprising Income available for distribution 9 278 729 12 721 224 before tax Capital (loss)/ profit retained (20 048 377) 63 170 410 Distributions (6 468 669) (8 107 132) Change in net assets attributable to (17 238 317) 67 784 503 investors before tax Withholding tax (2 917 244) (3 780 347) Change in net assets attributable to (20 155 561) 64 004 156 investors STATEMENT OF FINANCIAL POSITION as at 31 December 2010 2010 2009
R R Assets Listed investments held at fair value 303 567 231 385 926 771 through profit or loss Cash and cash equivalents 2 395 276 3 315 475 Total assets 305 962 507 389 242 246 Liabilities Net assets attributable to investors 303 289 859 385 942 351 Trade and other payables 2 672 648 3 299 895 Total liabilities 305 962 507 389 242 246 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2010 Total R Balance at 1 January 2009 460 759 219 Change in net assets attributable to investors 64 004 156 Effect of foreign currency translation (88 850 672) Liquidation of Index securities (49 970 351) Balance at 31 December 2009 385 942 352 Change in net assets attributable to investors (20 155 561) Effect of foreign currency translation (62 496 932) Balance at 31 December 2010 303 289 859 STATEMENT CASH FLOWS for the year ended 31 December 2010 2010 2009 R R Cash utilised by operations (2 931 019) (3 851 517) Dividends received 12 667 651 16 503 832 Management fees paid (3 810 509) (5 128 543) Net cash inflow from operating activities 5 926 123 7 523 772 Cash (outflow)/inflow from investing (185 767) 49 700 809 activities (Purchase)/proceeds on sale of listed (185 767) 49 700 809 investments Net cash outflow from financing (6 660 555) (59 199 139) activities Liquidation of securities - (49 970 351) Distributions paid to investors (6 660 555) (9 228 788) Net decrease in cash and cash equivalents (920 199) (1 974 558) Cash and cash equivalents at the 3 315 475 5 290 033 beginning of year Cash and cash equivalents at the end of 2 395 276 3 315 475 year db x-trackers DJ EuroStoxx 50 Securities db x-trackers DJ EuroStoxx 50 securities in issue 2010 2009 Number Number Total securities in issue 12 300 000 12 300 000 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 DJ EuroStoxx 50 securities creations and liquidations There were no Index Securities created during the current or prior year There were nil (2009 - 2 000 000) liquidations during the year amounting to the value of nil (2009 - R49 970 351). The Portfolio effects semi-annual distributions. All distributions are made out of the income of the db x-trackers DJ Eurostoxx 50 Trust. During the period under review the following distributions were effected per db x-trackers DJ Eurostoxx 50 Index Security: 2010 2009
R R Declared distributions (6 089 894) (7 700 166) 0.4634 Rand per security Declared June 2010 and paid July 2010 (5 700 060) 0.58116 Rand per security Declared June 2009 and paid July 2009 (7 148 302) 0.0317 Rand per security Declared December 2010 and paid January (389 834) 2011 0.04487 Rand per security Declared December 2009 and paid January (551 864) 2010 Management fees refunded during the (378 775) (406 966) year as a rebate distribution Total distribution expense for the year (6 468 669) (8 107 132) Total Expense Ratio ("TER") The db x-trackers DJ Eurostoxx 50 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 DJ Eurostoxx 50 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 liabilities. IFRS 9 will in time, replace IAS 39 Financial Instruments: Recognition and measurement. IRFS 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; - cash equalisation component on creations; - 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 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 Portfolio 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 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 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 14:40:04 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. 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