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DBXWD - db x-trackers MSCI World Trust - Abridged audited results for the year

Release Date: 31/03/2011 14:47
Code(s): JSE DBXWD
Wrap Text

DBXWD - db x-trackers MSCI World Trust - Abridged audited results for the year ended 31 December 2010 db x-trackers MSCI World 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: DBXWD ISIN: ZAE000115184 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 7 163 118 4 863 967 Fair value adjustment on the 30 794 057 48 709 057 investment Foreign exchange gains on dividends - 92 562 37 957 175 53 665 586 Expenses Management and administrative (2 629 972) (1 779 749) expenses Finance costs (1 825) - Foreign exchange loss on dividends (4 173) - (2 635 970) (1 779 749) Operating profit available for 35 321 205 51 885 837 distribution Comprising Income available for distribution 4 527 148 3 176 780 before tax Capital profit retained 30 794 057 48 709 057 Distributions (3 670 575) (2 255 920) Change in net assets attributable 31 650 630 49 629 917 to investors before tax Withholding tax (890 424) (642 407) Change in net assets attributable 30 760 206 48 987 510 to investors STATEMENT OF FINANCIAL POSITION as at 31 December 2010 2010 2009
R R Assets Listed investments held at fair 331 022 893 180 030 587 value through profit or loss Dividends receivable 385 227 224 750 Cash and cash equivalents 2 762 015 1 555 428 Total assets 334 170 135 181 810 765 Liabilities Net assets attributable to investors 331 292 155 180 161 474 Trade and other payables 2 877 980 1 649 291 Total liabilities 334 170 135 181 810 765 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2010 Total R Balance at 1 January 2009 129 288 615 Change in net assets attributable to investors 48 987 510 Effect of foreign currency translation (44 165 891) Creation of securities 46 051 240
Balance at 31 December 2009 180 161 474 Change in net assets attributable to investors 30 760 206 Effect of foreign currency translation (34 963 551) Creation of securities 155 334 026 Balance at 31 December 2010 331 292 155 STATEMENT OF CASH FLOWS for the year ended 31 December 2010 2010 2009 R R Cash utilised by operations (248 868) (374 565) Dividends received 6 564 325 4 739 704 Management fees paid (2 172 059) (1 399 277) Finance cost (1 825) - Net cash inflow from operating activities 4 141 573 2 965 862 Cash outflow from investing activities (155 161 800) (46 576 295) Purchase of listed investments (155 161 800) (46 576 295) Net cash inflow from in financing 152 226 814 43 404 056 activities Proceeds on creation of securities 155 334 026 46 051 240 Distributions paid to investors (3 107 212) (2 647 184) Net increase/(decrease) in cash and cash 1 206 587 (206 377) equivalents Cash and cash equivalents at the beginning 1 555 428 1 761 805 of year Cash and cash equivalents at the end of 2 762 015 1 555 428 year db x-Trackers MSCI World Securities db x-Trackers MSCI World securities in issue 2010 2009 Number Number Total securities in issue 39 000 000 21 000 000 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 World securities creations and liquidations There were 18 000 000 (2009: 6 000 000) Index Securities created during the year at a value of R155 334 026 (2009: R46 051 240). 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 World Trust. During the period under review the following distributions were effected per db x-trackers MSCI World Index Security - 2010 2009
R R Declared distributions (3 238 279) (2 181 163) 0.05996 Rand per security Declared June 2010 and paid July 2010 (1 978 591) 0.07329 Rand per security Declared June 2009 and paid July 2009 (1 539 098) 0.0323 Rand per security Declared December 2010 and paid January 2011 (1 259 688) 0.03057 Rand per security Declared December 2009 and paid January 2010 (642 065) Management fees refunded during the year as (432 296) (74 757) a rebate distribution Total distribution expense for the year (3 670 575) (2 255 920) Total Expense Ratio ("TER") The db x-trackers MSCI World 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 World 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; * 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 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 World 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 14:47:04 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. 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