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DBXEU - db x-trackers Eurostoxx 50 Trust - Abridged Audited Results for the

Release Date: 29/03/2012 15:47
Code(s): JSE DBXEU
Wrap Text

DBXEU - db x-trackers Eurostoxx 50 Trust - Abridged Audited Results for the year ended 31 December 2011 db x-trackers Eurostoxx 50 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: DBXEU ISIN: ZAE000115937 ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011 STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2011 2011 2010
R R Revenue 15 480 981 12 673 129 Investment income 15 480 065 12 670 129 Foreign exchange gains on dividends 916 3 000 Expenses (67 663 824) (23 442 777) Fair value loss on the investment (64 658 015) (20 048 377) Management and administrative expenses (3 002 983) (3 394 400) Finance costs (2 826) - Operating loss before distribution (52 182 843) (10 769 648) Comprising: Income available for distribution before tax 12 475 172 9 278 729 Capital loss retained (64 658 015) (20 048 377) Distributions (7 952 904) (6 468 669) Change in net assets attributable to (60 135 747) (17 238 317) investors before tax Withholding tax (3 724 009) (2 917 244) Change in net assets attributable to (63 859 756) (20 155 561) investors STATEMENT OF FINANCIAL POSITION as at 31 December 2011 2011 2010
R R Assets Listed investments held at fair value through 388 975 781 303 567 231 profit or loss Cash and cash equivalents 3 549 353 2 395 276 Total assets 392 525 134 305 962 507 Liabilities Net assets attributable to investors 389 264 675 303 289 859 Trade and other payables 3 260 459 2 672 648 Total liabilities 392 525 134 305 962 507 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS for the year ended 31 December 2011 Total R Balance at 1 January 2010 385 942 351 Change in net assets attributable to investors (20 155 561) Effect of foreign currency translation (62 496 931) Balance at 31 December 2010 303 289 859 Change in net assets attributable to investors (63 859 756) Creation of securities 93 443 700 Effect of foreign currency translation 56 390 872 Balance at 31 December 2011 389 264 675 STATEMENT OF CASH FLOWS for the year ended 31 December 2011 2011 2010 R R Cash utilised by operations (3 630 675) (2 931 018) Dividends received 15 479 065 12 667 651 Management fees paid (3 195 512) (3 810 509) Interest paid (2 826) - Net cash inflow from operating activities 8 650 052 5 926 124 Cash outflow from investing activities (93 675 693) (185 768) Purchase of listed investments (93 675 693) (185 768) Cash inflow/(outflow) from financing 86 179 718 (6 660 555) activities Proceeds on creation of securities 93 443 700 - Distributions paid to investors (7 263 982) (6 660 555) Net increase (decrease) in cash and cash 1 154 077 (920 199) equivalents Cash and cash equivalents at the beginning 2 395 276 3 315 475 of year Cash and cash equivalents at the end of year 3 549 353 2 395 276 NOTES TO THE FINANCIAL STATEMENT for the year ended 31 December 2011 db x-trackers DJ EuroStoxx 50 Securities 2011 2010 Number Number db x-trackers DJ EuroStoxx 50 securities 16 000 000 12 300 000 in issue In terms of the Trust Deed and CISCA, the Trust 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 liquidations during the current or prior year. There were 3 700 000 (2010 - Nil) creations during the year amounting to a rand value of R93 443 700 (2010 - Nil). Distributions The Trust 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: 2011 2010 R R Declared distributions (7 503 085) (6 089 894) 0.52675 Rand per security Declared June 2011 and paid July 2011 (6 478 988) 0.4634 Rand per security Declared June 2010 and paid July 2010 (5 700 060) 0.06402 Rand per security Declared December 2011 and paid January (1 024 097) 2012 0.0317 Rand per security Declared December 2010 and paid January (389 834) 2011 Management fees refunded during the year (449 819) (378 775) as a rebate distribution Total distribution expense for the year (7 952 904) (6 468 669) Total Expense Ratio ("TER") The TER represents the total expense to the Trust. The only expense to the Trust is the management fee payable to db x-trackers (Pty) Ltd which is calculated at 1.14% of the assets under management on a daily basis. The db x- trackers DJ Eurostoxx 50 Trust had a TER of 114 basis points (2010:114 bps) for the period 1 January to 31 December 2011. 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. 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 the AC500 series as issued by the Accounting Practices Board, and the requirements of the Collective Investment Schemes Control Act No 45 of 2002 ("CISCA"), in order to meet the requirements of the Trust Deed approved by the Financial Services Board. 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. Forthcoming requirements The following standards, amendments to standards, and interpretations, effective for the first time in the future accounting period, and which are relevant to the Trust, have not been adopted for the year ended 31 December 2011: IFRS 9: Financial Instruments - IFRS 9 deals with classification and measurement of financial assets and financial liabilities. IFRS 9 is effective in the 2015 financial year and the impact of this standard will be assessed once the standard becomes effective. IFRS 13 Fair Value Measurement - IFRS 13 deals with the measurement and disclosure of fair value assets and liabilities. IFRS 13 is effective in the 2013 financial year and the impact of this standard will be assessed once the standard becomes effective. Investment income Investment income comprises: * interest income earned on cash and cash equivalents; * cash equalisation component on creations; and * dividends from listed equities designated as held at fair value through profit or loss. 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. Audit report KPMG Inc, the entity`s independent auditors, has 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 the CIS`s registered office. A full copy of these financial statements is available on the db x-trackers website www.dbxtrackers.co.za. 29 March 2012 Sponsor Vunani Corporate Finance Trustee Standard Bank of SA Limited Manager db x-trackers (Pty) Ltd Date: 29/03/2012 15:47:01 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.

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