Sharenet Sites 
Sharenet Sites
DBXUS - Db X-Trackers MSCI USA Trust - Abridged audited results for the year ended 31 December 2010 db x-trackers MSCI USA 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: DBXUS ISIN: ZAE000115192 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 3 483 852 2 303 360 Fair value adjustment on the investment 21 983 234 22 081 602 Foreign exchange gains on dividends 221 1 842 25 467 307 24 386 804 Expenses Management and administrative expenses (1 712 530) (1 087 628) Finance cost (99) (1 613) (1 712 629) (1 089 241)
Operating profit before distributions 23 754 678 23 297 563 Comprising Income available for distribution before 1 771 444 1 215 964 tax Capital profit retained 21 983 234 22 081 602 Distributions (1 276 028) (805 600) Change in net assets attributable to 22 478 650 22 491 963 investors before tax Withholding tax (514 775) (326 225) Change in net assets attributable to 21 963 875 22 165 738 investors STATEMENT OF FINANCIAL POSITION as at 31 December 2010 2010 2009 R R Assets Listed investments held at fair value through 167 572 617 116 983 347 profit or loss Trade and other receivables 199 640 159 102 Cash and cash equivalents 1 380 737 988 968 Total assets 169 152 994 118 131 417 Liabilities Net assets attributable to investors 167 642 335 117 204 920 Trade and other payables 1 510 659 926 497 Total liabilities 169 152 994 118 131 417 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2010 Total
R Balance at 1 January 2009 95 979 183 Creation of securities 22 547 762 Change in net assets attributable to investors 22 165 738 Effect of foreign currency translation (23 487 763) Balance at 31 December 2009 117 204 920 Change in net assets attributable to investors 21 963 875 Creation of securities 47 346 987 Effect of foreign currency translation (18 873 447) Balance at 31 December 2010 167 642 335 STATEMENT of CASH FLOWS for the year ended 31 December 2010 2010 2009 R R Cash utilised by operations (366 500) (598 614) Dividends received 3 366 240 2 324 234 Management fees paid (1 444 299) (635 737) Finance cost paid (99) (1 613) Net cash inflow from operating activities 1 555 343 1 088 270 Cash outflow from investing activities (47 479 483) (22 659 044) Purchase of listed investments (47 479 483) (22 659 044) Net cash inflow from financing activities 46 315 910 21 384 236 Proceeds on creation of securities 47 346 987 22 547 762 Distributions paid to investors (1 031 077) (1 163 526) Net increase/(decrease) in cash and cash 391 769 (186 538) equivalents Cash and cash equivalents at the beginning of year 988 968 1 175 506 Cash and cash equivalents at the end of year 1 380 737 988 968 db x-Trackers MSCI USA Securities db x-Trackers MSCI USA securities in issue 2010 2009
R R Total securities in issue 21 000 000 15 000 000 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 USA securities creations and liquidations There were 6 000 000 (2009: 3 000 000) Index Securities created during the year at a value of R47 346 987 (2009: R22 547 762). 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 USA Trust. During the period under review the following distributions were effected per db x-trackers MSCI USA Index Security - 2010 2009 R R Declared distributions (1 127 792) (784 949) 0.0289 Rand per security Declared June 2010 and paid July 2010 (520 754) 0.03736 Rand per security Declared June 2009 and paid July 2009 (448 278) 0.02480 Rand per security Declared December 2010 and paid January 2011 (607 038) 0.0224 Rand per security Declared December 2009 and paid January 2010 (336 671) Management fees refunded during the year as (148 236) (20 651) a rebate distribution Total distribution expense for the year (1 276 028) (805 600) Total Expense Ratio ("TER") The db x-trackers MSCI USA 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 USA 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. 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 and 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 MSCI USA 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 14:41:03 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.
